Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time make or cause to be made such withdrawals or transfers from the Distribution Account pursuant to this Agreement for the following purposes: (i) to pay the Trustee any expenses recoverable by the Trustee pursuant to this Agreement. (ii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or Servicing Advance of its own funds, the right of the Trustee as Successor Servicer or the Servicer to reimbursement pursuant to this subclause (ii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made; (iii) to reimburse the Trustee or the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Trustee as Successor Servicer or the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an uninsured cause or in connection with the liquidation of such Mortgage Loan; (iv) to reimburse the Trustee as Successor Servicer or the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Trustee as Successor Servicer or the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (v) to reimburse the Trustee as Successor Servicer or the Servicer for advances of funds pursuant to this Agreement, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceeds) which represent late recoveries of the payments for which such advances were made; (vi) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (ii) and (v); (vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller; (viii) to reimburse the Trustee for expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its obligations pursuant to Section 9.12); (ix) to pay to the Trust Fund, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Servicer; (x) to reimburse or pay the Servicer any such amounts as are due thereto under this Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or therein; (xi) to reimburse the Trustee for expenses incurred in the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer; (xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02; (xiii) to reimburse the Custodian for expenses, costs and liabilities incurred or reimbursable to it pursuant to this Agreement; (xiv) to remove amounts deposited in error; and (xv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Trustee shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any reimbursement from the Distribution Account pursuant to subclauses (ii) through (v), inclusive, and (vii) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Trustee without being deposited in the Distribution Account under Section 4.07. (c) On each Distribution Date, the Trustee shall distribute funds on deposit in the Distribution Account to the holders of the Certificates in accordance with Section 5.06.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (ACE Securities Corp Home Equity Trust 2005-He3), Pooling and Servicing Agreement (NAAC Alternative Loan Trust, Series 2004-Ar4), Pooling and Servicing Agreement (NAAC Alternative Loan Trust, Series 2005 - AR1)
Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee willshall, from time to time make time, withdraw or cause to be made such withdrawals or transfers transfer funds from the Distribution Account pursuant to this Agreement the Servicer, to the Custodian or to itself for the following purposes:
(i) to pay the Trustee any expenses recoverable by the Trustee pursuant to this Agreement.
(ii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or Servicing Advance of its own funds, the right of the Trustee as Successor Servicer or the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made;
(iiiii) to reimburse the Trustee or the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Trustee as Successor Servicer or the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an uninsured cause Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iviii) to reimburse the Trustee as Successor Servicer or the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Trustee as Successor Servicer or the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan;
(iv) to pay the Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor;
(v) to pay the Servicer from the Purchase Price for any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation;
(vi) to reimburse the Trustee as Successor Servicer or the Servicer for servicing related advances of funds pursuant to this Agreementfunds, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made;
(vivii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or advanceAdvance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (iii) and (vvi);
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller;
(viii) to reimburse pay the Trustee for expenses, costs Servicer its monthly Servicing Fee and liabilities incurred by and reimbursable to it any other servicing compensation payable pursuant to this Agreement (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its obligations pursuant to Section 9.12)Servicing Agreement;
(ix) to pay to the Trust Fund, as additional servicing compensation, Trustee any Excess Liquidation Proceeds to the extent not retained by the Servicerinvestment income;
(x) to pay the Custodian its monthly Custodial Fee and any other compensation payable pursuant to the Custodial Agreement;
(xi) to reimburse or pay the Servicer any such amounts as are due thereto under this the Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or thereinin the Servicing Agreement;
(xixii) to reimburse the Trustee for expenses incurred in the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer;
(xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02;
(xiii) to reimburse the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this AgreementSections 7.02(d), 8.05, 8.10 or 8.17;
(xivxiii) to remove amounts deposited in error; and
(xvxiv) to clear and terminate the Distribution Account pursuant to Section 10.01.
(b) The Trustee shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any reimbursement payments or reimbursements from the Distribution Account pursuant to subclauses (iii) through (vvii), inclusive, inclusive and subclause (viixii) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Trustee without being deposited in the Distribution Account under Section 4.074.02(b).
(c) On each Distribution Date, the Trustee shall distribute withdraw funds on deposit in the Distribution Account to the holders extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.065.01.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc Harborview Mort Ln Tr 03 3), Pooling and Servicing Agreement (FNBA Mortgage Loan Trust 2004 AR1), Pooling and Servicing Agreement (HarborView Mortgage Loan Trust 2004-3)
Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Servicer, make or cause to be made such withdrawals or transfers from the Distribution Account as the Servicer has designated for such transfer or withdrawal pursuant to this Agreement or as the Trustee deems necessary for the following purposes:purposes (limited in the case of amounts due the Servicer to those not withdrawn from the Custodial Account in accordance with the terms of this Agreement):
(i) to pay the Trustee any expenses recoverable by the Trustee pursuant to this Agreement.
(ii) to reimburse the Trustee as Successor Servicer itself or the Servicer for any Advance or Servicing Monthly Advance of its own funds, the right of the Trustee as Successor Servicer or the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting with respect to which such Advance or Servicing Monthly Advance was made;
(iiiii) to reimburse the Trustee or the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Trustee as Successor Servicer or the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an uninsured cause Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iviii) to reimburse the Trustee as Successor Servicer or the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Trustee as Successor Servicer or the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (x) of this Section 4.04(a) to the Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds;
(iv) to pay the Servicer, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Servicer would have been entitled to receive under clause (ix) of this Section 4.04(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor;
(v) to pay the Servicer from the Repurchase Price for any Mortgage Loan, the amount which the Servicer would have been entitled to receive under clause (ix) of this Section 4.04(a) as servicing compensation;
(vi) to reimburse the Trustee as Successor Servicer or the Servicer for advances of funds pursuant (other than Monthly Advances) made with respect to this Agreementthe Mortgage Loans, and the right to reimbursement pursuant to this subclause clause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late recoveries of the payments for which such advances were made;
(vivii) to reimburse the Trustee as Successor Servicer or the Servicer for any Nonrecoverable Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance that has not been reimbursed pursuant to clauses (iii) and (vvi);
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller;
(viii) to pay the Servicer as set forth in Section 3.14;
(ix) to reimburse the Trustee Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement Sections 3.03, 7.04(c) and (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its obligations pursuant to Section 9.12d);
(ixx) to pay to the Trust FundServicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Servicer;
(x) to reimburse or pay the Servicer any such amounts as are due thereto under this Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or thereinProceeds;
(xi) to reimburse the Trustee for expenses incurred in the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer;
(xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02;
(xiii) to reimburse the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement;
(xii) to pay itself the Trustee Fee set forth in Section 9.05;
(xiii) to pay the Certificate Insurer its Aggregate Premium Amount;
(xiv) to remove amounts deposited in error; and
and (xv) to clear and terminate the Distribution Account pursuant to Section 10.01.
(b) The Trustee Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basisbasis and shall provide a copy to the Trustee, for the purpose of accounting for any reimbursement from the Distribution Account pursuant to subclauses clauses (iii) through (v), inclusive, vi) and (vii) or with respect to any such amounts which would have been covered by such subclauses clauses had the amounts not been retained by the Trustee Servicer without being deposited in the Distribution Account under Section 4.074.01(b). Reimbursements made pursuant to clauses (vii), (ix) and (xi) will be allocated between the Loan Groups pro rata based on the aggregate Stated Principal Balances of the Mortgage Loans in each Loan Group.
(c) On each Distribution Date, the Trustee shall distribute funds the Available Funds to the extent on deposit in the Distribution Account to the holders Holders of the related Certificates in accordance with Section 5.066.01.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Mortage Funding Trust 2006-Ar2), Grantor Trust Agreement (Bear Stearns Mortage Funding Trust 2006-Ar2)
Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Servicer, make or cause to be made such withdrawals or transfers from the Distribution Account as the Servicer has designated for such transfer or withdrawal pursuant to this Agreement or as the Trustee deems necessary for the following purposes:purposes (limited in the case of amounts due the Servicer to those not withdrawn from the Custodial Account in accordance with the terms of this Agreement):
(i) to pay the Trustee any expenses recoverable by the Trustee pursuant to this Agreement.
(ii) to reimburse the Trustee as Successor Servicer itself or the Servicer for any Advance or Servicing Monthly Advance of its own funds, the right of the Trustee as Successor Servicer or the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting with respect to which such Advance or Servicing Monthly Advance was made;
(iiiii) to reimburse the Trustee or the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Trustee as Successor Servicer or the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an uninsured cause Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iviii) to reimburse the Trustee as Successor Servicer or the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Trustee as Successor Servicer or the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (x) of this Section 4.04(a) to the Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds;
(iv) to pay the Servicer, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Servicer would have been entitled to receive under clause (ix) of this Section 4.04(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor;
(v) to pay the Servicer from the Repurchase Price for any Mortgage Loan, the amount which the Servicer would have been entitled to receive under clause (ix) of this Section 4.04(a) as servicing compensation;
(vi) to reimburse the Trustee as Successor Servicer or the Servicer for advances of funds pursuant (other than Monthly Advances) made with respect to this Agreementthe Mortgage Loans, and the right to reimbursement pursuant to this subclause clause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late recoveries of the payments for which such advances were made;
(vivii) to reimburse the Trustee as Successor Servicer or the Servicer for any Nonrecoverable Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance that has not been reimbursed pursuant to clauses (iii) and (vvi);
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller;
(viii) to pay the Servicer as set forth in Section 3.14;
(ix) to reimburse the Trustee Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement Sections 3.03, 7.04(c) and (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its obligations pursuant to Section 9.12d);
(ixx) to pay to the Trust FundServicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Servicer;
(x) to reimburse or pay the Servicer any such amounts as are due thereto under this Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or thereinProceeds;
(xi) to reimburse the Trustee for expenses incurred in the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer;
(xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02;
(xiii) to reimburse the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement;
(xivxii) to remove amounts deposited in error; and
(xvxiii) to clear and terminate the Distribution Account pursuant to Section 10.01.
(b) The Trustee Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basisbasis and shall provide a copy to the Trustee, for the purpose of accounting for any reimbursement from the Distribution Account pursuant to subclauses clauses (iii) through (v), inclusive, vi) and (vii) or with respect to any such amounts which would have been covered by such subclauses clauses had the amounts not been retained by the Trustee Servicer without being deposited in the Distribution Account under Section 4.074.01(b).
(c) On each Distribution Date, the Trustee shall distribute funds the Available Funds to the extent on deposit in the Distribution Account to the holders Holders of the related Certificates in accordance with Section 5.066.01.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (GreenPoint Mortgage Funding Trust 2005-Ar1), Grantor Trust Agreement (GreenPoint Mortgage Funding Trust 2005-Ar1)
Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee willshall, from time to time make time, withdraw or cause to be made such withdrawals or transfers transfer funds from the Distribution Account pursuant to this Agreement the Servicer or to itself for the following purposes:
(i) to pay the Trustee any expenses recoverable by the Trustee pursuant to this Agreement.
(ii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or Servicing Advance of its own funds, funds the right of the Trustee as Successor Servicer or the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made;
(iiiii) to reimburse the Trustee or the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Trustee as Successor Servicer or the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an uninsured cause Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iviii) to reimburse the Trustee as Successor Servicer or the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Trustee as Successor Servicer or the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan;
(iv) to pay the Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor;
(v) to pay the Servicer from the Purchase Price for any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation;
(vi) to reimburse the Trustee as Successor Servicer or the Servicer for servicing related advances of funds pursuant to this Agreementfunds, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made;
(vivii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (iii) and (vvi);
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller;
(viii) to reimburse pay the Trustee for expenses, costs Servicer its monthly Servicing Fee and liabilities incurred by and reimbursable to it any other servicing compensation payable pursuant to this Agreement (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its obligations pursuant to Section 9.12)Servicing Agreement;
(ix) to pay to the Trust Fund, as additional servicing compensation, Trustee any Excess Liquidation Proceeds to the extent not retained by the Servicerinvestment income;
(x) [reserved];
(xi) to reimburse or pay the Servicer any such amounts as are due thereto under this the Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or thereinin the Servicing Agreement;
(xixii) to reimburse the Trustee for expenses incurred in the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer;
(xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02;
(xiii) to reimburse the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Sections 7.02(d), 8.05, 8.10 or 8.17 (including those related the BONY Custodial Agreement, to pay any fees, expenses or other amounts payable to the Bank of New York as Custodian);
(xiii) to pay the Certificate Insurer its Aggregate Premium Amount;
(xiv) to remove amounts deposited in error; and
(xv) to clear and terminate the Distribution Account pursuant to Section 10.01.
(b) The Trustee shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any reimbursement payments or reimbursements from the Distribution Account pursuant to subclauses (iii) through (vvii), inclusive, inclusive and subclause (viix) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Trustee without being deposited in the Distribution Account under Section 4.074.02(b).
(c) On each Distribution Date, the Trustee shall distribute withdraw funds on deposit in the Distribution Account to the holders extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.065.01.
Appears in 2 contracts
Samples: Pooling Agreement (HarborView Mortgage Loan Trust 2005-10), Pooling Agreement (Mortgage Loan Pass-Through Certificates Series 2005-12)
Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Servicer, make or cause to be made such withdrawals or transfers from the Distribution Account as the Servicer has designated for such transfer or withdrawal pursuant to this Agreement or as the Trustee deems necessary for the following purposes:purposes (limited in the case of amounts due the Servicer to those not withdrawn from the Custodial Account in accordance with the terms of this Agreement):
(i) to pay the Trustee any expenses recoverable by the Trustee pursuant to this Agreement.
(ii) to reimburse the Trustee as Successor Servicer itself or the Servicer for any Advance or Servicing Monthly Advance of its own funds, the right of the Trustee as Successor Servicer or the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting with respect to which such Advance or Servicing Monthly Advance was made;
(iiiii) to reimburse the Trustee or the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Trustee as Successor Servicer or the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an uninsured cause Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iviii) to reimburse the Trustee as Successor Servicer or the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Trustee as Successor Servicer or the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (x) of this Section 4.04(a) to the Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds;
(iv) to pay the Servicer, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Servicer would have been entitled to receive under clause (ix) of this Section 4.04(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor;
(v) to pay the Servicer from the Repurchase Price for any Mortgage Loan, the amount which the Servicer would have been entitled to receive under clause (ix) of this Section 4.04(a) as servicing compensation;
(vi) to reimburse the Trustee as Successor Servicer or the Servicer for advances of funds pursuant (other than Monthly Advances) made with respect to this Agreementthe Mortgage Loans, and the right to reimbursement pursuant to this subclause clause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late recoveries of the payments for which such advances were made;
(vivii) to reimburse the Trustee as Successor Servicer or the Servicer for any Nonrecoverable Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance that has not been reimbursed pursuant to clauses (iii) and (vvi);
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller;
(viii) to pay the Servicer as set forth in Section 3.14;
(ix) to reimburse the Trustee Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement Sections 3.03, 7.04(c) and (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its obligations pursuant to Section 9.12d);
(ixx) to pay to the Trust FundServicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Servicer;
(x) to reimburse or pay the Servicer any such amounts as are due thereto under this Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or thereinProceeds;
(xi) to reimburse the Trustee for expenses incurred in the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer;
(xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02;
(xiii) to reimburse the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement;
(xivxii) to remove amounts deposited in error; and
(xvxiii) to clear and terminate the Distribution Account pursuant to Section 10.01.
