Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes: (i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01; (ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07; (iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan; (iv) to pay itself investment earnings on funds deposited in the Custodial Account; (v) to clear and terminate the Custodial Account upon the termination of this Agreement; (vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof; (vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof; (viii) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the Servicer's right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan; (ix) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered; (x) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 and 6.03 to the extent not previously reimbursed under clause (viii) of this Section 3.04; and (xi) to withdraw funds deposited in error.
Appears in 72 contracts
Samples: Servicing Agreement, Servicing Agreement (Lehman XS Trust 2006-9), Servicing Agreement (Lehman XS Trust 2007-9)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in deposit the amount of Seller Remittance Amount into the related LPMI Fee, collection account maintained by the Master Servicer for payment by the Master Servicer to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Option One Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Option One Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds held in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the . The Servicer's ’s right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being shall be limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, that in the case of any such reimbursement, reimbursement the Servicer’s right thereto shall be prior to the rights of the Trust Fund, ; provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of such Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds or Insurance REO Disposition Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage LoanLoan and to reimburse itself for Monthly Advances to the extent of funds held in the Collection Account for future distribution that were not included in available funds for the preceding Remittance Date;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances and for any unpaid Option One Servicing Fees and to reimburse the Seller for any unpaid Seller Remittance Amount, the Servicer’s and the Seller’s respective rights to such reimbursement pursuant to this subclause (ix) with respect to any defaulted Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as to which may be collected by the Servicer has determined that all amounts that from the Mortgagor or otherwise relating to the Mortgage Loan, it expects being understood that, in the case of any such reimbursement, the Servicer’s and the Seller’s right thereto shall be prior to recover on behalf the rights of the Trust Fund from Fund; provided, however, that following the final liquidation of the related Mortgage Loan, the Servicer may reimburse itself for any such unreimbursed Servicing Advances or on account any unpaid Option One Servicing Fees and the Seller may reimburse itself for any such unpaid Seller Remittance Amount in excess of such Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds with respect to such Mortgage Loan have been recoveredfrom any funds in the Custodial Account, it being understood that, in case of any such reimbursement, the Servicer’s and the Seller’s respective rights thereto shall be prior to the rights of the Trust Fund;
(x) to reimburse the Servicer for expenses incurred by, and reimbursable to, the Servicer pursuant to Section 6.03, but only to extent such amounts are determined to be reimbursable by the Trust Fund pursuant to Section 6.03;
(xi) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections Section 3.12 and 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04;
(xii) to withdraw funds necessary for the operation, management and maintenance of any REO related property to the extent not previously reimbursed under clause (ix) of this Section 3.04; and
(xixiii) to withdraw any funds deposited to the Custodial Account in error. Notwithstanding the foregoing clauses (viii) and (ix), no Monthly Advances or Servicing Advances shall be required to be made by the Servicer if such Monthly Advance or Servicing Advance would, if made, be, in the Servicer’s reasonable judgment, nonrecoverable. The determination by the Servicer that it has made a nonrecoverable Monthly Advance or Servicing Advance, or that any proposed Monthly Advance or Servicing Advance would be a nonrecoverable advance, shall be evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer and the NIMS Insurer.
Appears in 29 contracts
Samples: Subservicing Agreement (Structured Asset Investment Loan Trust 2005-7), Subservicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2006-Bc6), Subservicing Agreement (BNC Mortgage Loan Trust 2006-2)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the Servicer's right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(ix) to reimburse itself for unreimbursed Servicing Advances, and for any unpaid Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (ix) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(x) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(xxi) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 3.07, 3.12, 3.13, 3.14 and 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04; and
(xixii) to withdraw funds deposited in error.
Appears in 26 contracts
Samples: Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2006-4), Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2006-9), Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2007-2)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the Servicer's ’s right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(ix) to reimburse itself for unreimbursed Servicing Advances, and for any unpaid Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (ix) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(x) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have has been recovered;
(xxi) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls;
(xii) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 and 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04; and
(xixiii) to withdraw any funds deposited to the Custodial Account in error.
Appears in 25 contracts
Samples: Servicing Agreement (Structured Asset Investment Loan Trust 2005-3), Servicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2007-Osi), Servicing Agreement (Structured Asset Securities CORP 2007-Bc1)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the Servicer's right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances Advances, and for any unpaid Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (ix) with respect to any defaulted Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as to which may be collected by the Servicer has determined that all amounts that from the Mortgagor or otherwise relating to the Mortgage Loan, it expects being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to recover on behalf the rights of the Trust Fund from or on account of such Mortgage Loan have been recoveredFund;
(x) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 and 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04; and
(xi) to withdraw funds deposited in error.
Appears in 21 contracts
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 28xs), Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 30), Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003-16)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances of the Servicer’s 's funds made pursuant to Section 4.03, the Servicer's right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s 's right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s 's right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(ix) to reimburse itself for unreimbursed Servicing Advances, and for any unpaid Servicing Fees, the Servicer's right to reimburse itself pursuant to this subclause (ix) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer's right thereto shall be prior to the rights of the Trust Fund;
(x) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(xxi) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 3.07, 3.12, 3.13, 3.14 and 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04; and
(xixii) to withdraw funds deposited in error.
Appears in 17 contracts
Samples: Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-22), Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust), Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2005-7)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances of the Servicer’s 's funds made pursuant to Section 4.03, the Servicer's right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s 's right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s 's right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances Advances, and for any unpaid Servicing Fees, the Servicer's right to reimburse itself pursuant to this subclause (ix) with respect to any defaulted Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as to which may be collected by the Servicer has determined that all amounts that from the Mortgagor or otherwise relating to the Mortgage Loan, it expects being understood that, in the case of any such reimbursement, the Servicer's right thereto shall be prior to recover on behalf the rights of the Trust Fund from or on account of such Mortgage Loan have been recoveredFund;
(x) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 and 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04; and
(xi) to withdraw funds deposited in error.
Appears in 17 contracts
Samples: Servicing Agreement (Structured Asset Securities Corp Mort Pass THR Cert Ser 2002), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-15), Servicing Agreement (Structured Asset Securities Corp Mort Pas THR Cer Se 2002-2)
Permitted Withdrawals From Custodial Account. (a) The Servicer shall, from time to time, withdraw funds from the Trust Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Trust Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) to pay itself investment earnings on funds deposited in the Trust Custodial Account;
(viv) to clear and terminate the Trust Custodial Account upon the termination of this Agreement;
(viv) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(viivi) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viiivii) to reimburse itself to the extent of funds held in the Trust Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the . The Servicer's ’s right to reimburse itself pursuant to this subclause (viiivii) with respect to any Mortgage Loan being shall be limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, that in the case of any such reimbursement, reimbursement the Servicer’s right thereto shall be prior to the rights of the Trust Fund, ; provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds, Condemnation Proceeds, REO Disposition Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Trust Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Trust Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan. In addition, the Servicer may, at any time, withdraw from the Trust Custodial Account funds that were not included in the Total Distribution Amount (as defined in the Trust Agreement) for the preceding Distribution Date to reimburse itself for Monthly Advances previously made by the Servicer;
(viii) to reimburse itself for unreimbursed Servicing Advances, and for any unpaid Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund; provided, however, that following the final liquidation of the related Mortgage Loan, the Servicer may reimburse itself for any such unreimbursed Servicing Advances or any unpaid Servicing Fees in excess of such Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds with respect to such Mortgage Loan from any funds in the Trust Custodial Account, it being understood that, in case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has for expenses incurred by, and reimbursable to, the Servicer pursuant to Section 6.03, but only to extent such amounts are determined that all amounts that it expects to recover on behalf of be reimbursable by the Trust Fund from or on account of such Mortgage Loan have been recoveredpursuant to Section 6.03;
(x) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections Section 3.12 to the extent not previously reimbursed under clause (ix) of this Section 3.04;
(xi) to withdraw funds necessary for the operation, management and 6.03 maintenance of any REO related property to the extent not previously reimbursed under clause (viii) of this Section 3.04; and
(xixii) to withdraw any funds deposited to the Trust Custodial Account in error. Notwithstanding the foregoing clauses (vii) and (viii), no Monthly Advances or Servicing Advances shall be required to be made by the Servicer if such Monthly Advance or Servicing Advance would, if made, be, in the Servicer’s reasonable judgment, nonrecoverable. The determination by the Servicer that it has made a nonrecoverable Monthly Advance or Servicing Advance, or that any proposed Monthly Advance or Servicing Advance would be a nonrecoverable advance, shall be evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer and the NIMS Insurer.
Appears in 14 contracts
Samples: Servicing Agreement (Sasco 2006-Bc2), Servicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2006-Bc6), Servicing Agreement (Structured Asset Investment Loan Trust 2004-6)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Securitized Loan (including late collections of interest on such Mortgage Securitized Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Securitized Loan;
(iviii) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(viiv) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(viiv) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viiivi) to reimburse itself to the extent of funds held in the Custodial Account for Monthly Advances of the Servicer’s 's funds made pursuant to Section 4.03, the . The Servicer's right to reimburse itself pursuant to this subclause (viiivi) with respect to any Mortgage Securitized Loan being shall be limited to amounts received on or in respect of the related Mortgage Securitized Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, that in the case of any such reimbursement, reimbursement the Servicer’s 's right thereto shall be prior to the rights of the Trust Fund, related Trust; provided, however, that following the final liquidation of a Mortgage Securitized Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Securitized Loan from any funds in the Custodial AccountAccount relating to Securitized Loans in the same Trust, it being understood, in the case of any such reimbursement, that the Servicer’s 's right thereto shall be prior to the rights of the Trust Fundrelated Trust. The Servicer may recover at any time from amounts on deposit in the Custodial Account with respect to Securitized Loans in the same Trust the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage related Securitized Loan;
. In addition, the Servicer may, at any time, withdraw from the Custodial Account funds that are held for future distribution (ixi.e., were not included in the principal and interest for the preceding Remittance Date) to reimburse itself for remaining Monthly Advances previously made by the Servicer;
(vii) to reimburse itself for unreimbursed Servicing Advances Advances, and for any unpaid Servicing Fees, the Servicer's right to reimburse itself pursuant to this subclause (vii) with respect to any defaulted Mortgage Securitized Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as to which may be collected by the Servicer has determined that all amounts that from the Mortgagor or otherwise relating to the Securitized Loan, it expects being understood that, in the case of any such reimbursement, the Servicer's right thereto shall be prior to recover on behalf the rights of the Trust Fund from or on account of such Mortgage Loan have been recoveredrelated Trust;
(xviii) to reimburse the Servicer for expenses incurred by, and reimbursable to, the Servicer pursuant to Section 6.03, but only to extent such amounts are determined to be reimbursable by the related Trust pursuant to Section 6.03;
(ix) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections Section 3.12 and 6.03 from funds with respect to Securitized Loans in the same Trust to the extent not previously reimbursed under clause (viiivii) of this Section 3.04; and;
(x) to withdraw funds with respect to Securitized Loans in the same Trust necessary for the operation, management and maintenance of any REO related property to the extent not previously reimbursed under clause (vii) of this Section 3.04;
(xi) to withdraw any funds deposited to the Custodial Account in error; and,
(xii) to clear and terminate the Custodial Account upon the termination of this Agreement;
(xiii) to reimburse the Trustee or the NIMs Insurer for enforcement expenses incurred in respect of a breach of a representation or warranty.
Appears in 8 contracts
Samples: Pooling and Servicing Agreement (Homestar Mortgage Accep Corp Asst Back Certs Ser 2004-2.), Pooling and Servicing Agreement (Opteum Mortgage Acceptance Corp Asset Backed Pass-Through Certificates, 2005-1), Pooling and Servicing Agreement (Homestar Mortgage Accep Corp Asst Back Certs Ser 2004-1)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i1) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.014.03(a);
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii2) in the event the Servicer has elected not to retain the Servicing Administration Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in into the Custodial Account, to pay to itself the related Servicing Administration Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii3) to reimburse itself to the extent of funds in the Custodial Account for Monthly unreimbursed Advances of and Servicing Advances, the Servicer’s funds made pursuant to Section 4.03, the Servicer's right to reimburse itself pursuant to this subclause (viii3) with respect to any Mortgage Loan being limited to related Liquidation Proceeds (net of Liquidation Expenses), Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received on or in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was madeLoan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may Noteholders;
(4) to reimburse itself for any previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial AccountServicing Advances that it determines are Nonrecoverable Advances, it being understood, in the case of any each such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts Noteholders;
(5) to pay itself investment earnings on deposit funds deposited in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage LoanAccount;
(ix6) to reimburse itself for remaining unreimbursed Servicing Advances transfer funds to another Eligible Account in accordance with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recoveredSection 4.02(j) hereof;
(x7) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 invest funds in certain Eligible Investments in accordance with Section 4.02(d)(i) and 6.03 to the extent not previously reimbursed under clause (viiiSection 4.02(i) of this Section 3.04; andhereof;
(xi) 8) to withdraw funds deposited in error;
(9) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(10) to pay itself any Prepayment Interest Excess Amount.
Appears in 8 contracts
Samples: Transfer and Servicing Agreement (NYMT Securities CORP), Transfer and Servicing Agreement (Fieldstone Mortgage Investment CORP), Transfer and Servicing Agreement (Fieldstone Mortgage Investment CORP)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Securitized Loan (including late collections of interest on such Mortgage Securitized Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Securitized Loan;
(iviii) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(viiv) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(viiv) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viiivi) to reimburse itself to the extent of funds held in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the . The Servicer's right to reimburse itself pursuant to this subclause (viiivi) with respect to any Mortgage Securitized Loan being shall be limited to amounts received on or in respect of the related Mortgage Securitized Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, that in the case of any such reimbursement, reimbursement the Servicer’s right thereto shall be prior to the rights of the Trust Fund, related Trust; provided, however, that following the final liquidation of a Mortgage Securitized Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Securitized Loan from any funds in the Custodial AccountAccount relating to Securitized Loans in the same Trust, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fundrelated Trust. The Servicer may recover at any time from amounts on deposit in the Custodial Account with respect to Securitized Loans in the same Trust the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage related Securitized Loan;
. In addition, the Servicer may, at any time, withdraw from the Custodial Account funds that are held for future distribution (ixi.e., were not included in the principal and interest for the preceding Distribution Date) to reimburse itself for remaining Monthly Advances previously made by the Servicer;
(vii) to reimburse itself for unreimbursed Servicing Advances Advances, and for any unpaid Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (vii) with respect to any defaulted Mortgage Securitized Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as to which may be collected by the Servicer has determined that all amounts that from the Mortgagor or otherwise relating to the Securitized Loan, it expects being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to recover on behalf the rights of the Trust Fund from or on account of such Mortgage Loan have been recoveredrelated Trust;
(xviii) to reimburse the Servicer for expenses incurred by, and reimbursable to, the Servicer pursuant to Section 6.03, but only to extent such amounts are determined to be reimbursable by the related Trust pursuant to Section 6.03;
(ix) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections Section 3.12 and 6.03 from funds with respect to Securitized Loans in the same Trust to the extent not previously reimbursed under clause (viiivii) of this Section 3.04; and;
(x) to withdraw funds with respect to Securitized Loans in the same Trust necessary for the operation, management and maintenance of any REO related property to the extent not previously reimbursed under clause (vii) of this Section 3.04;
(xi) to withdraw any funds deposited to the Custodial Account in error; and,
(xii) to clear and terminate the Custodial Account upon the termination of this Agreement; Notwithstanding the foregoing clauses (vi) and (vii), no Monthly Advances or Servicing Advances shall be required to be made by the Servicer if such Monthly Advance or Servicing Advance would, if made, be, in the Servicer’s reasonable judgment, nonrecoverable. The determination by the Servicer that it has made a nonrecoverable Monthly Advance or Servicing Advance, or that any proposed Monthly Advance or Servicing Advance would be a nonrecoverable advance, shall be evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer.
Appears in 8 contracts
Samples: Servicing Agreement (Thornburg Mortgage Securities Trust 2006-1), Servicing Agreement (Thornburg Mortgage Securities Trust 2008-1), Servicing Agreement (Thornburg Mortgage Securities Trust 2006-4)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viiiiii) to reimburse itself to the extent of funds in the Custodial Account for unreimbursed Monthly Advances of and Servicing Advances, the Servicer’s funds made pursuant to Section 4.03, the Servicer's right to reimburse itself pursuant to this subclause (viiiiii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received on or in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was madeLoan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse ;
(iv) to pay itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any interest on funds deposited in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(ixv) to reimburse itself for remaining unreimbursed Servicing Advances transfer funds to another Eligible Institution in accordance with Section 3.10 hereof;
(vi) to invest funds in certain Eligible Investments in accordance with Section 3.10 hereof;
(vii) with respect to any defaulted Mortgage Loan as each LPMI Loan, an amount equal to which the Servicer has determined that all amounts that it expects related LPMI Fee to recover on behalf make payment of premiums due under the Trust Fund from or on account of such Mortgage Loan have been recoveredLPMI Policy;
(x) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 and 6.03 to the extent not previously reimbursed under clause (viii) of this Section 3.04; and
(xi) to withdraw funds deposited in error; and
(ix) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 8 contracts
Samples: Securitization Servicing Agreement (First Franklin Mortgage Loan Trust 2006-FFB), Securitization Servicing Agreement (First Franklin Mortgage Loan Trust 2006-Ff14), Securitization Servicing Agreement (First Franklin Mortgage Loan Trust 2006-Ffa)
Permitted Withdrawals From Custodial Account. The Servicer Seller shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer Purchaser in the amounts and in the manner provided for in Section 4.016.01;
(ii) to reimburse itself for unreimbursed Servicing Advances, the Seller's right to reimburse itself pursuant to this subclause (ii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Seller from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller's right thereto shall be prior to the rights of the Purchaser;
(iii) to pay itself interest on funds deposited in the Custodial Account;
(iv) with respect to each LPMI Loan, in the an amount of equal to the related LPMI Fee, Fee to make payments with respect to payment of premiums for due under the LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial AccountPolicy;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer withdraw funds to another Eligible Institution deposited in accordance with Section 3.11 hereoferror;
(vii) to invest funds fund in certain Eligible Investments in accordance with Section 3.11 hereof;Investments; and
(viii) to reimburse itself transfer funds to another Custodial Account established with a Qualified Depository in accordance with Section 5.10. In the extent of funds in event that the Custodial Account is interest bearing, on each Remittance Date, the Seller shall withdraw all funds from the Custodial Account except for Monthly Advances of the Servicer’s funds made those amounts which, pursuant to Section 4.036.01, the Servicer's right Seller is not obligated to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to amounts received remit on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust FundRemittance Date. The Servicer Seller may recover at any time from amounts on deposit use such withdrawn funds only for the purposes described in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(x) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 and 6.03 to the extent not previously reimbursed under clause (viii) of this Section 3.04; and
(xi) to withdraw funds deposited in error5.05.
