Permitted Withdrawals and Transfers from the Master Servicer Collection Account. (a) The Master Servicer may from time to time make or cause to be made withdrawals from the Master Servicer Collection Account for the following purposes: (i) to reimburse the Trustee and the Master Servicer (in that order) for any Advance, the right of the Trustee and the Master Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or advance was made; (ii) to reimburse the Master Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer in good faith in connection with the restoration or repair of the related Mortgaged Property which was damaged and not covered by any Insurance Policy, including any hazard insurance, or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer from Liquidation Proceeds from a particular Mortgage Loan for liquidation expenses incurred with respect to such Mortgage Loan; provided that the Master 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 Subsection (a) to the Master Servicer; and (ii) such liquidation expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) to pay the Master Servicer from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it 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 from the Purchase Price for any Mortgage Loan, the amount which it would have been entitled to receive under subclause (xi) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer for unreimbursed Servicing Advances, 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 and Liquidation Proceeds) which represent late recoveries of the payments for which such Servicing Advances were made; (vii) to reimburse, first, the Trustee for any Advance and, second, the Master Servicer for any unreimbursed Advance or any Servicing Advance, in either case, if and to the extent that the Advance or Servicing Advance has not been reimbursed pursuant to clause (i) or (vi); (viii) to pay any Servicing Fee and, subject to Section 4.02(e), any amounts relating to Master Servicing Fees and Trustee Fees that have not otherwise been paid hereunder; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 7.03, 7.04 and 11.02, as applicable; (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds with respect to a Liquidated Loan; (xi) to reimburse or pay the Master Servicer any such amounts as are due thereto and have not been retained by or paid to the Master Servicer; (xii) to reimburse the Trustee for expenses, costs and liabilities incurred by and reimbursable to it pursuant to any provision of this Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Master Servicer Collection Account pursuant to Section 10.01. (b) 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 from the Master Servicer Collection Account pursuant to subclauses (i) through (xi), inclusive; provided that prior to making any withdrawal from the Master Servicer Collection Account with respect to the reimbursement of a Nonrecoverable Advance, the Master Servicer shall deliver to the Trustee an Officer's Certificate of a Servicing Officer indicating the amount of any previous Advance or Servicing Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loan(s), and their respective portions of such Nonrecoverable Advance. (c) On an ongoing basis, Master Servicer shall, upon direction of the Trustee, withdraw from the Master Servicer Collection Account any expenses recoverable by the Trustee. (d) No later than 1:00 p.m. Eastern time on the Distribution Account Deposit Date, the Master Servicer shall transfer all Interest Funds, Principal Funds and Prepayment Charges remaining on deposit in the Master Servicer Collection Account to the Trustee, for deposit into the Distribution Account. In the event that the Master Servicer fails on any Distribution Account Deposit Date to remit to the Trustee any amount required to be so remitted to the Trustee pursuant to this clause (d) on such date, the Master Servicer shall pay to the Trustee, for the account of the Trustee, interest on such late remittance at an annual rate equal to the then-current prime rate of U.S. money center banks as published from time to time in The Wall Street Journal, adjusted as of the date of each change, but in no event greater than the maximum amount permitted by applicable law. Such interest shall be paid to the Trustee by the Master Servicer on the date such late remittance is made and shall cover the period commencing at 1:00 p.m. on such Distribution Account Deposit Date and ending at the time such payment is made. The Master Servicer shall only be required to pay the Trustee interest on such late remittance for the actual number of hours such amounts are not timely remitted (e.g., 24 hours' interest, if such amounts are remitted at 1:00 p.m. on the day after the related Distribution Account Deposit Date).
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Bsabs 2005-1), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Trust 2005-2), Pooling and Servicing Agreement (Bsabs 2005-1)
Permitted Withdrawals and Transfers from the Master Servicer Collection Account. (a) The Master Servicer may will, from time to time on demand of the Servicer or the Trust Administrator, make or cause to be made such withdrawals or transfers from the Master Servicer Collection Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the related Servicing Agreement. The Master Servicer may clear and terminate the Master Servicer Collection Account pursuant to Section 9.01 and remove amounts from time to time deposited in error.
(b) On an ongoing basis, the Master Servicer shall withdraw from the Master Servicer Collection Account (i) to pay any Extraordinary Trust Fund Expenses including but not limited to amounts payable to the Master Servicer pursuant to Section 6.03(c), and (ii) any amounts expressly payable to the Master Servicer as set forth in Section 3.14.
(c) The Master Servicer may withdraw from the Master Servicer Collection Account any of the following purposes:amounts (in the case of any such amount payable or reimbursable to the Servicer, only to the extent the Servicer shall not have paid or reimbursed itself such amount prior to making any remittance to the Master Servicer pursuant to the terms of the Servicing Agreement):
(i) to reimburse the Trustee and the Master Servicer (in that order) or the Servicer for any AdvanceP&I Advance of its own funds, the right of the Trustee and the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such P&I Advance or advance was made;
(ii) to reimburse the Master Servicer or the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration or repair of the related Mortgaged Property which was damaged and not covered by any Insurance Policy, including any hazard insurance, an Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iii) to reimburse the 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 Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for liquidation expenses Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master 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 Subsection (a) to the Master Servicer; and (ii) such liquidation expenses were not included in the computation of such Excess Liquidation Proceeds;
(iv) to pay the Master Servicer from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it 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 from the Purchase Price for any Mortgage Loan, the amount which it would have been entitled to receive under subclause (xi) of this Subsection 4.03(a) as servicing compensation;
(vi) to reimburse the Master Servicer or any Servicer for unreimbursed Servicing advances of funds (other than P&I Advances) made with respect to the Mortgage Loans, 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 and Liquidation Proceeds) which represent late recoveries of the payments for which such Servicing Advances advances were made;
(viiv) to reimburse, first, the Trustee for any Advance and, second, reimburse the Master Servicer or the Servicer for any unreimbursed P&I Advance or any Servicing Advance, in either case, if and after a Realized Loss has been allocated with respect to the extent that related Mortgage Loan if the P&I Advance or Servicing Advance has not been reimbursed pursuant to clause clauses (i) or through (viiv);
(viiivi) to pay without duplication of any Servicing Fee andof the foregoing, subject to Section 4.02(e), any amounts relating to Master Servicing Fees and Trustee Fees that have not otherwise been paid hereunder;
(ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 7.03, 7.04 and 11.02, as applicable;
(x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds with respect to a Liquidated Loan;
(xi) to reimburse or pay the Master any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Master Servicer;
(xii) , to reimburse the Trustee for expenses, costs extent provided in the related Servicing Agreement and liabilities incurred to refund to the Servicer any amount remitted by and reimbursable the Servicer to it pursuant to any provision of this Agreement;
(xiii) to remove amounts deposited in error; and
(xiv) to clear and terminate the Master Servicer Collection Account pursuant to Section 10.01.
(b) in error. 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 from the Master Servicer Collection Account pursuant to subclauses clauses (i) through (xi), inclusive; provided that vi) above or with respect to any such amounts which would have been covered by such clauses had the amounts not been retained by the Master Servicer without being deposited in the Master Servicer Collection Account.
(d) On or before the Business Day prior to making each Distribution Date, the Master Servicer shall remit to the Trust Administrator for deposit in the Distribution Account any withdrawal from P&I Advances required to be made and any Compensating Interest required to be paid, in either such case by the Master Servicer with respect to the Mortgage Loans.