(b) The Trustee Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basisbasis and shall provide a copy to the Trustee, for the purpose of accounting for any reimbursement from the Distribution Account pursuant to subclauses clauses (iii) through (v), inclusive, vi) and (vii) or with respect to any such amounts which would have been covered by such subclauses clauses had the amounts not been retained by the Trustee Servicer without being deposited in the Distribution Account under Section 4.074.01(b). Reimbursements made pursuant to clauses (vii), (ix) and (xi) will be allocated between the Loan Groups pro rata based on the aggregate Stated Principal Balances of the Mortgage Loans in each Loan Group.
(c) On each Distribution Date, the Trustee shall distribute funds the Available Funds to the extent on deposit in the Distribution Account for each Loan Group to the holders Holders of the related Certificates in accordance with Section 5.066.01.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Mortgage Funding Trust 2007-Ar4), Grantor Trust Agreement (Bear Stearns Mortgage Funding Trust 2007-Ar4)
Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time make or cause to be made such withdrawals or transfers from the Distribution Account pursuant to this Agreement for the following purposes:
(i) to pay to the Trustee any expenses recoverable by the Trustee pursuant to this Agreement.
(ii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or Servicing Advance of its own funds, the right of the Trustee as Successor Servicer or the Servicer to reimbursement pursuant to this subclause (ii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made;
(iii) to reimburse the Trustee or the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Trustee as Successor Servicer or the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an uninsured cause or in connection with the liquidation of such Mortgage Loan;
(iv) to reimburse the Trustee as Successor Servicer or the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Trustee as Successor Servicer or the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan;
(v) to reimburse the Trustee as Successor Servicer or the Servicer for advances of funds pursuant to this Agreement, Agreement and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceeds) which represent late recoveries of the payments for which such advances were made;
(vi) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (ii) and (v);
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the SellerHolder of the Class CE Certificate;
(viii) to reimburse the Trustee for expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its obligations pursuant to Section 9.12);
(ix) to pay to the Trust Fund, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Servicer;
(x) to reimburse or pay the Servicer any such amounts as are due thereto under this Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or therein;
(xi) to reimburse the Trustee for expenses incurred in the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer;
(xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02;
(xiii) to reimburse the Custodian for expenses, costs and liabilities incurred or reimbursable to it pursuant to this Agreement or the Custodial Agreement;
(xivxiii) to remove amounts deposited in error; and
(xvxiv) to clear and terminate the Distribution Account pursuant to Section 10.01.
(b) The Trustee shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any reimbursement from the Distribution Account pursuant to subclauses (ii) through (v), inclusive, and (vii) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Trustee without being deposited in the Distribution Account under Section 4.07.
(c) On each Distribution Date, the Trustee shall distribute funds on deposit the Available Distribution Amount in the Distribution Account to the holders of the Certificates in accordance with Section 5.065.04.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Nomura Asset Acceptance Corp), Pooling and Servicing Agreement (Nomura Home Equity Loan, Inc.)
Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Servicer, make or cause to be made such withdrawals or transfers from the Distribution Account as the Servicer has designated for such transfer or withdrawal pursuant to this Agreement or as the Trustee deems necessary for the following purposes:purposes (limited in the case of amounts due the Servicer to those not withdrawn from the Custodial Account in accordance with the terms of this Agreement):
(i) to pay the Trustee any expenses recoverable by the Trustee pursuant to this Agreement.
(ii) to reimburse the Trustee as Successor Servicer itself or the Servicer for any Advance or Servicing Monthly Advance of its own funds, the right of the Trustee as Successor Servicer or the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting with respect to which such Advance or Servicing Monthly Advance was made;
(iiiii) to reimburse the Trustee or the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Trustee as Successor Servicer or the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an uninsured cause Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iviii) to reimburse the Trustee as Successor Servicer or the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Trustee as Successor Servicer or the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (x) of this Section 4.04(a) to the Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds;
(iv) to pay the Servicer, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Servicer would have been entitled to receive under clause (ix) of this Section 4.04(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor;
(v) to pay the Servicer from the Repurchase Price for any Mortgage Loan, the amount which the Servicer would have been entitled to receive under clause (ix) of this Section 4.04(a) as servicing compensation;
(vi) to reimburse the Trustee as Successor Servicer or the Servicer for advances of funds pursuant (other than Monthly Advances) made with respect to this Agreementthe Mortgage Loans, and the right to reimbursement pursuant to this subclause clause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late recoveries of the payments for which such advances were made;
(vivii) to reimburse the Trustee as Successor Servicer or the Servicer for any Nonrecoverable Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance that has not been reimbursed pursuant to clauses (iii) and (vvi);
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller;
(viii) to pay the Servicer as set forth in Section 3.14;
(ix) to reimburse the Trustee Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement Sections 3.03, 7.04(c) and (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its obligations pursuant to Section 9.12d);
(ixx) to pay to the Trust FundServicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Servicer;
(x) to reimburse or pay the Servicer any such amounts as are due thereto under this Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or thereinProceeds;
(xi) to reimburse the Trustee for expenses incurred in the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer;
(xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02;
(xiii) to reimburse the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement;
(xivxii) to pay the Certificate Insurer its Aggregate Premium Amount;
(xiii) to remove amounts deposited in error; and
(xvxiv) to clear and terminate the Distribution Account pursuant to Section 10.01.
(b) The Trustee Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basisbasis and shall provide a copy to the Trustee, for the purpose of accounting for any reimbursement from the Distribution Account pursuant to subclauses clauses (iii) through (v), inclusive, vi) and (vii) or with respect to any such amounts which would have been covered by such subclauses clauses had the amounts not been retained by the Trustee Servicer without being deposited in the Distribution Account under Section 4.074.01(b). Reimbursements made pursuant to clauses (vii), (ix) and (xi) will be allocated between the Loan Groups pro rata based on the aggregate Stated Principal Balances of the Mortgage Loans in each Loan Group.
(c) On each Distribution Date, the Trustee shall distribute funds the Available Funds to the extent on deposit in the Distribution Account to the holders Holders of the related Certificates in accordance with Section 5.066.01.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (GreenPoint MFT 2006-Ar2), Pooling and Servicing Agreement (GreenPoint MFT 2006-Ar3)
Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee willSecurities Administrator shall, from time to time make time, withdraw or cause to be made such withdrawals or transfers transfer funds from the Distribution Account pursuant to this Agreement a Servicer, to the Master Servicer, to the Trustee, to the Certificate Insurer or to itself for the following purposes:
(i) to pay the Trustee any expenses recoverable by the Trustee pursuant to this Agreement.
(ii) to reimburse the Trustee as Successor Master Servicer or the any Servicer for any Advance or Servicing Advance of its own funds or of such Servicer’s own funds, the right of the Trustee as Successor Master Servicer or the a Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Proceeds and Liquidation Proceeds and condemnation proceedsthe Termination Price) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made;
(iiiii) to reimburse the Trustee Master Servicer or the any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Trustee as Successor Master Servicer or the such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an uninsured cause Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iviii) to reimburse the Trustee as Successor Master Servicer or the any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Trustee as Successor Master Servicer or the such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan;
(iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (viii) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor;
(v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (viii) of this Subsection (a) as servicing compensation;
(vi) to reimburse the Trustee as Successor Master Servicer or the any Servicer for servicing related advances of funds pursuant to this Agreementfunds, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made;
(vivii) to reimburse the Trustee as Successor Master Servicer or the any Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (iii) and (vvi);
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller;
(viii) to reimburse pay the Trustee for expenses, costs Master Servicer its monthly Master Servicing Fee and liabilities incurred by any investment income and reimbursable to it pursuant to this Agreement (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its obligations other additional servicing compensation payable pursuant to Section 9.12)3.14;
(ix) to pay to reimburse the Trust Fund, as additional servicing compensation, Master Servicer or the Securities Administrator for any Excess Liquidation Proceeds to the extent not retained expenses recoverable by the ServicerMaster Servicer or the Securities Administrator pursuant to Sections 3.03 and 3.32;
(x) to reimburse or pay the any Servicer any such amounts as are due thereto under this the related Servicing Agreement and have not been retained by or paid to the such Servicer, to the extent provided herein or thereinin the related Servicing Agreement;
(xi) to reimburse the Trustee and the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it from funds of the Trust Fund pursuant to Sections 3.31, 3.32 or 8.05, and to reimburse the Trustee for any fees, costs and expenses incurred in the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default by or reimbursable to it pursuant to Section 2.03(a), 7.01(b), 8.02, 8.05 or 8.07, to the extent not paid by the terminated Servicerotherwise reimbursed to it;
(xii) after to pay to the occurrence of an event of default Master Servicer all investment earnings on amounts on deposit in the Distribution Account to what it is entitled under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.024.02(c);
(xiii) to reimburse the Custodian Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this AgreementSection 8.19;
(xiv) to pay the Certificate Insurer its Aggregate Premium Amount;
(xv) to pay the Credit Risk Manager the Credit Risk Manager Fee;
(xvi) to reimburse the Administrator for expenses, costs and liabilities incurred by or reimbursable to it as a result of the performance of its duties under the Yield Maintenance Allocation Agreement and the Yield Maintenance Agreement pursuant to Section 8.19;
(xvii) to remove amounts deposited in error; and
(xvxviii) to clear and terminate the Distribution Account pursuant to Section 10.01.
(b) In addition, on or before the Business Day immediately preceding each Distribution Date, the Master Servicer shall deposit in the Distribution Account (or remit to the Securities Administrator for deposit therein) any Advances or Compensating Interest Payments, to the extent required to be made but not made by a Servicer and required to be made by the Master Servicer hereunder with respect to the Mortgage Loans.
(c) The Trustee Securities Administrator or the Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any reimbursement payments or reimbursements from the Distribution Account pursuant to subclauses (iii) through (vviii), inclusive, inclusive and (viixi) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Trustee Master Servicer without being deposited in the Distribution Account under Section 4.074.02(b).
(cd) In order to comply with its duties under the USA PATRIOT Act of 2001, the Securities Administrator shall obtain and verify certain information and documentation from the other parties hereto, including, but not limited to, each such party's name, address and other identifying information.
(e) On each Distribution Date, the Trustee Securities Administrator, as Paying Agent, shall distribute withdraw funds on deposit in the Distribution Account to the holders extent of the aggregate Available Funds and distribute such amounts to the Holders of the Certificates and any other parties entitled thereto in accordance with Section 5.065.01.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (HarborView 2006-14), Pooling and Servicing Agreement (HarborView 2007-2)
Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee willshall, from time to time make time, withdraw or cause to be made such withdrawals or transfers transfer funds from the Distribution Account pursuant to this Agreement the Servicer or to itself for the following purposes:
(i) to pay the Trustee any expenses recoverable by the Trustee pursuant to this Agreement.
(ii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or Servicing Advance of its own funds, funds the right of the Trustee as Successor Servicer or the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made;
(iiiii) to reimburse the Trustee or the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Trustee as Successor Servicer or the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an uninsured cause Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iviii) to reimburse the Trustee as Successor Servicer or the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Trustee as Successor Servicer or the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan;
(iv) to pay the Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor;
(v) to pay the Servicer from the Purchase Price for any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation;
(vi) to reimburse the Trustee as Successor Servicer or the Servicer for servicing related advances of funds pursuant to this Agreementfunds, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made;
(vivii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (iii) and (vvi);
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller;
(viii) to reimburse pay the Trustee for expenses, costs Servicer its monthly Servicing Fee and liabilities incurred by and reimbursable to it any other servicing compensation payable pursuant to this Agreement (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its obligations pursuant to Section 9.12)Servicing Agreement;
(ix) to pay to the Trust Fund, as additional servicing compensation, Trustee any Excess Liquidation Proceeds to the extent not retained by the Servicerinvestment income;
(x) [reserved];
(xi) to reimburse or pay the Servicer any such amounts as are due thereto under this the Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or thereinin the Servicing Agreement;
(xixii) to reimburse the Trustee for expenses incurred in the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer;
(xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02;
(xiii) to reimburse the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Sections 7.02(d), 8.17, 8.05 or 8.10 (including those related the BONY Custodial Agreement, to pay any fees, expenses or other amounts payable to the Bank of New York as Custodian);
(xivxiii) to remove amounts deposited in error; and
(xvxiv) to clear and terminate the Distribution Account pursuant to Section 10.01.
(b) The Trustee shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any reimbursement payments or reimbursements from the Distribution Account pursuant to subclauses (iii) through (vvii), inclusive, inclusive and subclause (viix) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Trustee without being deposited in the Distribution Account under Section 4.074.02(b).
(c) On each Distribution Date, the Trustee shall distribute withdraw funds on deposit in the Distribution Account to the holders extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.065.01.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (HarborView Mortgage Loan Trust 2004-9), Pooling and Servicing Agreement (HarborView Mortgage Loan Trust 2004-11)
Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Servicer, make or cause to be made such withdrawals or transfers from the Distribution Account as the Servicer has designated for such transfer or withdrawal pursuant to this Agreement or as the Trustee deems necessary for the following purposes:purposes (limited in the case of amounts due the Servicer to those not withdrawn from the Custodial Account in accordance with the terms of this Agreement):
(i) to pay the Trustee any expenses recoverable by the Trustee pursuant to this Agreement.