Appears in 7 contracts
Samples: Mortgage Loan Purchase Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-34a), Flow Mortgage Loan Purchase, Warranties and Servicing Agreement (Structured Asset Securities Corp), Flow Mortgage Loan Purchase, Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2005-17)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Securitized Loan (including late collections of interest on such Mortgage Securitized Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Securitized Loan;
(iviii) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(viiv) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(viiv) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viiivi) to reimburse itself to the extent of funds held in the Custodial Account for Monthly Advances of the Servicer’s 's funds made pursuant to Section 4.03, the . The Servicer's right to reimburse itself pursuant to this subclause (viiivi) with respect to any Mortgage Securitized Loan being shall be limited to amounts received on or in respect of the related Mortgage Securitized Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, that in the case of any such reimbursement, reimbursement the Servicer’s 's right thereto shall be prior to the rights of the Trust Fund, related Trust; provided, however, that following the final liquidation of a Mortgage Securitized Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Securitized Loan from any funds in the Custodial AccountAccount relating to Securitized Loans in the same Trust, it being understood, in the case of any such reimbursement, that the Servicer’s 's right thereto shall be prior to the rights of the Trust Fundrelated Trust. The Servicer may recover at any time from amounts on deposit in the Custodial Account with respect to Securitized Loans in the same Trust the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage related Securitized Loan;
. In addition, the Servicer may, at any time, withdraw from the Custodial Account funds that are held for future distribution (ixi.e., were not included in the principal and interest for the preceding Distribution Date) to reimburse itself for remaining Monthly Advances previously made by the Servicer;
(vii) to reimburse itself for unreimbursed Servicing Advances Advances, and for any unpaid Servicing Fees, the Servicer's right to reimburse itself pursuant to this subclause (vii) with respect to any defaulted Mortgage Securitized Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as to which may be collected by the Servicer has determined that all amounts that from the Mortgagor or otherwise relating to the Securitized Loan, it expects being understood that, in the case of any such reimbursement, the Servicer's right thereto shall be prior to recover on behalf the rights of the Trust Fund from or on account of such Mortgage Loan have been recoveredrelated Trust;
(xviii) to reimburse the Servicer for expenses incurred by, and reimbursable to, the Servicer pursuant to Section 6.03, but only to extent such amounts are determined to be reimbursable by the related Trust pursuant to Section 6.03;
(ix) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections Section 3.12 and 6.03 from funds with respect to Securitized Loans in the same Trust to the extent not previously reimbursed under clause (viiivii) of this Section 3.04; and;
(x) to withdraw funds with respect to Securitized Loans in the same Trust necessary for the operation, management and maintenance of any REO related property to the extent not previously reimbursed under clause (vii) of this Section 3.04;
(xi) to withdraw any funds deposited to the Custodial Account in error; and,
(xii) to clear and terminate the Custodial Account upon the termination of this Agreement; Notwithstanding the foregoing clauses (vi) and (vii), no Monthly Advances or Servicing Advances shall be required to be made by the Servicer if such Monthly Advance or Servicing Advance would, if made, be, in the Servicer's reasonable judgment, nonrecoverable. The determination by the Servicer that it has made a nonrecoverable Monthly Advance or Servicing Advance, or that any proposed Monthly Advance or Servicing Advance would be a nonrecoverable advance, shall be evidenced by an Officer's Certificate of the Servicer delivered to the Master Servicer.
Appears in 7 contracts
Samples: Servicing Agreement (Thornburg Mortgage Securities Trust 2007-2), Servicing Agreement (Structured Asset Mortgage Investments Ii Inc), Servicing Agreement (Thornburg Mortgage Sec Tr 2002-1 MRT Ln Ps THR CRT Sr 2002-1)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the Servicer's ’s right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances Advances, and for any unpaid Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (ix) with respect to any defaulted Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as to which may be collected by the Servicer has determined that all amounts that from the Mortgagor or otherwise relating to the Mortgage Loan, it expects being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to recover on behalf the rights of the Trust Fund from or on account of such Mortgage Loan have been recoveredFund;
(x) to pay itself an amount equal to the Net Simple Interest Excess, if any, for the related Due Period to the extent not offset by Net Simple Interest Shortfalls;
(xi) to reimburse itself for expenses incurred or by, and reimbursable to to, the Servicer pursuant to Sections Section 3.12 and Section 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04; and
(xixii) to withdraw any funds deposited to the Custodial Account in error.
Appears in 6 contracts
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-Bc5), Servicing Agreement (Structured Asset Securities Corp), Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Ce Se 2003-Bc12)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loandeposit the Seller Remittance Amount into the Collection Account, in for ultimate payment to the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07Seller;
(iii) in the event the Servicer has elected not to retain the Option One Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Option One Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds held in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the . The Servicer's right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being shall be limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, that in the case of any such reimbursement, reimbursement the Servicer’s right thereto shall be prior to the rights of the Trust Fund, ; provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of such Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds or Insurance REO Disposition Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage LoanLoan and to reimburse itself for Monthly Advances to the extent of funds held in the Collection Account for future distribution that were not included in available funds for the preceding Remittance Date;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances Advances, and for any unpaid General Servicing Fees or Option One Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (ix) with respect to any defaulted Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as to which may be collected by the Servicer has determined that all amounts that from the Mortgagor or otherwise relating to the Mortgage Loan, it expects being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to recover on behalf the rights of the Trust Fund from Fund; provided, however, that following the final liquidation of the related Mortgage Loan, the Servicer may reimburse itself for any such unreimbursed Servicing Advances or on account any unpaid Option One Servicing Fees in excess of such Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds with respect to such Mortgage Loan have been recoveredfrom any funds in the Custodial Account, it being understood that, in case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(x) to reimburse the Servicer for expenses incurred by, and reimbursable to, the Servicer pursuant to Section 6.03, but only to extent such amounts are determined to be reimbursable by the Trust Fund pursuant to Section 6.03;
(xi) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections Section 3.12 and 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04;
(xii) to withdraw funds necessary for the operation, management and maintenance of any REO related property to the extent not previously reimbursed under clause (ix) of this Section 3.04; and
(xixiii) to withdraw any funds deposited to the Custodial Account in error. Notwithstanding the foregoing clauses (viii) and (ix), no Monthly Advances or Servicing Advances shall be required to be made by the Servicer if such Monthly Advance or Servicing Advance would, if made, be, in the Servicer’s reasonable judgment, nonrecoverable. The determination by the Servicer that it has made a nonrecoverable Monthly Advance or Servicing Advance, or that any proposed Monthly Advance or Servicing Advance would be a nonrecoverable advance, shall be evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer and the NIMS Insurer.
Appears in 6 contracts
Samples: Subservicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2003-Bc13), Subservicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 Bc10), Subservicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-Bc11)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the Servicer's ’s right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(ix) to reimburse itself for unreimbursed Servicing Advances, and for any unpaid Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (ix) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(x) to pay itself an amount equal to the Net Simple Interest Excess, if any, for the related Due Period to the extent not offset by Net Simple Interest Shortfalls;
(xi) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(xxii) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 and 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04; and
(xixiii) to withdraw any funds deposited to the Custodial Account in error.
Appears in 6 contracts
Samples: Servicing Agreement (SASCO Mortgage Loan Trust Series 2005-Gel2), Servicing Agreement (SASCO Mortgage Loan Trust Series 2005-Gel1), Servicing Agreement (SASCO Mortgage Loan Trust Series 2005-Gel3)
Permitted Withdrawals From Custodial Account. The Subject to Section 5.01, the Servicer shall, from time shall be entitled to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer Owner (or as otherwise directed by the Owner in writing) in the amounts and in the manner provided for in Section 4.015.01;
(ii) with respect to each LPMI Loan, in fund any Liquidity Reserve Account or any Litigation Reserve Account as and to the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with extent required by Section 3.074.17;
(iii) in following the event liquidation of a Non-Agency Mortgage Loan, to reimburse itself for (a) any unpaid Servicing Advances to the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest extent recoverable from Liquidation Proceeds, Insurance Proceeds or other recovery of interest amounts received with respect to a particular the related Non-Agency Mortgage Loan plus (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceedsb) prior to related unreimbursed Nonrecoverable Advances made by the deposit of such Mortgagor payment or recovery Servicer in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest accordance with respect to that Mortgage Loanthis Agreement;
(iv) to invest funds in Eligible Investments in accordance with Section 4.09;
(v) to withdraw funds deposited in the Custodial Account in error;
(vi) to pay to itself investment earnings any interest earned on funds deposited in the Custodial Account;Account and relating to any Distressed Whole Loan (all such interest to be withdrawn monthly not later than each Remittance Date); and
(vvii) to clear and terminate the Custodial Account upon the termination of this the Servicing Agreement;
(vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to . The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the extent purpose of funds in justifying any withdrawal from the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the Servicer's right to reimburse itself pursuant to this subclause (viiiiii) with respect to any Mortgage Loan being limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(x) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 and 6.03 to the extent not previously reimbursed under clause (viii) of this Section 3.04; and
(xi) to withdraw funds deposited in errorabove.
Appears in 6 contracts
Samples: Flow Servicing Agreement (PennyMac Financial Services, Inc.), Servicing Agreement (PennyMac Mortgage Investment Trust), Flow Servicing Agreement (PennyMac Financial Services, Inc.)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Securitized Loan (including late collections of interest on such Mortgage Securitized Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Securitized Loan;
(iviii) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(viiv) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(viiv) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viiivi) to reimburse itself to the extent of funds held in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the . The Servicer's ’s right to reimburse itself pursuant to this subclause (viiivi) with respect to any Mortgage Securitized Loan being shall be limited to amounts received on or in respect of the related Mortgage Securitized Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, that in the case of any such reimbursement, reimbursement the Servicer’s right thereto shall be prior to the rights of the Trust Fund, related Trust; provided, however, that following the final liquidation of a Mortgage Securitized Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Securitized Loan from any funds in the Custodial AccountAccount relating to Securitized Loans in the same Trust, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fundrelated Trust. The Servicer may recover at any time from amounts on deposit in the Custodial Account with respect to Securitized Loans in the same Trust the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage related Securitized Loan;
. In addition, the Servicer may, at any time, withdraw from the Custodial Account funds that are held for future distribution (ixi.e., were not included in the principal and interest for the preceding Distribution Date) to reimburse itself for remaining Monthly Advances previously made by the Servicer;
(vii) to reimburse itself for unreimbursed Servicing Advances Advances, and for any unpaid Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (vii) with respect to any defaulted Mortgage Securitized Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as to which may be collected by the Servicer has determined that all amounts that from the Mortgagor or otherwise relating to the Securitized Loan, it expects being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to recover on behalf the rights of the Trust Fund from or on account of such Mortgage Loan have been recoveredrelated Trust;
(xviii) to reimburse the Servicer for expenses incurred by, and reimbursable to, the Servicer pursuant to Section 6.03, but only to extent such amounts are determined to be reimbursable by the related Trust pursuant to Section 6.03;
(ix) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections Section 3.12 and 6.03 from funds with respect to Securitized Loans in the same Trust to the extent not previously reimbursed under clause (viiivii) of this Section 3.04; and;
(x) to withdraw funds with respect to Securitized Loans in the same Trust necessary for the operation, management and maintenance of any REO related property to the extent not previously reimbursed under clause (vii) of this Section 3.04;
(xi) to withdraw any funds deposited to the Custodial Account in error; and,
(xii) to clear and terminate the Custodial Account upon the termination of this Agreement; Notwithstanding the foregoing clauses (vi) and (vii), no Monthly Advances or Servicing Advances shall be required to be made by the Servicer if such Monthly Advance or Servicing Advance would, if made, be, in the Servicer’s reasonable judgment, nonrecoverable. The determination by the Servicer that it has made a nonrecoverable Monthly Advance or Servicing Advance, or that any proposed Monthly Advance or Servicing Advance would be a nonrecoverable advance, shall be evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer.
Appears in 5 contracts
Samples: Servicing Agreement (Thornburg Mortgage Securities Trust 2004-2), Servicing Agreement (Structured Asset Sec Corp Thornburg Mort Sec Trust 2003 6), Servicing Agreement (Structured Asset Securities Corp Thorn Mort Sec Tr 2003-3)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) [reserved];
(iv) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(ivv) to pay itself investment earnings on funds deposited in the Custodial Account;
(vvi) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vivii) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(viiviii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viiiix) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the Servicer's ’s right to reimburse itself pursuant to this subclause (viiiix) with respect to any Mortgage Loan being limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan. In addition, at such time a Mortgage Loan becomes a Charged-off Loan, the Servicer may reimburse itself to the extent of funds held in the Custodial Account for all unreimbursed Servicing Fees, Servicing Advances and Monthly Advances owing to the Servicer relating to any Charged-off Loan accrued or advanced during any period prior to the date the Mortgage Loan became a Charged-off Loan;
(ixx) to reimburse itself for unreimbursed Servicing Advances, and for any unpaid Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (x) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(xi) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have has been recovered;
(xxii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls;
(xiii) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 and 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04; and
(xixiv) to withdraw any funds deposited to the Custodial Account in error.
Appears in 5 contracts
Samples: Servicing Agreement (Structured Asset Securities Corp 2005-S4), Servicing Agreement (Structured Asset Securities Corp. 2005 S-3), Servicing Agreement (Structured Asset Securities Corp 2005-S5)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i1) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.014.03(a);
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii2) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in into the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv3) to reimburse itself for unreimbursed Advances and Servicing Advances, the Servicer's right to reimburse itself pursuant to this subclause (3) with respect to any Mortgage Loan being limited to related Liquidation Proceeds (net of Liquidation Expenses), Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer's right thereto shall be prior to the rights of the Noteholders;
(4) to reimburse itself for any previously unreimbursed Advances or Servicing Advances that it determines are Nonrecoverable Advances, it being understood, in the case of each such reimbursement, that the Servicer's right thereto shall be prior to the rights of the Noteholders;
(5) to pay itself investment earnings on funds deposited in the Custodial Account;
(v6) to transfer funds to another Eligible Account in accordance with Section 4.02(j) hereof;
(7) to invest funds in certain Eligible Investments in accordance with Section 4.02(d)(i) and Section 4.02(j) hereof;
(8) to withdraw funds deposited in error;
(9) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the Servicer's right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(x) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 and 6.03 to the extent not previously reimbursed under clause (viii) of this Section 3.04; and
(xi10) to withdraw funds deposited in errorpay itself any Prepayment Interest Excess Amount.
Appears in 5 contracts
Samples: Transfer and Servicing Agreement (Aames Mortgage Investment Trust 2005-2), Sale and Servicing Agreement (CWMBS Inc), Sale and Servicing Agreement (Cwalt Inc)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the Servicer's right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(ix) to pay itself an amount equal to the Net Simple Interest Excess, if any, for the related Due Period to the extent not offset by Net Simple Interest Shortfalls;
(x) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(xxi) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 and 6.03 to the extent not previously reimbursed under clause (viii) of this Section 3.04; and
(xixii) to withdraw funds deposited in error.
Appears in 5 contracts
Samples: Servicing Agreement (Lehman Mortgage Trust 2007-9), Servicing Agreement (Lehman Mortgage Trust 2007-8), Servicing Agreement (Lehman Mortgage Trust 2007-6)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the Servicer's right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances Advances, and for any unpaid Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (ix) with respect to any defaulted Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as to which may be collected by the Servicer has determined that all amounts that from the Mortgagor or otherwise relating to the Mortgage Loan, it expects being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to recover on behalf the rights of the Trust Fund from or on account of such Mortgage Loan have been recoveredFund;
(x) to pay itself an amount equal to the Net Simple Interest Excess, if any, for the related Due Period to the extent not offset by Net Simple Interest Shortfalls;
(xi) to reimburse itself for expenses incurred or by, and reimbursable to to, the Servicer pursuant to Sections Section 3.12 and Section 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04; and
(xixii) to withdraw any funds deposited to the Custodial Account in error.
Appears in 5 contracts
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc9), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2002-Bc8), Servicing Agreement (Structured Asset Securities Corp)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i1) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.014.03(a);
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii2) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in into the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii3) to reimburse itself to the extent of funds in the Custodial Account for Monthly unreimbursed Advances of and Servicing Advances, the Servicer’s funds made pursuant to Section 4.03, the Servicer's right to reimburse itself pursuant to this subclause (viii3) with respect to any Mortgage Loan being limited to related Liquidation Proceeds (net of Liquidation Expenses), Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received on or in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was madeLoan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may Noteholders;
(4) to reimburse itself for any previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial AccountServicing Advances that it determines are Nonrecoverable Advances, it being understood, in the case of any each such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts Noteholders;
(5) to pay itself investment earnings on deposit funds deposited in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage LoanAccount;
(ix6) to reimburse itself for remaining unreimbursed Servicing Advances transfer funds to another Eligible Account in accordance with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recoveredSection 4.02(j) hereof;
(x7) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 invest funds in certain Eligible Investments in accordance with Section 4.02(d)(i) and 6.03 to the extent not previously reimbursed under clause (viiiSection 4.02(j) of this Section 3.04; andhereof;
(xi) 8) to withdraw funds deposited in error;
(9) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(10) to pay itself any Prepayment Interest Excess Amount.
Appears in 4 contracts
Samples: Transfer and Servicing Agreement (Aames Mortgage Investment Trust 2005-4), Transfer and Servicing Agreement (Aames Mortgage Investment Trust 2005-1), Transfer and Servicing Agreement (Structured Asset Securities Corp)
Permitted Withdrawals From Custodial Account. (a) The Servicer shall, from time to time, withdraw funds from the Trust Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Trust Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) to pay itself investment earnings on funds deposited in the Trust Custodial Account;
(viv) to clear and terminate the Trust Custodial Account upon the termination of this Agreement;
(viv) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(viivi) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viiivii) to reimburse itself to the extent of funds held in the Trust Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the . The Servicer's right to reimburse itself pursuant to this subclause (viiivii) with respect to any Mortgage Loan being shall be limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, that in the case of any such reimbursement, reimbursement the Servicer’s right thereto shall be prior to the rights of the Trust Fund, ; provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds, Condemnation Proceeds, REO Disposition Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Trust Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Trust Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan. In addition, the Servicer may, at any time, withdraw from the Trust Custodial Account funds that were not included in the Total Distribution Amount (as defined in the Trust Agreement) for the preceding Distribution Date to reimburse itself for Monthly Advances previously made by the Servicer; and
(viii) to reimburse itself for unreimbursed Servicing Advances, and for any unpaid Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has for expenses incurred by, and reimbursable to, the Servicer pursuant to Section 6.03, but only to extent such amounts are determined that all amounts that it expects to recover on behalf of be reimbursable by the Trust Fund from or on account of such Mortgage Loan have been recoveredpursuant to Section 6.03;
(x) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections Section 3.12 to the extent not previously reimbursed under clause (ix) of this Section 3.04;
(xi) to withdraw funds necessary for the operation, management and 6.03 maintenance of any REO related property to the extent not previously reimbursed under clause (viii) of this Section 3.04; and
(xixii) to withdraw any funds deposited to the Trust Custodial Account in error. Notwithstanding the foregoing clauses (vii) and (viii), no Monthly Advances or Servicing Advances shall be required to be made by the Servicer if such Monthly Advance or Servicing Advance would, if made, be, in the Servicer’s reasonable judgment, nonrecoverable. The determination by the Servicer that it has made a nonrecoverable Monthly Advance or Servicing Advance, or that any proposed Monthly Advance or Servicing Advance would be a nonrecoverable advance, shall be evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer and the NIMS Insurer.
Appears in 4 contracts
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2002-Bc8), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc7), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc9)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in deposit the amount of Seller Remittance Amount into the related LPMI Fee, collection account maintained by the Master Servicer for payment by the Master Servicer to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Option One Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Option One Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds held in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the . The Servicer's ’s right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being shall be limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, that in the case of any such reimbursement, reimbursement the Servicer’s right thereto shall be prior to the rights of the Trust Fund, ; provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of such Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds or Insurance REO Disposition Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage LoanLoan and to reimburse itself for Monthly Advances to the extent of funds held in the Collection Account for future distribution that were not included in available funds for the preceding Remittance Date;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances and for any unpaid Option One Servicing Fees and to reimburse the Seller for any unpaid Seller Remittance Amount, the Servicer’s and the Seller’s respective rights to such reimbursement pursuant to this subclause (ix) with respect to any defaulted Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as to which may be collected by the Servicer has determined that all amounts that from the Mortgagor or otherwise relating to the Mortgage Loan, it expects being understood that, in the case of any such reimbursement, the Servicer’s and the Seller’s right thereto shall be prior to recover on behalf the rights of the Trust Fund from Fund; provided, however, that following the final liquidation of the related Mortgage Loan, the Servicer may reimburse itself for any such unreimbursed Servicing Advances or on account any unpaid Option One Servicing Fees and the Seller may reimburse itself for any such unpaid Seller Remittance Amount in excess of such Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds with respect to such Mortgage Loan have been recoveredfrom any funds in the Custodial Account, it being understood that, in case of any such reimbursement, the Servicer’s and the Seller’s respective rights thereto shall be prior to the rights of the Trust Fund;
(x) to reimburse the Servicer for expenses incurred by, and reimbursable to, the Servicer pursuant to Section 6.03, but only to extent such amounts are determined to be reimbursable by the Trust Fund pursuant to Section 6.03;
(xi) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections Section 3.12 and 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04;
(xii) to withdraw funds necessary for the operation, management and maintenance of any REO related property to the extent not previously reimbursed under clause (ix) of this Section 3.04; and
(xixiii) to withdraw any funds deposited to the Custodial Account in error. Notwithstanding the foregoing clauses (viii) and (ix), no Monthly Advances or Servicing Advances shall be required to be made by the Servicer if such Monthly Advance or Servicing Advance would, if made, be, in the Servicer’s reasonable judgment, nonrecoverable. The determination by the Servicer that it has made a nonrecoverable Monthly Advance or Servicing Advance, or that any proposed Monthly Advance or Servicing Advance would be a nonrecoverable advance, shall be evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer and the NIMS Insurer.