(e) Without duplication of the amount set forth in Section 3.21(d) above, no later than 3:00 p.m. New York time on the Business Day prior to each Distribution Date, the Master Servicer shall remit the Available Distribution Amount on deposit in the Master Servicer Collection Account with respect to the reimbursement of a Nonrecoverable Advance, the Master Servicer shall deliver related Distribution Date to the Trustee an Officer's Certificate of a Servicing Officer indicating the amount of any previous Advance or Servicing Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loan(s), and their respective portions of such Nonrecoverable Advance.
(c) On an ongoing basis, Master Servicer shall, upon direction of the Trustee, withdraw from the Master Servicer Collection Account any expenses recoverable by the Trustee.
(d) No later than 1:00 p.m. Eastern time on the Distribution Account Deposit Date, the Master Servicer shall transfer all Interest Funds, Principal Funds and Prepayment Charges remaining on Trust Administrator for deposit in the Master Servicer Collection Account to the Trustee, for deposit into the Distribution Account. In the event that the Master Servicer fails on any Distribution Account Deposit Date to remit to the Trustee any amount required to be so remitted to the Trustee pursuant to this clause (d) on such date, the Master Servicer shall pay to the Trustee, for the account of the Trustee, interest on such late remittance at an annual rate equal to the then-current prime rate of U.S. money center banks as published from time to time in The Wall Street Journal, adjusted as of the date of each change, but in no event greater than the maximum amount permitted by applicable law. Such interest shall be paid to the Trustee by the Master Servicer on the date such late remittance is made and shall cover the period commencing at 1:00 p.m. on such Distribution Account Deposit Date and ending at the time such payment is made. The Master Servicer shall only be required to pay the Trustee interest on such late remittance for the actual number of hours such amounts are not timely remitted (e.g., 24 hours' interest, if such amounts are remitted at 1:00 p.m. on the day after the related Distribution Account Deposit Date).
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc Series 2004-Hyb3), Pooling and Servicing Agreement (Salomon Brots Mort Sec Vii Inc Citigroup Mort Ln Tr 03 Hyb1), Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Series 2004-Hyb2)
Permitted Withdrawals and Transfers from the Master Servicer Collection Account. (a) The Master Servicer may will, from time to time on demand of a Servicer, the Securities Administrator, or for its own account as set forth below, make or cause to be made such withdrawals or transfers from the Master Servicer Collection Account Account, in the case of a demand by a Servicer, as the applicable Servicer has designated for such transfer or withdrawal pursuant to the applicable Servicing Agreement, or in the case of a demand by the Securities Administrator as the Securities Administrator has demanded pursuant hereto, or as the Master Servicer has determined to be appropriate in accordance herewith, for the following purposes:
(i) to reimburse the Trustee and the Master Servicer (in that order) or any Servicer for any AdvanceMonthly Advance of its own funds or any advance of such Servicer's own funds, the right of the Trustee and the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Monthly Advance or advance was made;
(ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration or repair of the related Mortgaged Property which was damaged and not covered by any Insurance Policy, including any hazard insurance, an Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iii) to reimburse the Master Servicer or 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 Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for liquidation expenses Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master 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 Subsection (a) to the Master Servicer; and (ii) such liquidation expenses were not included in the computation of such Excess Liquidation Proceeds;
(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 (viiiix) 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 Repurchase Price for any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (xiix) of this Subsection 4.03(a(a) as servicing compensation;
(vi) to reimburse the Master Servicer or any Servicer for unreimbursed Servicing Advancesservicing related advances of funds, the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such Servicing Advances servicing advances were made;
(vii) to reimburse, first, the Trustee for any Advance and, second, reimburse the Master Servicer or any Servicer for any unreimbursed Monthly Advance or any Servicing Advanceadvance, in either case, if and after a Realized Loss has been allocated with respect to the extent that related Mortgage Loan if the Monthly Advance or Servicing Advance advance has not been reimbursed pursuant to clause clauses (i) or and (vi);
(viii) to pay any the Master Servicer its monthly Master Servicing Fee and, subject and any investment income and other additional servicing compensation payable pursuant to Section 4.02(e), any amounts relating to Master Servicing Fees and Trustee Fees that have not otherwise been paid hereunder3.14;
(ix) to reimburse the Master Servicer or the Securities Administrator for expenses, costs and liabilities incurred any expenses recoverable by and reimbursable to it the Master Servicer or the Securities Administrator pursuant to Sections 7.033.03, 7.04 and 11.02, as applicable9.05;
(x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds with respect to a Liquidated Loan;
(xi) to reimburse or pay the Master any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Master Servicer;
(xii) , to reimburse the Trustee for expenses, costs and liabilities incurred by and reimbursable to it pursuant to any provision of this extent provided in the related Servicing Agreement;
(xiiixi) to remove amounts deposited in error; and
(xivxii) to clear and terminate the Master Servicer Collection Account pursuant to Section 10.01.
(b) In addition, on or before each Distribution Account Deposit Date, the Master Servicer shall deposit in the Distribution Account (or remit to the Trustee for deposit therein) any Monthly Advances or payments of Compensating Interest, to the extent required but not made by the related Servicer and required to be made by the Master Servicer with respect to the Mortgage Loans.
(c) 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 Master Servicer Collection Account pursuant to subclauses (i) through (xivii), inclusive; provided that prior to making any withdrawal from the Master Servicer Collection Account , (ix) and (x) or with respect to any such amounts which would have been covered by such subclauses had the reimbursement of a Nonrecoverable Advance, the Master Servicer shall deliver to the Trustee an Officer's Certificate of a Servicing Officer indicating the amount of any previous Advance or Servicing Advance determined amounts not been retained by the Master Servicer to be a Nonrecoverable Advance and identifying without being deposited in the related Mortgage Loan(sDistribution Account under Section 4.02(b), and their respective portions of such Nonrecoverable Advance.
(c) On an ongoing basis, Master Servicer shall, upon direction to allow the Securities Administrator to calculate the amount of the Trustee, withdraw from Trustee Fee due the Master Servicer Collection Account any expenses recoverable by Trustee on the Trusteerelated Distribution Date.
(d) No later than 1:00 3:00 p.m. Eastern New York time on the each Distribution Account Deposit Date, the Master Servicer shall will transfer all Interest Funds, Principal Available Funds and Prepayment Charges remaining on deposit in the Master Servicer Collection Account net of the Master Servicing Fee and any other amounts previously withdrawn pursuant to Subsection 4.03(a) with respect to the Trustee, related Distribution Date to the Trustee for deposit into in the Distribution Account. In the event that the Master Servicer fails on any Distribution Account Deposit Date to remit to the Trustee any amount required to be so remitted to the Trustee pursuant to this clause (d) on such date, the Master Servicer shall pay to the Trustee, for the account of the Trustee, interest on such late remittance at an annual rate equal to the then-current prime rate of U.S. money center banks as published from time to time in The Wall Street Journal, adjusted as of the date of each change, but in no event greater than the maximum amount permitted by applicable law. Such interest shall be paid to the Trustee by the Master Servicer on the date such late remittance is made and shall cover the period commencing at 1:00 p.m. on such Distribution Account Deposit Date and ending at the time such payment is made. The Master Servicer shall only be required to pay the Trustee interest on such late remittance for the actual number of hours such amounts are not timely remitted (e.g., 24 hours' interest, if such amounts are remitted at 1:00 p.m. on the day after the related Distribution Account Deposit Date).