(ii) to reimburse the Trustee as Successor Servicer itself or the Servicer for any Advance or Servicing Monthly Advance of its own funds, the right of the Trustee as Successor Servicer or the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting with respect to which such Advance or Servicing Monthly Advance was made;
(iiiii) to reimburse the Trustee or the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Trustee as Successor Servicer or the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an uninsured cause Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iviii) to reimburse the Trustee as Successor Servicer or the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Trustee as Successor Servicer or the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (x) of this Section 4.04(a) to the Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds;
(iv) to pay the Servicer, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Servicer would have been entitled to receive under clause (ix) of this Section 4.04(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor;
(v) to pay the Servicer from the Repurchase Price for any Mortgage Loan, the amount which the Servicer would have been entitled to receive under clause (ix) of this Section 4.04(a) as servicing compensation;
(vi) to reimburse the Trustee as Successor Servicer or the Servicer for advances of funds pursuant (other than Monthly Advances) made with respect to this Agreementthe Mortgage Loans, and the right to reimbursement pursuant to this subclause clause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late recoveries of the payments for which such advances were made;
(vivii) to reimburse the Trustee as Successor Servicer or the Servicer for any Nonrecoverable Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance that has not been reimbursed pursuant to clauses (iii) and (vvi);
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller;
(viii) to pay the Servicer as set forth in Section 3.14;
(ix) to reimburse the Trustee Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement Sections 3.03, 7.04(c) and (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its obligations pursuant to Section 9.12d);
(ixx) to pay to the Trust FundServicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Servicer;
(x) to reimburse or pay the Servicer any such amounts as are due thereto under this Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or thereinProceeds;
(xi) to reimburse the Trustee for expenses incurred in the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer;
(xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02;
(xiii) to reimburse the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement;
(xivxii) to pay itself the Trustee Fee set forth in Section 9.05;
(xiii) to remove amounts deposited in error; and
(xvxiv) to clear and terminate the Distribution Account pursuant to Section 10.01.
(b) The Trustee Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basisbasis and shall provide a copy to the Trustee, for the purpose of accounting for any reimbursement from the Distribution Account pursuant to subclauses clauses (iii) through (v), inclusive, vi) and (vii) or with respect to any such amounts which would have been covered by such subclauses clauses had the amounts not been retained by the Trustee Servicer without being deposited in the Distribution Account under Section 4.074.01(b).
(c) On each Distribution Date, the Trustee shall distribute funds the Available Funds to the extent on deposit in the Distribution Account to the holders Holders of the related Certificates in accordance with Section 5.066.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Mortgage Funding Trust 2007-Ar2)
Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee willshall, from time to time make time, withdraw or cause to be made such withdrawals or transfers transfer funds from the Distribution Account pursuant to this Agreement the Servicer or to itself for the following purposes:
(i) to pay the Trustee any expenses recoverable by the Trustee pursuant to this Agreement.
(ii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or Servicing Advance of its own funds, funds the right of the Trustee as Successor Servicer or the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made;
(iiiii) to reimburse the Trustee or the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Trustee as Successor Servicer or the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an uninsured cause Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iviii) to reimburse the Trustee as Successor Servicer or the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Trustee as Successor Servicer or the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan;
(iv) to pay the Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor;
(v) to pay the Servicer from the Purchase Price for any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation;
(vi) to reimburse the Trustee as Successor Servicer or the Servicer for servicing related advances of funds pursuant to this Agreementfunds, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made;
(vivii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (iii) and (vvi);
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller;
(viii) to reimburse pay the Trustee for expenses, costs Servicer its monthly Servicing Fee and liabilities incurred by and reimbursable to it any other servicing compensation payable pursuant to this Agreement (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its obligations pursuant to Section 9.12)Servicing Agreement;
(ix) to pay to the Trust Fund, as additional servicing compensation, Trustee any Excess Liquidation Proceeds to the extent not retained by the Servicerinvestment income;
(x) [reserved];
(xi) to reimburse or pay the Servicer any such amounts as are due thereto under this the Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or thereinin the Servicing Agreement;
(xixii) to reimburse the Trustee for expenses incurred in the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer;
(xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02;
(xiii) to reimburse the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Sections 7.02(d), 8.05, 8.10 or 8.17 (including those related the BONY Custodial Agreement, to pay any fees, expenses or other amounts payable to the Bank of New York as Custodian);
(xiii) to pay to the Certificate Insurer its Aggregate Premium Amount;
(xiv) to remove amounts deposited in error; and
(xv) to clear and terminate the Distribution Account pursuant to Section 10.01.
(b) The Trustee shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any reimbursement payments or reimbursements from the Distribution Account pursuant to subclauses (iii) through (vvii), inclusive, inclusive and subclause (viix) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Trustee without being deposited in the Distribution Account under Section 4.074.02(b).
(c) On each Distribution Date, the Trustee shall distribute withdraw funds on deposit in the Distribution Account to the holders extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.065.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc)
Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee willshall, from time to time make time, withdraw or cause to be made such withdrawals or transfers transfer funds from the Distribution Account pursuant to this Agreement the Servicer, to the Certificate Insurer or to itself for the following purposes:
(i) to pay the Trustee any expenses recoverable by the Trustee pursuant to this Agreement.
(ii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or Servicing Advance of its own funds, funds the right of the Trustee as Successor Servicer or the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made;
(iiiii) to reimburse the Trustee or the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Trustee as Successor Servicer or the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an uninsured cause Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iviii) to reimburse the Trustee as Successor Servicer or the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Trustee as Successor Servicer or the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan;
(iv) to pay the Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor;
(v) to pay the Servicer from the Purchase Price for any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation;
(vi) to reimburse the Trustee as Successor Servicer or the Servicer for servicing related advances of funds pursuant to this Agreementfunds, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made;
(vivii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (iii) and (vvi);
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller;
(viii) to reimburse pay the Trustee for expenses, costs Servicer its monthly Servicing Fee and liabilities incurred by and reimbursable to it any other servicing compensation payable pursuant to this Agreement (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its obligations pursuant to Section 9.12)Servicing Agreement;
(ix) to pay to the Trust Fund, as additional servicing compensation, Trustee any Excess Liquidation Proceeds to the extent not retained by the Servicerinvestment income;
(x) [reserved];
(xi) to reimburse or pay the Servicer any such amounts as are due thereto under this the Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or thereinin the Servicing Agreement;
(xixii) to reimburse the Trustee for expenses incurred in the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer;
(xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02;
(xiii) to reimburse the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Sections 7.02(d), 8.05, 8.10 or 8.17 (including those related the BONY Custodial Agreement, to pay any fees, expenses or other amounts payable to the Bank of New York as Custodian);
(xiii) to pay the Certificate Insurer its Aggregate Premium Amount;
(xiv) to remove amounts deposited in error; and
(xv) to clear and terminate the Distribution Account pursuant to Section 10.01.
(b) The Trustee shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any reimbursement payments or reimbursements from the Distribution Account pursuant to subclauses (iii) through (vvii), inclusive, inclusive and subclause (viix) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Trustee without being deposited in the Distribution Account under Section 4.074.02(b).
(c) On each Distribution Date, the Trustee shall distribute withdraw funds on deposit in the Distribution Account to the holders extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.065.01.
Appears in 1 contract
Samples: Pooling Agreement (HarborView Mortgage Loan Trust 2005-16)
Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee willshall, from time to time make time, withdraw or cause to be made such withdrawals or transfers transfer funds from the Distribution Account pursuant to this Agreement the Servicer, to the Certificate Insurer or to itself for the following purposes:
(i) to pay the Trustee any expenses recoverable by the Trustee pursuant to this Agreement.
(ii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or Servicing Advance of its own funds, the right of the Trustee as Successor Servicer or the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsthe Termination Price) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made;
(iiiii) to reimburse the Trustee or the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Trustee as Successor Servicer or the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an uninsured cause Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iviii) to reimburse the Trustee as Successor Servicer or the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Trustee as Successor Servicer or the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan;
(iv) to pay the Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor;
(v) to pay the Servicer from the Purchase Price for any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation;
(vi) to reimburse the Trustee as Successor Servicer or the Servicer for servicing related advances of funds pursuant to this Agreementfunds, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made;
(vivii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (iii) and (vvi);
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller;
(viii) to reimburse pay the Trustee for expenses, costs Servicer its monthly Servicing Fee and liabilities incurred by and reimbursable to it any other servicing compensation payable pursuant to this Agreement (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its obligations pursuant to Section 9.12)Servicing Agreement;
(ix) to pay to the Trust Fund, as additional servicing compensation, Trustee any Excess Liquidation Proceeds to the extent not retained by the Servicerinvestment income;
(x) [reserved];
(xi) to reimburse or pay the Servicer any such amounts as are due thereto under this the Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or thereinin the Servicing Agreement;
(xixii) to reimburse the Trustee for expenses incurred in the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer;
(xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02;
(xiii) to reimburse the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Sections 7.02(d), 8.05, 8.10 or 8.17 (including those related the BONY Custodial Agreement, to pay any fees, expenses or other amounts payable to the Bank of New York as Custodian);
(xiii) to pay the Certificate Insurer its Aggregate Premium Amount;
(xiv) to remove amounts deposited in error; and
(xv) to clear and terminate the Distribution Account pursuant to Section 10.01.
(b) The Trustee shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any reimbursement payments or reimbursements from the Distribution Account pursuant to subclauses (iii) through (vvii), inclusive, inclusive and subclause (viix) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Trustee without being deposited in the Distribution Account under Section 4.07.
4.02(b) (c) On each Distribution DateIn order to comply with its duties under the USA PATRIOT Act of 2001, the Trustee shall distribute funds on deposit in obtain and verify certain information and documentation from the Distribution Account to the holders of the Certificates in accordance with Section 5.06other parties hereto, including, but not limited to, each such party’s name, address and other identifying information.
Appears in 1 contract
Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee willshall, from time to time make time, withdraw or cause to be made such withdrawals or transfers transfer funds from the Distribution Account pursuant to this Agreement the Servicer or to itself for the following purposes:
(i) to pay the Trustee any expenses recoverable by the Trustee pursuant to this Agreement.
(ii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or Servicing Advance of its own funds, the right of the Trustee as Successor Servicer or the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsthe Termination Price) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made;
(iiiii) to reimburse the Trustee or the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Trustee as Successor Servicer or the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an uninsured cause Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iviii) to reimburse the Trustee as Successor Servicer or the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Trustee as Successor Servicer or the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan;
(iv) to pay the Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor;
(v) to pay the Servicer from the Purchase Price for any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation;
(vi) to reimburse the Trustee as Successor Servicer or the Servicer for servicing related advances of funds pursuant to this Agreementfunds, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made;
(vivii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (iii) and (vvi);
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller;
(viii) to reimburse pay the Trustee for expenses, costs Servicer its monthly Servicing Fee and liabilities incurred by and reimbursable to it any other servicing compensation payable pursuant to this Agreement (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its obligations pursuant to Section 9.12)Servicing Agreement;
(ix) to pay to the Trust Fund, as additional servicing compensation, Trustee any Excess Liquidation Proceeds to the extent not retained by the Servicerinvestment income;
(x) [reserved];
(xi) to reimburse or pay the Servicer any such amounts as are due thereto under this the Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or thereinin the Servicing Agreement;
(xixii) to reimburse the Trustee for expenses incurred in the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer;
(xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02;
(xiii) to reimburse the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Sections 7.02(d), 8.05, 8.10 or 8.17 (including those related the BONY Custodial Agreement, to pay any fees, expenses or other amounts payable to the Bank of New York as Custodian);
(xivxiii) to remove amounts deposited in error; and
(xvxiv) to clear and terminate the Distribution Account pursuant to Section 10.01.
(b) The Trustee shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any reimbursement payments or reimbursements from the Distribution Account pursuant to subclauses (iii) through (vvii), inclusive, inclusive and subclause (viix) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Trustee without being deposited in the Distribution Account under Section 4.074.02(b).
(c) On each Distribution Date, the Trustee shall distribute withdraw funds on deposit in the Distribution Account to the holders extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.065.01.
Appears in 1 contract
Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee willshall, from time to time make time, withdraw or cause to be made such withdrawals or transfers transfer funds from the Distribution Account pursuant to this Agreement the Servicer, to the Certificate Insurer or to itself for the following purposes:
(i) to pay the Trustee any expenses recoverable by the Trustee pursuant to this Agreement.
(ii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or Servicing Advance of its own funds, the right of the Trustee as Successor Servicer or the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsthe Termination Price) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made;
(iiiii) to reimburse the Trustee or the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Trustee as Successor Servicer or the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an uninsured cause Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iviii) to reimburse the Trustee as Successor Servicer or the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Trustee as Successor Servicer or the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan;
(iv) to pay the Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor;
(v) to pay the Servicer from the Purchase Price for any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation;
(vi) to reimburse the Trustee as Successor Servicer or the Servicer for servicing related advances of funds pursuant to this Agreementfunds, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made;
(vivii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (iii) and (vvi);
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller;
(viii) to reimburse pay the Trustee for expenses, costs Servicer its monthly Servicing Fee and liabilities incurred by and reimbursable to it any other servicing compensation payable pursuant to this Agreement (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its obligations pursuant to Section 9.12)Servicing Agreement;
(ix) to pay to the Trust Fund, as additional servicing compensation, Trustee any Excess Liquidation Proceeds to the extent not retained by the Servicerinvestment income;
(x) to pay the Credit Risk Manager the Credit Risk Manager Fee;
(xi) to pay the Custodial Fee and any other fees, expenses or amounts payable to Deutsche Bank National Trust Company as Custodian;
(xii) to reimburse or pay the Servicer any such amounts as are due thereto under this the Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or therein;
(xi) to reimburse the Trustee for expenses incurred in the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer;
(xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02Agreement;
(xiii) to reimburse the Custodian Trustee for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Sections 8.05, 8.17 or 8.18 (including those related the Custodial Agreement);
(xiv) to reimburse the Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Section 8.19;
(xv) to pay the Certificate Insurer, the Aggregate Premium Amount;
(xvi) to remove amounts deposited in error;
(xvii) to reimburse the Administrator for expenses, costs and liabilities incurred by or reimbursable to it as a result of the performance of its duties under the Yield Maintenance Allocation Agreement and the Yield Maintenance Agreement pursuant to Section 8.19; and
(xvxviii) to clear and terminate the Distribution Account pursuant to Section 10.01.
(b) The Trustee shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any reimbursement payments or reimbursements from the Distribution Account pursuant to subclauses (iii) through (vviii), inclusive, inclusive and (viixi) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Trustee without being deposited in the Distribution Account under Section 4.074.02(b).
(c) In order to comply with its duties under the USA PATRIOT Act of 2001, the Trustee shall obtain and verify certain information and documentation from the other parties hereto, including, but not limited to, each such party’s name, address and other identifying information.
(d) On each Distribution Date, the Trustee Trustee, as Paying Agent, shall distribute withdraw funds on deposit in the Distribution Account to the holders extent of the aggregate Available Funds and distribute such amounts to the Holders of the Certificates and any other parties entitled thereto in accordance with Section 5.065.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (HarborView 2006-10)
Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Servicer, make or cause to be made such withdrawals or transfers from the Distribution Account as the Servicer has designated for such transfer or withdrawal pursuant to this Agreement or as the Trustee deems necessary for the following purposes:purposes (limited in the case of amounts due the Servicer to those not withdrawn from the Custodial Account in accordance with the terms of this Agreement):
(i) to pay the Trustee any expenses recoverable by the Trustee pursuant to this Agreement.