Appears in 4 contracts
Samples: Subservicing Agreement (Sasco 2006-Bc3), Subservicing Agreement (Sasco 2006-Bc4), Subservicing Agreement (Sasco 2006-Bc2)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in following the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest liquidation or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances of unreimbursed Servicing Advances, the Servicer’s funds made pursuant to Section 4.03, the Servicer's right to reimburse itself pursuant to this subclause (viiiii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received on or in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was madeLoan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(ixiii) to reimburse itself for remaining unreimbursed Servicing Advances Advances, Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(xiv) at such time a Mortgage Loan becomes a Charged-off Loan, to reimburse itself to the extent of funds held in the Custodial Account for expenses incurred or reimbursable all unreimbursed Servicing Advances owing to the Servicer pursuant relating to Sections 3.12 and 6.03 any Charged-off Loan accrued or advanced during any period prior to the extent not previously reimbursed date the Mortgage Loan became a Charged-off Loan;
(v) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vi) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(vii) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under clause the LPMI Policy;
(viii) of this Section 3.04; and
(xi) to withdraw funds deposited in error; and
(ix) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 4 contracts
Samples: Securitization Servicing Agreement (Lehman XS 2007-4n), Securitization Servicing Agreement (Lehman XS Trust Series 2006-12n), Securitization Servicing Agreement (Lehman XS Trust Series 2006-Gp4)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to pay the Seller Remittance Amount to each Seller (with respect to each LPMI Loan, in the amount of the its related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07Mortgage Loans);
(iii) in the event the Servicer has elected not to retain the Option One Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Option One Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds held in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the . The Servicer's right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being shall be limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, that in the case of any such reimbursement, reimbursement the Servicer’s right thereto shall be prior to the rights of the Trust Fund, ; provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds or Insurance REO Disposition Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage LoanLoan and to reimburse itself for Monthly Advances to the extent of funds held in the Collection Account for future distribution that were not included in available funds for the preceding Remittance Date;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances Advances, and for any unpaid General Servicing Fees or Option One Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (ix) with respect to any defaulted Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as to which may be collected by the Servicer has determined that all amounts that from the Mortgagor or otherwise relating to the Mortgage Loan, it expects being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to recover on behalf the rights of the Trust Fund from or on account of such Mortgage Loan have been recoveredFund;
(x) to reimburse the Servicer for expenses incurred by, and reimbursable to, the Servicer pursuant to Section 6.03, but only to extent such amounts are determined to be reimbursable by the Trust Fund pursuant to Section 6.03;
(xi) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections Section 3.12 and 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04;
(xii) to withdraw funds necessary for the operation, management and maintenance of any REO related property to the extent not previously reimbursed under clause (ix) of this Section 3.04; and
(xixiii) to withdraw any funds deposited to the Custodial Account in error. Notwithstanding the foregoing clauses (viii) and (ix), no Monthly Advances or Servicing Advances shall be required to be made by the Servicer if such Monthly Advance or Servicing Advance would, if made, be, in the Servicer’s reasonable judgment, nonrecoverable. The determination by the Servicer that it has made a nonrecoverable Monthly Advance or Servicing Advance, or that any proposed Monthly Advance or Servicing Advance would be a nonrecoverable advance, shall be evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer and the NIMS Insurer.
Appears in 4 contracts
Samples: Subservicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc7), Subservicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc9), Subservicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2002-Bc8)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Securitized Loan (including late collections of interest on such Mortgage Securitized Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Securitized Loan;
(iviii) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(viiv) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(viiv) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viiivi) to reimburse itself to the extent of funds held in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the . The Servicer's right to reimburse itself pursuant to this subclause (viiivi) with respect to any Mortgage Securitized Loan being shall be limited to amounts received on or in respect of the related Mortgage Securitized Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, that in the case of any such reimbursement, reimbursement the Servicer’s right thereto shall be prior to the rights of the Trust Fund, related Trust; provided, however, that following the final liquidation of a Mortgage Securitized Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Securitized Loan from any funds in the Custodial AccountAccount relating to Securitized Loans in the same Trust, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fundrelated Trust. The Servicer may recover at any time from amounts on deposit in the Custodial Account with respect to Securitized Loans in the same Trust the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage related Securitized Loan;
. In addition, the Servicer may, at any time, withdraw from the Custodial Account funds that are held for future distribution (ixi.e., were not included in the principal and interest for the preceding Remittance Date) to reimburse itself for remaining Monthly Advances previously made by the Servicer;
(vii) to reimburse itself for unreimbursed Servicing Advances Advances, and for any unpaid Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (vii) with respect to any defaulted Mortgage Securitized Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as to which may be collected by the Servicer has determined that all amounts that from the Mortgagor or otherwise relating to the Securitized Loan, it expects being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to recover on behalf the rights of the Trust Fund from or on account of such Mortgage Loan have been recoveredrelated Trust;
(xviii) to reimburse the Servicer for expenses incurred by, and reimbursable to, the Servicer pursuant to Section 6.03, but only to extent such amounts are determined to be reimbursable by the related Trust pursuant to Section 6.03;
(ix) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections Section 3.12 and 6.03 from funds with respect to Securitized Loans in the same Trust to the extent not previously reimbursed under clause (viiivii) of this Section 3.04; and;
(x) to withdraw funds with respect to Securitized Loans in the same Trust necessary for the operation, management and maintenance of any REO related property to the extent not previously reimbursed under clause (vii) of this Section 3.04;
(xi) to withdraw any funds deposited to the Custodial Account in error; and,
(xii) to clear and terminate the Custodial Account upon the termination of this Agreement;
(xiii) to reimburse the Trustee or the Certificate Insurer for enforcement expenses incurred in respect of a breach of a representation or warranty.
Appears in 3 contracts
Samples: Servicing Agreement (MASTR Alternative Loan Trust 2006-3), Servicing Agreement (MASTR Asset Securitization Trust 2006-3), Servicing Agreement (MASTR Alternative Loan Trust 2006-1)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Securitized Loan (including late collections of interest on such Mortgage Securitized Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Securitized Loan;
(iviii) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(viiv) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(viiv) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viiivi) to reimburse itself to the extent of funds held in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the . The Servicer's ’s right to reimburse itself pursuant to this subclause (viiivi) with respect to any Mortgage Securitized Loan being shall be limited to amounts received on or in respect of the related Mortgage Securitized Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, that in the case of any such reimbursement, reimbursement the Servicer’s right thereto shall be prior to the rights of the Trust Fund, related Trust; provided, however, that following the final liquidation of a Mortgage Securitized Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Securitized Loan from any funds in the Custodial AccountAccount relating to Securitized Loans in the same Trust, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fundrelated Trust. The Servicer may recover at any time from amounts on deposit in the Custodial Account with respect to Securitized Loans in the same Trust the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage related Securitized Loan;
. In addition, the Servicer may, at any time, withdraw from the Custodial Account funds that are held for future distribution (ixi.e., were not included in the principal and interest for the preceding Remittance Date) to reimburse itself for remaining Monthly Advances previously made by the Servicer;
(vii) to reimburse itself for unreimbursed Servicing Advances Advances, and for any unpaid Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (vii) with respect to any defaulted Mortgage Securitized Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as to which may be collected by the Servicer has determined that all amounts that from the Mortgagor or otherwise relating to the Securitized Loan, it expects being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to recover on behalf the rights of the Trust Fund from or on account of such Mortgage Loan have been recoveredrelated Trust;
(xviii) to reimburse the Servicer for expenses incurred by, and reimbursable to, the Servicer pursuant to Section 6.03, but only to extent such amounts are determined to be reimbursable by the related Trust pursuant to Section 6.03;
(ix) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections Section 3.12 and 6.03 from funds with respect to Securitized Loans in the same Trust to the extent not previously reimbursed under clause (viiivii) of this Section 3.04; and;
(x) to withdraw funds with respect to Securitized Loans in the same Trust necessary for the operation, management and maintenance of any REO related property to the extent not previously reimbursed under clause (vii) of this Section 3.04;
(xi) to withdraw any funds deposited to the Custodial Account in error; and,
(xii) to clear and terminate the Custodial Account upon the termination of this Agreement;
(xiii) to reimburse the Trustee or the NIMs Insurer for enforcement expenses incurred in respect of a breach of a representation or warranty.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Opteum Mortgage Acceptance Corp Asset Backed Pass-Through Certificates, 2005-5), Pooling and Servicing Agreement (Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates, Series 2005-4), Pooling and Servicing Agreement (Opteum Mortgage Acceptance Corp Asset Backed Pass-Through Certificates, Series 2005-3)
Permitted Withdrawals From Custodial Account. The Subject to Section 3.01, the Servicer shall, from time shall be entitled to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer Owner (or as otherwise directed by the Owner in writing) in the amounts and in the manner provided for in Section 4.013.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07[reserved];
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan[reserved];
(iv) to reimburse itself for Advances (except to the extent reimbursed pursuant to Section 2.07), it being understood that the Servicer’s right to reimburse itself with respect to any Mortgage Loan shall be prior to the rights of the Owner and shall be limited to Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan;
(v) [reserved];
(vi) following the liquidation of a Mortgage Loan, to reimburse itself for (a) any unpaid Servicing Advances to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loan under Section 2.05(iv) plus (b) unreimbursed Nonrecoverable Advances made by the Servicer in accordance with this Agreement;
(vii) to invest funds in Eligible Investments in accordance with Section 2.09;
(viii) to withdraw funds deposited in the Custodial Account in error;
(ix) to pay to itself investment earnings any interest earned on funds deposited in the Custodial AccountAccount (all such interest to be withdrawn monthly not later than each Remittance Date);
(vx) [reserved];
(xi) [reserved]; and
(xii) to clear and terminate the Custodial Account upon the termination of this the Servicing Agreement;
(vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to . The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the extent purpose of funds in justifying any withdrawal from the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03such subclauses (iii) - (xi) above. The Servicer shall provide written notification in the form of an Officers’ Certificate to the Owner, the Servicer's right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fundnext succeeding Remittance Date, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan upon making any withdrawals from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(x) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 and 6.03 to the extent not previously reimbursed under clause subclause 2.05 (viiivi)(b) of this Section 3.04; and
(xi) to withdraw funds deposited in errorabove.
Appears in 3 contracts
Samples: Flow Servicing Agreement (Pennymac Financial Services, Inc.), Flow Servicing Agreement (Pennymac Financial Services, Inc.), Flow Servicing Agreement (Pennymac Financial Services, Inc.)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(ia) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies Owners in accordance with Section 3.073.1;
(iiib) in the event the Servicer has elected did not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery depositing funds in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage LoanFee;
(ivc) to reimburse itself for any unreimbursed Servicing Advances or Expenses or Ancillary Income not retained prior to depositing funds in the Custodial Account or that are otherwise reimbursable to the Servicer pursuant to this Agreement;
(d) to pay itself investment earnings interest or other Float Benefit on funds deposited in the Custodial Account;
(ve) [reserved];
(f) to pay any amount required to be paid pursuant to Section 2.16 related to any REO Property;
(g) [reserved];
(h) to remove funds inadvertently placed in the Custodial Account by the Servicer;
(i) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer . On each Remittance Date, the Servicer shall withdraw all funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds in from the Custodial Account except for Monthly Advances of the Servicer’s funds made those amounts which, pursuant to Section 4.03, the Servicer's right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan3.1, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect is not obligated to remit on such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust FundRemittance Date. The Servicer may recover at apply such withdrawn funds for any time from of the purposes described in this Section 2.5. If on any Remittance Date the amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable are insufficient to cover payment or that remain unreimbursed reimbursement to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(ix) to reimburse itself for remaining unreimbursed any Servicing Advances with respect to any defaulted Mortgage Loan as to which or Expenses, the Owners shall reimburse the Servicer has determined that all for any such amounts that it expects to recover on behalf within a reasonable time period after receipt by the Owners of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(x) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 and 6.03 to the extent not previously reimbursed under clause (viii) of this an invoice in accordance with Section 3.04; and
(xi) to withdraw funds deposited in error2.24.2.
Appears in 3 contracts
Samples: Loan Servicing Agreement (Franklin Credit Management Corp), Loan Servicing Agreement (Franklin Credit Holding Corp/De/), Loan Servicing Agreement (Franklin Credit Holding Corp/De/)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) to pay itself investment earnings on funds deposited in the Custodial Account;
(viv) to clear and terminate the Custodial Account upon the termination of this Agreement;
(viv) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(viivi) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viiivii) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances of the Servicer’s 's funds made pursuant to Section 4.03, the Servicer's right to reimburse itself pursuant to this subclause (viiivii) with respect to any Mortgage Loan being is limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s 's right thereto shall be prior to the rights of the Trust Fund; and
(viii) to reimburse itself for unreimbursed Servicing Advances, providedand for any unpaid Servicing Fees, howeverthe Servicer's right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, that following Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the final liquidation of a related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understoodunderstood that, in the case of any such reimbursement, that the Servicer’s 's right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(x) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 and 6.03 to the extent not previously reimbursed under clause (viii) of this Section 3.04; and
(xi) to withdraw funds deposited in error.
Appears in 3 contracts
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2000-2), Servicing Agreement (Structured Asset Sec Corp Pass THR Cert Ser 2000-1), Servicing Agreement (Structured Asset Securities Corp Mort Pas THR Cert Se 2000 3)
Permitted Withdrawals From Custodial Account. (a) The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) to pay itself investment earnings on funds deposited in the Custodial Account;
(viv) to clear and terminate the Custodial Account upon the termination of this Agreement;
(viv) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof3.11;
(viivi) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof3.11;
(viiivii) to reimburse itself to the extent of funds held in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the . The Servicer's ’s right to reimburse itself pursuant to this subclause (viiivii) with respect to any Mortgage Loan being shall be limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, that in the case of any such reimbursement, reimbursement the Servicer’s right thereto shall be prior to the rights of the Trust Fund, ; provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds, Condemnation Proceeds, REO Disposition Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan. In addition, at such time a Mortgage Loan becomes a Charged-off Loan, the Servicer shall be entitled to reimburse itself to the extent of funds held in the Custodial Account for all unreimbursed Servicing Fees, Servicing Advances and Monthly Advances owing to the Servicer relating to such Charged-off Loan that were accrued or advanced during any period prior to the date the Mortgage Loan became a Charged-off Loan. The Servicer may, at any time, withdraw from the Custodial Account funds that were not included in the Total Distribution Amount (as defined in the Trust Agreement) for the preceding Distribution Date to reimburse itself for Monthly Advances previously made by the Servicer;
(viii) to reimburse itself for unreimbursed Servicing Advances, and for any unpaid Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund; provided, however, that following the final liquidation of the related Mortgage Loan, the Servicer may reimburse itself for any such unreimbursed Servicing Advances or any unpaid Servicing Fees in excess of such Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood that, in case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has for expenses incurred by, and reimbursable to, the Servicer pursuant to Section 6.03, but only to extent such amounts are determined that all amounts that it expects to recover on behalf of be reimbursable by the Trust Fund from or on account of such Mortgage Loan have been recoveredpursuant to Section 6.03;
(x) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections Section 3.12 to the extent not previously reimbursed under clause (ix) of this Section 3.04;
(xi) to withdraw funds necessary for the operation, management and 6.03 maintenance of any REO related property to the extent not previously reimbursed under clause (viii) of this Section 3.04; and
(xixii) to withdraw any funds deposited to the Custodial Account in error. Notwithstanding the foregoing clauses (vii) and (viii), no Monthly Advances or Servicing Advances shall be required to be made by the Servicer if such Monthly Advance or Servicing Advance would, if made, be, in the Servicer’s reasonable judgment, nonrecoverable. The determination by the Servicer that it has made a nonrecoverable Monthly Advance or Servicing Advance, or that any proposed Monthly Advance or Servicing Advance would be a nonrecoverable advance, shall be evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer and the NIMS Insurer.
Appears in 2 contracts
Samples: Servicing Agreement (Structured Asset Securities Corp 2005-S5), Servicing Agreement (Structured Asset Securities Corp 2005-S4)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i1) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.014.03(a);
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii2) in the event the Servicer has elected not to retain the Servicing Administration Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in into the Custodial Account, to pay to itself the related Servicing Administration Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii3) to reimburse itself to the extent of funds in the Custodial Account for Monthly unreimbursed Advances of and Xxxxxxxxx Advances, the Servicer’s funds made pursuant to Section 4.03, the Servicer's right to reimburse itself pursuant to this subclause (viii3) with respect to any Mortgage Loan being limited to related Liquidation Proceeds (net of Liquidation Expenses), Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received on or in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was madeLoan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may Noteholders;
(4) to reimburse itself for any previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial AccountServicing Advances that it determines are Nonrecoverable Advances, it being understood, in the case of any each such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts Noteholders;
(5) to pay itself investment earnings on deposit funds deposited in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage LoanAccount;
(ix6) to reimburse itself for remaining unreimbursed Servicing Advances transfer funds to another Eligible Account in accordance with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recoveredSection 4.02(j) hereof;
(x7) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 invest funds in certain Eligible Investments in accordance with Section 4.02(d)(i) and 6.03 to the extent not previously reimbursed under clause (viiiSection 4.02(i) of this Section 3.04; andhereof;
(xi) 8) to withdraw funds deposited in error;
(9) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(10) to pay itself any Prepayment Interest Excess Amount.
Appears in 2 contracts
Samples: Transfer and Servicing Agreement (Fieldstone Mortgage Investment CORP), Transfer and Servicing Agreement (Fieldstone Mortgage Investment CORP)
Permitted Withdrawals From Custodial Account. (a) The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) to pay itself investment earnings on funds deposited in the Custodial Account;
(viv) to clear and terminate the Custodial Account upon the termination of this Agreement;
(viv) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(viivi) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viiivii) to reimburse itself to the extent of funds held in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the . The Servicer's ’s right to reimburse itself pursuant to this subclause (viiivii) with respect to any Mortgage Loan being shall be limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, that in the case of any such reimbursement, reimbursement the Servicer’s right thereto shall be prior to the rights of the Trust Fund, ; provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds, Condemnation Proceeds, REO Disposition Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan. In addition, the Servicer may, at any time, withdraw from the Custodial Account funds that were not included in the Total Distribution Amount (as defined in the Trust Agreement) for the preceding Distribution Date to reimburse itself for Monthly Advances previously made by the Servicer;
(viii) to reimburse itself for unreimbursed Servicing Advances, and for any unpaid Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund; provided, however, that following the final liquidation of the related Mortgage Loan, the Servicer may reimburse itself for any such unreimbursed Servicing Advances or any unpaid Servicing Fees in excess of such Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood that, in case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has for expenses incurred by, and reimbursable to, the Servicer pursuant to Section 6.03, but only to extent such amounts are determined that all amounts that it expects to recover on behalf of be reimbursable by the Trust Fund from or on account of such Mortgage Loan have been recoveredpursuant to Section 6.03;
(x) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections Section 3.12 to the extent not previously reimbursed under clause (ix) of this Section 3.04;
(xi) to withdraw funds necessary for the operation, management and 6.03 maintenance of any REO related property to the extent not previously reimbursed under clause (viii) of this Section 3.04; and
(xixii) to withdraw any funds deposited to the Custodial Account in error. Notwithstanding the foregoing clauses (vii) and (viii), no Monthly Advances or Servicing Advances shall be required to be made by the Servicer if such Monthly Advance or Servicing Advance would, if made, be, in the Servicer’s reasonable judgment, nonrecoverable. The determination by the Servicer that it has made a nonrecoverable Monthly Advance or Servicing Advance, or that any proposed Monthly Advance or Servicing Advance would be a nonrecoverable advance, shall be evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer and the NIMS Insurer.