Appears in 2 contracts
Samples: Trust, Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc), Trust, Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)
Permitted Withdrawals and Transfers from the Master Servicer Collection Account. (a) The Master Servicer may will, from time to time on demand of a Servicer, the Securities Administrator, or for its own account as set forth below, make or cause to be made such withdrawals or transfers from the Master Servicer Collection Account Account, in the case of a demand by a Servicer, as the applicable Servicer has designated for such transfer or withdrawal pursuant to the applicable Servicing Agreement, or in the case of a demand by the Securities Administrator as the Securities Administrator has demanded pursuant hereto, or as the Master Servicer has determined to be appropriate in accordance herewith, for the following purposes:
(i) to reimburse the Trustee and the Master Servicer (in that order) or any Servicer for any AdvanceMonthly Advance of its own funds or any advance of such Servicer's own funds, the right of the Trustee and the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Monthly Advance or advance was made;
(ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration or repair of the related Mortgaged Property which was damaged and not covered by any Insurance Policy, including any hazard insurance, an Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iii) to reimburse the Master Servicer or 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 Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for liquidation expenses Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master 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 Subsection (a) to the Master Servicer; and (ii) such liquidation expenses were not included in the computation of such Excess Liquidation Proceeds;
(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 (viiiix) 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 Repurchase Price for any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (xiix) of this Subsection 4.03(a(a) as servicing compensation;
(vi) to reimburse the Master Servicer or any Servicer for unreimbursed Servicing Advancesservicing related advances of funds, the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such Servicing Advances servicing advances were made;
(vii) to reimburse, first, the Trustee for any Advance and, second, reimburse the Master Servicer or any Servicer for any unreimbursed Monthly Advance or any Servicing Advanceadvance, in either case, if and after a Realized Loss has been allocated with respect to the extent that related Mortgage Loan if the Monthly Advance or Servicing Advance advance has not been reimbursed pursuant to clause clauses (i) or and (vi);
(viii) to pay any the Master Servicer its monthly Master Servicing Fee and, subject and any investment income and other additional servicing compensation payable pursuant to Section 4.02(e), any amounts relating to Master Servicing Fees and Trustee Fees that have not otherwise been paid hereunder3.14;
(ix) to reimburse the Master Servicer or the Securities Administrator for expenses, costs and liabilities incurred any expenses recoverable by and reimbursable to it the Master Servicer or the Securities Administrator pursuant to Sections 7.033.03, 7.04 and 11.02, as applicable9.05;
(x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds with respect to a Liquidated Loan;
(xi) to reimburse or pay the Master any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Master Servicer;
(xii) , to reimburse the Trustee for expenses, costs and liabilities incurred by and reimbursable to it pursuant to any provision of this extent provided in the related Servicing Agreement;
(xiiixi) to remove amounts deposited in error; and
(xivxii) to clear and terminate the Master Servicer Collection Account pursuant to Section 10.01.
(b) In addition, on or before each Distribution Account Deposit Date, the Master Servicer shall deposit in the Distribution Account (or remit to the Trustee for deposit therein) any Monthly Advances or payments of Compensating Interest, to the extent required but not made by the related Servicer and required to be made by the Master Servicer with respect to the Mortgage Loans.
(c) 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 Master Servicer Collection Account pursuant to subclauses (i) through (xivii), inclusive; provided that prior to making any withdrawal from the Master Servicer Collection Account , (ix) and (x) or with respect to any such amounts which would have been covered by such subclauses had the reimbursement of a Nonrecoverable Advance, the Master Servicer shall deliver to the Trustee an Officer's Certificate of a Servicing Officer indicating the amount of any previous Advance or Servicing Advance determined amounts not been retained by the Master Servicer to be a Nonrecoverable Advance and identifying without being deposited in the related Mortgage Loan(sDistribution Account under Section 4.02(b), and their respective portions of such Nonrecoverable Advance.
(c) On an ongoing basis, Master Servicer shall, upon direction to allow the Securities Administrator to calculate the amount of the Trustee, withdraw from Trustee Fee due the Master Servicer Collection Account any expenses recoverable by Trustee on the Trusteerelated Distribution Date.
(d) No later than 1:00 3:00 p.m. Eastern New York time on the each Distribution Account Deposit Date, the Master Servicer shall will transfer all Interest Funds, Funds and Principal Funds and Prepayment Charges remaining on deposit in the Master Servicer Collection Account net of the Master Servicing Fee and any other amounts previously withdrawn pursuant to Subsection 4.03(a) with respect to the Trustee, related Distribution Date to the Trustee for deposit into in the Distribution Account. In the event that the Master Servicer fails on any Distribution Account Deposit Date to remit to the Trustee any amount required to be so remitted to the Trustee pursuant to this clause (d) on such date, the Master Servicer shall pay to the Trustee, for the account of the Trustee, interest on such late remittance at an annual rate equal to the then-current prime rate of U.S. money center banks as published from time to time in The Wall Street Journal, adjusted as of the date of each change, but in no event greater than the maximum amount permitted by applicable law. Such interest shall be paid to the Trustee by the Master Servicer on the date such late remittance is made and shall cover the period commencing at 1:00 p.m. on such Distribution Account Deposit Date and ending at the time such payment is made. The Master Servicer shall only be required to pay the Trustee interest on such late remittance for the actual number of hours such amounts are not timely remitted (e.g., 24 hours' interest, if such amounts are remitted at 1:00 p.m. on the day after the related Distribution Account Deposit Date).
Appears in 2 contracts
Samples: Trust, Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc), Trust, Pooling and Servicing Agreement (Thornburg Mortgage Inc)
Permitted Withdrawals and Transfers from the Master Servicer Collection Account. (a) The Master Servicer may from time to time make or cause to be made withdrawals from the Master Servicer Collection Account for the following purposes:
(i) to reimburse the Trustee and the Master Servicer (in that order) for any Advance, the right of the Trustee and the Master Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or advance was made;
(ii) to reimburse the Master Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer in good faith in connection with the restoration or repair of the related Mortgaged Property which was damaged and not covered by any Insurance Policy, including any hazard insurance, insurance or in connection with the liquidation of such Mortgage Loan;
(iii) to reimburse the Master Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer from Liquidation Proceeds from a particular Mortgage Loan for liquidation expenses incurred with respect to such Mortgage Loan; provided that the Master 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 Subsection (a) to the Master Servicer; and (ii) such liquidation expenses were not included in the computation of such Excess Liquidation Proceeds;
(iv) to pay the Master Servicer from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it 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 from the Purchase Price for any Mortgage Loan, the amount which it would have been entitled to receive under subclause (xi) of this Subsection 4.03(a) as servicing compensation;
(vi) to reimburse the Master Servicer for unreimbursed Servicing Advances, 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 and Liquidation Proceeds) which represent late recoveries of the payments for which such Servicing Advances were made;
(vii) to reimburse, first, the Trustee for any Advance and, second, reimburse the Master Servicer for any unreimbursed Advance or any Servicing Advance, in either case, Advance if and to the extent that the Advance or Servicing Advance has not been reimbursed pursuant to clause (i) or (vi);
(viii) to pay any Servicing Fee and, subject to Section 4.02(e), any amounts relating to Master Servicing Fees and Trustee Fees that have not otherwise been paid hereunderFee;
(ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 7.03, 7.04 and 11.02, as applicable;
(x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds with respect to a Liquidated Loan;
(xi) to reimburse or pay the Master Servicer any such amounts as are due thereto and have not been retained by or paid to the Master Servicer;
(xii) to reimburse the Trustee for expenses, costs and liabilities incurred by and or reimbursable to it pursuant to any provision of this AgreementAgreement as provided in Section 4.03(c);
(xiii) to remove amounts deposited in error; and
(xiv) to clear and terminate the Master Servicer Collection Account pursuant to Section 10.01.