(ii) to reimburse the Trustee as Successor Servicer itself or the Servicer for any Advance or Servicing Monthly Advance of its own funds, the right of the Trustee as Successor Servicer or the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting with respect to which such Advance or Servicing Monthly Advance was made;
(iiiii) to reimburse the Trustee or the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Trustee as Successor Servicer or the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an uninsured cause Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iviii) to reimburse the Trustee as Successor Servicer or the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Trustee as Successor Servicer or the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (x) of this Section 4.04(a) to the Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds;
(iv) to pay the Servicer, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Servicer would have been entitled to receive under clause (ix) of this Section 4.04(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor;
(v) to pay the Servicer from the Repurchase Price for any Mortgage Loan, the amount which the Servicer would have been entitled to receive under clause (ix) of this Section 4.04(a) as servicing compensation;
(vi) to reimburse the Trustee as Successor Servicer or the Servicer for advances of funds pursuant (other than Monthly Advances) made with respect to this Agreementthe Mortgage Loans, and the right to reimbursement pursuant to this subclause clause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late recoveries of the payments for which such advances were made;
(vivii) to reimburse the Trustee as Successor Servicer or the Servicer for any Nonrecoverable Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance that has not been reimbursed pursuant to clauses (iii) and (vvi);
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller;
(viii) to pay the Servicer as set forth in Section 3.14;
(ix) to reimburse the Trustee Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement Sections 3.03, 7.04(c) and (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its obligations pursuant to Section 9.12d);
(ixx) to pay to the Trust FundServicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Servicer;
(x) to reimburse or pay the Servicer any such amounts as are due thereto under this Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or thereinProceeds;
(xi) to reimburse the Trustee for expenses incurred in the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer;
(xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02;
(xiii) to reimburse the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement;
(xiv) to remove amounts deposited in error; and
(xv) to clear and terminate the Distribution Account pursuant to Section 10.01.
(b) The Trustee shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any reimbursement from the Distribution Account pursuant to subclauses (ii) through (v), inclusive, and (vii) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Trustee without being deposited in the Distribution Account under Section 4.07.
(c) On each Distribution Date, the Trustee shall distribute funds on deposit in the Distribution Account to the holders of the Certificates in accordance with Section 5.06.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (GreenPoint MTA Trust 2005-Ar3)
Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Servicer, make or cause to be made such withdrawals or transfers from the Distribution Account as the Servicer has designated for such transfer or withdrawal pursuant to this Agreement or as the Trustee deems necessary for the following purposes:purposes (limited in the case of amounts due the Servicer to those not withdrawn from the Custodial Account in accordance with the terms of this Agreement):
(i) to pay the Trustee any expenses recoverable by the Trustee pursuant to this Agreement.
(ii) to reimburse the Trustee as Successor Servicer itself or the Servicer for any Advance or Servicing Monthly Advance of its own funds, the right of the Trustee as Successor Servicer or the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting with respect to which such Advance or Servicing Monthly Advance was made;
(iiiii) to reimburse the Trustee or the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Trustee as Successor Servicer or the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an uninsured cause Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iviii) to reimburse the Trustee as Successor Servicer or the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Trustee as Successor Servicer or the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (x) of this Section 4.04(a) to the Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds;
(iv) to pay the Servicer, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Servicer would have been entitled to receive under clause (ix) of this Section 4.04(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor;
(v) to pay the Servicer from the Repurchase Price for any Mortgage Loan, the amount which the Servicer would have been entitled to receive under clause (ix) of this Section 4.04(a) as servicing compensation;
(vi) to reimburse the Trustee as Successor Servicer or the Servicer for advances of funds pursuant (other than Monthly Advances) made with respect to this Agreementthe Mortgage Loans, and the right to reimbursement pursuant to this subclause clause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late recoveries of the payments for which such advances were made;
(vivii) to reimburse the Trustee as Successor Servicer or the Servicer for any Nonrecoverable Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance that has not been reimbursed pursuant to clauses (iii) and (vvi);
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller;
(viii) to pay the Servicer as set forth in Section 3.14;
(ix) to reimburse the Trustee Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement Sections 3.03, 7.04(c) and (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its obligations pursuant to Section 9.12d);
(ixx) to pay to the Trust FundServicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Servicer;
(x) to reimburse or pay the Servicer any such amounts as are due thereto under this Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or thereinProceeds;
(xi) to reimburse the Trustee for expenses incurred in the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer;
(xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02;
(xiii) to reimburse the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement;
(xivxii) to remove amounts deposited in error; and
(xvxiii) to clear and terminate the Distribution Account pursuant to Section 10.01.
(b) The Trustee Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basisbasis and shall provide a copy to the Trustee, for the purpose of accounting for any reimbursement from the Distribution Account pursuant to subclauses clauses (iii) through (v), inclusive, vi) and (vii) or with respect to any such amounts which would have been covered by such subclauses clauses had the amounts not been retained by the Trustee Servicer without being deposited in the Distribution Account under Section 4.074.01(b). Reimbursements made pursuant to clauses (vii), (ix) and (xi) will be allocated between the Loan Groups pro rata based on the aggregate Scheduled Principal Balances of the Mortgage Loans in each Loan Group.
(c) On each Distribution Date, the Trustee shall distribute funds the Available Funds to the extent on deposit in the Distribution Account for each Loan Group to the holders Holders of the related Certificates in accordance with Section 5.066.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (GreenPoint MTA Trust 2005-Ar4)
Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee willshall, from time to time make time, withdraw or cause to be made such withdrawals or transfers transfer funds from the Distribution Account pursuant to this Agreement the Servicer, to the Certificate Insurer or to itself for the following purposes:
(i) to pay the Trustee any expenses recoverable by the Trustee pursuant to this Agreement.
(ii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or Servicing Advance of its own funds, the right of the Trustee as Successor Servicer or the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsthe Termination Price) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made;
(iiiii) to reimburse the Trustee or the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Trustee as Successor Servicer or the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an uninsured cause Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iviii) to reimburse the Trustee as Successor Servicer or the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Trustee as Successor Servicer or the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan;
(iv) to pay the Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor;
(v) to pay the Servicer from the Purchase Price for any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation;
(vi) to reimburse the Trustee as Successor Servicer or the Servicer for servicing related advances of funds pursuant to this Agreementfunds, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made;
(vivii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (iii) and (vvi);
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller;
(viii) to reimburse pay the Trustee for expenses, costs Servicer its monthly Servicing Fee and liabilities incurred by and reimbursable to it any other servicing compensation payable pursuant to this Agreement (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its obligations pursuant to Section 9.12)Servicing Agreement;
(ix) to pay to the Trust Fund, as additional servicing compensation, Trustee any Excess Liquidation Proceeds to the extent not retained by the Servicerinvestment income;
(x) [Reserved];
(xi) to reimburse or pay the Servicer any such amounts as are due thereto under this the Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or thereinin the Servicing Agreement;
(xixii) to reimburse the Trustee for expenses expenses, costs and liabilities incurred in the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default by or reimbursable to the extent not paid by the terminated Servicer;
(xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person it pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02Sections 8.05, 8.17 or 8.18;
(xiii) to reimburse the Custodian Yield Maintenance Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this AgreementSection 8.19;
(xiv) to remove amounts deposited in errorpay the Certificate Insurer, the Aggregate Premium Amount;
(xv) to reimburse the Yield Maintenance Administrator for expenses, costs and liabilities incurred by or reimbursable to it as a result of the performance of its duties under the Yield Maintenance Allocation Agreement and the Yield Maintenance Agreement pursuant to Section 8.19; and
(xvxvi) to clear and terminate the Distribution Account pursuant to Section 10.01.
(b) The Trustee shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any reimbursement payments or reimbursements from the Distribution Account pursuant to subclauses (iii) through (vviii), inclusive, inclusive and (viixi) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Trustee without being deposited in the Distribution Account under Section 4.074.02(b).
(c) In order to comply with its duties under the USA PATRIOT Act of 2001, the Trustee shall obtain and verify certain information and documentation from the other parties hereto, including, but not limited to, each such party’s name, address and other identifying information.
(d) On each Distribution Date, the Trustee Trustee, as Paying Agent, shall distribute withdraw funds on deposit in the Distribution Account to the holders extent of the aggregate Available Funds and distribute such amounts to the Holders of the Certificates and any other parties entitled thereto in accordance with Section 5.065.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (HarborView 2007-1)
Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, Securities Administrator will from time to time make or cause to be made such withdrawals or transfers from the each Distribution Account pursuant to this Agreement for the following purposes:
(i) to pay to the Trustee any expenses recoverable by the Trustee pursuant to this Agreement.
(ii) to reimburse the Trustee as Successor Servicer (or the Servicer any successor thereto) for any Advance or Servicing Advance of its own funds, the right of the Trustee as Successor Servicer (or the Servicer any successor thereto) to reimbursement pursuant to this subclause (ii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made;
(iii) to reimburse the Trustee Master Servicer or the Servicer (or any successor thereto) from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Trustee as Successor Servicer (or the Servicer any successor thereto) in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an uninsured cause or in connection with the liquidation of such Mortgage Loan;
(iv) to reimburse the Trustee as Successor Servicer (or the Servicer any successor thereto) from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Trustee as Successor Servicer (or the Servicer any successor thereto) from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan;
(v) to reimburse the Trustee as Successor Servicer (or the Servicer any successor thereto) for advances of funds pursuant to this Agreement, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceeds) which represent late recoveries of the payments for which such advances were made;
(vi) to reimburse the Trustee as Successor Servicer (or the Servicer any successor thereto) for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (ii) and (v);
(vii) to pay the Credit Risk Management Manager Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) 3.33 hereof, the amount of the Credit Risk Management Manager Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the SellerSponsor;
(viii) to reimburse the Trustee or the Securities Administrator for expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement (including the expenses of the Trustee Securities Administrator in connection with a tax audit in connection with the performance of its obligations pursuant to Section 9.129.13);
(ix) to pay to the Trust Fund, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Servicer;
(x) to reimburse or pay the Servicer any such amounts as are due thereto under this Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or therein;
(xi) to reimburse the Trustee or the Master Servicer for expenses incurred in the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer;
(xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person the Master Servicer for any Advances or Servicing Advances made by such Advance Financing Person costs and expenses reimbursable to the Master Servicer pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02this Agreement;
(xiii) to reimburse the Custodian for expenses, costs and liabilities incurred or reimbursable to it pursuant to this Agreement or the Custodial Agreement;
(xiv) to remove amounts deposited in error; and
(xv) to clear and terminate the Distribution Account pursuant to Section 10.01.
(b) The Trustee Securities Administrator shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any reimbursement from the Distribution Account pursuant to subclauses (ii) through (v), inclusive, and (vii) inclusive or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Trustee Securities Administrator without being deposited in the Distribution Account under Section 4.073.31.
(c) On each Distribution Date, the Trustee Securities Administrator shall distribute the Available Funds and the Available Distribution Amounts, to the extent of funds on deposit in the Distribution Account to the holders of the related Certificates and the Certificate Insurer in accordance with Section Sections 5.05 and 5.06.
Appears in 1 contract
Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee willshall, from time to time make time, withdraw or cause to be made such withdrawals or transfers transfer funds from the Distribution Account pursuant to this Agreement the Servicer, the Certificate Insurer, the Custodian or to itself for the following purposes:
(i) to pay the Trustee any expenses recoverable by the Trustee pursuant to this Agreement.
(ii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or Servicing Advance of its own funds, funds the right of the Trustee as Successor Servicer or the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made;
(iiiii) to reimburse the Trustee or the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Trustee as Successor Servicer or the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an uninsured cause Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iviii) to reimburse the Trustee as Successor Servicer or the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Trustee as Successor Servicer or the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan;
(iv) to pay the Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor;
(v) to pay the Servicer from the Purchase Price for any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation;
(vi) to reimburse the Trustee as Successor Servicer or the Servicer for servicing related advances of funds pursuant to this Agreementfunds, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made;
(vivii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (iii) and (vvi);
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller;
(viii) to reimburse pay the Trustee for expenses, costs Servicer its monthly Servicing Fee and liabilities incurred by and reimbursable to it any other servicing compensation payable pursuant to this Agreement (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its obligations pursuant to Section 9.12)Servicing Agreement;
(ix) to pay to the Trust Fund, as additional servicing compensation, Trustee any Excess Liquidation Proceeds to the extent not retained by the Servicerinvestment income;
(x) [reserved];
(xi) to reimburse or pay the Servicer any such amounts as are due thereto under this the Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or thereinin the Servicing Agreement;
(xixii) to reimburse the Trustee for expenses incurred in the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer;
(xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02;
(xiii) to reimburse the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Sections 7.02(d), 8.05, 8.10 or 8.17 (including those related the BONY Custodial Agreement, and to pay the Custodian the Custodial Fee and any additional fees, expenses or other amounts payable to the Bank of New York as Custodian);
(xiii) to pay the Certificate Insurer its Aggregate Premium Amount;
(xiv) to remove amounts deposited in error; and
(xv) to clear and terminate the Distribution Account pursuant to Section 10.01.
(b) The Trustee shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any reimbursement payments or reimbursements from the Distribution Account pursuant to subclauses (iii) through (vvii), inclusive, inclusive and subclause (viix) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Trustee without being deposited in the Distribution Account under Section 4.074.02(b).
(c) On each Distribution Date, the Trustee shall distribute withdraw funds on deposit in the Distribution Account to the holders extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.065.01.
Appears in 1 contract
Samples: Pooling Agreement (Greenwich Capital Acceptance Inc)
Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee willshall, from time to time make time, withdraw or cause to be made such withdrawals or transfers transfer funds from the Distribution Account pursuant to this Agreement the Servicer or to itself for the following purposes:
(i) to pay the Trustee any expenses recoverable by the Trustee pursuant to this Agreement.
(ii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or Servicing Advance of its own funds, funds the right of the Trustee as Successor Servicer or the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made;
(iiiii) to reimburse the Trustee or the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Trustee as Successor Servicer or the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an uninsured cause Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iviii) to reimburse the Trustee as Successor Servicer or the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Trustee as Successor Servicer or the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan;
(iv) to pay the Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor;
(v) to pay the Servicer from the Purchase Price for any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation;
(vi) to reimburse the Trustee as Successor Servicer or the Servicer for servicing related advances of funds pursuant to this Agreementfunds, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made;
(vivii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (iii) and (vvi);
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller;
(viii) to reimburse pay the Trustee for expenses, costs Servicer its monthly Servicing Fee and liabilities incurred by and reimbursable to it any other servicing compensation payable pursuant to this Agreement (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its obligations pursuant to Section 9.12)Servicing Agreement;
(ix) to pay to the Trust Fund, as additional servicing compensation, Trustee any Excess Liquidation Proceeds to the extent not retained by the Servicerinvestment income;
(x) [reserved];
(xi) to reimburse or pay the Servicer any such amounts as are due thereto under this the Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or thereinin the Servicing Agreement;
(xixii) to reimburse the Trustee for expenses incurred in the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer;
(xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02;
(xiii) to reimburse the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Sections 2.03, 7.02(d), 8.05, 8.10 or 8.17 hereof, or under the Servicing Agreement;
(xiii) to pay to each of to the Certificate Insurers its Premium Amount;
(xiv) to remove amounts deposited in error; and
(xv) to clear and terminate the Distribution Account pursuant to Section 10.01.