Appears in 2 contracts
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2004-S1), Servicing Agreement (Structured Asset Securities Corp)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Participation Mortgage Loan (including late collections of interest on such Participation Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Participation Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances of the Servicer’s 's funds made pursuant to Section 4.03, the Servicer's right to reimburse itself pursuant to this subclause (viii) with respect to any Participation Mortgage Loan being limited to amounts received on or in respect of the related Participation Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s 's right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Participation Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Participation Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s 's right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Participation Mortgage Loan;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances Advances, and for any unpaid Servicing Fees, the Servicer's right to reimburse itself pursuant to this subclause (ix) with respect to any defaulted Participation Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as to which may be collected by the Servicer has determined that all amounts that from the Mortgagor or otherwise relating to the Participation Mortgage Loan, it expects being understood that, in the case of any such reimbursement, the Servicer's right thereto shall be prior to recover on behalf the rights of the Trust Fund from or on account of such Mortgage Loan have been recovered;Seller and the applicable Participants.
(x) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 and 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04; and
(xi) to withdraw funds deposited in error.
Appears in 2 contracts
Samples: Participation Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Cer Se 2002-1a), Participation Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-18a)
Permitted Withdrawals From Custodial Account. (a) The Servicer shall, from time to time, withdraw funds from the Trust Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Trust Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) to pay itself investment earnings on funds deposited in the Trust Custodial Account;
(viv) to clear and terminate the Trust Custodial Account upon the termination of this Agreement;
(viv) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(viivi) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viiivii) to reimburse itself to the extent of funds held in the Trust Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the . The Servicer's ’s right to reimburse itself pursuant to this subclause (viiivii) with respect to any Mortgage Loan being shall be limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, that in the case of any such reimbursement, reimbursement the Servicer’s right thereto shall be prior to the rights of the Trust Fund, ; provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds, Condemnation Proceeds, REO Disposition Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Trust Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Trust Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan. In addition, the Servicer may, at any time, withdraw from the Trust Custodial Account funds that were not included in the Total Distribution Amount (as defined in the Trust Agreement) for the preceding Distribution Date to reimburse itself for Monthly Advances previously made by the Servicer; and
(viii) to reimburse itself for unreimbursed Servicing Advances, and for any unpaid Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund; provided, however, that following the final liquidation of the related Mortgage Loan, the Servicer may reimburse itself for any such unreimbursed Servicing Advances or any unpaid Servicing Fees in excess of such Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds with respect to such Mortgage Loan from any funds in the Trust Custodial Account, it being understood that, in case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has for expenses incurred by, and reimbursable to, the Servicer pursuant to Section 6.03, but only to extent such amounts are determined that all amounts that it expects to recover on behalf of be reimbursable by the Trust Fund from or on account of such Mortgage Loan have been recoveredpursuant to Section 6.03;
(x) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections Section 3.12 to the extent not previously reimbursed under clause (ix) of this Section 3.04;
(xi) to withdraw funds necessary for the operation, management and 6.03 maintenance of any REO related property to the extent not previously reimbursed under clause (viii) of this Section 3.04; and
(xixii) to withdraw any funds deposited to the Trust Custodial Account in error. Notwithstanding the foregoing clauses (vii) and (viii), no Monthly Advances or Servicing Advances shall be required to be made by the Servicer if such Monthly Advance or Servicing Advance would, if made, be, in the Servicer’s reasonable judgment, nonrecoverable. The determination by the Servicer that it has made a nonrecoverable Monthly Advance or Servicing Advance, or that any proposed Monthly Advance or Servicing Advance would be a nonrecoverable advance, shall be evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer and the NIMS Insurer.
Appears in 2 contracts
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 Bc8), Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Ce Se 2003-Bc12)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to pay the Seller Remittance Amount to each Seller (with respect to each LPMI Loan, in the amount of the its related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07Mortgage Loans);
(iii) in the event the Servicer has elected not to retain the Option One Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Option One Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds held in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the . The Servicer's right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being shall be limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, that in the case of any such reimbursement, reimbursement the Servicer’s right thereto shall be prior to the rights of the Trust Fund, ; provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of such Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds or Insurance REO Disposition Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage LoanLoan and to reimburse itself for Monthly Advances to the extent of funds held in the Collection Account for future distribution that were not included in available funds for the preceding Remittance Date;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances Advances, and for any unpaid General Servicing Fees or Option One Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (ix) with respect to any defaulted Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as to which may be collected by the Servicer has determined that all amounts that from the Mortgagor or otherwise relating to the Mortgage Loan, it expects being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to recover on behalf the rights of the Trust Fund from Fund; provided, however, that following the final liquidation of the related Mortgage Loan, the Servicer may reimburse itself for any such unreimbursed Servicing Advances or on account any unpaid Servicing Fees in excess of such Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds with respect to such Mortgage Loan have been recoveredfrom any funds in the Custodial Account, it being understood that, in case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(x) to reimburse the Servicer for expenses incurred by, and reimbursable to, the Servicer pursuant to Section 6.03, but only to extent such amounts are determined to be reimbursable by the Trust Fund pursuant to Section 6.03;
(xi) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections Section 3.12 and 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04;
(xii) to withdraw funds necessary for the operation, management and maintenance of any REO related property to the extent not previously reimbursed under clause (ix) of this Section 3.04; and
(xixiii) to withdraw any funds deposited to the Custodial Account in error. Notwithstanding the foregoing clauses (viii) and (ix), no Monthly Advances or Servicing Advances shall be required to be made by the Servicer if such Monthly Advance or Servicing Advance would, if made, be, in the Servicer’s reasonable judgment, nonrecoverable. The determination by the Servicer that it has made a nonrecoverable Monthly Advance or Servicing Advance, or that any proposed Monthly Advance or Servicing Advance would be a nonrecoverable advance, shall be evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer and the NIMS Insurer.
Appears in 2 contracts
Samples: Subservicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc10), Subservicing Agreement (Structured Asset Investment Loan Trust 2003-Bc2)
Permitted Withdrawals From Custodial Account. (a) The Servicer shall, from time to time, withdraw funds from the Trust Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Trust Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) to pay itself investment earnings on funds deposited in the Trust Custodial Account;
(viv) to clear and terminate the Trust Custodial Account upon the termination of this Agreement;
(viv) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(viivi) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viiivii) to reimburse itself to the extent of funds held in the Trust Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the . The Servicer's ’s right to reimburse itself pursuant to this subclause (viiivii) with respect to any Mortgage Loan being shall be limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, that in the case of any such reimbursement, reimbursement the Servicer’s right thereto shall be prior to the rights of the Trust Fund, ; provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds, Condemnation Proceeds, REO Disposition Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Trust Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Trust Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan. In addition, the Servicer may, at any time, withdraw from the Trust Custodial Account funds that were not included in the Total Distribution Amount (as defined in the Trust Agreement) for the preceding Distribution Date to reimburse itself for Monthly Advances previously made by the Servicer;
(viii) to reimburse itself for unreimbursed Servicing Advances, and for any unpaid Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund; provided, however, that following the final liquidation of the related Mortgage Loan, the Servicer may reimburse itself for any such unreimbursed Servicing Advances or any unpaid Servicing Fees in excess of such Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds with respect to such Mortgage Loan from any funds in the Trust Custodial Account, it being understood that, in case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has for expenses incurred by, and reimbursable to, the Servicer pursuant to Section 6.03, but only to extent such amounts are determined that all amounts that it expects to recover on behalf of be reimbursable by the Trust Fund from or on account of such Mortgage Loan have been recoveredpursuant to Section 6.03;
(x) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections Section 3.12 to the extent not previously reimbursed under clause (ix) of this Section 3.04;
(xi) to withdraw funds necessary for the operation, management and 6.03 maintenance of any REO related property to the extent not previously reimbursed under clause (viii) of this Section 3.04; and
(xixii) to withdraw any funds deposited to the Trust Custodial Account in error. Notwithstanding the foregoing clauses (vii) and (viii), no Monthly Advances or Servicing Advances shall be required to be made by the Servicer if such Monthly Advance or Servicing Advance would, if made, be, in the Servicer’s reasonable judgment, nonrecoverable. The determination by the Servicer that it has made a nonrecoverable Monthly Advance or Servicing Advance, or that any proposed Monthly Advance or Servicing Advance would be a nonrecoverable advance, shall be evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer and the NIMS Insurer.
Appears in 2 contracts
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 Bc9), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2003-Bc13)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viiiiii) to reimburse itself to the extent of funds in the Custodial Account for unreimbursed Monthly Advances of and Servicing Advances, the Servicer’s funds made pursuant to Section 4.03, the Servicer's right to reimburse itself pursuant to this subclause (viiiiii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received on or in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was madeLoan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that ;
(iv) to pay itself interest on funds deposited in the Custodial Account;
(v) to transfer funds to another Eligible Institution in accordance with Section 3.10 hereof;
(vi) to invest funds in certain Eligible Investments in accordance with Section 3.10 hereof;
(vii) to reimburse itself following the a final liquidation of a Mortgage Loan, Loan for any previously unreimbursed Servicing Advances made by the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Accountthat it determines are Nonrecoverable Advances, it being understood, in the case of any each such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the ;
(viii) with respect to each LPMI Loan, an amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed equal to the Servicer from related Liquidation Proceeds after LPMI Fee to make payment of premiums due under the final liquidation of the Mortgage LoanLPMI Policy;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(x) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 and 6.03 to the extent not previously reimbursed under clause (viii) of this Section 3.04; and
(xi) to withdraw funds deposited in error; and
(x) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 2 contracts
Samples: Securitization Servicing Agreement (First Franklin Mortgage Loan Trust 2006-Ff17), Securitization Servicing Agreement (First Franklin Mortgage Loan Trust 2006-Ff15)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the Servicer's ’s right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust FundIndenture Trustee, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust FundIndenture Trustee. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(ix) to reimburse itself for unreimbursed Servicing Advances, and for any unpaid Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (ix) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Indenture Trustee;
(x) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from Indenture Trustee or on account of such Mortgage Loan have has been recovered;
(xxi) to pay itself an amount equal to the Net Simple Interest Excess, if any, for the related Due Period to the extent not offset by Net Simple Interest Shortfalls;
(xii) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 and 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04; and
(xixiii) to withdraw any funds deposited to the Custodial Account in error.
Appears in 2 contracts
Samples: Servicing Agreement (SASCO Mortgage Loan Trust 2004-Gel3), Servicing Agreement (Sasco Mortgage Loan Trust Series 2004-Gel2)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the Servicer's ’s right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(x) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 and 6.03 to the extent not previously reimbursed under clause (viii) of this Section 3.04; and
(xi) to withdraw funds deposited in error.
Appears in 2 contracts
Samples: Servicing Agreement (Structured Asset Securities Corp Trust 2005-3), Servicing Agreement (Structured Asset Securities CORP Mortgage Pass-Through Certificates, Series 2004-13)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances (excluding Capitalization Reimbursement Amounts, other than as provided for in Section 3.04(x)) of the Servicer’s funds made pursuant to Section 4.03, the Servicer's right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(ix) to reimburse itself for unreimbursed Servicing Advances (excluding Capitalization Reimbursement Amounts, other than as provided for in Section 3.04(x)), and for any unpaid Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (ix) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(x) to reimburse itself for any unreimbursed Capitalization Reimbursement Amount solely from collections on account of principal from the related Mortgage Pool;
(xi) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(xxii) to reimburse itself for any Prepayment Penalty Amounts deposited to the Custodial Account in error with respect to any Prepayment Period, but only to the extent that Prepayment Penalty Amounts on deposit in the Custodial Account with respect to the related Mortgage Pool equal or exceed such Prepayment Charges deposited in error;
(xiii) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 3.07, 3.12, 3.13, 3.14 and 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04; and
(xixiv) to withdraw funds deposited in error (other than Prepayment Penalty Amounts deposited in error, which shall be withdrawn solely in accordance with clause (xii) above) .
Appears in 2 contracts
Samples: Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2008-1), Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2008-2)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in pay the amount of Seller Remittance Amount to the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07Seller;
(iii) in the event the Servicer has elected not to retain the Option One Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Option One Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds held in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the . The Servicer's right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being shall be limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, that in the case of any such reimbursement, reimbursement the Servicer’s right thereto shall be prior to the rights of the Trust Fund, ; provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of such Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds or Insurance REO Disposition Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage LoanLoan and to reimburse itself for Monthly Advances to the extent of funds held in the Collection Account for future distribution that were not included in available funds for the preceding Remittance Date;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances Advances, and for any unpaid General Servicing Fees or Option One Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (ix) with respect to any defaulted Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as to which may be collected by the Servicer has determined that all amounts that from the Mortgagor or otherwise relating to the Mortgage Loan, it expects being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to recover on behalf the rights of the Trust Fund from Fund; provided, however, that following the final liquidation of the related Mortgage Loan, the Servicer may reimburse itself for any such unreimbursed Servicing Advances or on account any unpaid Servicing Fees in excess of such Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds with respect to such Mortgage Loan have been recoveredfrom any funds in the Custodial Account, it being understood that, in case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(x) to reimburse the Servicer for expenses incurred by, and reimbursable to, the Servicer pursuant to Section 6.03, but only to extent such amounts are determined to be reimbursable by the Trust Fund pursuant to Section 6.03;
(xi) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections Section 3.12 and 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04;
(xii) to withdraw funds necessary for the operation, management and maintenance of any REO related property to the extent not previously reimbursed under clause (ix) of this Section 3.04; and
(xixiii) to withdraw any funds deposited to the Custodial Account in error. Notwithstanding the foregoing clauses (viii) and (ix), no Monthly Advances or Servicing Advances shall be required to be made by the Servicer if such Monthly Advance or Servicing Advance would, if made, be, in the Servicer’s reasonable judgment, nonrecoverable. The determination by the Servicer that it has made a nonrecoverable Monthly Advance or Servicing Advance, or that any proposed Monthly Advance or Servicing Advance would be a nonrecoverable advance, shall be evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer and the NIMS Insurer.
Appears in 2 contracts
Samples: Subservicing Agreement (Encore Credit Corp Mortgage Pass Through Certs Ser 2003-1), Subservicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-Bc4)
Permitted Withdrawals From Custodial Account. (a) The Servicer shall, from time to time, withdraw funds from the Trust Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Trust Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) to pay itself investment earnings on funds deposited in the Trust Custodial Account;
(viv) to clear and terminate the Trust Custodial Account upon the termination of this Agreement;
(viv) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(viivi) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viiivii) to reimburse itself to the extent of funds held in the Trust Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the . The Servicer's ’s right to reimburse itself pursuant to this subclause (viiivii) with respect to any Mortgage Loan being shall be limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, that in the case of any such reimbursement, reimbursement the Servicer’s right thereto shall be prior to the rights of the Trust Fund, ; provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds, Condemnation Proceeds, REO Disposition Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Trust Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Trust Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan. In addition, the Servicer may, at any time, withdraw from the Trust Custodial Account funds that were not included in the Total Distribution Amount (as defined in the Trust Agreement) for the preceding Distribution Date to reimburse itself for Monthly Advances previously made by the Servicer; and
(viii) to reimburse itself for unreimbursed Servicing Advances, and for any unpaid Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund; provided, however, that following the final liquidation of the related Mortgage Loan, the Servicer may reimburse itself for any such unreimbursed Servicing Advances or any unpaid Servicing Fees in excess of such Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood that, in case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has for expenses incurred by, and reimbursable to, the Servicer pursuant to Section 6.03, but only to extent such amounts are determined that all amounts that it expects to recover on behalf of be reimbursable by the Trust Fund from or on account of such Mortgage Loan have been recoveredpursuant to Section 6.03;
(x) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections Section 3.12 to the extent not previously reimbursed under clause (ix) of this Section 3.04;
(xi) to withdraw funds necessary for the operation, management and 6.03 maintenance of any REO related property to the extent not previously reimbursed under clause (viii) of this Section 3.04; and
(xixii) to withdraw any funds deposited to the Trust Custodial Account in error. Notwithstanding the foregoing clauses (vii) and (viii), no Monthly Advances or Servicing Advances shall be required to be made by the Servicer if such Monthly Advance or Servicing Advance would, if made, be, in the Servicer’s reasonable judgment, nonrecoverable. The determination by the Servicer that it has made a nonrecoverable Monthly Advance or Servicing Advance, or that any proposed Monthly Advance or Servicing Advance would be a nonrecoverable advance, shall be evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer and the NIMS Insurer.
Appears in 2 contracts
Samples: Servicing Agreement (Structured Asset Inv Loan Mort Pass THR Certs Ser 2003-Bc6), Servicing Agreement (Structured Asset Inv Loan Mort Pass Thru Cer Ser 2003-Bc7)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iv) in the event the Servicer has elected not to retain the Aurora Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Aurora Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(ivv) to pay itself investment earnings on funds deposited in the Custodial Account;
(vvi) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vivii) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(viiviii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viiiix) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the Servicer's ’s right to reimburse itself pursuant to this subclause (viiiix) with respect to any Mortgage Loan being limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan. In addition, at such time a Mortgage Loan becomes a Charged-off Loan, the Servicer may reimburse itself to the extent of funds held in the Custodial Account for all unreimbursed Aurora Servicing Fees, Servicing Advances and Monthly Advances owing to the Servicer relating to any Charged-off Loan accrued or advanced during any period prior to the date the Mortgage Loan became a Charged-off Loan;
(ixx) to reimburse itself for unreimbursed Servicing Advances, and for any unpaid Aurora Servicing Fees and to reimburse the Seller for any unpaid Seller Remittance Amount, the Servicer’s and the Seller’s respective rights to such reimbursement pursuant to this subclause (x) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(xi) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have has been recovered;
(xxii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls;
(xiii) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 and 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04; and
(xixiv) to withdraw any funds deposited to the Custodial Account in error.
Appears in 2 contracts
Samples: Servicing Agreement (Sasco 2006-S4), Servicing Agreement (Sasco 2006-S3)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances of the Servicer’s 's funds made pursuant to Section 4.03, the Servicer's right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s 's right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s 's right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(ix) to reimburse itself for unreimbursed Servicing Advances, and for any unpaid Servicing Fees, the Servicer's right to reimburse itself pursuant to this subclause (ix) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer's right thereto shall be prior to the rights of the Trust Fund;
(x) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(xxi) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 and 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04; and
(xixii) to withdraw funds deposited in error.
Appears in 2 contracts
Samples: Servicing Agreement (Structured Asset Securities Corp), Servicing Agreement (Structured Asset Securities Corp)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances (excluding Capitalization Reimbursement Amounts) of the Servicer’s funds made pursuant to Section 4.03, the Servicer's ’s right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(ix) to reimburse itself for unreimbursed Servicing Advances (excluding Capitalization Reimbursement Amounts) and for any unpaid Aurora Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (ix) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(x) to pay itself an amount equal to the Net Simple Interest Excess, if any, for the related Due Period to the extent not offset by Net Simple Interest Shortfalls;
(xi) to reimburse itself for any unreimbursed Capitalization Reimbursement Amounts solely from collections on account of principal in the related Mortgage Pool;
(xii) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(xxiii) to reimburse itself for any Prepayment Penalty Amounts deposited to the Custodial Account in error with respect to any Prepayment Period, but only to the extent that Prepayment Penalty Amounts on deposit in the Custodial Account with respect to the related Mortgage Pool equal or exceed such Prepayment Charges deposited in error;
(xiv) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 and 6.03 to the extent not previously reimbursed under clause (viii) of this Section 3.04; and
(xixv) to withdraw funds deposited in error.