(b) 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 from the Master Servicer Collection Account pursuant to subclauses (i) through (xi), inclusive; provided that prior to making any withdrawal from the Master Servicer Collection Account with respect to the reimbursement of a Nonrecoverable Non-recoverable Advance, the Master Servicer shall deliver to the Trustee an Officer's Certificate of a Servicing Officer indicating the amount of any previous Advance or Servicing Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loan(s), and their respective portions of such Nonrecoverable Advance.
(c) On an ongoing basis, Master Servicer shall, upon direction of the Trustee, Trustee withdraw from the Master Servicer Collection Account any expenses recoverable by the Trustee.
(d) No later than 1:00 p.m. Eastern Central time on the Distribution Account Deposit Date, the Master Servicer shall transfer all Interest Funds, Funds and Principal Funds and Prepayment Charges remaining on deposit in the Master Servicer Collection Account to the Trustee, for deposit into the Distribution Account. In the event that the Master Servicer fails on any Distribution Account Deposit Date to remit to the Trustee any amount required to be so remitted to the Trustee pursuant to this clause (d) on such date, the Master Servicer shall pay to the Trustee, for the account of the Trustee, interest on such late remittance at an annual rate equal to the then-current prime rate of U.S. money center banks as published from time to time in The Wall Street Journal, adjusted as of the date of each change, but in no event greater than the maximum amount permitted by applicable law. Such interest shall be paid to the Trustee by the Master Servicer on the date such late remittance is made and shall cover the period commencing at 1:00 p.m. on such Distribution Account Deposit Date and ending at the time such payment is made. The Master Servicer shall only be required to pay the Trustee interest on such late remittance for the actual number of hours such amounts are not timely remitted (e.g., 24 hours' interest, if such amounts are remitted at 1:00 p.m. on the day after the related Distribution Account Deposit Date).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Sec Inc Series 2004 1)
Permitted Withdrawals and Transfers from the Master Servicer Collection Account. (a) The Master Servicer may will, from time to time on demand of a Servicer, the Securities Administrator, or for its own account as set forth below, make or cause to be made such withdrawals or transfers from the Master Servicer Collection Account Account, in the case of a demand by a Servicer, as the applicable Servicer has designated for such transfer or withdrawal pursuant to the applicable Servicing Agreement, or in the case of a demand by the Securities Administrator as the Securities Administrator has demanded pursuant hereto, or as the Master Servicer has determined to be appropriate in accordance herewith, for the following purposes:
(i) to reimburse the Trustee and the Master Servicer (in that order) or any Servicer for any AdvanceMonthly Advance of its own funds or any advance of such Servicer's own funds, the right of the Trustee and the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Monthly Advance or advance was made;
(ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration or repair of the related Mortgaged Property which was damaged and not covered by any Insurance Policy, including any hazard insurance, an Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iii) to reimburse the Master Servicer or 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 Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for liquidation expenses Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master 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 Subsection (a) to the Master Servicer; and (ii) such liquidation expenses were not included in the computation of such Excess Liquidation Proceeds;
(iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Proceeds, (including 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 (viiiix) 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 Repurchase Price for any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (xiix) of this Subsection 4.03(a(a) as servicing compensation;
(vi) to reimburse the Master Servicer or any Servicer for unreimbursed Servicing Advancesservicing related advances of funds, the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such Servicing Advances servicing advances were made;
(vii) to reimburse, first, the Trustee for any Advance and, second, reimburse the Master Servicer or any Servicer for any unreimbursed Monthly Advance or any Servicing Advanceadvance, in either case, if and after a Realized Loss has been allocated with respect to the extent that related Mortgage Loan if the Monthly Advance or Servicing Advance advance has not been reimbursed pursuant to clause clauses (i) or and (vi);
(viii) to pay any the Master Servicer its monthly Master Servicing Fee and, subject and any investment income and other additional servicing compensation payable pursuant to Section 4.02(e), any amounts relating to Master Servicing Fees and Trustee Fees that have not otherwise been paid hereunder3.14;
(ix) to reimburse the Master Servicer or the Securities Administrator for expenses, costs and liabilities incurred any expenses recoverable by and reimbursable to it the Master Servicer or the Securities Administrator pursuant to Sections 7.033.03, 7.04 and 11.02, as applicable9.05;
(x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds with respect to a Liquidated Loan;
(xi) to reimburse or pay the Master any Servicer any such amounts as are due ue thereto under the applicable Servicing Agreement and have not been retained by or paid to the Master Servicer;
(xii) , to reimburse the Trustee for expenses, costs and liabilities incurred by and reimbursable to it pursuant to any provision of this extent provided in the related Servicing Agreement;
(xiiixi) to remove amounts deposited in error; and
(xivxii) to clear and terminate the Master Servicer Collection Account pursuant to Section 10.01.
(b) In addition, on or before each Distribution Account Deposit Date, the Master Servicer shall deposit in the Distribution Account (or remit to the Trustee for deposit therein) any Monthly Advances or payments of Compensating Interest, to the extent required but not made by the related Servicer and required to be made by the Master Servicer with respect to the Mortgage Loans.
(c) 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 Master Servicer Collection Account pursuant to subclauses (i) through (xivii), inclusive; provided that prior to making any withdrawal from the Master Servicer Collection Account , (ix) and (x) or with respect to any such amounts which would have been covered by such subclauses had the reimbursement of a Nonrecoverable Advance, the Master Servicer shall deliver to the Trustee an Officer's Certificate of a Servicing Officer indicating the amount of any previous Advance or Servicing Advance determined amounts not been retained by the Master Servicer to be a Nonrecoverable Advance and identifying without being deposited in the related Mortgage Loan(sDistribution Account under Section 4.02(b), and their respective portions of such Nonrecoverable Advance.
(c) On an ongoing basis, Master Servicer shall, upon direction to allow the Securities Administrator to calculate the amount of the Trustee, withdraw from Trustee Fee due the Master Servicer Collection Account any expenses recoverable by Trustee on the Trusteerelated Distribution Date.
(d) No later than 1:00 3:00 p.m. Eastern New York time on the each Distribution Account Deposit Date, the Master Servicer shall will transfer all Interest Funds, Principal Available Funds and Prepayment Charges remaining on deposit in the Master Servicer Collection Account net of the Master Servicing Fee and any other amounts previously withdrawn pursuant to Subsection 4.03(a) with respect to the Trustee, related Distribution Date to the Trustee for deposit into in the Distribution Account. In the event that the Master Servicer fails on any Distribution Account Deposit Date to remit to the Trustee any amount required to be so remitted to the Trustee pursuant to this clause (d) on such date, the Master Servicer shall pay to the Trustee, for the account of the Trustee, interest on such late remittance at an annual rate equal to the then-current prime rate of U.S. money center banks as published from time to time in The Wall Street Journal, adjusted as of the date of each change, but in no event greater than the maximum amount permitted by applicable law. Such interest shall be paid to the Trustee by the Master Servicer on the date such late remittance is made and shall cover the period commencing at 1:00 p.m. on such Distribution Account Deposit Date and ending at the time such payment is made. The Master Servicer shall only be required to pay the Trustee interest on such late remittance for the actual number of hours such amounts are not timely remitted (e.g., 24 hours' interest, if such amounts are remitted at 1:00 p.m. on the day after the related Distribution Account Deposit Date).