(b) The Trustee shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any reimbursement payments or reimbursements from the Distribution Account pursuant to subclauses (iii) through (vvii), inclusive, inclusive and subclause (viix) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Trustee without being deposited in the Distribution Account under Section 4.074.02(b).
(c) On each Distribution Date, the Trustee shall distribute withdraw funds on deposit in the Distribution Account to the holders extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.065.01.
Appears in 1 contract
Samples: Pooling Agreement (HarborView Mortgage Loan Trust 2005-9)
Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Servicer, make or cause to be made such withdrawals or transfers from the Distribution Account as the Servicer has designated for such transfer or withdrawal pursuant to this Agreement or as the Trustee deems necessary for the following purposes:purposes (limited in the case of amounts due the Servicer to those not withdrawn from the Custodial Account in accordance with the terms of this Agreement):
(i) to pay the Trustee any expenses recoverable by the Trustee pursuant to this Agreement.
(ii) to reimburse the Trustee as Successor Servicer itself or the Servicer for any Advance or Servicing Monthly Advance of its own funds, the right of the Trustee as Successor Servicer or the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting with respect to which such Advance or Servicing Monthly Advance was made;
(iiiii) to reimburse the Trustee or the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Trustee as Successor Servicer or the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an uninsured cause Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iviii) to reimburse the Trustee as Successor Servicer or the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Trustee as Successor Servicer or the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (x) of this Section 4.04(a) to the Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds;
(iv) to pay the Servicer, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Servicer would have been entitled to receive under clause (ix) of this Section 4.04(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor;
(v) to pay the Servicer from the Repurchase Price for any Mortgage Loan, the amount which the Servicer would have been entitled to receive under clause (ix) of this Section 4.04(a) as servicing compensation;
(vi) to reimburse the Trustee as Successor Servicer or the Servicer for advances of funds pursuant (other than Monthly Advances) made with respect to this Agreementthe Mortgage Loans, and the right to reimbursement pursuant to this subclause clause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late recoveries of the payments for which such advances were made;
(vivii) to reimburse the Trustee as Successor Servicer or the Servicer for any Nonrecoverable Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance that has not been reimbursed pursuant to clauses (iii) and (vvi);
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller;
(viii) to pay the Servicer as set forth in Section 3.14;
(ix) to reimburse the Trustee Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement Sections 3.03, 7.04(c) and (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its obligations pursuant to Section 9.12d);
(ixx) to pay to the Trust FundServicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Servicer;
(x) to reimburse or pay the Servicer any such amounts as are due thereto under this Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or thereinProceeds;
(xi) to reimburse the Trustee for expenses incurred in the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer;
(xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02;
(xiii) to reimburse the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement;
(xii) to pay itself the Trustee Fee set forth in Section 9.05;
(xiii) to pay the Certificate Insurer its Aggregate Premium Amount;
(xiv) to remove amounts deposited in error; and
and (xv) to clear and terminate the Distribution Account pursuant to Section 10.01.
(b) The Trustee Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basisbasis and shall provide a copy to the Trustee, for the purpose of accounting for any reimbursement from the Distribution Account pursuant to subclauses clauses (iii) through (v), inclusive, vi) and (vii) or with respect to any such amounts which would have been covered by such subclauses clauses had the amounts not been retained by the Trustee Servicer without being deposited in the Distribution Account under Section 4.074.01(b).
(c) On each Distribution Date, the Trustee shall distribute funds the Available Funds to the extent on deposit in the Distribution Account to the holders Holders of the related Certificates in accordance with Section 5.066.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Mortgage Funding Trust 2006-Ar4)
Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time make or cause to be made such withdrawals or transfers from the Distribution Account pursuant to this Agreement for the following purposes:
(i) to pay the Trustee any expenses recoverable by the Trustee pursuant to this Agreement.
(ii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or Servicing Advance of its own funds, the right of the Trustee as Successor Servicer or the Servicer to reimbursement pursuant to this subclause (ii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made;
(iii) to reimburse the Trustee or the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Trustee as Successor Servicer or the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an uninsured cause or in connection with the liquidation of such Mortgage Loan;
(iv) to reimburse the Trustee as Successor Servicer or the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Trustee as Successor Servicer or the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan;
(v) to reimburse the Trustee as Successor Servicer or the Servicer for advances of funds pursuant to this Agreement, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this -80- purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceeds) which represent late recoveries of the payments for which such advances were made;
(vi) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (ii) and (v);
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller;
(viii) to reimburse the Trustee for expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its obligations pursuant to Section 9.12);
(ix) to pay to the Trust Fund, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Servicer;
(x) to reimburse or pay the Servicer any such amounts as are due thereto under this Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or therein;
(xi) to reimburse the Trustee for expenses incurred in the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer;
(xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02;
(xiii) to reimburse the Custodian for expenses, costs and liabilities incurred or reimbursable to it pursuant to this Agreement;
(xiv) to remove amounts deposited in error; and
(xv) to clear and terminate the Distribution Account pursuant to Section 10.01.
(b) The Trustee shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any reimbursement from the Distribution Account pursuant to subclauses (ii) through (v), inclusive, and (vii) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Trustee without being deposited in the Distribution Account under Section 4.07.
(c) On each Distribution Date, the Trustee shall distribute funds on deposit in the Distribution Account to the holders of the Certificates in accordance with Section 5.06.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (NAAC Alternative Loan Trust, Series 2004-Ar3)
Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee willshall, from time to time make time, withdraw or cause to be made such withdrawals or transfers transfer funds from the Distribution Account pursuant to this Agreement the Servicer or to itself for the following purposes:
(i) to pay the Trustee any expenses recoverable by the Trustee pursuant to this Agreement.
(ii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or Servicing Advance of its own funds, funds the right of the Trustee as Successor Servicer or the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made;
(iiiii) to reimburse the Trustee or the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Trustee as Successor Servicer or the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an uninsured cause Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iviii) to reimburse the Trustee as Successor Servicer or the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Trustee as Successor Servicer or the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan;
(iv) to pay the Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor;
(v) to pay the Servicer from the Purchase Price for any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation;
(vi) to reimburse the Trustee as Successor Servicer or the Servicer for servicing related advances of funds pursuant to this Agreementfunds, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made;
(vivii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (iii) and (vvi);
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller;
(viii) to reimburse pay the Trustee for expenses, costs Servicer its monthly Servicing Fee and liabilities incurred by and reimbursable to it any other servicing compensation payable pursuant to this Agreement (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its obligations pursuant to Section 9.12)Servicing Agreement;
(ix) to pay to the Trust Fund, as additional servicing compensation, Trustee any Excess Liquidation Proceeds to the extent not retained by the Servicerinvestment income;
(x) [reserved];
(xi) to reimburse or pay the Servicer any such amounts as are due thereto under this the Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or thereinin the Servicing Agreement;
(xixii) to reimburse the Trustee for expenses incurred in the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer;
(xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02;
(xiii) to reimburse the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Sections 7.02(d), 8.05, 8.10 or 8.17 (including those related the BONY Custodial Agreement, to pay any fees, expenses or other amounts payable to the Bank of New York as Custodian);
(xivxiii) to remove amounts deposited in error; and
(xvxiv) to clear and terminate the Distribution Account pursuant to Section 10.01.
(b) The Trustee shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any reimbursement payments or reimbursements from the Distribution Account pursuant to subclauses (iii) through (vvii), inclusive, inclusive and subclause (viix) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Trustee without being deposited in the Distribution Account under Section 4.074.02(b).
(c) On each Distribution Date, the Trustee shall distribute withdraw funds on deposit in the Distribution Account to the holders extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.065.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenwich HarborView Mortgage Loan Trust 2005-1)
Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee willshall, from time to time make time, withdraw or cause to be made such withdrawals or transfers transfer funds from the Distribution Account pursuant to this Agreement the Servicer, or to itself for the following purposes:
(i) to pay the Trustee any expenses recoverable by the Trustee pursuant to this Agreement.
(ii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or Servicing Advance of its own funds, the right of the Trustee as Successor Servicer or the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsthe Termination Price) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made;
(iiiii) to reimburse the Trustee or the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Trustee as Successor Servicer or the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an uninsured cause Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iviii) to reimburse the Trustee as Successor Servicer or the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Trustee as Successor Servicer or the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan;
(iv) to pay the Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor;
(v) to pay the Servicer from the Purchase Price for any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation;
(vi) to reimburse the Trustee as Successor Servicer or the Servicer for servicing related advances of funds pursuant to this Agreementfunds, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made;
(vivii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (iii) and (vvi);
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller;
(viii) to reimburse pay the Trustee for expenses, costs Servicer its monthly Servicing Fee and liabilities incurred by and reimbursable to it any other servicing compensation payable pursuant to this Agreement (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its obligations pursuant to Section 9.12)Servicing Agreement;
(ix) to pay to the Trust Fund, as additional servicing compensation, Trustee any Excess Liquidation Proceeds to the extent not retained by the Servicerinvestment income;
(x) [Reserved];
(xi) to reimburse or pay the Servicer any such amounts as are due thereto under this the Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or thereinin the Servicing Agreement;
(xixii) to reimburse the Trustee for expenses expenses, costs and liabilities incurred in the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default by or reimbursable to the extent not paid by the terminated Servicer;
(xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person it pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02Sections 8.05, 8.17 or 8.18;
(xiii) to reimburse the Custodian Yield Maintenance Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this AgreementSection 8.19;
(xiv) [Reserved];
(xv) to remove amounts deposited in errorreimburse the Yield Maintenance Administrator for expenses, costs and liabilities incurred by or reimbursable to it as a result of the performance of its duties under the Yield Maintenance Allocation Agreement and the Yield Maintenance Agreement pursuant to Section 8.19; and
(xvxvi) to clear and terminate the Distribution Account pursuant to Section 10.01.
(b) The Trustee shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any reimbursement payments or reimbursements from the Distribution Account pursuant to subclauses (iii) through (vviii), inclusive, inclusive and (viixi) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Trustee without being deposited in the Distribution Account under Section 4.074.02(b).
(c) In order to comply with its duties under the USA PATRIOT Act of 2001, the Trustee shall obtain and verify certain information and documentation from the other parties hereto, including, but not limited to, each such party’s name, address and other identifying information.
(d) On each Distribution Date, the Trustee Trustee, as Paying Agent, shall distribute withdraw funds on deposit in the Distribution Account to the holders extent of the aggregate Available Funds and distribute such amounts to the Holders of the Certificates and any other parties entitled thereto in accordance with Section 5.065.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (HarborView 2007-3)
Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Servicer, make or cause to be made such withdrawals or transfers from the Distribution Account as the Servicer has designated for such transfer or withdrawal pursuant to this Agreement or as the Trustee deems necessary for the following purposes:purposes (limited in the case of amounts due the Servicer to those not withdrawn from the Custodial Account in accordance with the terms of this Agreement):
(i) to pay the Trustee any expenses recoverable by the Trustee pursuant to this Agreement.
(ii) to reimburse the Trustee as Successor Servicer itself or the Servicer for any Advance or Servicing Monthly Advance of its own funds, the right of the Trustee as Successor Servicer or the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting with respect to which such Advance or Servicing Monthly Advance was made;
(iiiii) to reimburse the Trustee or the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Trustee as Successor Servicer or the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an uninsured cause Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iviii) to reimburse the Trustee as Successor Servicer or the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Trustee as Successor Servicer or the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (x) of this Section 4.04(a) to the Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds;
(iv) to pay the Servicer, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Servicer would have been entitled to receive under clause (ix) of this Section 4.04(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor;
(v) to pay the Servicer from the Repurchase Price for any Mortgage Loan, the amount which the Servicer would have been entitled to receive under clause (ix) of this Section 4.04(a) as servicing compensation;
(vi) to reimburse the Trustee as Successor Servicer or the Servicer for advances of funds pursuant (other than Monthly Advances) made with respect to this Agreementthe Mortgage Loans, and the right to reimbursement pursuant to this subclause clause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late recoveries of the payments for which such advances were made;
(vivii) to reimburse the Trustee as Successor Servicer or the Servicer for any Monthly Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Monthly Advance or advance has not been reimbursed pursuant to clauses (iii) and (vvi);
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller;
(viii) to pay the Servicer as set forth in Section 3.14;
(ix) to reimburse the Trustee Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement Sections 3.03, 7.04(c) and (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its obligations pursuant to Section 9.12d);
(ixx) to pay to the Trust FundServicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Servicer;
(x) to reimburse or pay the Servicer any such amounts as are due thereto under this Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or thereinProceeds;
(xi) to reimburse the Trustee for expenses incurred in the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer;
(xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02;
(xiii) to reimburse the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement;
(xivxii) to remove amounts deposited in error; and
(xvxiii) to clear and terminate the Distribution Account pursuant to Section 10.01.
(b) The Trustee Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basisbasis and shall provide a copy to the Trustee, for the purpose of accounting for any reimbursement from the Distribution Account pursuant to subclauses clauses (iii) through (v), inclusive, and (viiviii) or with respect to any such amounts which would have been covered by such subclauses clauses had the amounts not been retained by the Trustee Servicer without being deposited in the Distribution Account under Section 4.074.01(b).
(c) On each Distribution Date, the Trustee shall distribute funds the Available Funds to the extent on deposit in the Distribution Account to the holders Holders of the Certificates in accordance with Section 5.066.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (GreenPoint MTA Trust 2005-Ar2)
Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee willshall, from time to time make time, withdraw or cause to be made such withdrawals or transfers transfer funds from the Distribution Account pursuant to this Agreement the Servicer, to the Certificate Insurer or to itself for the following purposes:
(i) to pay the Trustee any expenses recoverable by the Trustee pursuant to this Agreement.