Appears in 2 contracts
Samples: Servicing Agreement (Lehman Mortgage Trust 2008-6), Servicing Agreement (Lehman Mortgage Trust 2008-2)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to pay the Seller Remittance Amount to each Seller (with respect to each LPMI Loan, in the amount of the its related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07Mortgage Loans);
(iii) in the event the Servicer has elected not to retain the Option One Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Option One Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds held in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the . The Servicer's right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being shall be limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, that in the case of any such reimbursement, reimbursement the Servicer’s right thereto shall be prior to the rights of the Trust Fund, ; provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances Advances, and for any unpaid General Servicing Fees or Option One Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (ix) with respect to any defaulted Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as to which may be collected by the Servicer has determined that all amounts that from the Mortgagor or otherwise relating to the Mortgage Loan, it expects being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to recover on behalf the rights of the Trust Fund from or on account of such Mortgage Loan have been recoveredFund;
(x) to reimburse the Servicer for expenses incurred by, and reimbursable to, the Servicer pursuant to Section 6.03, but only to extent such amounts are determined to be reimbursable by the Trust Fund pursuant to Section 6.03;
(xi) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections Section 3.12 and 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04;
(xii) to withdraw funds necessary for the operation, management and maintenance of any REO related property to the extent not previously reimbursed under clause (ix) of this Section 3.04; and
(xixiii) to withdraw any funds deposited to the Custodial Account in error. Notwithstanding the foregoing clauses (viii) and (ix), no Monthly Advances or Servicing Advances shall be required to be made by the Servicer if such Monthly Advance or Servicing Advance would, if made, be, in the Servicer’s reasonable judgment, nonrecoverable. The determination by the Servicer that it has made a nonrecoverable Monthly Advance or Servicing Advance, or that any proposed Monthly Advance or Servicing Advance would be a nonrecoverable advance, shall be evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer and the NIMS Insurer.
Appears in 1 contract
Samples: Subservicing Agreement (Structured Asset Securities Corp)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) [reserved];
(iv) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(ivv) to pay itself investment earnings on funds deposited in the Custodial Account;
(vvi) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vivii) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(viiviii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viiiix) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the Servicer's ’s right to reimburse itself pursuant to this subclause (viiiix) with respect to any Mortgage Loan being limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(ixx) to reimburse itself for unreimbursed Servicing Advances, and for any unpaid Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (x) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(xi) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have has been recovered;
(xxii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls;
(xiii) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 and 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04; and
(xixiv) to withdraw any funds deposited to the Custodial Account in error.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Securities Corp 2005-S2)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) : to make payments to the Master Servicer Owner in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) ; in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) ; to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03unreimbursed Servicing Advances, the Servicer's right to reimburse itself pursuant to this subclause (viiiiii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received on or in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan which represent late recoveries of payments of principal or interest with respect (provided that in the event the Servicer is unable to which a Monthly Advance was madereimburse itself from the related Mortgage Loan it may, by written notice to the Owner, reimburse itself from amounts on deposit in the Custodial Account), it being understood that, in the case of any such reimbursement, the Servicer’s 's right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse Owner; to pay itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any interest on funds deposited in the Custodial Account, it being understood, ; to transfer funds to another Qualified Depository in the case of any such reimbursement, that the Servicer’s right thereto shall be prior accordance with Section 3.10; to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit invest funds in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(ix) Eligible Investments in accordance with Section 3.10; to reimburse itself for remaining unreimbursed Servicing any Nonrecoverable Advances with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(x) to reimburse itself for out-of-pocket expenses incurred or reimbursable to by the Servicer pursuant to Sections 3.12 and 6.03 to the extent not previously reimbursed under clause (viiiSection 2.03, 3.09(c) of this Section 3.04or 10.02; and
(xi) to withdraw funds deposited in error; and to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 1 contract
Samples: Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-3)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances of the Servicer’s 's funds made pursuant to Section 4.03, the Servicer's right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s 's right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s 's right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances Advances, and for any unpaid Servicing Fees, the Servicer's right to reimburse itself pursuant to this subclause (ix) with respect to any defaulted Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as to which may be collected by the Servicer has determined that all amounts that from the Mortgagor or otherwise relating to the Mortgage Loan, it expects being understood that, in the case of any such reimbursement, the Servicer's right thereto shall be prior to recover on behalf the rights of the Trust Fund from or on account of such Mortgage Loan have been recoveredFund;
(x) to reimburse itself for expenses incurred or by, and reimbursable to to, the Servicer pursuant to Sections Section 3.12 and Section 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04; and
(xi) to withdraw any funds deposited to the Custodial Account in error.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc1)
Permitted Withdrawals From Custodial Account. (a) The Servicer shall, from time to time, withdraw funds from the Trust Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to pay the Seller Remittance Amount to each Seller (with respect to each LPMI Loan, in the amount of the its related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07Mortgage Loans);
(iii) in the event the Servicer has elected not to retain the Option One Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Trust Custodial Account, to pay to itself the related Option One Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Trust Custodial Account;
(v) to clear and terminate the Trust Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds held in the Trust Custodial Account for Monthly Advances of the Servicer’s 's funds made pursuant to Section 4.03, the . The Servicer's right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being shall be limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, that in the case of any such reimbursement, reimbursement the Servicer’s 's right thereto shall be prior to the rights of the Trust Fund, ; provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Trust Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s 's right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Trust Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;. In addition, the Servicer may, at any time, withdraw from the Trust Custodial Account funds that were not included in the Total Distribution Amount (as defined in the Trust Agreement) for the preceding Distribution Date to reimburse itself for Monthly Advances previously made by the Servicer; and
(ix) to reimburse itself for remaining unreimbursed Servicing Advances Advances, and for any unpaid General Servicing Fees or Option One Servicing Fees, the Servicer's right to reimburse itself pursuant to this subclause (ix) with respect to any defaulted Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as to which may be collected by the Servicer has determined that all amounts that from the Mortgagor or otherwise relating to the Mortgage Loan, it expects being understood that, in the case of any such reimbursement, the Servicer's right thereto shall be prior to recover on behalf the rights of the Trust Fund from or on account of such Mortgage Loan have been recoveredFund;
(x) to reimburse the Servicer for expenses incurred by, and reimbursable to, the Servicer pursuant to Section 6.03, but only to extent such amounts are determined to be reimbursable by the Trust Fund pursuant to Section 6.03; and
(xi) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections Section 3.12 and 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04;
(xii) to withdraw funds necessary for the operation, management and maintenance of any REO related property to the extent not previously reimbursed under clause (ix) of this Section 3.04; and
(xixiii) to withdraw any funds deposited to the Trust Custodial Account in error. Notwithstanding the foregoing clauses (viii) and (ix), no Monthly Advances or Servicing Advances shall be required to be made by the Servicer if such Monthly Advance or Servicing Advance would, if made, be, in the Servicer's reasonable judgment, nonrecoverable. The determination by the Servicer that it has made a nonrecoverable Monthly Advance or Servicing Advance, or that any proposed Monthly Advance or Servicing Advance would be a nonrecoverable advance, shall be evidenced by an Officer's Certificate of the Servicer delivered to the Master Servicer and the NIMS Insurer.
(b) The Servicer shall from, time to time withdraw funds from the DA Reserve Account to be applied in the following manner:
(i) that amount of DA Dividends on deposit in the DA Reserve Account which are not refundable to the Mortgagors as a result of a DA Forfeiture Event with respect to the related DAD Mortgage Loans shall be withdrawn from the DA Reserve Account on each Remittance Date and paid to the Master Servicer for deposit into the Collection Account maintained by the Master Servicer pursuant to Section 4.01 of the Trust Agreement.
(ii) any amount of DA Dividends on deposit in the DA Reserve Account which is refundable to the Mortgagor of a DAD Mortgage Loan as the result of the non-occurrence of a DA Forfeiture Event with respect to such Mortgage Loan shall be withdrawn from the DA Reserve Account and paid to the related Mortgagor no later than twenty days following the related DA Anniversary Date on which the determination of eligibility for such refund is determined.
(iii) to pay itself investment earnings on funds deposited into the DA Reserve Account.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc2)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the Servicer's ’s right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(ix) to reimburse itself for unreimbursed Servicing Advances, and for any unpaid Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (ix) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(x) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(xxi) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls;
(xii) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 and 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04; and
(xixiii) to withdraw any funds deposited to the Custodial Account in error.
Appears in 1 contract
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07reserved;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) reserved;
(v) to pay itself investment earnings on funds deposited in the Custodial Account;
(vvi) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vivii) to transfer funds to another Eligible Institution Account in accordance with Section 3.11 hereof;
(viiviii) to invest funds in certain Eligible Permitted Investments in accordance with Section 3.11 hereof;
(viiiix) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the Servicer's ’s right to reimburse itself pursuant to this subclause (viiiix) with respect to any Mortgage Loan being limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly an Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(x) to reimburse itself for unreimbursed Servicing Advances, providedand for any unpaid Servicing Fees, howeverthe Servicer’s right to reimburse itself pursuant to this subclause (x) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, that following Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the final liquidation of a related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understoodunderstood that, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at ;
(xi) to reimburse itself out of any time from amounts on deposit funds in the Custodial Account the amount for Nonrecoverable Advances and for Servicing Fees on Liquidated Mortgage Loans not recovered out of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loanproceeds;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(xxii) to reimburse itself for expenses incurred or reimbursable and amounts payable to the Servicer pursuant to Sections 3.12 and Section 6.03 to the extent not previously reimbursed under clause (viiix) of this Section 3.04; and;
(xixiii) to withdraw funds deposited in error.; and
(xiv) to clear and terminate the Custodial Account on the termination of this Agreement
Appears in 1 contract
Permitted Withdrawals From Custodial Account. (i) The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i1) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.014.03(a);
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii2) in the event the Servicer has elected not to retain the Servicing Administration Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in into the Custodial Account, to pay to itself the related Servicing Administration Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii3) to reimburse itself to the extent of funds in the Custodial Account for Monthly unreimbursed Advances of and Servicing Advances, the Servicer’s funds made pursuant to Section 4.03, the Servicer's right to reimburse itself pursuant to this subclause (viii3) with respect to any Mortgage Loan being limited to related Liquidation Proceeds (net of Liquidation Expenses), Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received on or in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was madeLoan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may Noteholders;
(4) to reimburse itself for any previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial AccountXxxxxxxxx Advances that it determines are Nonrecoverable Advances, it being understood, in the case of any each such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts Noteholders;
(5) to pay itself investment earnings on deposit funds deposited in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage LoanAccount;
(ix6) to reimburse itself for remaining unreimbursed Servicing Advances transfer funds to another Eligible Account in accordance with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recoveredSection 4.02(j) hereof;
(x7) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 invest funds in certain Eligible Investments in accordance with Section 4.02(d)(i) and 6.03 to the extent not previously reimbursed under clause (viiiSection 4.02(i) of this Section 3.04; andhereof;
(xi) 8) to withdraw funds deposited in error;
(9) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(10) to pay itself any Prepayment Interest Excess Amount.
Appears in 1 contract
Samples: Transfer and Servicing Agreement (Fieldstone Mortgage Investment Trust, Series 2004-3)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Participation Mortgage Loan (including late collections of interest on such Participation Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Participation Mortgage Loan;
(iviii) to pay itself investment earnings on funds deposited in the Custodial Account;
(viv) to clear and terminate the Custodial Account upon the termination of this Agreement;
(viv) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(viivi) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viiivii) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances of the Servicer’s 's funds made pursuant to Section 4.03, the Servicer's right to reimburse itself pursuant to this subclause (viiivii) with respect to any Participation Mortgage Loan being is limited to amounts received on or in respect of the related Participation Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s 's right thereto shall be prior to the rights of the Trust FundSeller and the applicable Participants; and
(viii) to reimburse itself for unreimbursed Servicing Advances, providedand for any unpaid Servicing Fees, howeverthe Servicer's right to reimburse itself pursuant to this subclause (viii) with respect to any Participation Mortgage Loan being limited to related Liquidation Proceeds, that following Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the final liquidation of a related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Participation Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understoodunderstood that, in the case of any such reimbursement, that the Servicer’s 's right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in Seller and the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(x) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 and 6.03 to the extent not previously reimbursed under clause (viii) of this Section 3.04; and
(xi) to withdraw funds deposited in errorapplicable Participants.
Appears in 1 contract
Samples: Participation Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-18a)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to pay any outstanding premiums under the MGIC PMI Insurance Policy and to make payments to the Master Servicer Trustee in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in pay the amount of the related LPMI Fee, Holdings Remittance Amount to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07Holdings;
(iii) in the event the Servicer has elected not to retain the Option One Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Option One Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds held in the Custodial Account for Monthly Advances of the Servicer’s 's funds made pursuant to Section 4.03, the . The Servicer's right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being shall be limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, that the Servicer’s 's right thereto shall be prior to the rights of the Trust Fund, ; provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed unreimbused Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s 's right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan. In addition, the Servicer may, at any time, withdraw from the Custodial Account funds that were not included in the Total Distribution Amount (as defined in the Trust Agreement) for the preceding Distribution Date to reimburse itself for Monthly Advances previously made by the Servicer;
(ix) to reimburse itself for remaining any unreimbursed Servicing Advances the Servicer is obligated to advance pursuant to any related provision of this Agreement, and for any unpaid Option One Servicing Fee, the Servicer's right to reimburse itself pursuant to this subclause (ix) with respect to any defaulted Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as to which may be collected by the Servicer has determined that all amounts that from the Mortgagor or otherwise relating to the Mortgage Loan, it expects being understood that, in the case of any such reimbursement, the Servicer's right thereto shall be prior to recover on behalf the rights of the Trust Fund from or on account of such Mortgage Loan have been recoveredFund;
(x) to reimburse the Servicer for expenses incurred by, and reimbursable to, the Servicer pursuant to Section 6.03 up to amount equal to $500,000 in any calendar year but only to extent such amounts are determined to be reimbursable to the Servicer by the Trust Fund pursuant to Section 6.03;
(xi) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections Section 3.12 to the extent not previously withdrawn under clause (ix) of this Section 3.04;
(xii) to withdraw funds necessary for the operation, management and 6.03 maintenance of any REO related property to the extent not previously reimbursed under clause (viiiix) of this Section 3.04; and
(xixiii) to withdraw any funds deposited to the Custodial Account in error.
Appears in 1 contract
Samples: Servicing Agreement (Amortizing Resi Collateral Tr Mort Pas Thru Cer Ser 2001-Bc1)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Securitized Loan (including late collections of interest on such Mortgage Securitized Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Securitized Loan;
(iviii) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(viiv) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(viiv) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viiivi) to reimburse itself to the extent of funds held in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the . The Servicer's right to reimburse itself pursuant to this subclause (viiivi) with respect to any Mortgage Securitized Loan being shall be limited to amounts received on or in respect of the related Mortgage Securitized Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, that in the case of any such reimbursement, reimbursement the Servicer’s right thereto shall be prior to the rights of the Trust Fund, related Trust; provided, however, that following the final liquidation of a Mortgage Securitized Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Securitized Loan from any funds in the Custodial AccountAccount relating to Securitized Loans in the same Trust, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fundrelated Trust. The Servicer may recover at any time from amounts on deposit in the Custodial Account with respect to Securitized Loans in the same Trust the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage property that secures such Securitized Loan;
. In addition, the Servicer may, at any time, withdraw from the Custodial Account funds that are held for future distribution (ixi.e., were not included in the principal and interest for the preceding Remittance Date) to reimburse itself for remaining Monthly Advances previously made by the Servicer;
(vii) to reimburse itself for unreimbursed Servicing Advances Advances, and for any unpaid Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (vii) with respect to any defaulted Mortgage Securitized Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as to which may be collected by the Servicer has determined that all amounts that from the Mortgagor or otherwise relating to the Securitized Loan, it expects being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to recover on behalf the rights of the Trust Fund from or on account of such Mortgage Loan have been recoveredrelated Trust;
(xviii) to reimburse the Servicer for expenses incurred by, and reimbursable to, the Servicer pursuant to Section 6.03, but only to extent such amounts are determined to be reimbursable by the related Trust pursuant to Section 6.03;
(ix) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections Section 3.12 and 6.03 from funds with respect to Securitized Loans in the same Trust to the extent not previously reimbursed under clause (viiivii) of this Section 3.04; and;
(x) to withdraw funds with respect to Securitized Loans in the same Trust necessary for the operation, management and maintenance of any REO related property to the extent not previously reimbursed under clause (vii) of this Section 3.04;
(xi) to withdraw any funds deposited to the Custodial Account in error; and,
(xii) to clear and terminate the Custodial Account upon the termination of this Agreement;
(xiii) to reimburse the Trustee or the NIMs Insurer for enforcement expenses incurred in respect of a breach of a representation or warranty.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Opteum Mortgage Acceptance CORP Trust 2006-2)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:purposes (the order set forth below does not constitute an order of priority for such withdrawal):
(i) to make payments remittances to the Master Servicer Owner in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself for unreimbursed Servicing Advances with interest at the Advance Rate as provided under and from the sources set forth in Section 4.07 hereof, and pay itself any unpaid Servicing Fees and additional servicing compensation due to it under and from the extent of funds sources set forth in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the Servicer's right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, 5.01; it being understood that, in the case of any such reimbursementreimbursement or payment, the Servicer’s 's right thereto to reimbursement and payment under this subsection (ii) shall be prior to the rights of the Trust Fund, provided, however, that following Owner;
(iii) to disburse funds from and/or terminate the final liquidation Custodial Account upon the termination of a this Agreement with respect to any or all Mortgage Loans;
(iv) to transfer funds to another Eligible Account in accordance with Section 3.09(a) hereof;
(v) unless otherwise specified in the Acknowledgment Agreement with respect to the related Mortgage Loan, to pay to the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds Owner all modification fees, assumption fees, processing fees with respect to such placement of subordinate liens on Mortgaged Properties, and other fees payable to the Servicer on the Business Day received by the Servicer in immediately available funds;
(vi) to pay to the Owner any other fees payable by a Mortgagor with respect to any Mortgage Loan Loan, and any investment income from the Lockbox Account with respect to any funds in Mortgage Loan, to the Custodial Account, it being understood, in the case of any such reimbursement, extent that the Servicer’s right thereto shall related Acknowledgment Agreement provides for such fees or investment income to be prior paid to the rights of the Trust Fund. The Servicer may recover at any Owner;
(vii) to pay itself from time from amounts to time interest on deposit funds deposited in the Custodial Account pursuant to Section 3.09(b) hereof;
(viii) to remove any funds deposited in the amount of any Monthly Advances that Custodial Account by the Servicer deems nonrecoverable or that remain unreimbursed were not required to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;be deposited therein; and
(ix) to reimburse itself pay for remaining unreimbursed Servicing Advances with respect the cost of any environmental compliance, clean-up or remediation pursuant to Section 3.13(b) or any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf other expenses of the Trust Fund from or on account of Owner which are expressly designated as such Mortgage Loan have been recovered;
(x) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 and 6.03 to the extent not previously reimbursed under clause (viii) of this Section 3.04; and
(xi) to withdraw funds deposited in errorherein.