Appears in 1 contract
Samples: Trust, Pooling and Servicing Agreement (Thornburg Mortgage Securities Trust 2003 5)
Permitted Withdrawals and Transfers from the Master Servicer Collection Account. (a) The Master Servicer may from time to time make or cause to be made withdrawals from the Master Servicer Collection Account for the following purposes:
(i) to reimburse the Trustee and the Master Servicer (in that order) for any Advance, the right of the Trustee and the Master Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or advance was made;
(ii) to reimburse the Master Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer in good faith in connection with the restoration or repair of the related Mortgaged Property which was damaged and not covered by any Insurance Policy, including any hazard insurance, or in connection with the liquidation of such Mortgage Loan;
(iii) to reimburse the Master Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer from Liquidation Proceeds from a particular Mortgage Loan for liquidation expenses incurred with respect to such Mortgage Loan; provided that the Master 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 Subsection (a) to the Master Servicer; and (ii) such liquidation expenses were not included in the computation of such Excess Liquidation Proceeds;
(iv) to pay the Master Servicer from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it 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 from the Purchase Price for any Mortgage Loan, the amount which it would have been entitled to receive under subclause (xi) of this Subsection 4.03(a) as servicing compensation;
(vi) to reimburse the Master Servicer for unreimbursed Servicing Advances, 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 and Liquidation Proceeds) which represent late recoveries of the payments for which such Servicing Advances were made;
(vii) to reimburse, first, the Trustee for any Advance and, second, the Master Servicer for any unreimbursed Advance or any Servicing Advance, in either case, if and to the extent that the Advance or Servicing Advance has not been reimbursed pursuant to clause (i) or (vi);
(viii) to pay any Servicing Fee and, subject to Section 4.02(e), any amounts relating to Master Servicing Fees and Trustee Fees that have not otherwise been paid hereunder;
(ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 7.03, 7.04 and 11.02, as applicable;
(x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds with respect to a Liquidated Loan;
(xi) to reimburse or pay the Master Servicer any such amounts as are due thereto and have not been retained by or paid to the Master Servicer;
(xii) to reimburse the Trustee for expenses, costs and liabilities incurred by and reimbursable to it pursuant to any provision of this Agreement;
(xiii) to remove amounts deposited in error; and
(xiv) to clear and terminate the Master Servicer Collection Account pursuant to Section 10.01.
(b) 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 from the Master Servicer Collection Account pursuant to subclauses (i) through (xi), inclusive; provided that prior to making any withdrawal from the Master Servicer Collection Account with respect to the reimbursement of a Nonrecoverable Advance, the Master Servicer shall deliver to the Trustee an Officer's Certificate of a Servicing Officer indicating the amount of any previous Advance or Servicing Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loan(s), and their respective portions of such Nonrecoverable Advance.
(c) On an ongoing basis, Master Servicer shall, upon direction of the Trustee, withdraw from the Master Servicer Collection Account any expenses recoverable by the Trustee.
(d) No later than 1:00 p.m. Eastern time on the Distribution Account Deposit Date, the Master Servicer shall transfer all Interest Funds, Principal Funds and Prepayment Charges remaining on deposit in the Master Servicer Collection Account to the Trustee, for deposit into the Distribution Account. In the event that the Master Servicer fails on any Distribution Account Deposit Date to remit to the Trustee any amount required to be so remitted to the Trustee pursuant to this clause (d) on such date, the Master Servicer shall pay to the Trustee, for the account of the Trustee, interest on such late remittance at an annual rate equal to the then-current prime rate of U.S. money center banks as published from time to time in The Wall Street Journal, adjusted as of the date of each change, but in no event greater than the maximum amount permitted by applicable law. Such interest shall be paid to the Trustee by the Master Servicer on the date such late remittance is made and shall cover the period commencing at 1:00 p.m. on such the Distribution Account Deposit Date and ending at on the time date such payment is made. The Master Servicer shall only be required to pay the Trustee interest on such late remittance for the actual number of hours such amounts are not timely remitted (e.g., 24 hours' interest, if such amounts are remitted at 1:00 p.m. on the day after the related Distribution Account Deposit Date).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Trust 2005-2)
Permitted Withdrawals and Transfers from the Master Servicer Collection Account. (a) The Master Servicer may will, from time to time on demand of a Servicer, the Securities Administrator, or for its own account as set forth below, make or cause to be made such withdrawals or transfers from the Master Servicer Collection Account Account, in the case of a demand by a Servicer, as the applicable Servicer has designated for such transfer or withdrawal pursuant to the applicable Servicing Agreement, or in the case of a demand by the Securities Administrator as the Securities Administrator has demanded pursuant hereto, or as the Master Servicer has determined to be appropriate in accordance herewith, for the following purposes:
(i) to reimburse the Trustee and the Master Servicer (in that order) or any Servicer for any AdvanceMonthly Advance of its own funds or any advance of such Servicer's own funds, the right of the Trustee and the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Monthly Advance or advance was made;
; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration or repair of the related Mortgaged Property which was damaged and not covered by any Insurance Policy, including any hazard insurance, an Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
; (iii) to reimburse the Master Servicer or 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 Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for liquidation expenses Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master 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 Subsection (a) to the Master Servicer; and (ii) such liquidation expenses were not included in the computation of such Excess Liquidation Proceeds;
(iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Proceeds, (including 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 (viiiix) 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 Repurchase Price for any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (xiix) of this Subsection 4.03(a(a) as servicing compensation;
; (vi) to reimburse the Master Servicer or any Servicer for unreimbursed Servicing Advancesservicing related advances of funds, the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such Servicing Advances servicing advances were made;
; (vii) to reimburse, first, the Trustee for any Advance and, second, reimburse the Master Servicer or any Servicer for any unreimbursed Monthly Advance or any Servicing Advanceadvance, in either case, if and after a Realized Loss has been allocated with respect to the extent that related Mortgage Loan if the Monthly Advance or Servicing Advance advance has not been reimbursed pursuant to clause clauses (i) or and (vi);
; (viii) to pay any the Master Servicer its monthly Master Servicing Fee and, subject and any investment income and other additional servicing compensation payable pursuant to Section 4.02(e), any amounts relating to Master Servicing Fees and Trustee Fees that have not otherwise been paid hereunder;
3.14; (ix) to reimburse the Master Servicer or the Securities Administrator for expenses, costs and liabilities incurred any expenses recoverable by and reimbursable to it the Master Servicer or the Securities Administrator pursuant to Sections 7.033.03, 7.04 and 11.02, as applicable;
9.05; (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds with respect to a Liquidated Loan;
(xi) to reimburse or pay the Master any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement and to pay to Xxxxxxxxx, as additional servicing compensation any Prepayment Penalty Amounts received by the Master Servicer;
; (xii) to reimburse the Trustee for expenses, costs and liabilities incurred by and reimbursable to it pursuant to any provision of this Agreement;
(xiiixi) to remove amounts deposited in error; and
and (xivxii) to clear and terminate the Master Servicer Collection Account pursuant to Section 10.01.
(b) In addition, on or before each Distribution Account Deposit Date, the Master Servicer shall deposit in the Distribution Account (or remit to the Trustee for deposit therein) any Monthly Advances or payments of Compensating Interest, to the extent required but not made by the related Servicer and required to be made by the Master Servicer with respect to the Mortgage Loans.
(c) 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 Master Servicer Collection Account pursuant to subclauses (i) through (xivii), inclusive; provided that prior to making any withdrawal from the Master Servicer Collection Account , (ix) and (x) or with respect to any such amounts which would have been covered by such subclauses had the reimbursement of a Nonrecoverable Advance, the Master Servicer shall deliver to the Trustee an Officer's Certificate of a Servicing Officer indicating the amount of any previous Advance or Servicing Advance determined amounts not been retained by the Master Servicer to be a Nonrecoverable Advance and identifying without being deposited in the related Mortgage Loan(sDistribution Account under Section 4.02(b), and their respective portions of such Nonrecoverable Advance.