(ii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or Servicing Advance of its own funds, the right of the Trustee as Successor Servicer or the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsthe Termination Price) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made;
(iiiii) to reimburse the Trustee or the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Trustee as Successor Servicer or the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an uninsured cause Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iviii) to reimburse the Trustee as Successor Servicer or the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Trustee as Successor Servicer or the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan;
(iv) to pay the Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor;
(v) to pay the Servicer from the Purchase Price for any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation;
(vi) to reimburse the Trustee as Successor Servicer or the Servicer for servicing related advances of funds pursuant to this Agreementfunds, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made;
(vivii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (iii) and (vvi);
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller;
(viii) to reimburse pay the Trustee for expenses, costs Servicer its monthly Servicing Fee and liabilities incurred by and reimbursable to it any other servicing compensation payable pursuant to this Agreement (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its obligations pursuant to Section 9.12)Servicing Agreement;
(ix) to pay to the Trust Fund, as additional servicing compensation, Trustee any Excess Liquidation Proceeds to the extent not retained by the Servicerinvestment income;
(x) [Reserved];
(xi) to reimburse or pay the Servicer any such amounts as are due thereto under this the Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or thereinin the Servicing Agreement;
(xixii) to reimburse the Trustee for expenses expenses, costs and liabilities incurred in the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default by or reimbursable to the extent not paid by the terminated Servicer;
(xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person it pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02Sections 8.05, 8.17 or 8.18;
(xiii) to reimburse the Custodian Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this AgreementSection 8.19;
(xiv) to remove amounts deposited in errorpay the Certificate Insurer, the Aggregate Premium Amount;
(xv) to reimburse the Administrator for expenses, costs and liabilities incurred by or reimbursable to it as a result of the performance of its duties under the Yield Maintenance Allocation Agreement, the Yield Maintenance Agreement, the Class 0X-0X0 Xxxxx Xxxxxxxxxxx Agreement and the Class 0X-0X0 Xxxxx Xxxxxxxxxxx Agreement pursuant to Section 8.19; and
(xvxvi) to clear and terminate the Distribution Account pursuant to Section 10.01.
(b) The Trustee shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any reimbursement payments or reimbursements from the Distribution Account pursuant to subclauses (iii) through (vviii), inclusive, inclusive and (viixi) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Trustee without being deposited in the Distribution Account under Section 4.074.02(b).
(c) In order to comply with its duties under the USA PATRIOT Act of 2001, the Trustee shall obtain and verify certain information and documentation from the other parties hereto, including, but not limited to, each such party’s name, address and other identifying information.
(d) On each Distribution Date, the Trustee Trustee, as Paying Agent, shall distribute withdraw funds on deposit in the Distribution Account to the holders extent of the aggregate Available Funds and distribute such amounts to the Holders of the Certificates and any other parties entitled thereto in accordance with Section 5.065.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (HarborView 2006-12)
Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee willshall, from time to time make time, withdraw or cause to be made such withdrawals or transfers transfer funds from the Distribution Account pursuant to this Agreement the Servicer or to itself for the following purposes:
(i) to pay the Trustee any expenses recoverable by the Trustee pursuant to this Agreement.
(ii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or Servicing Advance of its own funds, funds the right of the Trustee as Successor Servicer or the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made;
(iiiii) to reimburse the Trustee or the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Trustee as Successor Servicer or the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an uninsured cause Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iviii) to reimburse the Trustee as Successor Servicer or the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Trustee as Successor Servicer or the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan;
(iv) to pay the Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor;
(v) to pay the Servicer from the Purchase Price for any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation;
(vi) to reimburse the Trustee as Successor Servicer or the Servicer for servicing related advances of funds pursuant to this Agreementfunds, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made;
(vivii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (iii) and (vvi);
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller;
(viii) to reimburse pay the Trustee for expenses, costs Servicer its monthly Servicing Fee and liabilities incurred by and reimbursable to it any other servicing compensation payable pursuant to this Agreement (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its obligations pursuant to Section 9.12)Servicing Agreement;
(ix) to pay to the Trust Fund, as additional servicing compensation, Trustee any Excess Liquidation Proceeds to the extent not retained by the Servicerinvestment income;
(x) [reserved];
(xi) to reimburse or pay the Servicer any such amounts as are due thereto under this the Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or thereinin the Servicing Agreement;
(xixii) to reimburse the Trustee for expenses incurred in the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer;
(xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02;
(xiii) to reimburse the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Sections 7.02(d), 8.05, 8.10 or 8.17 (including those related the BONY Custodial Agreement, to pay any fees, expenses or other amounts payable to the Bank of New York as Custodian);
(xiii) [reserved];
(xiv) to remove amounts deposited in error; and
(xv) to clear and terminate the Distribution Account pursuant to Section 10.01.
(b) The Trustee shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any reimbursement payments or reimbursements from the Distribution Account pursuant to subclauses (iii) through (vvii), inclusive, inclusive and subclause (viix) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Trustee without being deposited in the Distribution Account under Section 4.074.02(b).
(c) On each Distribution Date, the Trustee shall distribute withdraw funds on deposit in the Distribution Account to the holders extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.065.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (HarborView Mortgage Loan Trust 2005-3)
Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee willshall, from time to time make time, withdraw or cause to be made such withdrawals or transfers transfer funds from the Distribution Account pursuant to this Agreement the Servicer, to the Custodian or to itself for the following purposes:
(i) to pay the Trustee any expenses recoverable by the Trustee pursuant to this Agreement.
(ii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or Servicing Advance of its own funds, the right of the Trustee as Successor Servicer or the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made;
(iiiii) to reimburse the Trustee or the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Trustee as Successor Servicer or the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an uninsured cause Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iviii) to reimburse the Trustee as Successor Servicer or the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Trustee as Successor Servicer or the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan;
(iv) to pay the Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (viii) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor;
(v) to pay the Servicer from the Purchase Price for any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (viii) of this Subsection 4.03(a) as servicing compensation;
(vi) to reimburse the Trustee as Successor Servicer or the Servicer for servicing related advances of funds pursuant to this Agreementfunds, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made;
(vivii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or advanceAdvance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (iii) and (vvi);
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller;
(viii) to reimburse pay the Trustee for expenses, costs Servicer its monthly Servicing Fee and liabilities incurred by and reimbursable to it any other servicing compensation payable pursuant to this Agreement (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its obligations pursuant to Section 9.12)Servicing Agreement;
(ix) to pay to the Trust Fund, as additional servicing compensation, Trustee any Excess Liquidation Proceeds to the extent not retained by the Servicerinvestment income;
(x) to pay the Custodian its monthly Custodial Fee and any other compensation payable pursuant to the Custodial Agreement;
(xi) to reimburse or pay the Servicer any such amounts as are due thereto under this the Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or thereinin the Servicing Agreement;
(xixii) to reimburse the Trustee for expenses incurred in the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer;
(xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02;
(xiii) to reimburse the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this AgreementSections 7.02(d), 8.05, 8.10 or 8.17;
(xivxiii) to remove amounts deposited in error; and
(xvxiv) to clear and terminate the Distribution Account pursuant to Section 10.01.
(b) The Trustee shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any reimbursement payments or reimbursements from the Distribution Account pursuant to subclauses (iii) through (vvii), inclusive, inclusive and subclause (viixii) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Trustee without being deposited in the Distribution Account under Section 4.074.02(b).
(c) On each Distribution Date, the Trustee shall distribute withdraw funds on deposit in the Distribution Account to the holders extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.065.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (HarborView Mortgage Loan Trust 2004-2)
Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Servicer, make or cause to be made such withdrawals or transfers from the Distribution Account as the Servicer has designated for such transfer or withdrawal pursuant to this Agreement or as the Trustee deems necessary for the following purposes:purposes (limited in the case of amounts due the Servicer to those not withdrawn from the Custodial Account in accordance with the terms of this Agreement):
(i) to pay the Trustee any expenses recoverable by the Trustee pursuant to this Agreement.
(ii) to reimburse the Trustee as Successor Servicer itself or the Servicer for any Advance or Servicing Monthly Advance of its own funds, the right of the Trustee as Successor Servicer or the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting with respect to which such Advance or Servicing Monthly Advance was made;
(iiiii) to reimburse the Trustee or the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Trustee as Successor Servicer or the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an uninsured cause Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iviii) to reimburse the Trustee as Successor Servicer or the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Trustee as Successor Servicer or the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (x) of this Section 4.04(a) to the Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds;
(iv) to pay the Servicer, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Servicer would have been entitled to receive under clause (ix) of this Section 4.04(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor;
(v) to pay the Servicer from the Repurchase Price for any Mortgage Loan, the amount which the Servicer would have been entitled to receive under clause (ix) of this Section 4.04(a) as servicing compensation;
(vi) to reimburse the Trustee as Successor Servicer or the Servicer for advances of funds pursuant (other than Monthly Advances) made with respect to this Agreementthe Mortgage Loans, and the right to reimbursement pursuant to this subclause clause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late recoveries of the payments for which such advances were made;
(vivii) to reimburse the Trustee as Successor Servicer or the Servicer for any Nonrecoverable Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance that has not been reimbursed pursuant to clauses (iii) and (vvi);
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller;
(viii) to pay the Servicer as set forth in Section 3.14; (ix) to reimburse the Trustee Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement Sections 3.03, 7.04(c) and (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its obligations pursuant to Section 9.12d);
(ix) to pay to the Trust Fund, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Servicer;
(x) to reimburse or pay the Servicer any such amounts as are due thereto under this Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or therein;
(xi) to reimburse the Trustee for expenses incurred in the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer;
(xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02;
(xiii) to reimburse the Custodian for expenses, costs and liabilities incurred or reimbursable to it pursuant to this Agreement;
(xiv) to remove amounts deposited in error; and
(xv) to clear and terminate the Distribution Account pursuant to Section 10.01.
(b) The Trustee shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any reimbursement from the Distribution Account pursuant to subclauses (ii) through (v), inclusive, and (vii) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Trustee without being deposited in the Distribution Account under Section 4.07.
(c) On each Distribution Date, the Trustee shall distribute funds on deposit in the Distribution Account to the holders of the Certificates in accordance with Section 5.06.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (GreenPoint MTA Trust 2005-Ar5)
Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee willshall, from time to time make time, withdraw or cause to be made such withdrawals or transfers transfer funds from the Distribution Account pursuant to this Agreement the Servicer or to itself for the following purposes:
(i) to pay the Trustee any expenses recoverable by the Trustee pursuant to this Agreement.
(ii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or Servicing Advance of its own funds, the right of the Trustee as Successor Servicer or the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsthe Termination Price) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made;
(iiiii) to reimburse the Trustee or the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Trustee as Successor Servicer or the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an uninsured cause Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iviii) to reimburse the Trustee as Successor Servicer or the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Trustee as Successor Servicer or the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan;
(iv) to pay the Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor;
(v) to pay the Servicer from the Purchase Price for any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation;
(vi) to reimburse the Trustee as Successor Servicer or the Servicer for servicing related advances of funds pursuant to this Agreementfunds, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made;
(vivii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (iii) and (vvi);
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller;
(viii) to reimburse pay the Trustee for expenses, costs Servicer its monthly Servicing Fee and liabilities incurred by and reimbursable to it any other servicing compensation payable pursuant to this Agreement (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its obligations pursuant to Section 9.12)Servicing Agreement;
(ix) to pay to the Trust Fund, as additional servicing compensation, Trustee any Excess Liquidation Proceeds to the extent not retained by the Servicerinvestment income;
(x) [reserved]
(xi) to reimburse or pay the Servicer any such amounts as are due thereto under this the Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or thereinin the Servicing Agreement;
(xixii) to reimburse the Trustee for expenses expenses, costs and liabilities incurred in the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default by or reimbursable to the extent not paid by the terminated Servicer;
(xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person it pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02Sections 8.05, 8.17 or 8.18;
(xiii) to reimburse the Custodian Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this AgreementSection 8.19;
(xiv) to pay the Credit Risk Manager the Credit Risk Manager Fee;
(xv) to remove amounts deposited in error;
(xvi) to reimburse the Administrator for expenses, costs and liabilities incurred by or reimbursable to it as a result of the performance of its duties under the Yield Maintenance Allocation Agreement and the Yield Maintenance Agreement pursuant to Section 8.19; and
(xvxvii) to clear and terminate the Distribution Account pursuant to Section 10.01.
(b) The Trustee shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any reimbursement payments or reimbursements from the Distribution Account pursuant to subclauses (iii) through (vviii), inclusive, inclusive and (viixi) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Trustee without being deposited in the Distribution Account under Section 4.074.02(b).
(c) In order to comply with its duties under the USA PATRIOT Act of 2001, the Trustee shall obtain and verify certain information and documentation from the other parties hereto, including, but not limited to, each such party’s name, address and other identifying information.
(d) On each Distribution Date, the Trustee Trustee, as Paying Agent, shall distribute withdraw funds on deposit in the Distribution Account to the holders extent of the aggregate Available Funds and distribute such amounts to the Holders of the Certificates and any other parties entitled thereto in accordance with Section 5.065.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (HarborView 2006-Sb1)
Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Servicer, make or cause to be made such withdrawals or transfers from the Distribution Account as the Servicer has designated for such transfer or withdrawal pursuant to this Agreement or as the Trustee deems necessary for the following purposes:purposes (limited in the case of amounts due the Servicer to those not withdrawn from the Custodial Account in accordance with the terms of this Agreement):
(i) to pay the Trustee any expenses recoverable by the Trustee pursuant to this Agreement.
(ii) to reimburse the Trustee as Successor Servicer itself or the Servicer for any Advance or Servicing Monthly Advance of its own funds, the right of the Trustee as Successor Servicer or the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsSubsequent Recoveries) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting with respect to which such Advance or Servicing Monthly Advance was made;
(iiiii) to reimburse the Trustee or the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Trustee as Successor Servicer or the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an uninsured cause Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iviii) to reimburse the Trustee as Successor Servicer or the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Trustee as Successor Servicer or the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (x) of this Section 4.04(a) to the Servicer; (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; and (iii) Liquidation Expenses exceed the Amounts Held for Future Distribution.
(iv) to pay the Servicer, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Servicer would have been entitled to receive under clause (ix) of this Section 4.04(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor;
(v) to pay the Servicer from the Repurchase Price for any Mortgage Loan, the amount which the Servicer would have been entitled to receive under clause (ix) of this Section 4.04(a) as servicing compensation;
(vi) to reimburse the Trustee as Successor Servicer or the Servicer for advances of funds pursuant (other than Monthly Advances) made with respect to this Agreementthe Mortgage Loans; provided, and the however, that such right to reimbursement pursuant to this subclause being clause (vi) shall be limited to (1) amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late recoveries of the payments for which such advances were mademade and (2) to the extent of Amounts Held for Future Distribution; provided that any such Amounts Held for Future Distribution so applied to reimburse the Servicer shall be replaced by the Servicer by deposit in the Distribution Account no later than the close of business on the Distribution Account Deposit Date immediately preceding the Distribution Date on which such funds are required to be distributed pursuant to this Agreement;
(vivii) to reimburse the Trustee as Successor Servicer or the Servicer for any Nonrecoverable Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance that has not been reimbursed pursuant to clauses (iii) and (vvi);
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller;
(viii) to pay the Servicer as set forth in Section 3.14;
(ix) to reimburse the Trustee Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its obligations Sections 3.03 and 7.04 or otherwise reimbursable to it pursuant to Section 9.12)this Agreement;
(ixx) to pay to the Trust FundServicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Servicer;
(x) to reimburse or pay the Servicer any such amounts as are due thereto under this Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or thereinProceeds;
(xi) to reimburse the Trustee for expenses incurred in the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer;
(xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02;
(xiii) to reimburse the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement;
(xivxii) to pay the Trustee Compensation set forth in Section 9.05;
(xiii) to remove amounts deposited in error; and;
(xvxiv) to clear and terminate the Distribution Account pursuant to Section 10.01.; and
(xv) to pay any unreimbursed Capitalization Reimbursement Amount
(b) The Trustee Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basisbasis and shall provide a copy to the Trustee, for the purpose of accounting for any reimbursement from the Distribution Account pursuant to subclauses clauses (iii) through (v), inclusive, vi) and (vii) or with respect to any such amounts which would have been covered by such subclauses clauses had the amounts not been retained by the Trustee Servicer without being deposited in the Distribution Account under Section 4.074.01(b). Reimbursements made pursuant to clauses (vii), (ix) and (xi) will be allocated between the Loan Groups pro rata based on the aggregate Stated Principal Balances of the Mortgage Loans in each Loan Group.