Appears in 1 contract
Samples: Servicing Agreement (Imperial Credit Commercial Mortgage Investment Corp)
Permitted Withdrawals From Custodial Account. The Subject to Section 3.01, the Servicer shall, from time shall be entitled to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer Owner in the amounts and in the manner provided for in Section 4.013.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07[reserved];
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect (to that Mortgage Loanthe extent the Servicer has not retained the Servicing Fee);
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself for unreimbursed Servicing Advances (except to the extent reimbursed pursuant to Section 2.07), any accrued but unpaid Servicing Fees and for unreimbursed advances of funds in the Custodial Account for Monthly Advances of the Servicer’s Servicer funds made pursuant to Section 4.032.15, the Servicer's right to reimburse itself pursuant to this subclause (viiiiii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts received on as may be collected by the Servicer from the Mortgagor or in respect of otherwise relating to the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was madeLoan, it being understood that, in the case of any such reimbursement, the Servicer’s 's right thereto shall be prior to the rights of the Trust Fund, provided, however, that Owner;
(v) following the final liquidation of a Mortgage Loan, the Servicer may to reimburse itself from amounts unrelated to the Mortgage Loan for previously unreimbursed Monthly Advances in excess of any unpaid Servicing Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or Insurance Proceeds other amounts received with respect to such the related Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loanunder Section 2.05(iii);
(ixvi) to reimburse itself for remaining any unreimbursed Servicing Nonrecoverable Advances with respect to any defaulted Mortgage Loan as to which made by the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recoveredin accordance with this Agreement;
(xvii) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 and 6.03 to the extent not previously reimbursed under clause invest funds in Eligible Investments in accordance with Section 2.09;
(viii) of this Section 3.04; and
(xi) to withdraw funds deposited in error;
(ix) to pay itself any interest earned on funds deposited in the Custodial Account (all such interest to be withdrawn monthly not later than each Remittance Date); and
(x) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 1 contract
Samples: Servicing Agreement (Oak Street Financial Services Inc)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i1) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.014.03(a);
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii2) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in into the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii3) to reimburse itself to the extent of funds in the Custodial Account for Monthly unreimbursed Advances of and Servicing Advances, the Servicer’s funds made pursuant to Section 4.03, the Servicer's right to reimburse itself pursuant to this subclause (viii3) with respect to any Mortgage Loan being limited to related Liquidation Proceeds (net of Liquidation Expenses), Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received on or in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was madeLoan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may Noteholders;
(4) to reimburse itself for any previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial AccountServicing Advances that it determines are Nonrecoverable Advances, it being understood, in the case of any each such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts Noteholders;
(5) to pay itself investment earnings on deposit funds deposited in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage LoanAccount;
(ix6) to reimburse itself for remaining unreimbursed Servicing Advances transfer funds to another Eligible Account in accordance with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recoveredSection 4.02(j) hereof;
(x7) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 invest funds in certain Eligible Investments in accordance with Section 4.02(d)(i) and 6.03 to the extent not previously reimbursed under clause (viiiSection 4.02(i) of this Section 3.04; andhereof;
(xi) 8) to withdraw funds deposited in error;
(9) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(10) to pay itself any Prepayment Interest Excess Amount.
Appears in 1 contract
Samples: Transfer and Servicing Agreement (New York Mortgage Trust 2005-3)
Permitted Withdrawals From Custodial Account. The Servicer Seller shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer Purchaser in the amounts and in the manner provided for in Section 4.016.01; (ii) to reimburse itself for unreimbursed Servicing Advances, the Seller's right to reimburse itself pursuant to this subclause
(ii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Seller from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller's right thereto shall be prior to the rights of the Purchaser;
(iiiii) to pay itself interest on funds deposited in the Custodial Account;
(iv) with respect to each LPMI Loan, in the an amount of equal to the related LPMI Fee, Fee to make payments with respect to payment of premiums for due under the LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial AccountPolicy;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer withdraw funds to another Eligible Institution deposited in accordance with Section 3.11 hereoferror;
(vii) to invest funds fund in certain Eligible Investments in accordance with Section 3.11 hereof;Investments; and
(viii) to reimburse itself transfer funds to another Custodial Account established with a Qualified Depository in accordance with Section 5.10. In the extent of funds in event that the Custodial Account is interest bearing, on each Remittance Date, the Seller shall withdraw all funds from the Custodial Account except for Monthly Advances of the Servicer’s funds made those amounts which, pursuant to Section 4.036.01, the Servicer's right Seller is not obligated to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to amounts received remit on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust FundRemittance Date. The Servicer Seller may recover at any time from amounts on deposit use such withdrawn funds only for the purposes described in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(x) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 and 6.03 to the extent not previously reimbursed under clause (viii) of this Section 3.04; and
(xi) to withdraw funds deposited in error5.05.
Appears in 1 contract
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loandeposit the Seller Remittance Amount into the Collection Account, in for ultimate payment to the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07Seller;
(iii) in the event the Servicer has elected not to retain the Option One Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Option One Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds held in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the . The Servicer's ’s right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being shall be limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, that in the case of any such reimbursement, reimbursement the Servicer’s right thereto shall be prior to the rights of the Trust Fund, ; provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of such Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds or Insurance REO Disposition Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage LoanLoan and to reimburse itself for Monthly Advances to the extent of funds held in the Collection Account for future distribution that were not included in available funds for the preceding Remittance Date;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances Advances, and for any unpaid General Servicing Fees or Option One Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (ix) with respect to any defaulted Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as to which may be collected by the Servicer has determined that all amounts that from the Mortgagor or otherwise relating to the Mortgage Loan, it expects being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to recover on behalf the rights of the Trust Fund from Fund; provided, however, that following the final liquidation of the related Mortgage Loan, the Servicer may reimburse itself for any such unreimbursed Servicing Advances or on account any unpaid Option One Servicing Fees in excess of such Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds with respect to such Mortgage Loan have been recoveredfrom any funds in the Custodial Account, it being understood that, in case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(x) to reimburse the Servicer for expenses incurred by, and reimbursable to, the Servicer pursuant to Section 6.03, but only to extent such amounts are determined to be reimbursable by the Trust Fund pursuant to Section 6.03;
(xi) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections Section 3.12 and 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04;
(xii) to withdraw funds necessary for the operation, management and maintenance of any REO related property to the extent not previously reimbursed under clause (ix) of this Section 3.04; and
(xixiii) to withdraw any funds deposited to the Custodial Account in error. Notwithstanding the foregoing clauses (viii) and (ix), no Monthly Advances or Servicing Advances shall be required to be made by the Servicer if such Monthly Advance or Servicing Advance would, if made, be, in the Servicer’s reasonable judgment, nonrecoverable. The determination by the Servicer that it has made a nonrecoverable Monthly Advance or Servicing Advance, or that any proposed Monthly Advance or Servicing Advance would be a nonrecoverable advance, shall be evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer and the NIMS Insurer.
Appears in 1 contract
Samples: Subservicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Series 2004 2)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances of the Servicer’s 's funds made pursuant to Section 4.03, the Servicer's right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s 's right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s 's right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances Advances, and for any unpaid Servicing Fees, the Servicer's right to reimburse itself pursuant to this subclause (ix) with respect to any defaulted Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as to which may be collected by the Servicer has determined that all amounts that from the Mortgagor or otherwise relating to the Mortgage Loan, it expects being understood that, in the case of any such reimbursement, the Servicer's right thereto shall be prior to recover on behalf the rights of the Trust Fund from or on account of such Mortgage Loan have been recoveredFund;
(x) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls;
(xi) to reimburse itself for expenses incurred or by, and reimbursable to to, the Servicer pursuant to Sections Section 3.12 and Section 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04; and
(xixii) to withdraw any funds deposited to the Custodial Account in error.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc2)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) to pay itself investment earnings on funds deposited in the Custodial Account;
(viv) to clear and terminate the Custodial Account upon the termination of this Agreement;
(viv) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(viivi) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viiivii) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances of the Servicer’s 's funds made pursuant to Section 4.03, it being understood that, in the case of any such reimbursement, the Servicer's right thereto shall be prior to the rights of the Trust Fund; and
(viii) to reimburse itself for unreimbursed Servicing Advances, and for any unpaid Servicing Fees, the Servicer's right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received on or in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was madeLoan, it being understood that, in the case of any such reimbursement, the Servicer’s 's right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(x) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 and 6.03 to the extent not previously reimbursed under clause (viii) of this Section 3.04; and
(xi) to withdraw funds deposited in error.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Securities Corp Mo Pa Th Ce Se 2000-Bc1)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances (excluding Capitalization Reimbursement Amounts) of the Servicer’s funds made pursuant to Section 4.03, the Servicer's ’s right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(ix) to reimburse itself for unreimbursed Servicing Advances (excluding Capitalization Reimbursement Amounts), and for any unpaid Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (ix) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(x) to reimburse itself for any unreimbursed Capitalization Reimbursement Amounts solely from collections on account of principal in the related Mortgage Pool;
(xi) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have has been recovered;
(xxii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls;
(xiii) to reimburse itself for any Prepayment Charges deposited to the Custodial Account in error with respect to any Prepayment Period, but only to the extent that Prepayment Charges on deposit in the Custodial Account with respect to the related Mortgage Pool equal or exceed such Prepayment Charges deposited in error;
(xiv) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 and 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04; and
(xixv) to withdraw any funds deposited to the Custodial Account in error.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2007-Bc4)
Permitted Withdrawals From Custodial Account. (a) The Servicer shall, from time to time, withdraw funds from the Trust Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loandeposit the Seller Remittance Amount into the Collection Account, in for ultimate payment to the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07Seller;
(iii) in the event the Servicer has elected not to retain the Option One Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Trust Custodial Account, to pay to itself the related Option One Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Trust Custodial Account;
(v) to clear and terminate the Trust Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds held in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the . The Servicer's ’s right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being shall be limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, that in the case of any such reimbursement, reimbursement the Servicer’s right thereto shall be prior to the rights of the Trust Fund, ; provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of such Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds or Insurance REO Disposition Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage LoanLoan and to reimburse itself for Monthly Advances to the extent of funds held in the Collection Account for future distribution that were not included in available funds for the preceding Remittance Date;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances Advances, and for any unpaid Option One Servicing Fees, and then to reimburse the Seller for any unpaid Seller Remittance Amount, the Servicer’s and the Seller’s respective rights to such reimbursement pursuant to this subclause (ix) with respect to any defaulted Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as to which may be collected by the Servicer has determined that all amounts that from the Mortgagor or otherwise relating to the Mortgage Loan, it expects being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to recover on behalf the rights of the Trust Fund from Fund; provided, however, that following the final liquidation of the related Mortgage Loan, the Servicer may reimburse itself for any such unreimbursed Servicing Advances or on account any unpaid Option One Servicing Fees and the Seller may reimburse itself for any such unpaid Seller Remittance Amount in excess of such Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds with respect to such Mortgage Loan have been recoveredfrom any funds in the Custodial Account, it being understood that, in case of any such reimbursement, the Servicer’s and the Seller’s respective rights thereto shall be prior to the rights of the Trust Fund;
(x) to reimburse the Servicer for expenses incurred by, and reimbursable to, the Servicer pursuant to Section 6.03, but only to extent such amounts are determined to be reimbursable by the Trust Fund pursuant to Section 6.03;
(xi) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections Section 3.12 to the extent not previously reimbursed under clause (ix) of this Section 3.04;
(xii) to withdraw funds necessary for the operation, management and 6.03 maintenance of any REO related property to the extent not previously reimbursed under clause (viii) of this Section 3.04; and
(xixiii) to withdraw any funds deposited to the Trust Custodial Account in error. Notwithstanding the foregoing clauses (viii) and (ix), no Monthly Advances or Servicing Advances shall be required to be made by the Servicer if such Monthly Advance or Servicing Advance would, if made, be, in the Servicer’s reasonable judgment, nonrecoverable. The determination by the Servicer that it has made a nonrecoverable Monthly Advance or Servicing Advance, or that any proposed Monthly Advance or Servicing Advance would be a nonrecoverable advance, shall be evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer and the NIMS Insurer.
Appears in 1 contract
Samples: Subservicing Agreement (Structured Asset Investment Loan Trust 2004-Bnc2)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) to withdraw each Pool Insurance premium Payment for payment to the applicable Pool Insurer in accordance with Section 3.21;
(iv) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(ivv) to pay itself investment earnings on funds deposited in the Custodial Account;
(vvi) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vivii) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(viiviii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viiiix) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the Servicer's ’s right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(x) to reimburse itself for unreimbursed Servicing Advances, and for any unpaid Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (ix) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(xi) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have has been recovered;
(xxii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls;
(xiii) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 and 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04; and
(xixiv) to withdraw any funds deposited to the Custodial Account in error.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Securities Corp 2005-S1)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer Trustee in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;[Reserved].
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor Obligor payments on account of interest or other recovery of interest with respect to a particular Mortgage Assistance Loan (including late collections of interest on such Mortgage Assistance Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor Obligor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor Obligor payments on account of interest or other such recovery for interest with respect to that Mortgage Assistance Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 3.10 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 3.10 hereof;
(viii) to make distributions of the Retained Interest to the Retained Interest Holder on each Distribution Date;
(ix) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances of the Servicer’s 's funds made pursuant to Section 4.034.04, the Servicer's right to reimburse itself pursuant to this subclause (viiiix) with respect to any Mortgage Assistance Loan being is limited to amounts received on or in respect of the related Mortgage Assistance Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s 's right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage an Assistance Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Assistance Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s 's right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds Proceeds, if any, after the final liquidation of the Mortgage Assistance Loan;
(ixx) to reimburse itself for remaining unreimbursed Servicing Advances Advances, and for any unpaid Servicing Fees, the Servicer's right to reimburse itself pursuant to this subclause (x) with respect to any defaulted Mortgage Assistance Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as to which may be collected by the Servicer has determined from the Obligor or otherwise relating to the Assistance Loan; provided, however that, following the liquidation of an Assistance Loan, the Servicer may reimburse itself for any unpaid Servicing Advances and Servicing Fees to the extent not recoverable from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds or other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Obligor or otherwise relating to the Assistance Loan; and provided, further, that all amounts that it expects in the case of any such reimbursement, the Servicer's right thereto shall be prior to recover on behalf the rights of the Trust Fund from or on account of such Mortgage Loan have been recoveredFund;
(xxi) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.11, 3.12 and 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04; and
(xixii) to withdraw funds deposited in the Custodial Account in error.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Sec Corp Pass Through Cert Series 2002-Al1)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the Servicer's ’s right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan; Aurora Servicing Agreement
(ix) to reimburse itself for unreimbursed Servicing Advances, and for any unpaid Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (ix) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(ixx) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have has been recovered;
(xxi) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls;
(xii) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 and 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04; and
(xixiii) to withdraw any funds deposited to the Custodial Account in error.
Appears in 1 contract
Samples: Servicing Agreement (Sasco 2006-Bc2)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances of the Servicer’s 's funds made pursuant to Section 4.03, the Servicer's right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s 's right thereto shall be prior to the rights of the Trust Fund, providedPROVIDED, howeverHOWEVER, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of only from Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan it being understood that in no case may a Servicer recover Servicing Advances from principal and interest payments on any Mortgage Loan or from any funds in the Custodial Account, it being understood, in amounts relating to any other Mortgage Loan.. In the case of any such reimbursement, that the Servicer’s 's right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;.
(ix) to reimburse itself for remaining unreimbursed Servicing Advances Advances, and for any unpaid Servicing Fees, the Servicer's right to reimburse itself pursuant to this subclause (ix) with respect to any defaulted Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as to which may be collected by the Servicer has determined that all amounts that from the Mortgagor or otherwise relating to the Mortgage Loan, it expects being understood that, in the case of any such reimbursement, the Servicer's right thereto shall be prior to recover on behalf the rights of the Trust Fund from or on account of such Mortgage Loan have been recoveredFund;
(x) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 and 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04; and
(xi) to withdraw funds deposited in error.
Appears in 1 contract
Samples: Servicing Agreement (Banccap Asset Securization Issuance Corp)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the Servicer's ’s right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances Advances, and for any unpaid Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (ix) with respect to any defaulted Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as to which may be collected by the Servicer has determined that all amounts that from the Mortgagor or otherwise relating to the Mortgage Loan, it expects being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to recover on behalf the rights of the Trust Fund from or on account of such Mortgage Loan have been recoveredFund;
(x) to pay itself an amount equal to the Net Simple Interest Excess, if any, for the related Due Period to the extent not offset by Net Simple Interest Shortfalls;
(xi) to reimburse itself for expenses incurred or by, and reimbursable to to, the Servicer pursuant to Sections Section 3.12 and Section 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04; and
(xixii) to withdraw any funds deposited to the Custodial Account in error.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Inv Loan Tr Mort Pass-THR Cert Ser 2004-1)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances (excluding Capitalization Reimbursement Amounts) of the Servicer’s funds made pursuant to Section 4.03, the Servicer's ’s right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(ix) to reimburse itself for unreimbursed Servicing Advances (excluding Capitalization Reimbursement Amounts) and for any unpaid Aurora Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (x) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(x) to pay itself an amount equal to the Net Simple Interest Excess, if any, for the related Due Period to the extent not offset by Net Simple Interest Shortfalls;
(xi) to reimburse itself for any unreimbursed Capitalization Reimbursement Amounts solely from collections on account of principal in the related Mortgage Pool;
(xii) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(xxiii) [Reserved];
(xiv) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 and 6.03 to the extent not previously reimbursed under clause (viii) of this Section 3.04; and
(xixv) to withdraw funds deposited in error.
Appears in 1 contract
Samples: Servicing Agreement (Lehman Mortgage Trust 2007-10)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(viiiv) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viiiv) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the Servicer's ’s right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(ixvi) to reimburse itself for remaining unreimbursed Servicing Advances Advances, and for any unpaid Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (ix) with respect to any defaulted Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as to which may be collected by the Servicer has determined that all amounts that from the Mortgagor or otherwise relating to the Mortgage Loan, it expects being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to recover on behalf the rights of the Trust Fund from or on account of such Mortgage Loan have been recoveredFund;
(xvii) to pay itself an amount equal to the Net Simple Interest Excess, if any, for the related Due Period to the extent not offset by Net Simple Interest Shortfalls;
(viii) to reimburse itself for expenses incurred or by, and reimbursable to to, the Servicer pursuant to Sections Section 3.12 and Section 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04; and
(ix) to clear and terminate the Custodial Account upon the termination of this Agreement;
(x) to withdraw any funds deposited to the Custodial Account in error;
(xi) to withdraw transfer funds deposited to another Qualified Depository in erroraccordance with Section 3.11 hereof.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 S1)
Permitted Withdrawals From Custodial Account. (a) The Servicer shall, from time to time, withdraw funds from the Trust Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Trust Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) to pay itself investment earnings on funds deposited in the Trust Custodial Account;
(viv) to clear and terminate the Trust Custodial Account upon the termination of this Agreement;
(viv) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(viivi) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viiivii) to reimburse itself to the extent of funds held in the Trust Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the . The Servicer's right to reimburse itself pursuant to this subclause (viiivii) with respect to any Mortgage Loan being shall be limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, that in the case of any such reimbursement, reimbursement the Servicer’s right thereto shall be prior to the rights of the Trust Fund, ; provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Trust Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Trust Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan. In addition, the Servicer may, at any time, withdraw from the Trust Custodial Account funds that were not included in the Total Distribution Amount (as defined in the Trust Agreement) for the preceding Distribution Date to reimburse itself for Monthly Advances previously made by the Servicer; and
(viii) to reimburse itself for unreimbursed Servicing Advances, and for any unpaid Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has for expenses incurred by, and reimbursable to, the Servicer pursuant to Section 6.03, but only to extent such amounts are determined that all amounts that it expects to recover on behalf of be reimbursable by the Trust Fund from or on account of such Mortgage Loan have been recoveredpursuant to Section 6.03;
(x) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections Section 3.12 to the extent not previously reimbursed under clause (ix) of this Section 3.04;
(xi) to withdraw funds necessary for the operation, management and 6.03 maintenance of any REO related property to the extent not previously reimbursed under clause (viii) of this Section 3.04; and
(xixii) to withdraw any funds deposited to the Trust Custodial Account in error. Notwithstanding the foregoing clauses (vii) and (viii), no Monthly Advances or Servicing Advances shall be required to be made by the Servicer if such Monthly Advance or Servicing Advance would, if made, be, in the Servicer’s reasonable judgment, nonrecoverable. The determination by the Servicer that it has made a nonrecoverable Monthly Advance or Servicing Advance, or that any proposed Monthly Advance or Servicing Advance would be a nonrecoverable advance, shall be evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer and the NIMS Insurer.