(c) On an ongoing basis, Master Servicer shall, upon direction to allow the Securities Administrator to calculate the amount of the Trustee, withdraw from Trustee Fee due the Master Servicer Collection Account any expenses recoverable by Trustee on the Trusteerelated Distribution Date.
(d) No later than 1:00 3:00 p.m. Eastern New York time on the each Distribution Account Deposit Date, the Master Servicer shall will transfer all Interest Funds, Principal Available Funds and Prepayment Charges remaining on deposit in the Master Servicer Collection Account net of the Master Servicing Fee and any other amounts previously withdrawn pursuant to Subsection 4.03(a) with respect to the Trustee, related Distribution Date to the Trustee for deposit into in the Distribution Account. In the event that the Master Servicer fails on any Distribution Account Deposit Date to remit to the Trustee any amount required to be so remitted to the Trustee pursuant to this clause (d) on such date, the Master Servicer shall pay to the Trustee, for the account of the Trustee, interest on such late remittance at an annual rate equal to the then-current prime rate of U.S. money center banks as published from time to time in The Wall Street Journal, adjusted as of the date of each change, but in no event greater than the maximum amount permitted by applicable law. Such interest shall be paid to the Trustee by the Master Servicer on the date such late remittance is made and shall cover the period commencing at 1:00 p.m. on such Distribution Account Deposit Date and ending at the time such payment is made. The Master Servicer shall only be required to pay the Trustee interest on such late remittance for the actual number of hours such amounts are not timely remitted (e.g., 24 hours' interest, if such amounts are remitted at 1:00 p.m. on the day after the related Distribution Account Deposit Date).
Appears in 1 contract
Samples: Trust, Pooling and Servicing Agreement (Thornburg Mortgage Securities Trust 2004-4)
Permitted Withdrawals and Transfers from the Master Servicer Collection Account. (a) The Master Servicer may will, from time to time on demand of a Servicer, the Securities Administrator, or for its own account as set forth below, make or cause to be made such withdrawals or transfers from the Master Servicer Collection Account Account, in the case of a demand by a Servicer, as the applicable Servicer has designated for such transfer or withdrawal pursuant to the applicable Servicing Agreement, or in the case of a demand by the Securities Administrator as the Securities Administrator has demanded pursuant hereto, or as the Master Servicer has determined to be appropriate in accordance herewith, for the following purposes:
(i) to reimburse the Trustee and the Master Servicer (in that order) or any Servicer for any AdvanceMonthly Advance of its own funds or any advance of such Servicer's own funds, the right of the Trustee and the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Monthly Advance or advance was made;
(ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration or repair of the related Mortgaged Property which was damaged and not covered by any Insurance Policy, including any hazard insurance, an Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iii) to reimburse the Master Servicer or 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 Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for liquidation expenses Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master 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 Subsection (a) to the Master Servicer; and (ii) such liquidation expenses were not included in the computation of such Excess Liquidation Proceeds;
(iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Proceeds, (including Insurance Proceeds received in connection with the liquidation of any a Mortgage Loan, ) the amount which it or such Servicer would have been entitled to receive under subclause (viiiix) 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 Repurchase Price for any a Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (xiix) of this Subsection 4.03(a(a) as servicing compensation;
(vi) to reimburse the Master Servicer or any Servicer for unreimbursed Servicing Advancesservicing related advances of funds, the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such Servicing Advances servicing advances were made;
(vii) to reimburse, first, the Trustee for any Advance and, second, reimburse the Master Servicer or any Servicer for any unreimbursed Monthly Advance or any Servicing Advanceadvance, in either case, if and after a Realized Loss has been allocated with respect to the extent that related Mortgage Loan if the Monthly Advance or Servicing Advance advance has not been reimbursed pursuant to clause clauses (i) or and (vi);
(viii) to pay any the Master Servicer its monthly Master Servicing Fee and, subject and any investment income and other additional servicing compensation payable pursuant to Section 4.02(e), any amounts relating to Master Servicing Fees and Trustee Fees that have not otherwise been paid hereunder3.14;
(ix) to reimburse the Master Servicer or the Securities Administrator for expenses, costs and liabilities incurred any expenses recoverable by and reimbursable to it the Master Servicer or the Securities Administrator pursuant to Sections 7.033.03, 7.04 and 11.02, as applicable9.05;
(x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds with respect to a Liquidated Loan;
(xi) to reimburse or pay the Master any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Master Servicer;
(xii) , to reimburse the Trustee for expenses, costs and liabilities incurred by and reimbursable to it pursuant to any provision of this extent provided in the related Servicing Agreement;
(xiiixi) to remove amounts deposited in error; and
(xivxii) to clear and terminate the Master Servicer Collection Account pursuant to Section 10.01. To the extent amounts are reimbursable pursuant to clauses (vii), (ix) or (x) which are not to be paid from receipts on a specific Mortgage Loan, they shall be allocated first to Principal Funds or Interest Funds, as applicable, relating to the Loan Group (and Loan Subgroup) in which the Mortgage Loan giving rise to the need for reimbursement was contained or, if not specifically allocable to one Loan Group, then to Principal Funds or Interest Funds, as applicable relating to both Loan Groups (and, if applicable, among the Loan Subgroups in each Loan Group), pro rata, based upon the Scheduled Principal Balance of the Mortgage Loans in each Loan Group (or Loan Subgroup).
(b) In addition, on or before each Distribution Account Deposit Date, the Master Servicer shall deposit in the Distribution Account (or remit to the Trustee for deposit therein) any Monthly Advances or payments of Compensating Interest, to the extent required but not made by the related Servicer and required to be made by the Master Servicer with respect to the Mortgage Loans.
(c) 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 Master Servicer Collection Account pursuant to subclauses (i) through (xivii), inclusive; provided that prior to making any withdrawal from the Master Servicer Collection Account , (ix) and (x) or with respect to any such amounts which would have been covered by such subclauses had the reimbursement of a Nonrecoverable Advance, the Master Servicer shall deliver to the Trustee an Officer's Certificate of a Servicing Officer indicating the amount of any previous Advance or Servicing Advance determined amounts not been retained by the Master Servicer to be a Nonrecoverable Advance and identifying without being deposited in the related Mortgage Loan(sDistribution Account under Section 4.02(b), and their respective portions of such Nonrecoverable Advance.
(c) On an ongoing basis, Master Servicer shall, upon direction to allow the Securities Administrator to calculate the amount of the Trustee, withdraw from Trustee Fee due the Master Servicer Collection Account any expenses recoverable by Trustee on the Trusteerelated Distribution Date.
(d) No later than 1:00 3:00 p.m. Eastern New York time on the each Distribution Account Deposit Date, the Master Servicer shall will transfer all Interest Funds, Funds and Principal Funds and Prepayment Charges remaining on deposit in the Master Servicer Collection Account net of the Master Servicing Fee and any other amounts previously withdrawn pursuant to Subsection 4.03(a) with respect to the Trustee, related Distribution Date to the Trustee for deposit into in the Distribution Account. In the event that the Master Servicer fails on any Distribution Account Deposit Date to remit to the Trustee any amount required to be so remitted to the Trustee pursuant to this clause (d) on such date, the Master Servicer shall pay to the Trustee, for the account of the Trustee, interest on such late remittance at an annual rate equal to the then-current prime rate of U.S. money center banks as published from time to time in The Wall Street Journal, adjusted as of the date of each change, but in no event greater than the maximum amount permitted by applicable law. Such interest shall be paid to the Trustee by the Master Servicer on the date such late remittance is made and shall cover the period commencing at 1:00 p.m. on such Distribution Account Deposit Date and ending at the time such payment is made. The Master Servicer shall only be required to pay the Trustee interest on such late remittance for the actual number of hours such amounts are not timely remitted (e.g., 24 hours' interest, if such amounts are remitted at 1:00 p.m. on the day after the related Distribution Account Deposit Date).