(c) On each Distribution Date, the Trustee shall distribute funds the Available Funds to the extent on deposit in the Distribution Account for each Loan Group to the holders Holders of the related Certificates in accordance with Section 5.066.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Mortgage Funding Trust 2007-Ar5)
Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Servicer, make or cause to be made such withdrawals or transfers from the Distribution Account as the Servicer has designated for such transfer or withdrawal pursuant to this Agreement or as the Trustee deems necessary for the following purposes:purposes (limited in the case of amounts due the Servicer to those not withdrawn from the Custodial Account in accordance with the terms of this Agreement):
(i) to pay the Trustee any expenses recoverable by the Trustee pursuant to this Agreement.
(ii) to reimburse the Trustee as Successor Servicer itself or the Servicer for any Advance or Servicing Monthly Advance of its own funds, the right of the Trustee as Successor Servicer or the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting with respect to which such Advance or Servicing Monthly Advance was made;
(iiiii) to reimburse the Trustee or the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Trustee as Successor Servicer or the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an uninsured cause Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iviii) to reimburse the Trustee as Successor Servicer or the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Trustee as Successor Servicer or the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (x) of this Section 4.04(a) to the Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds;
(iv) to pay the Servicer, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Servicer would have been entitled to receive under clause (ix) of this Section 4.04(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor;
(v) to pay the Servicer from the Repurchase Price for any Mortgage Loan, the amount which the Servicer would have been entitled to receive under clause (ix) of this Section 4.04(a) as servicing compensation;
(vi) to reimburse the Trustee as Successor Servicer or the Servicer for advances of funds pursuant (other than Monthly Advances) made with respect to this Agreementthe Mortgage Loans, and the right to reimbursement pursuant to this subclause clause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late recoveries of the payments for which such advances were made;
(vivii) to reimburse the Trustee as Successor Servicer or the Servicer for any Nonrecoverable Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance that has not been reimbursed pursuant to clauses (iii) and (vvi);
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller;
(viii) to pay the Servicer as set forth in Section 3.14;
(ix) to reimburse the Trustee Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement Sections 3.03, 7.04(c) and (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its obligations pursuant to Section 9.12d);
(ixx) to pay to the Trust FundServicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Servicer;
(x) to reimburse or pay the Servicer any such amounts as are due thereto under this Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or thereinProceeds;
(xi) to reimburse the Trustee for expenses incurred in the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer;
(xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02;
(xiii) to reimburse the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement;
(xivxii) to pay itself the Trustee Compensation set forth in Section 9.05;
(xiii) to remove amounts deposited in error; and
(xvxiv) to clear and terminate the Distribution Account pursuant to Section 10.01.
(b) The Trustee Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basisbasis and shall provide a copy to the Trustee, for the purpose of accounting for any reimbursement from the Distribution Account pursuant to subclauses clauses (iii) through (v), inclusive, vi) and (vii) or with respect to any such amounts which would have been covered by such subclauses clauses had the amounts not been retained by the Trustee Servicer without being deposited in the Distribution Account under Section 4.074.01(b). Reimbursements made pursuant to clauses (vii), (ix) and (xi) will be allocated between the Loan Groups or Sub-Loan Groups, as applicable, pro rata based on the aggregate Stated Principal Balances of the Mortgage Loans in each Loan Group or Sub-Loan Group, as applicable.
(c) On each Distribution Date, the Trustee shall distribute funds the Available Funds to the extent on deposit in the Distribution Account for each Loan Group or Sub-Loan Group, as applicable, to the holders Holders of the related Certificates in accordance with Section 5.066.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Mortgage Funding Trust 2007-Ar3)
Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee willshall, from time to time make time, withdraw or cause to be made such withdrawals or transfers transfer funds from the Distribution Account pursuant to this Agreement the Servicer, to the Certificate Insurer, to the Guarantor or to itself for the following purposes:
(i) to pay the Trustee any expenses recoverable by the Trustee pursuant to this Agreement.
(ii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or Servicing Advance of its own funds, the right of the Trustee as Successor Servicer or the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made;
(iiiii) to reimburse the Trustee or the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Trustee as Successor Servicer or the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an uninsured cause Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iviii) to reimburse the Trustee as Successor Servicer or the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Trustee as Successor Servicer or the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan;
(iv) to pay the Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xi) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor;
(v) to pay the Servicer from the Purchase Price for any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xi) of this Subsection 4.03(a) as servicing compensation;
(vi) to reimburse the Trustee as Successor Servicer or the Servicer for servicing related advances of funds pursuant to this Agreementfunds, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made;
(vivii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (iii) and (vvi);
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller;
(viii) to reimburse pay the Trustee for expenses, costs Servicer its monthly Servicing Fee and liabilities incurred by and reimbursable to it any other servicing compensation payable pursuant to this Agreement (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its obligations pursuant to Section 9.12)Servicing Agreement;
(ix) to pay to the Trust Fund, as additional servicing compensation, Trustee any Excess Liquidation Proceeds to the extent not retained by the Servicerinvestment income;
(x) [reserved];
(xi) to reimburse or pay the Servicer any such amounts as are due thereto under this the Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or thereinin the Servicing Agreement;
(xixii) to reimburse the Trustee for expenses incurred in the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer;
(xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02;
(xiii) to reimburse the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this AgreementSections 7.02(d), 8.05, 8.10 or 8.17 (including those related to pay any fees, expenses or other amounts payable to The Bank of New York as Custodian);
(xiii) [reserved];
(xiv) to pay the Certificate Insurer its Aggregate Premium Amount on each Distribution Date;
(xv) to remove amounts deposited in error; and
(xvxvi) to clear and terminate the Distribution Account pursuant to Section 10.01.
(b) The Trustee shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any reimbursement payments or reimbursements from the Distribution Account pursuant to subclauses (iii) through (vvii), inclusive, and (vii) or inclusive and/or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Trustee without being deposited in the Distribution Account under Section 4.074.02(b).
(c) On each Distribution Date, the Trustee shall distribute withdraw funds on deposit in the Distribution Account to the holders extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.065.01.
Appears in 1 contract
Samples: Pooling Agreement (Harborview Mortgage Loan Trust 2006-Cb1)
Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee willshall, from time to time make time, withdraw or cause to be made such withdrawals or transfers transfer funds from the Distribution Account pursuant to this Agreement the Servicer or to itself for the following purposes:
(i) to pay the Trustee any expenses recoverable by the Trustee pursuant to this Agreement.
(ii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or Servicing Advance of its own funds, the right of the Trustee as Successor Servicer or the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsthe Termination Price) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made;
(iiiii) to reimburse the Trustee or the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Trustee as Successor Servicer or the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an uninsured cause Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iviii) to reimburse the Trustee as Successor Servicer or the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Trustee as Successor Servicer or the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan;
(iv) to pay the Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor;
(v) to pay the Servicer from the Purchase Price for any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation;
(vi) to reimburse the Trustee as Successor Servicer or the Servicer for servicing related advances of funds pursuant to this Agreementfunds, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made;
(vivii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (iii) and (vvi);
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller;
(viii) to reimburse pay the Trustee for expenses, costs Servicer its monthly Servicing Fee and liabilities incurred by and reimbursable to it any other servicing compensation payable pursuant to this Agreement (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its obligations pursuant to Section 9.12)Servicing Agreement;
(ix) to pay to the Trust Fund, as additional servicing compensation, Trustee any Excess Liquidation Proceeds to the extent not retained by the Servicerinvestment income;
(x) [reserved]
(xi) to reimburse or pay the Servicer any such amounts as are due thereto under this the Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or thereinin the Servicing Agreement;
(xixii) to reimburse the Trustee for expenses expenses, costs and liabilities incurred in the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default by or reimbursable to the extent not paid by the terminated Servicer;
(xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person it pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02Sections 8.05, 8.17 or 8.18;
(xiii) to reimburse the Custodian Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this AgreementSection 8.19;
(xiv) to remove amounts deposited in error; and
(xv) to clear and terminate the Distribution Account pursuant to Section 10.01.
(b) The Trustee shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any reimbursement payments or reimbursements from the Distribution Account pursuant to subclauses (iii) through (vviii), inclusive, inclusive and (viixi) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Trustee without being deposited in the Distribution Account under Section 4.074.02(b).
(c) In order to comply with its duties under the USA PATRIOT Act of 2001, the Trustee shall obtain and verify certain information and documentation from the other parties hereto, including, but not limited to, each such party’s name, address and other identifying information.
(d) On each Distribution Date, the Trustee Trustee, as Paying Agent, shall distribute withdraw funds on deposit in the Distribution Account to the holders extent of the aggregate Available Funds and distribute such amounts to the Holders of the Certificates and any other parties entitled thereto in accordance with Section 5.065.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (HarborView 2006-11)
Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee willshall, from time to time make time, withdraw or cause to be made such withdrawals or transfers transfer funds from the Distribution Account pursuant to this Agreement the Servicer, to the Custodian or to itself for the following purposes:
(i) to pay the Trustee any expenses recoverable by the Trustee pursuant to this Agreement.
(ii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or Servicing Advance of its own funds, the right of the Trustee as Successor Servicer or the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made;
(iiiii) to reimburse the Trustee or the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Trustee as Successor Servicer or the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an uninsured cause Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iviii) to reimburse the Trustee as Successor Servicer or the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Trustee as Successor Servicer or the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan;
(iv) to pay the Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor;
(v) to pay the Servicer from the Purchase Price for any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (viii) of this Subsection 4.03(a) as servicing compensation;
(vi) to reimburse the Trustee as Successor Servicer or the Servicer for servicing related advances of funds pursuant to this Agreementfunds, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made;
(vivii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or advanceAdvance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (iii) and (vvi);
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller;
(viii) to reimburse pay the Trustee for expenses, costs Servicer its monthly Servicing Fee and liabilities incurred by and reimbursable to it any other servicing compensation payable pursuant to this Agreement (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its obligations pursuant to Section 9.12)Servicing Agreement;
(ix) to pay to the Trust Fund, as additional servicing compensation, Trustee any Excess Liquidation Proceeds to the extent not retained by the Servicerinvestment income;
(x) to reimburse or pay the Servicer any such amounts as are due thereto under this the Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or thereinin the Servicing Agreement;
(xi) to reimburse the Trustee for expenses incurred in the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer;
(xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02;
(xiii) to reimburse the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this AgreementSections 7.02(d), 8.05, 8.10 or 8.17 hereof;
(xivxii) to remove amounts deposited in error; and
(xvxiii) to clear and terminate the Distribution Account pursuant to Section 10.0110.01 hereof.
(b) The Trustee shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any reimbursement payments or reimbursements from the Distribution Account pursuant to subclauses (iii) through (vvii), inclusive, inclusive and subclause (vii) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Trustee without being deposited in the Distribution Account under Section 4.07x).
(c) On each Distribution Date, the Trustee shall distribute withdraw funds on deposit in the Distribution Account to the holders extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.065.01 hereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenpoint Mortgage Loan Trust 2004-1)
Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee willshall, from time to time make time, withdraw or cause to be made such withdrawals or transfers transfer funds from the Distribution Account pursuant to this Agreement the Servicer, to the Certificate Insurer or to itself for the following purposes:
(i) to pay the Trustee any expenses recoverable by the Trustee pursuant to this Agreement.
(ii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or Servicing Advance of its own funds, the right of the Trustee as Successor Servicer or the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsthe Termination Price) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made;
(iiiii) to reimburse the Trustee or the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Trustee as Successor Servicer or the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an uninsured cause Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iviii) to reimburse the Trustee as Successor Servicer or the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Trustee as Successor Servicer or the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan;
(iv) to pay the Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor;
(v) to pay the Servicer from the Purchase Price for any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation;
(vi) to reimburse the Trustee as Successor Servicer or the Servicer for servicing related advances of funds pursuant to this Agreementfunds, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made;
(vivii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (iii) and (vvi);
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller;
(viii) to reimburse pay the Trustee for expenses, costs Servicer its monthly Servicing Fee and liabilities incurred by and reimbursable to it any other servicing compensation payable pursuant to this Agreement (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its obligations pursuant to Section 9.12)Servicing Agreement;
(ix) to pay to the Trust Fund, as additional servicing compensation, Trustee any Excess Liquidation Proceeds to the extent not retained by the Servicerinvestment income;
(x) [reserved]
(xi) to pay the Custodial Fee and any other fees, expenses or amounts payable to the Bank of New York as Custodian;
(xii) to reimburse or pay the Servicer any such amounts as are due thereto under this the Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or therein;
(xi) to reimburse the Trustee for expenses incurred in the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer;
(xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02Agreement;
(xiii) to reimburse the Custodian Trustee for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Sections 8.05, 8.17 or 8.18 (including those related the Custodial Agreement);
(xiv) to reimburse the Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Section 8.19;
(xv) to pay the Certificate Insurer, the Class 2A-1C2 Premium Amount;
(xvi) to remove amounts deposited in error;
(xvii) to reimburse the Administrator for expenses, costs and liabilities incurred by or reimbursable to it as a result of the performance of its duties under the Yield Maintenance Allocation Agreement, the Yield Maintenance Agreement and the Class 2A-1C2 Yield Maintenance Agreement pursuant to Section 8.19; and
(xvxviii) to clear and terminate the Distribution Account pursuant to Section 10.01.
(b) The Trustee shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any reimbursement payments or reimbursements from the Distribution Account pursuant to subclauses (iii) through (vviii), inclusive, inclusive and (viixi) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Trustee without being deposited in the Distribution Account under Section 4.074.02(b).
(c) In order to comply with its duties under the USA PATRIOT Act of 2001, the Trustee shall obtain and verify certain information and documentation from the other parties hereto, including, but not limited to, each such party’s name, address and other identifying information.