(b) The Servicer shall from, time to time withdraw funds from the DA Reserve Account to be applied in the following manner:
(i) that amount of DA Dividends on deposit in the DA Reserve Account which are not refundable to the Mortgagors as a result of a DA Forfeiture Event with respect to the related DAD Mortgage Loans shall be withdrawn from the DA Reserve Account on each Remittance Date and paid to the Master Servicer for deposit into the Collection Account maintained by the Master Servicer pursuant to Section 4.01 of the Trust Agreement.
(ii) any amount of DA Dividends on deposit in the DA Reserve Account which is refundable to the Mortgagor of a DAD Mortgage Loan as the result of the non-occurrence of a DA Forfeiture Event with respect to such Mortgage Loan shall be withdrawn from the DA Reserve Account and paid to the related Mortgagor no later than twenty days following the related DA Anniversary Date on which the determination of eligibility for such refund is determined.
(iii) to pay itself investment earnings on funds deposited into the DA Reserve Account.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Securities Corp)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i1) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.014.03(a);
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii2) in the event the Servicer has elected not to retain the Servicing Administration Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in into the Custodial Account, to pay to itself the related Servicing Administration Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii3) to reimburse itself to the extent of funds in the Custodial Account for Monthly unreimbursed Advances of and Servicing Advances, the Servicer’s funds made pursuant to Section 4.03, the Servicer's right to reimburse itself pursuant to this subclause (viii3) with respect to any Mortgage Loan being limited to related Liquidation Proceeds (net of Liquidation Expenses), Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received on or in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was madeLoan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may Noteholders;
(4) to reimburse itself for any previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial AccountXxxxxxxxx Advances that it determines are Nonrecoverable Advances, it being understood, in the case of any each such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts Noteholders;
(5) to pay itself investment earnings on deposit funds deposited in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage LoanAccount;
(ix6) to reimburse itself for remaining unreimbursed Servicing Advances transfer funds to another Eligible Account in accordance with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recoveredSection 4.02(j) hereof;
(x7) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 invest funds in certain Eligible Investments in accordance with Section 4.02(d)(i) and 6.03 to the extent not previously reimbursed under clause (viiiSection 4.02(i) of this Section 3.04; andhereof;
(xi) 8) to withdraw funds deposited in error;
(9) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(10) to pay itself any Prepayment Interest Excess Amount.
Appears in 1 contract
Samples: Transfer and Servicing Agreement (Fieldstone Mortgage Investment Trust, Series 2005-1)
Permitted Withdrawals From Custodial Account. (i) The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i1) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.014.03(a);
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii2) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in into the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii3) to reimburse itself to the extent of funds in the Custodial Account for Monthly unreimbursed Advances of and Servicing Advances, the Servicer’s funds made pursuant to Section 4.03, the Servicer's right to reimburse itself pursuant to this subclause (viii3) with respect to any Mortgage Loan being limited to related Liquidation Proceeds (net of Liquidation Expenses), Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received on or in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was madeLoan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may Securityholders;
(4) to reimburse itself for any previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial AccountServicing Advances that it determines are Nonrecoverable Advances, it being understood, in the case of any each such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts Securityholders;
(5) to pay itself investment earnings on deposit funds deposited in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage LoanAccount;
(ix6) to reimburse itself for remaining unreimbursed Servicing Advances transfer funds to another Eligible Account in accordance with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recoveredSection 4.02(j) hereof;
(x7) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 invest funds in certain Eligible Investments in accordance with Section 4.02(d)(i) and 6.03 to the extent not previously reimbursed under clause (viiiSection 4.02(i) of this Section 3.04; andhereof;
(xi) 8) to withdraw funds deposited in error;
(9) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(10) to pay itself any Prepayment Interest Excess Amount.
Appears in 1 contract
Samples: Transfer and Servicing Agreement (Merrill Lynch Mort Inv Fieldstone Mort Inv Tr Ser 2004-1)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to pay the Seller Remittance Amount to each Seller (with respect to each LPMI Loan, in the amount of the its related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07Mortgage Loans);
(iii) in the event the Servicer has elected not to retain the Option One Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Option One Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds held in the Custodial Account for Monthly Advances of the Servicer’s 's funds made pursuant to Section 4.03, the . The Servicer's right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being shall be limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, that in the case of any such reimbursement, reimbursement the Servicer’s 's right thereto shall be prior to the rights of the Trust Fund, ; provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s 's right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;. In addition, the Servicer may, at any time, withdraw from the Custodial Account funds that were not included in the Total Distribution Amount (as defined in the Trust Agreement) for the preceding Distribution Date to reimburse itself for Monthly Advances previously made by the Servicer; and
(ix) to reimburse itself for remaining unreimbursed Servicing Advances Advances, and for any unpaid General Servicing Fees or Option One Servicing Fees, the Servicer's right to reimburse itself pursuant to this subclause (ix) with respect to any defaulted Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as to which may be collected by the Servicer has determined that all amounts that from the Mortgagor or otherwise relating to the Mortgage Loan, it expects being understood that, in the case of any such reimbursement, the Servicer's right thereto shall be prior to recover on behalf the rights of the Trust Fund from or on account of such Mortgage Loan have been recoveredFund;
(x) to reimburse the Servicer for expenses incurred by, and reimbursable to, the Servicer pursuant to Section 6.03, but only to extent such amounts are determined to be reimbursable by the Trust Fund pursuant to Section 6.03; and
(xi) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections Section 3.12 and 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04;
(xii) to withdraw funds necessary for the operation, management and maintenance of any REO related property to the extent not previously reimbursed under clause (ix) of this Section 3.04; and
(xixiii) to withdraw any funds deposited to the Custodial Account in error. Notwithstanding the foregoing clauses (viii) and (ix), no Monthly Advances or Servicing Advances shall be required to be made by the Servicer if such Monthly Advance or Servicing Advance would, if made, be, in the Servicer's reasonable judgment, nonrecoverable. The determination by the Servicer that it has made a nonrecoverable Monthly Advance or Servicing Advance, or that any proposed Monthly Advance or Servicing Advance would be a nonrecoverable advance, shall be evidenced by an Officer's Certificate of the Servicer delivered to the Master Servicer and the NIMS Insurer.
Appears in 1 contract
Samples: Servicing Agreement (Structured Ass Sec Cor a R Col Tr MRT Ps THR CRT Ser 01-Bc6)
Permitted Withdrawals From Custodial Account. The Servicer Seller shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer Purchaser in the amounts and in the manner provided for in Section 4.016.01;
(ii) to reimburse itself for unreimbursed Servicing Advances, the Seller’s right to reimburse itself pursuant to this subclause (ii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Seller from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller’s right thereto shall be prior to the rights of the Purchaser;
(iii) to pay itself interest on funds deposited in the Custodial Account;
(iv) with respect to each LPMI Loan, in the an amount of equal to the related LPMI Fee, Fee to make payments with respect to payment of premiums for due under the LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial AccountPolicy;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer withdraw funds to another Eligible Institution deposited in accordance with Section 3.11 hereoferror;
(vii) to invest funds fund in certain Eligible Investments in accordance with Section 3.11 hereof;Investments; and
(viii) to reimburse itself transfer funds to another Custodial Account established with a Qualified Depository in accordance with Section 5.10. In the extent of funds in event that the Custodial Account is interest bearing, on each Remittance Date, the Seller shall withdraw all funds from the Custodial Account except for Monthly Advances of the Servicer’s funds made those amounts which, pursuant to Section 4.036.01, the Servicer's right Seller is not obligated to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to amounts received remit on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust FundRemittance Date. The Servicer Seller may recover at any time from amounts on deposit use such withdrawn funds only for the purposes described in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(x) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 and 6.03 to the extent not previously reimbursed under clause (viii) of this Section 3.04; and
(xi) to withdraw funds deposited in error5.05.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates 2004-11xs)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances (excluding Capitalization Reimbursement Amounts, other than as provided for in Section 3.04(x)) of the Servicer’s funds made pursuant to Section 4.03, the Servicer's right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(ix) to reimburse itself for unreimbursed Servicing Advances (excluding Capitalization Reimbursement Amounts, other than as provided for in Section 3.04(x)), and for any unpaid Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (ix) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(x) to reimburse itself for any unreimbursed Capitalization Reimbursement Amount solely from collections on account of principal;
(xi) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(xxii) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 3.07, 3.12, 3.13, 3.14 and 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04; and
(xixiii) to withdraw funds deposited in error.
Appears in 1 contract
Samples: Servicing Agreement (Lehman XS Trust Series 2007-20n)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Securitized Loan (including late collections of interest on such Mortgage Securitized Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Securitized Loan;
(iviii) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(viiv) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(viiv) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viiivi) to reimburse itself to the extent of funds held in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the . The Servicer's ’s right to reimburse itself pursuant to this subclause (viiivi) with respect to any Mortgage Securitized Loan being shall be limited to amounts received on or in respect of the related Mortgage Securitized Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, that in the case of any such reimbursement, reimbursement the Servicer’s right thereto shall be prior to the rights of the Trust Fund, related Trust; provided, however, that following the final liquidation of a Mortgage Securitized Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Securitized Loan from any funds in the Custodial AccountAccount relating to Securitized Loans in the same Trust, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fundrelated Trust. The Servicer may recover at any time from amounts on deposit in the Custodial Account with respect to Securitized Loans in the same Trust the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage related Securitized Loan;
. In addition, the Servicer may, at any time, withdraw from the Custodial Account funds that are held for future distribution (ixi.e., were not included in the principal and interest for the preceding Remittance Date) to reimburse itself for remaining Monthly Advances previously made by the Servicer;
(vii) to reimburse itself for unreimbursed Servicing Advances Advances, and for any unpaid Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (vii) with respect to any defaulted Mortgage Securitized Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as to which may be collected by the Servicer has determined that all amounts that from the Mortgagor or otherwise relating to the Securitized Loan, it expects being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to recover on behalf the rights of the Trust Fund from or on account of such Mortgage Loan have been recoveredrelated Trust;
(xviii) to reimburse the Servicer for expenses incurred by, and reimbursable to, the Servicer pursuant to Section 6.03, but only to extent such amounts are determined to be reimbursable by the related Trust pursuant to Section 6.03;
(ix) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections Section 3.12 and 6.03 from funds with respect to Securitized Loans in the same Trust to the extent not previously reimbursed under clause (viiivii) of this Section 3.04; and;
(x) to withdraw funds with respect to Securitized Loans in the same Trust necessary for the operation, management and maintenance of any REO related property to the extent not previously reimbursed under clause (vii) of this Section 3.04;
(xi) to withdraw any funds deposited to the Custodial Account in error; and,
(xii) to clear and terminate the Custodial Account upon the termination of this Agreement;
(xiii) to reimburse the Trustee for enforcement expenses incurred in respect of a breach of a representation or warranty.
Appears in 1 contract
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(viiiv) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viiiv) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the Servicer's ’s right to reimburse itself pursuant to this subclause (viiiv) with respect to any Mortgage Loan being limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(ixvi) to reimburse itself for remaining unreimbursed Servicing Advances Advances, and for any unpaid Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (vi) with respect to any defaulted Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as to which may be collected by the Servicer has determined that all amounts that from the Mortgagor or otherwise relating to the Mortgage Loan, it expects being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to recover on behalf the rights of the Trust Fund from or on account of such Mortgage Loan have been recoveredFund;
(xvii) to pay itself an amount equal to the Net Simple Interest Excess, if any, for the related Due Period to the extent not offset by Net Simple Interest Shortfalls;
(viii) to withdraw each Pool Insurance Premium Payment for payment to the applicable Pool Insurer in accordance with Section 3.21;
(ix) to reimburse itself for expenses incurred or by, and reimbursable to to, the Servicer pursuant to Sections Section 3.12 and Section 6.03 to the extent not previously reimbursed under clause (viiiv) of this Section 3.04; and
(x) to clear and terminate the Custodial Account upon the termination of this Agreement;
(xi) to withdraw any funds deposited to the Custodial Account in error;
(xii) to transfer funds to another Qualified Depository in accordance with Section 3.11 hereof.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-S2)
Permitted Withdrawals From Custodial Account. (i) The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i1) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.014.03(a);
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii2) in the event the Servicer has elected not to retain the Servicing Administration Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in into the Custodial Account, to pay to itself the related Servicing Administration Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii3) to reimburse itself to the extent of funds in the Custodial Account for Monthly unreimbursed Advances of and Servicing Advances, the Servicer’s funds made pursuant to Section 4.03, the Servicer's right to reimburse itself pursuant to this subclause (viii3) with respect to any Mortgage Loan being limited to related Liquidation Proceeds (net of Liquidation Expenses), Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received on or in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was madeLoan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may Noteholders;
(4) to reimburse itself for any previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial AccountServicing Advances that it determines are Nonrecoverable Advances, it being understood, in the case of any each such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts Noteholders;
(5) to pay itself investment earnings on deposit funds deposited in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage LoanAccount;
(ix6) to reimburse itself for remaining unreimbursed Servicing Advances transfer funds to another Eligible Account in accordance with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recoveredSection 4.02(j) hereof;
(x7) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 invest funds in certain Eligible Investments in accordance with Section 4.02(d)(i) and 6.03 to the extent not previously reimbursed under clause (viiiSection 4.02(i) of this Section 3.04; andhereof;
(xi) 8) to withdraw funds deposited in error;
(9) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(10) to pay itself any Prepayment Interest Excess Amount.
Appears in 1 contract
Samples: Transfer and Servicing Agreement (Asset Backed Sec Corp Fieldstone Mort Inv Tr Ser 2004-2)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Revolving Credit Loan (including late collections of interest on such Mortgage Revolving Credit Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Revolving Credit Loan;
(iviii) to pay itself investment earnings on funds deposited in the Custodial Account;
(viv) to clear and terminate the Custodial Account upon the termination of this Agreement;
(viv) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(viivi) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(vii) to reimburse itself for the amount of any Credit Line Advances made by Servicer and not timely reimbursed by the Indenture Trustee on behalf of the Trust in accordance with Section 3.01(d) hereof;
(viii) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the Servicer's right to reimburse itself pursuant to this subclause (viiiix) with respect to any Mortgage Revolving Credit Loan being limited to amounts received on or in respect of the related Mortgage Revolving Credit Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust FundTrust, provided, however, that following the final liquidation of a Mortgage Revolving Credit Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Revolving Credit Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust FundTrust. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Revolving Credit Loan;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Revolving Credit Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Revolving Credit Loan have been recovered;
(x) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 and 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04; and
(xi) to withdraw funds deposited in error.
Appears in 1 contract
Samples: Servicing Agreement (Thornburg Mortgage Securities Corp)
Permitted Withdrawals From Custodial Account. (a) The Servicer shall, from time shall be entitled to time, withdraw funds from the Custodial Account Accounts for the following purposes; provided, however, that withdrawals from the Custodial Accounts relating to the Agency Loans shall be made only in accordance with the applicable Agency Guide:
(i) to make payments to the Master Servicer Owner in the amounts and in the manner provided for in Section 4.013.01 and Section 3.02;
(ii) with respect to each LPMI Loan, pay to itself any accrued but unpaid Servicing Compensation and reimburse itself for Owner Expenses (to the extent the Servicer has not retained the Servicing Compensation and reimbursement of Owner Expenses) in the amount manner provided in Section 4.03. The Servicer’s right to payment or reimbursement pursuant to this section shall be prior to the rights of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07Owner;
(iii) in to reimburse itself for un-reimbursed Servicing Advances (except to the event the Servicer has elected not extent already reimbursed pursuant to retain the Servicing Fee out any other provision of any Mortgagor payments on account of interest or other recovery of interest with respect this Agreement). The Servicer’s right to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) reimbursement pursuant to this section shall be prior to the deposit rights of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage LoanOwner;
(iv) to reimburse itself for any un-reimbursed Non-recoverable Advances made by the Servicer in accordance with this Agreement. The Servicer’s right to reimbursement pursuant to this section shall be prior to the rights of the Owner;
(v) to invest funds in Eligible Investments in accordance with Section 2.09;
(vi) to withdraw funds deposited in error;
(vii) to withdraw funds necessary for the proper operation, management and maintenance of the REO Property, including the cost of maintaining any hazard insurance and the fees of any managing agent acting on behalf of the Servicer;
(viii) to pay itself investment earnings any interest earned on funds deposited in the Custodial Account which constitute Ancillary Income and to pay the Owner any interest earned on funds deposited in the Custodial Account which are set forth in the Pricing Exhibit as Owner Income (all such interest to be withdrawn no later than each Remittance Date), to the extent such interest is earned and deposited in such Custodial Account;
(vix) to pay itself any amounts that are owed by Owner under this Agreement and that remain unpaid;
(x) to pay for any LPMI Policy premiums;
(xi) to transfer funds to another Qualified Depository in accordance with Section 2.09 hereof; and
(xii) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the Servicer's right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(x) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 and 6.03 to the extent not previously reimbursed under clause (viii) of this Section 3.04; and
(xi) to withdraw funds deposited in error.
Appears in 1 contract
Samples: Servicing Agreement
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to pay any outstanding premiums under the MGIC PMI Insurance Policy and to make payments to the Master Servicer Trustee in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in pay the amount of Seller Remittance Amount to the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07Seller;
(iii) in the event the Servicer has elected not to retain the Option One Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Serviced Mortgage Loan (including late collections of interest on such Serviced Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Option One Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Serviced Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds held in the Custodial Account for Monthly Advances of the Servicer’s 's funds made pursuant to Section 4.03, the . The Servicer's right to reimburse itself pursuant to this subclause (viii) with respect to any Serviced Mortgage Loan being shall be limited to amounts received on or in respect of the related Serviced Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, that in the case of any such reimbursement, reimbursement the Servicer’s 's right thereto shall be prior to the rights of the Trust Fund, ; provided, however, that following the final liquidation of a Serviced Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed unreimbused Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Serviced Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s 's right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Serviced Mortgage Loan;. In addition, the Servicer may, at any time, withdraw from the Custodial Account funds that were not included in the Total Available Amount (as defined in the Trust Agreement) for the preceding Distribution Date to reimburse itself for Monthly Advances previously made by the Servicer, to the extent permitted by the Guarantor; and
(ix) to reimburse itself for remaining unreimbursed Servicing Advances Advances, and for any unpaid Servicing Fees, the Servicer's right to reimburse itself pursuant to this subclause (ix) with respect to any defaulted Serviced Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as to which may be collected by the Servicer has determined that all amounts that from the Mortgagor or otherwise relating to the Serviced Mortgage Loan, it expects being understood that, in the case of any such reimbursement, the Servicer's right thereto shall be prior to recover on behalf the rights of the Trust Fund from or on account of such Mortgage Loan have been recoveredFund;
(x) to reimburse the Servicer for expenses incurred by, and reimbursable to, the Servicer pursuant to Section 6.03 up to amount equal to $500,000 in any calendar year but only to extent such amounts are determined to be reimbursable by the Trust Fund pursuant to Section 6.03; and
(xi) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections Section 3.12 and 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04;
(xii) to withdraw funds necessary for the operation, management and maintenance of any REO related property to the extent not previously reimbursed under clause (ix) of this Section 3.04; and
(xixiii) to withdraw any funds deposited to the Custodial Account in error. Notwithstanding the foregoing clauses (viii) and (ix), no Monthly Advances or Servicing Advances shall be required to be made by the Servicer if such Monthly Advance or Servicing Advance could, if made, be, in the Servicer's reasonable judgment, nonrecoverable. The determination by the Servicer that it has made a nonrecoverable Monthly Advance or Servicing Advance, or that any proposed Monthly Advance or Servicing Advance would be a nonrecoverable advance, shall be evidenced by an Officer's Certificate of the Servicer delivered to the Depositor, the Guarantor and the Trustee.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Cer Sr 2001-Bc4)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in pay the amount of Seller Remittance Amount to the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07Seller ;
(iii) in the event the Servicer has elected not to retain the Option One Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Option One Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds held in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the . The Servicer's right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being shall be limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, that in the case of any such reimbursement, reimbursement the Servicer’s right thereto shall be prior to the rights of the Trust Fund, ; provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of such Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds or Insurance REO Disposition Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage LoanLoan and to reimburse itself for Monthly Advances to the extent of funds held in the Collection Account for future distribution that were not included in available funds for the preceding Remittance Date;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances Advances, and for any unpaid General Servicing Fees or Option One Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (ix) with respect to any defaulted Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as to which may be collected by the Servicer has determined that all amounts that from the Mortgagor or otherwise relating to the Mortgage Loan, it expects being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to recover on behalf the rights of the Trust Fund from Fund; provided, however, that following the final liquidation of the related Mortgage Loan, the Servicer may reimburse itself for any such unreimbursed Servicing Advances or on account any unpaid Servicing Fees in excess of such Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds with respect to such Mortgage Loan have been recoveredfrom any funds in the Custodial Account, it being understood that, in case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(x) to reimburse the Servicer for expenses incurred by, and reimbursable to, the Servicer pursuant to Section 6.03, but only to extent such amounts are determined to be reimbursable by the Trust Fund pursuant to Section 6.03;
(xi) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections Section 3.12 and 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04;
(xii) to withdraw funds necessary for the operation, management and maintenance of any REO related property to the extent not previously reimbursed under clause (ix) of this Section 3.04; and
(xixiii) to withdraw any funds deposited to the Custodial Account in error. Notwithstanding the foregoing clauses (viii) and (ix), no Monthly Advances or Servicing Advances shall be required to be made by the Servicer if such Monthly Advance or Servicing Advance would, if made, be, in the Servicer’s reasonable judgment, nonrecoverable. The determination by the Servicer that it has made a nonrecoverable Monthly Advance or Servicing Advance, or that any proposed Monthly Advance or Servicing Advance would be a nonrecoverable advance, shall be evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer and the NIMS Insurer.