Appears in 1 contract
Samples: Trust, Pooling and Servicing Agreement (Thornburg Mortgage Inc)
Permitted Withdrawals and Transfers from the Master Servicer Collection Account. (a) The Master Servicer may from time to time make or cause to be made withdrawals from the Master Servicer Collection Account for the following purposes:
(i) to reimburse the Trustee and the Master Servicer (in that order) for any Advance, the right of the Trustee and the Master Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or advance was made;
(ii) to reimburse the Master Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer in good faith in connection with the restoration or repair of the related Mortgaged Property which was damaged and not covered by any Insurance Policy, including any hazard insurance, or in connection with the liquidation of such Mortgage Loan;
(iii) to reimburse the Master Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer from Liquidation Proceeds from a particular Mortgage Loan for liquidation expenses incurred with respect to such Mortgage Loan; provided that the Master 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 Subsection (a) to the Master Servicer; and (ii) such liquidation expenses were not included in the computation of such Excess Liquidation Proceeds;
(iv) to pay the Master Servicer from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it 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 from the Purchase Price for any Mortgage Loan, the amount which it would have been entitled to receive under subclause (xi) of this Subsection 4.03(a) as servicing compensation;
(vi) to reimburse the Master Servicer for unreimbursed Servicing Advances, 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 and Liquidation Proceeds) which represent late recoveries of the payments for which such Servicing Advances were made;
(vii) to reimburse, first, the Trustee for any Advance and, second, the Master Servicer for any unreimbursed Advance or any Servicing Advance, in either case, if and to the extent that the Advance or Servicing Advance has not been reimbursed pursuant to clause (i) or (vi);
(viii) to pay any Servicing Fee and, subject to Section 4.02(e), any amounts relating to Master Servicing Fees and Trustee Fees that have not otherwise been paid hereunder;
(ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 7.03, 7.04 and 11.02, as applicable;
(x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds with respect to a Liquidated Loan;
(xi) to reimburse or pay the Master Servicer any such amounts as are due thereto and have not been retained by or paid to the Master Servicer;
(xii) to reimburse the Trustee for expenses, costs and liabilities incurred by and reimbursable to it pursuant to any provision of this Agreement;
(xiii) to remove amounts deposited in error; and
(xiv) to clear and terminate the Master Servicer Collection Account pursuant to Section 10.01.
(b) 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 from the Master Servicer Collection Account pursuant to subclauses (i) through (xi), inclusive; provided that prior to making any withdrawal from the Master Servicer Collection Account with respect to the reimbursement of a Nonrecoverable Advance, the Master Servicer shall deliver to the Trustee an Officer's Certificate of a Servicing Officer indicating the amount of any previous Advance or Servicing Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loan(s), and their respective portions of such Nonrecoverable Advance.
(c) On an ongoing basis, Master Servicer shall, upon direction of the Trustee, withdraw from the Master Servicer Collection Account any expenses recoverable by the Trustee.
(d) No later than 1:00 p.m. Eastern Central time on the Distribution Account Deposit Date, the Master Servicer shall transfer all Interest Funds, Funds and Principal Funds and Prepayment Charges remaining on deposit in the Master Servicer Collection Account to the Trustee, for deposit into the Distribution Account. In the event that the Master Servicer fails on any Distribution Account Deposit Date to remit to the Trustee any amount required to be so remitted to the Trustee pursuant to this clause (d) on such date, the Master Servicer shall pay to the Trustee, for the account of the Trustee, interest on such late remittance at an annual rate equal to the then-current prime rate of U.S. money center banks as published from time to time in The Wall Street Journal, adjusted as of the date of each change, but in no event greater than the maximum amount permitted by applicable law. Such interest shall be paid to the Trustee by the Master Servicer on the date such late remittance is made and shall cover the period commencing at 1:00 p.m. on such the Distribution Account Deposit Date and ending at on the time date such payment is made. The Master Servicer shall only be required to pay the Trustee interest on such late remittance for the actual number of hours such amounts are not timely remitted (e.g., 24 hours' interest, if such amounts are remitted at 1:00 p.m. on the day after the related Distribution Account Deposit Date).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Trust 2005-3)
Permitted Withdrawals and Transfers from the Master Servicer Collection Account. (a) The Master Servicer may from time to time make or cause to be made withdrawals from the Master Servicer Collection Account for the following purposes:
(i) to reimburse the Trustee and the Master Servicer (in that order) for any Advance, the right of the Trustee and the Master Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or advance was made;
; (ii) to reimburse the Master Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer in good faith in connection with the restoration or repair of the related Mortgaged Property which was damaged and not covered by any Insurance Policy, including any hazard insurance, insurance or in connection with the liquidation of such Mortgage Loan;
; (iii) to reimburse the Master Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer from Liquidation Proceeds from a particular Mortgage Loan for liquidation expenses incurred with respect to such Mortgage Loan; provided that the Master 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 Subsection (a) to the Master Servicer; and (ii) such liquidation expenses were not included in the computation of such Excess Liquidation Proceeds;
; (iv) to pay the Master Servicer from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it 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 from the Purchase Price for any Mortgage Loan, the amount which it would have been entitled to receive under subclause (xi) of this Subsection 4.03(a) as servicing compensation;
; (vi) to reimburse the Master Servicer for unreimbursed Servicing Advances, 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 and Liquidation Proceeds) which represent late recoveries of the payments for which such Servicing Advances were made;
; (vii) to reimburse, reimburse first, the Trustee for any Advance and, second, the Master Servicer for any unreimbursed Advance or any Servicing Advance, in either case, if and to the extent that the Advance or Servicing Advance has not been reimbursed pursuant to clause (i) or (vi);
; (viii) to pay any Servicing Fee and, subject to Section 4.02(e), any amounts relating to Master Servicing Fees and Trustee Fees that have not otherwise been paid hereunder;
Fee; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 7.03, 7.04 and 11.02, as applicable;
; (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds with respect to a Liquidated Loan;
; (xi) to reimburse or pay the Master Servicer any such amounts as are due thereto and have not been retained by or paid to the Master Servicer;
; (xii) to reimburse the Trustee for expenses, costs and liabilities incurred by and or reimbursable to it pursuant to any provision of this Agreement;
Agreement as provided in Section 4.03(c); (xiii) to remove amounts deposited in error; and
and (xiv) to clear and terminate the Master Servicer Collection Account pursuant to Section 10.01.
(b) 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 from the Master Servicer Collection Account pursuant to subclauses (i) through (xi), inclusive; provided that prior to making any withdrawal from the Master Servicer Collection Account with respect to the reimbursement of a Nonrecoverable Non-recoverable Advance, the Master Servicer shall deliver to the Trustee an Officer's Certificate of a Servicing Officer indicating the amount of any previous Advance or Servicing Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loan(s), and their respective portions of such Nonrecoverable Advance.
(c) On an ongoing basis, Master Servicer shall, upon direction of the Trustee, Trustee withdraw from the Master Servicer Collection Account any expenses recoverable by the Trustee.