(d) On each Distribution Date, the Trustee Trustee, as Paying Agent, shall distribute withdraw funds on deposit in the Distribution Account to the holders extent of the aggregate Available Funds and distribute such amounts to the Holders of the Certificates and any other parties entitled thereto in accordance with Section 5.065.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Harborview 2006-9)
Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee willshall, from time to time make time, withdraw or cause to be made such withdrawals or transfers transfer funds from the Distribution Account pursuant to this Agreement the Servicer, to the Certificate Insurer or to itself for the following purposes:
(i) to pay the Trustee any expenses recoverable by the Trustee pursuant to this Agreement.
(ii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or Servicing Advance of its own funds, the right of the Trustee as Successor Servicer or the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsthe Termination Price) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made;
(iiiii) to reimburse the Trustee or the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Trustee as Successor Servicer or the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an uninsured cause Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iviii) to reimburse the Trustee as Successor Servicer or the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Trustee as Successor Servicer or the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan;
(iv) to pay the Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor;
(v) to pay the Servicer from the Purchase Price for any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation;
(vi) to reimburse the Trustee as Successor Servicer or the Servicer for servicing related advances of funds pursuant to this Agreementfunds, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made;
(vivii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (iii) and (vvi);
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller;
(viii) to reimburse pay the Trustee for expenses, costs Servicer its monthly Servicing Fee and liabilities incurred by and reimbursable to it any other servicing compensation payable pursuant to this Agreement (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its obligations pursuant to Section 9.12)Servicing Agreement;
(ix) to pay to the Trust Fund, as additional servicing compensation, Trustee any Excess Liquidation Proceeds to the extent not retained by the Servicerinvestment income;
(x) to pay the Bulk PMI Fee with respect to each Mortgage Loan covered under the Bulk PMI Policy;
(xi) to reimburse or pay the Servicer any such amounts as are due thereto under this the Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or thereinin the Servicing Agreement;
(xixii) to reimburse the Trustee for expenses incurred in the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer;
(xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02;
(xiii) to reimburse the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Sections 7.02(d), 8.05, 8.10 or 8.17 (including those related the BONY Custodial Agreement, to pay any fees, expenses or other amounts payable to the Bank of New York as Custodian);
(xiii) to pay the Certificate Insurer its Aggregate Premium Amount;
(xiv) to remove amounts deposited in error; and
(xv) to clear and terminate the Distribution Account pursuant to Section 10.01.
(b) The Trustee shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any reimbursement payments or reimbursements from the Distribution Account pursuant to subclauses (iii) through (vvii), inclusive, inclusive and subclause (viix) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Trustee without being deposited in the Distribution Account under Section 4.07.
4.02(b) (c) On each Distribution DateIn order to comply with its duties under the USA PATRIOT Act of 2001, the Trustee shall distribute funds on deposit in obtain and verify certain information and documentation from the Distribution Account to the holders of the Certificates in accordance with Section 5.06other parties hereto, including, but not limited to, each such party’s name, address and other identifying information.
Appears in 1 contract
Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee willshall, from time to time make time, withdraw or cause to be made such withdrawals or transfers transfer funds from the Distribution Account pursuant to this Agreement the Servicer, to the Certificate Insurer or to itself for the following purposes:
(i) to pay the Trustee any expenses recoverable by the Trustee pursuant to this Agreement.
(ii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or Servicing Advance of its own funds, the right of the Trustee as Successor Servicer or the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsthe Termination Price) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made;
(iiiii) to reimburse the Trustee or the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Trustee as Successor Servicer or the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an uninsured cause Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iviii) to reimburse the Trustee as Successor Servicer or the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Trustee as Successor Servicer or the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan;
(iv) to pay the Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor;
(v) to pay the Servicer from the Purchase Price for any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation;
(vi) to reimburse the Trustee as Successor Servicer or the Servicer for servicing related advances of funds pursuant to this Agreementfunds, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made;
(vivii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (iii) and (vvi);
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller;
(viii) to reimburse pay the Trustee for expenses, costs Servicer its monthly Servicing Fee and liabilities incurred by and reimbursable to it any other servicing compensation payable pursuant to this Agreement (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its obligations pursuant to Section 9.12)Servicing Agreement;
(ix) to pay to the Trust Fund, as additional servicing compensation, Trustee any Excess Liquidation Proceeds to the extent not retained by the Servicerinvestment income;
(x) [reserved];
(xi) to reimburse or pay the Servicer any such amounts as are due thereto under this the Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or thereinin the Servicing Agreement;
(xixii) to reimburse the Trustee for expenses incurred in the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer;
(xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02;
(xiii) to reimburse the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Sections 7.02(d), 8.05, 8.10 or 8.17 (including those related the BONY Custodial Agreement, to pay any fees, expenses or other amounts payable to the Bank of New York as Custodian);
(xiii) to pay the Certificate Insurer its Aggregate Premium Amount;
(xiv) to remove amounts deposited in error; and
(xv) to clear and terminate the Distribution Account pursuant to Section 10.01.
(b) The Trustee shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any reimbursement payments or reimbursements from the Distribution Account pursuant to subclauses (iii) through (vvii), inclusive, inclusive and subclause (viix) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Trustee without being deposited in the Distribution Account under Section 4.074.02(b).
(c) On each Distribution Date, the Trustee shall distribute withdraw funds on deposit in the Distribution Account to the holders extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.065.01.
Appears in 1 contract
Samples: Pooling Agreement (Harborview Mortgage Loan Trust 2006-1)
Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee willshall, from time to time make time, withdraw or cause to be made such withdrawals or transfers transfer funds from the Distribution Account pursuant to this Agreement the Servicer or to itself for the following purposes:
(i) to pay the Trustee any expenses recoverable by the Trustee pursuant to this Agreement.
(ii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or Servicing Advance of its own funds, the right of the Trustee as Successor Servicer or the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsthe Termination Price) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made;
(iiiii) to reimburse the Trustee or the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Trustee as Successor Servicer or the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an uninsured cause Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iviii) to reimburse the Trustee as Successor Servicer or the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Trustee as Successor Servicer or the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan;
(iv) to pay the Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor;
(v) to pay the Servicer from the Purchase Price for any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation;
(vi) to reimburse the Trustee as Successor Servicer or the Servicer for servicing related advances of funds pursuant to this Agreementfunds, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made;
(vivii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (iii) and (vvi);
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller;
(viii) to reimburse pay the Trustee for expenses, costs Servicer its monthly Servicing Fee and liabilities incurred by and reimbursable to it any other servicing compensation payable pursuant to this Agreement (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its obligations pursuant to Section 9.12)Servicing Agreement;
(ix) to pay to the Trust Fund, as additional servicing compensation, Trustee any Excess Liquidation Proceeds to the extent not retained by the Servicerinvestment income;
(x) to reimburse or pay the Servicer any such amounts as are due thereto under this the Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or thereinin the Servicing Agreement;
(xi) to reimburse the Trustee for expenses incurred in the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer;
(xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02;
(xiii) to reimburse the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this AgreementSections 7.02(d), 8.05, 8.10 or 8.17;
(xivxii) to remove amounts deposited in error; and
(xvxiii) to clear and terminate the Distribution Account pursuant to Section 10.01.
(b) The Trustee shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, accounting for the purpose of accounting for any reimbursement payments or reimbursements from the Distribution Account pursuant to subclauses (iii) through (vvii), inclusive, inclusive and subclause (viix) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Trustee without being deposited in the Distribution Account under Section 4.074.02(b).
(c) In order to comply with its duties under the USA PATRIOT Act of 2001, the Trustee shall obtain and verify certain information and documentation from the other parties hereto, including, but not limited to, each such party’s name, address and other identifying information.
(d) On each Distribution Date, the Trustee Trustee, as Paying Agent, shall distribute withdraw funds on deposit in the Distribution Account to the holders extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.065.01.
Appears in 1 contract
Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee willSecurities Administrator shall, from time to time make time, withdraw or cause to be made such withdrawals or transfers transfer funds from the Distribution Account pursuant to this Agreement the Servicer, to the Master Servicer, to the Trustee, to the Administrator, to the Certificate Insurer or to itself for the following purposes:
(i) to pay the Trustee any expenses recoverable by the Trustee pursuant to this Agreement.
(ii) to reimburse the Trustee as Successor Master Servicer or the Servicer for any Advance or Servicing Advance of its own funds or of the Servicer’s own funds, the right of the Trustee as Successor Master Servicer or the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made;
(iiiii) to reimburse the Trustee Master Servicer or the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Trustee as Successor Master Servicer or the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an uninsured cause Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iviii) to reimburse the Trustee as Successor Master Servicer or the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Trustee as Successor Master Servicer or the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan;
(iv) to pay the Master Servicer or the Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or the Servicer would have been entitled to receive under subclause (viii) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor;
(v) to pay the Master Servicer or the Servicer from the Purchase Price for any Mortgage Loan, the amount which it or the Servicer would have been entitled to receive under subclause (viii) of this Subsection (a) as servicing compensation;
(vi) to reimburse the Trustee as Successor Master Servicer or the Servicer for servicing related advances of funds pursuant to this Agreementfunds, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made;
(vivii) to reimburse the Trustee as Successor Master Servicer or the Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (iii) and (vvi);
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller;
(viii) to reimburse pay the Trustee for expenses, costs Master Servicer its monthly Master Servicing Fee and liabilities incurred by any investment income and reimbursable to it pursuant to this Agreement (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its obligations other additional servicing compensation payable pursuant to Section 9.12)3.14;
(ix) to pay to reimburse the Trust Fund, as additional servicing compensation, Master Servicer or the Securities Administrator for any Excess Liquidation Proceeds to the extent not retained expenses recoverable by the ServicerMaster Servicer or the Securities Administrator pursuant to Sections 3.03 and 3.31;
(x) to pay the Bulk PMI Fee with respect to each Mortgage Loan covered under the Bulk PMI Policy;
(xi) to reimburse or pay the Servicer any such amounts as are due thereto under this the Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or thereinin the Servicing Agreement;
(xixii) to reimburse the Trustee for expenses incurred in and the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer;
(xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02;
(xiii) to reimburse the Custodian Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it from funds of the Trust Fund pursuant to Sections 3.30, 3.31 or 8.05, and to reimburse the Trustee for any fees, costs and expenses costs incurred by or reimbursable to it pursuant to this AgreementSection 2.03(a), 7.01(b), 8.02, 8.05 or 8.07, to the extent not otherwise reimbursed to it;
(xiii) to pay to the Master Servicer all investment earnings on amounts on deposit in the Distribution Account to what it is entitled under Section 4.02(c);
(xiv) to pay the Certificate Insurer its Aggregate Premium Amount;
(xv) to pay the Credit Risk Manager the Credit Risk Manager Fee;
(xvi) to remove amounts deposited in error;
(xvii) to reimburse the Administrator for expenses, costs and liabilities incurred by or reimbursable to it as a result of the performance of its duties under the Yield Maintenance Agreement and the Yield Maintenance Allocation Agreement; and
(xvxviii) to clear and terminate the Distribution Account pursuant to Section 10.01.
(b) In addition, on or before the Business Day immediately preceding each Distribution Date, the Master Servicer shall deposit in the Distribution Account (or remit to the Securities Administrator for deposit therein) any Advances or Compensating Interest Payments, to the extent required to be made but not made by the Servicer and required to be made by the Master Servicer hereunder with respect to the Mortgage Loans.
(c) The Trustee Securities Administrator or the Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any reimbursement payments or reimbursements from the Distribution Account pursuant to subclauses (iii) through (vvii), inclusive, (ix) and (viixi) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Trustee Master Servicer without being deposited in the Distribution Account under Section 4.074.02(b).
(cd) In order to comply with its duties under the USA PATRIOT Act of 2001, the Securities Administrator shall obtain and verify certain information and documentation from the other parties hereto, including, but not limited to, each such party's name, address and other identifying information.
(e) On each Distribution Date, the Trustee Securities Administrator, as Paying Agent, shall distribute withdraw funds on deposit in the Distribution Account to the holders extent of the aggregate Available Funds and distribute such amounts to the Holders of the Certificates and any other parties entitled thereto in accordance with Section 5.065.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Harborview 2006-7)
Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee willshall, from time to time make time, withdraw or cause to be made such withdrawals or transfers transfer funds from the Distribution Account pursuant to this Agreement the Servicer or to itself for the following purposes:
(i) to pay the Trustee any expenses recoverable by the Trustee pursuant to this Agreement.
(ii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or Servicing Advance of its own funds, funds the right of the Trustee as Successor Servicer or the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made;
(iiiii) to reimburse the Trustee or the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Trustee as Successor Servicer or the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an uninsured cause Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iviii) to reimburse the Trustee as Successor Servicer or the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Trustee as Successor Servicer or the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan;
(iv) to pay the Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor;
(v) to pay the Servicer from the Purchase Price for any Mortgage Loan, the amount which the Servicer would have been entitled to receive under subclause (xii) of this Subsection 4.03(a) as servicing compensation;
(vi) to reimburse the Trustee as Successor Servicer or the Servicer for servicing related advances of funds pursuant to this Agreementfunds, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and condemnation proceedsLiquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made;
(vivii) to reimburse the Trustee as Successor Servicer or the Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (iii) and (vvi);
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller;
(viii) to reimburse pay the Trustee for expenses, costs Servicer its monthly Servicing Fee and liabilities incurred by and reimbursable to it any other servicing compensation payable pursuant to this Agreement (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its obligations pursuant to Section 9.12)Servicing Agreement;
(ix) to pay to the Trust Fund, as additional servicing compensation, Trustee any Excess Liquidation Proceeds to the extent not retained by the Servicerinvestment income;
(x) [reserved];
(xi) to reimburse or pay the Servicer any such amounts as are due thereto under this the Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or thereinin the Servicing Agreement;
(xixii) to reimburse the Trustee for expenses incurred in the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer;
(xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02;
(xiii) to reimburse the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Sections 7.02(d), 8.05, 8.10 or 8.17 (including those related the BONY Custodial Agreement, to pay any fees, expenses or other amounts payable to the Bank of New York as Custodian);
(xiii) to pay to the Certificate Insurer its Premium Amount; and
(xiv) to remove amounts deposited in error; and
(xv) to clear and terminate the Distribution Account pursuant to Section 10.01.
(b) The Trustee shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any reimbursement payments or reimbursements from the Distribution Account pursuant to subclauses (iii) through (vvii), inclusive, inclusive and subclause (viix) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Trustee without being deposited in the Distribution Account under Section 4.074.02(b).
(c) On each Distribution Date, the Trustee shall distribute withdraw funds on deposit in the Distribution Account to the holders extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.065.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (HarborView Mortgage Loan Trust 2005-2)