Appears in 1 contract
Samples: Subservicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-Bc5)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances of the Servicer’s 's funds made pursuant to Section 4.03, the Servicer's right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s 's right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s 's right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances Advances, and for any unpaid Servicing Fees, the Servicer's right to reimburse itself pursuant to this subclause (ix) with respect to any defaulted Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as to which may be collected by the Servicer has determined that all amounts that from the Mortgagor or otherwise relating to the Mortgage Loan, it expects being understood that, in the case of any such reimbursement, the Servicer's right thereto shall be prior to recover on behalf the rights of the Trust Fund from or on account of such Mortgage Loan have been recoveredFund;
(x) to pay itself an amount equal to the Net Simple Interest Excess, if any, for the related Due Period to the extent not offset by Net Simple Interest Shortfalls;
(xi) to reimburse itself for expenses incurred or by, and reimbursable to to, the Servicer pursuant to Sections Section 3.12 and Section 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04; and
(xixii) to withdraw any funds deposited to the Custodial Account in error.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Sec Corp Pass THR Cert Ser 2002 Bc3)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Revolving Credit Loan (including late collections of interest on such Mortgage Revolving Credit Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Revolving Credit Loan;
(iviii) to pay itself investment earnings on funds deposited in the Custodial Account;
(viv) to clear and terminate the Custodial Account upon the termination of this Agreement;
(viv) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(viivi) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(vii) to reimburse itself for the amount of any Credit Line Advances made by Servicer and not timely reimbursed by the Trustee in accordance with Section 3.01(d) hereof;
(viii) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the Servicer's right to reimburse itself pursuant to this subclause (viiiix) with respect to any Mortgage Revolving Credit Loan being limited to amounts received on or in respect of the related Mortgage Revolving Credit Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Revolving Credit Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Revolving Credit Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Revolving Credit Loan;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Revolving Credit Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Revolving Credit Loan have been recovered;
(x) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 and 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04; and
(xi) to withdraw funds deposited in error.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Securities Corp)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in deposit the amount of Seller Remittance Amount into the related LPMI Fee, collection account maintained by the Master Servicer for payment by the Master Servicer to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Option One Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Option One Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds held in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the . The Servicer's ’s right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being shall be limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, that in the case of any such reimbursement, reimbursement the Servicer’s right thereto shall be prior to the rights of the Trust Fund, ; provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of such Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds or Insurance REO Disposition Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage LoanLoan and to reimburse itself for Monthly Advances to the extent of funds held in the Collection Account for future distribution that were not included in available funds for the preceding Remittance Date;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances and for any unpaid Option One Servicing Fees and to reimburse the Seller for any unpaid Seller Remittance Amount, the Servicer’s and the Seller’s respective rights to such reimbursement pursuant to this subclause (ix) with respect to any defaulted Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as to which may be collected by the Servicer has determined that all amounts that from the Mortgagor or otherwise relating to the Mortgage Loan, it expects being understood that, in the case of any such reimbursement, the Servicer’s and the Seller’s right thereto shall be prior to recover on behalf the rights of the Trust Fund from Fund; provided, however, that following the final liquidation of the related Mortgage Loan, the Servicer may reimburse itself for any such unreimbursed Servicing Advances or on account any unpaid Option One Servicing Fees and the Seller may reimburse itself for any such unpaid Seller Remittance Amount in excess of such Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds with respect to such Mortgage Loan have been recoveredfrom any funds in the Custodial Account, it being understood that, in case of any such reimbursement, the Servicer’s and the Seller’s respective rights thereto shall be prior to the rights of the Trust Fund;
(x) to reimburse the Servicer for expenses incurred by, and reimbursable to, the Servicer pursuant to Section 6.03, but only to extent such amounts are determined to be reimbursable by the Trust Fund pursuant to Section 6.03;
(xi) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections Section 3.12 and 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04;
(xii) to withdraw funds necessary for the operation, management and maintenance of any REO related property to the extent not previously reimbursed under clause (ix) of this Section 3.04; and
(xixiii) to withdraw any funds deposited to the Custodial Account in error. Notwithstanding the foregoing clauses (viii) and (ix), no Monthly Advances or Servicing Advances shall be required to be made by the Servicer if such Monthly Advance or Servicing Advance would, if made, be, in the Servicer’s reasonable judgment, nonrecoverable. The determination by the Servicer that it has made a nonrecoverable Monthly Advance or Servicing Advance, or that any proposed Monthly Advance or Servicing Advance would be a nonrecoverable advance, shall be evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer.
Appears in 1 contract
Samples: Subservicing Agreement (SASCO Mortgage Loan Trust Series 2005-Gel1)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the Servicer's right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances Advances, and for any unpaid Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (ix) with respect to any defaulted Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as to which may be collected by the Servicer has determined that all amounts that from the Mortgagor or otherwise relating to the Mortgage Loan, it expects being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to recover on behalf the rights of the Trust Fund from or on account of such Mortgage Loan have been recoveredFund;
(x) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 and 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04; and
(xi) to withdraw funds deposited in error.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Securities Corp Mort Pas THR Cert Se 04 4xs)
Permitted Withdrawals From Custodial Account. (a) The Servicer shall, from time to time, withdraw funds from the Trust Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Trust Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) to pay itself investment earnings on funds deposited in the Trust Custodial Account;
(viv) to clear and terminate the Trust Custodial Account upon the termination of this Agreement;
(viv) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(viivi) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viiivii) to reimburse itself to the extent of funds held in the Trust Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the . The Servicer's ’s right to reimburse itself pursuant to this subclause (viiivii) with respect to any Mortgage Loan being shall be limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, that in the case of any such reimbursement, reimbursement the Servicer’s right thereto shall be prior to the rights of the Trust Fund, ; provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds, Condemnation Proceeds, REO Disposition Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Trust Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Trust Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan. In addition, the Servicer may, at any time, withdraw from the Trust Custodial Account funds that were not included in the Total Distribution Amount (as defined in the Trust Agreement) for the preceding Distribution Date to reimburse itself for Monthly Advances previously made by the Servicer;
(viii) to reimburse itself for unreimbursed Servicing Advances, and for any unpaid Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund; provided, however, that following the final liquidation of the related Mortgage Loan, the Servicer may reimburse itself for any such unreimbursed Servicing Advances or any unpaid Servicing Fees in excess of such Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds with respect to such Mortgage Loan from any funds in the Trust Custodial Account, it being understood that, in case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has for expenses incurred by, and reimbursable to, the Servicer pursuant to Section 6.03, but only to extent such amounts are determined that all amounts that it expects to recover on behalf of be reimbursable by the Trust Fund from or on account of such Mortgage Loan have been recoveredpursuant to Section 6.03;
(x) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections Section 3.12 to the extent not previously reimbursed under clause (ix) of this Section 3.04;
(xi) to withdraw funds necessary for the operation, management and 6.03 maintenance of any REO related property to the extent not previously reimbursed under clause (viii) of this Section 3.04; and
(xixii) to withdraw any funds deposited to the Trust Custodial Account in error. Notwithstanding the foregoing clauses (vii) and (viii), no Monthly Advances or Servicing Advances shall be required to be made by the Servicer if such Monthly Advance or Servicing Advance would, if made, be, in the Servicer’s reasonable judgment, nonrecoverable. The determination by the Servicer that it has made a nonrecoverable Monthly Advance or Servicing Advance, or that any proposed Monthly Advance or Servicing Advance would be a nonrecoverable advance, shall be evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer.
Appears in 1 contract
Samples: Servicing Agreement (SASCO Mortgage Loan Trust Series 2005-Gel1)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances (excluding Capitalization Reimbursement Amounts, other than as provided for in Section 3.04(x)) of the Servicer’s funds made pursuant to Section 4.03, the Servicer's right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(ix) to reimburse itself for unreimbursed Servicing Advances (excluding Capitalization Reimbursement Amounts, other than as provided for in Section 3.04(x)), and for any unpaid Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (ix) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(x) to reimburse itself for any unreimbursed Capitalization Reimbursement Amount solely from collections on account of principal from the related Mortgage Pool;
(xi) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(xxii) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 3.07, 3.12, 3.13, 3.14 and 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04; and
(xixiii) to withdraw funds deposited in error.
Appears in 1 contract
Samples: Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2007-11)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer Owner in the amounts and in the manner provided for in Section 4.013.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances of unreimbursed Servicing Advances, and for any Servicing Fees, the Servicer’s funds made pursuant to Section 4.03, the Servicer's right to reimburse itself pursuant to this subclause (viiiiii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts received on as may be collected by the Servicer from the Mortgagor or in respect of otherwise relating to the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was madeLoan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse Owner;
(iii) to pay itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds interest or Insurance Proceeds with respect to such Mortgage Loan from any other Float Benefit on funds deposited in the Custodial Account;
(iv) to reimburse itself for expenses incurred and reimbursable to it pursuant to Section 7.01;
(v) to pay any amount required to be paid pursuant to Section 2.16 related to any REO Property, it being understoodunderstood that, in the case of any such reimbursementexpenditure or withdrawal related to a particular REO Property, that the Servicer’s right thereto amount of such expenditure or withdrawal from the Custodial Account shall be prior limited to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed with respect to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage LoanREO Property;
(ixvi) to reimburse itself for remaining unreimbursed any Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf or REO expenses after liquidation of the Trust Fund from or on account of such Mortgage Loan have been recoveredMortgaged Property not otherwise reimbursed above;
(xvii) to reimburse itself for expenses incurred or reimbursable to remove funds inadvertently placed in the Servicer pursuant to Sections 3.12 and 6.03 to Custodial Account by the extent not previously reimbursed under clause (viii) of this Section 3.04Servicer; and
(xiviii) to clear and terminate the Custodial Account upon the termination of this Agreement. In the event that the Custodial Account is interest bearing, on each Remittance Date, the Servicer shall withdraw all funds deposited from the Custodial Account except for those amounts which, pursuant to Section 3.01, the Servicer is not obligated to remit on such Remittance Date. The Servicer may use such withdrawn funds only for the purposes described in errorthis Section 2.05.
Appears in 1 contract
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i1) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.014.03(a);
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii2) in the event the Servicer has elected not to retain the Servicing Administration Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in into the Custodial Account, to pay to itself the related Servicing Administration Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv3) to reimburse itself for unreimbursed Advances and Xxxxxxxxx Advances, the Servicer's right to reimburse itself pursuant to this subclause (3) with respect to any Mortgage Loan being limited to related Liquidation Proceeds (net of Liquidation Expenses), Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer's right thereto shall be prior to the rights of the Noteholders;
(4) to reimburse itself for any previously unreimbursed Advances or Servicing Advances that it determines are Nonrecoverable Advances, it being understood, in the case of each such reimbursement, that the Servicer's right thereto shall be prior to the rights of the Noteholders;
(5) to pay itself investment earnings on funds deposited in the Custodial Account;
(v6) to transfer funds to another Eligible Account in accordance with Section 4.02(j) hereof;
(7) to invest funds in certain Eligible Investments in accordance with Section 4.02(d)(i) and Section 4.02(i) hereof;
(8) to withdraw funds deposited in error;
(9) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the Servicer's right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loan;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(x) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 and 6.03 to the extent not previously reimbursed under clause (viii) of this Section 3.04; and
(xi10) to withdraw funds deposited in errorpay itself any Prepayment Interest Excess Amount.
Appears in 1 contract
Samples: Transfer and Servicing Agreement (Fieldstone Mortgage Investment CORP)
Permitted Withdrawals From Custodial Account. The Subject to Section 3.01, the Servicer shall, from time shall be entitled to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer Purchaser in the amounts and in the manner provided for in Section 4.013.01;
(ii) with respect to each LPMI Loan, in pay to itself the amount of Servicing Fee (to the related LPMI extent the Servicer has not retained the Servicing Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07);
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself for unreimbursed Servicing Advances (except to the extent reimbursed pursuant to Section 2.09), any accrued but unpaid Servicing Fees and for unreimbursed advances of funds in the Custodial Account for Monthly Advances of the Servicer’s Servicer funds made pursuant to Section 4.032.17, the Servicer's right to reimburse itself pursuant to this subclause (viiiiv) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts received on as may be collected by the Servicer from the Mortgagor or in respect of otherwise relating to the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was madeLoan, it being understood that, in the case of any such reimbursement, the Servicer’s 's right thereto shall be prior to the rights of the Trust Fund, provided, however, that Purchaser;
(iv) following the final liquidation of a Mortgage Loan, the Servicer may to reimburse itself for previously unreimbursed Monthly (a) any unpaid Servicing Fees and Servicing Advances in excess of to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or Insurance Proceeds other amounts received with respect to such the related Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loanunder Section 2.07(iii);
(ixv) to reimburse itself for remaining unreimbursed any Nonrecoverable Servicing Advances with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recoveredAdvances;
(xvi) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections 3.12 and 6.03 to the extent not previously reimbursed under clause (viii) of this invest funds in Eligible Investments in accordance with Section 3.04; and2.11;
(xivii) to withdraw funds deposited in error;
(viii) to pay itself any interest earned on funds deposited in the Custodial Account (all such interest to be withdrawn monthly not later than each Remittance Date); and
(ix) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 1 contract
Samples: Servicing Rights Purchase and Servicing Agreement (GSAA Home Equity Trust 2006-2)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer Owner in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in the amount of the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07;
(iii) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viiiiii) to reimburse itself to the extent of funds in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the Servicer's right to reimburse itself pursuant to this subclause (viiiiii) with respect to any Mortgage Loan Monthly Advance (other than Nonrecoverable Advances) being limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or and/or interest with respect to respecting which a Monthly Advance any such advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s 's right thereto shall be prior to the rights of Owner;
(iv) to reimburse itself for unreimbursed Servicing Advances, the Servicer's right to reimburse itself pursuant to this subclause (iv) with respect to any Servicing Advance (other than Nonrecoverable Advances) being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan ;
(v) to reimburse itself for Nonrecoverable Advances, it being understood that, in the case of any such reimbursements, the Servicer's right thereto shall be prior to the rights of the Trust Fund, provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse Owner;
(vi) to pay itself for previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan from any interest accrued and payable on funds deposited in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior ;
(vii) to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in clear and terminate the Custodial Account upon the amount termination of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed this Agreement;
(viii) to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage Loantransfer funds to another Qualified Depository in accordance with Section 3.09 hereof;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances invest funds in certain Eligible Investments in accordance with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recoveredSection 3.09 hereof;
(x) to reimburse itself for expenses incurred by or reimbursable to the Servicer pursuant to Sections 3.12 and 6.03 to the extent not previously reimbursed under clause clauses (viiiiii) and (iv) of this Section 3.04;
(xi) to remit any prepayment charges to the Servicing Rights Owner; and
(xixii) to withdraw funds deposited in error.
Appears in 1 contract
Samples: Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2005-A9)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) with respect to each LPMI Loan, in pay the amount of Seller Remittance Amount to the related LPMI Fee, to make payments with respect to premiums for LPMI Policies in accordance with Section 3.07Seller ;
(iii) in the event the Servicer has elected not to retain the Option One Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Condemnation Liquidation Proceeds or Liquidation Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Option One Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) to pay itself investment earnings on funds deposited in the Custodial Account;
(v) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vi) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to reimburse itself to the extent of funds held in the Custodial Account for Monthly Advances of the Servicer’s funds made pursuant to Section 4.03, the . The Servicer's right to reimburse itself pursuant to this subclause (viii) with respect to any Mortgage Loan being shall be limited to amounts received on or in respect of the related Mortgage Loan which represent late recoveries of payments of principal or interest with respect to which a Monthly Advance was made, it being understood that, that in the case of any such reimbursement, reimbursement the Servicer’s right thereto shall be prior to the rights of the Trust Fund, ; provided, however, that following the final liquidation of a Mortgage Loan, the Servicer may reimburse itself for previously unreimbursed Monthly Advances in excess of such Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds or Insurance REO Disposition Proceeds with respect to such Mortgage Loan from any funds in the Custodial Account, it being understood, in the case of any such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund. The Servicer may recover at any time from amounts on deposit in the Custodial Account the amount of any Monthly Advances that the Servicer deems nonrecoverable or that remain unreimbursed to the Servicer from related Liquidation Proceeds after the final liquidation of the Mortgage LoanLoan and to reimburse itself for Monthly Advances to the extent of funds held in the Collection Account for future distribution that were not included in available funds for the preceding Remittance Date;
(ix) to reimburse itself for remaining unreimbursed Servicing Advances Advances, and for any unpaid General Servicing Fees or Option One Servicing Fees, the Servicer’s right to reimburse itself pursuant to this subclause (ix) with respect to any defaulted Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as to which may be collected by the Servicer has determined that all amounts that from the Mortgagor or otherwise relating to the Mortgage Loan, it expects being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to recover on behalf the rights of the Trust Fund from Fund; provided, however, that following the final liquidation of the related Mortgage Loan, the Servicer may reimburse itself for any such unreimbursed Servicing Advances or on account any unpaid Option One Servicing Fees in excess of such Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds with respect to such Mortgage Loan have been recoveredfrom any funds in the Custodial Account, it being understood that, in case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(x) to reimburse the Servicer for expenses incurred by, and reimbursable to, the Servicer pursuant to Section 6.03, but only to extent such amounts are determined to be reimbursable by the Trust Fund pursuant to Section 6.03;
(xi) to reimburse itself for expenses incurred or reimbursable to the Servicer pursuant to Sections Section 3.12 and 6.03 to the extent not previously reimbursed under clause (viiiix) of this Section 3.04;
(xii) to withdraw funds necessary for the operation, management and maintenance of any REO related property to the extent not previously reimbursed under clause (ix) of this Section 3.04; and
(xixiii) to withdraw any funds deposited to the Custodial Account in error. Notwithstanding the foregoing clauses (viii) and (ix), no Monthly Advances or Servicing Advances shall be required to be made by the Servicer if such Monthly Advance or Servicing Advance would, if made, be, in the Servicer’s reasonable judgment, nonrecoverable. The determination by the Servicer that it has made a nonrecoverable Monthly Advance or Servicing Advance, or that any proposed Monthly Advance or Servicing Advance would be a nonrecoverable advance, shall be evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer and the NIMS Insurer.
Appears in 1 contract
Samples: Subservicing Agreement (Structured Asset Inv Loan Mort Pass Thru Cer Ser 2003-Bc7)