(d) No later than 1:00 p.m. Eastern Central time on the Distribution Account Deposit Date, the Master Servicer shall transfer all Interest Funds, Principal Funds and Prepayment Charges remaining on deposit in the Master Servicer Collection Account to the Trustee, for deposit into the Distribution Account. In the event that the Master Servicer fails on any Distribution Account Deposit Date to remit to the Trustee any amount required to be so remitted to the Trustee pursuant to this clause (d) on such date, the Master Servicer shall pay to the Trustee, for the account of the Trustee, interest on such late remittance at an annual rate equal to the then-current prime rate of U.S. money center banks as published from time to time in The Wall Street Journal, adjusted as of the date of each change, but in no event greater than the maximum amount permitted by applicable law. Such interest shall be paid to the Trustee by the Master Servicer on the date such late remittance is made and shall cover the period commencing at 1:00 p.m. on such Distribution Account Deposit Date and ending at the time such payment is made. The Master Servicer shall only be required to pay the Trustee interest on such late remittance for the actual number of hours such amounts are not timely remitted (e.g., 24 hours' interest, if such amounts are remitted at 1:00 p.m. on the day after the related Distribution Account Deposit Date).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Trust 2004-2)
Permitted Withdrawals and Transfers from the Master Servicer Collection Account. (a) The Master Servicer may will, from time to time on demand of a Servicer, the Securities Administrator, or for its own account as set forth below, make or cause to be made such withdrawals or transfers from the Master Servicer Collection Account Account, in the case of a demand by a Servicer, as the applicable Servicer has designated for such transfer or withdrawal pursuant to the applicable Servicing Agreement, or in the case of a demand by the Securities Administrator as the Securities Administrator has demanded pursuant hereto, or as the Master Servicer has determined to be appropriate in accordance herewith, for the following purposes:
(i) to reimburse the Trustee and the Master Servicer (in that order) or any Servicer for any AdvanceMonthly Advance of its own funds or any advance of such Servicer's own funds, the right of the Trustee and the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Monthly Advance or advance was made;
(ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration or repair of the related Mortgaged Property which was damaged and not covered by any Insurance Policy, including any hazard insurance, an Uninsured Cause or in connection with the liquidation of such Mortgage Loan;
(iii) to reimburse the Master Servicer or 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 Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for liquidation expenses Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master 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 Subsection (a) to the Master Servicer; and (ii) such liquidation expenses were not included in the computation of such Excess Liquidation Proceeds;
(iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Proceeds, (including Insurance Proceeds received in connection with the liquidation of any a Mortgage Loan, ) the amount which it or such Servicer would have been entitled to receive under subclause (viiiix) 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 Repurchase Price for any a Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (xiix) of this Subsection 4.03(a(a) as servicing compensation;
(vi) to reimburse the Master Servicer or any Servicer for unreimbursed Servicing Advancesservicing related advances of funds, the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such Servicing Advances servicing advances were made;
(vii) to reimburse, first, the Trustee for any Advance and, second, reimburse the Master Servicer or any Servicer for any unreimbursed Monthly Advance or any Servicing Advanceadvance, in either case, if and after a Realized Loss has been allocated with respect to the extent that related Mortgage Loan if the Monthly Advance or Servicing Advance advance has not been reimbursed pursuant to clause clauses (i) or and (vi);
(viii) to pay any the Master Servicer its monthly Master Servicing Fee and, subject and any investment income and other additional servicing compensation payable pursuant to Section 4.02(e), any amounts relating to Master Servicing Fees and Trustee Fees that have not otherwise been paid hereunder3.14;
(ix) to reimburse the Master Servicer or the Securities Administrator for expenses, costs and liabilities incurred any expenses recoverable by and reimbursable to it the Master Servicer or the Securities Administrator pursuant to Sections 7.033.03, 7.04 and 11.02, as applicable9.05;
(x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds with respect to a Liquidated Loan;
(xi) to reimburse or pay the Master any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Master Servicer;
(xii) , to reimburse the Trustee for expenses, costs and liabilities incurred by and reimbursable to it pursuant to any provision of this extent provided in the related Servicing Agreement;
(xiiixi) to remove amounts deposited in error; and
(xivxii) to clear and terminate the Master Servicer Collection Account pursuant to Section 10.01. To the extent amounts are reimbursable pursuant to clauses (vii), (ix) or (x) which are not to be paid from receipts on a specific Mortgage Loan, they shall be allocated first to Principal Funds or Interest Funds, as applicable, relating to the Loan Group (and Loan Subgroup) in which the Mortgage Loan giving rise to the need for reimbursement was contained or, if not specifically allocable to one Loan Group, then to Principal Funds or Interest Funds, as applicable relating to both Loan Groups (and, if applicable, among the Loan Subgroups in each Loan Group), PRO RATA, based upon the Scheduled Principal Balance of the Mortgage Loans in each Loan Group (or Loan Subgroup).
(b) In addition, on or before each Distribution Account Deposit Date, the Master Servicer shall deposit in the Distribution Account (or remit to the Trustee for deposit therein) any Monthly Advances or payments of Compensating Interest, to the extent required but not made by the related Servicer and required to be made by the Master Servicer with respect to the Mortgage Loans.
(c) 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 Master Servicer Collection Account pursuant to subclauses (i) through (xivii), inclusive; provided that prior to making any withdrawal from the Master Servicer Collection Account , (ix) and (x) or with respect to any such amounts which would have been covered by such subclauses had the reimbursement of a Nonrecoverable Advance, the Master Servicer shall deliver to the Trustee an Officer's Certificate of a Servicing Officer indicating the amount of any previous Advance or Servicing Advance determined amounts not been retained by the Master Servicer to be a Nonrecoverable Advance and identifying without being deposited in the related Mortgage Loan(sDistribution Account under Section 4.02(b), and their respective portions of such Nonrecoverable Advance.
(c) On an ongoing basis, Master Servicer shall, upon direction to allow the Securities Administrator to calculate the amount of the Trustee, withdraw from Trustee Fee due the Master Servicer Collection Account any expenses recoverable by Trustee on the Trusteerelated Distribution Date.
(d) No later than 1:00 3:00 p.m. Eastern New York time on the each Distribution Account Deposit Date, the Master Servicer shall will transfer all Interest Funds, Funds and Principal Funds and Prepayment Charges remaining on deposit in the Master Servicer Collection Account net of the Master Servicing Fee and any other amounts previously withdrawn pursuant to Subsection 4.03(a) with respect to the Trustee, related Distribution Date to the Trustee for deposit into in the Distribution Account. In the event that the Master Servicer fails on any Distribution Account Deposit Date to remit to the Trustee any amount required to be so remitted to the Trustee pursuant to this clause (d) on such date, the Master Servicer shall pay to the Trustee, for the account of the Trustee, interest on such late remittance at an annual rate equal to the then-current prime rate of U.S. money center banks as published from time to time in The Wall Street Journal, adjusted as of the date of each change, but in no event greater than the maximum amount permitted by applicable law. Such interest shall be paid to the Trustee by the Master Servicer on the date such late remittance is made and shall cover the period commencing at 1:00 p.m. on such Distribution Account Deposit Date and ending at the time such payment is made. The Master Servicer shall only be required to pay the Trustee interest on such late remittance for the actual number of hours such amounts are not timely remitted (e.g., 24 hours' interest, if such amounts are remitted at 1:00 p.m. on the day after the related Distribution Account Deposit Date).
Appears in 1 contract
Samples: Trust, Pooling and Servicing Agreement (Structured Asset Mortgage Investments Ii Inc)