Permitted Withdrawals from the Certificate Account. (a) The Trustee shall, from time to time as provided herein, at the Servicer's direction, make withdrawals from the Certificate Account of amounts deposited therein pursuant to Section 3.05 that are attributable to the related Contracts for the following purposes: (i) to pay to the Seller or the Originator, as applicable, with respect to each Contract sold by it or property acquired in respect thereof that has been repurchased or replaced pursuant to Section 2.03 of the Sale and Servicing Agreement, all amounts received thereon that are specified in such section to be property of the Seller or the Originator, as applicable; (ii) to reimburse the Servicer for Obligatory Advances (to the extent not retained pursuant to Section 3.05), for the payment of interest accrued on any Contract prior to the Cut-off Date (to the extent not retained pursuant to Section 3.05) and for the payment of taxes or charges out of Liquidation Proceeds (to the extent not previously retained from such Liquidation Proceeds prior to their deposit) or out of payments expressly made by the related Obligor to reimburse the Servicer for such taxes or charges, as permitted by Section 3.06; (iii) to pay to the Servicer the Monthly Servicing Fee and Servicer Deficiency Amounts and Repossession Profits, if any; (iv) to reimburse the Servicer out of Liquidation Proceeds (to the extent not previously retained from Liquidation Proceeds prior to their deposit in the Certificate Account) in respect of a Manufactured Home and out of payments by the related Obligor (to the extent of payments expressly made by the Obligor to reimburse the Servicer for insurance premiums) for expenses incurred by the Servicer in respect of such Manufactured Home that are specified in this Agreement as being reimbursable to the Servicer; (v) to reimburse the Servicer for (A) any Nonrecoverable Advances and for Monthly Advances in respect of Liquidated Contracts and (B) after the Distribution Date occurring in September 2002, for the Monthly Advance Differential; (vi) from the Certificate Account after the Certificate Balance of each Class of Offered Certificates has been reduced to zero and all amounts owing to the Certificate Insurer pursuant to the Insurance Agreement, including in respect of amounts paid under the Policy, have been reimbursed, to reimburse the Trustee, the Certificate Administrator, the Backup Servicer, the Servicer and the REMIC Administrator, pro rata, for expenses incurred and reimbursable to the Servicer pursuant to Section 6.05 and for Extraordinary Trust Fund Expenses incurred and reimbursable to the Trustee, the Certificate Administrator, the Backup Servicer and the REMIC Administrator and not already reimbursed pursuant to Section 4.01; and (vii) to withdraw any amount deposited in the Certificate Account that was not required to be deposited therein (including any collections on the Contracts that, pursuant to Section 2.01(a), are not part of the Trust Fund). Since, in connection with withdrawals pursuant to clauses (i), (ii) and (iv) of this Section 3.25, the Servicer's entitlement thereto is limited to collections or other recoveries on the related Contract, the Servicer shall keep and maintain separate accounting, on a Contract by Contract basis, for the purpose of justifying any withdrawal from the Certificate Account pursuant to such clauses. (b) The Trustee may, from time to time as provided herein, make withdrawals from the Certificate Account of amounts deposited therein pursuant to Section 3.05 that are attributable to the Contracts to make payments in respect of (i) the premium payable to the Certificate Insurer in respect of the Policy for such Distribution Date, which the Trustee shall pay to the Certificate Insurer by wire transfer of immediately available funds to the Certificate Insurer Account, (ii) the Yield Maintenance Agreement Fee payable to the LIBOR Cap Counterparty in respect of the Yield Maintenance Agreement for such Distribution Date, (iii) the Monthly Servicing Fee payable to the Servicer for such Distribution Date (to the extent the Trustee has been notified that such Servicing Fee has not been retained from collections), which the Trustee shall pay to the Servicer in a time and in the manner directed by the Servicer, (iv) the Monthly Backup Servicing Fee payable to the Backup Servicer for such Distribution Date, which the Trustee shall pay to the Backup Servicer in a time and in the manner directed by the Backup Servicer, (v) the Monthly Trustee Fee payable to the Trustee for such Distribution Date and (vi) amounts in respect of High LTV Collections, which the Trustee shall deposit into the Basis Risk Reserve Fund. The foregoing withdrawals from the Certificate Account may be prior to the distribution of any amounts to Certificateholders on any Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Ast BCK Sec Inc Madison Ave Trust 2002-A)
Permitted Withdrawals from the Certificate Account. (a) The Trustee shallMaster Servicer may, from time to time as provided herein, at the Servicer's directiontime, make withdrawals from the Certificate Account of amounts deposited therein pursuant to Section 3.05 that are attributable to the related Contracts for the following purposes, and for such other purposes as are set forth in the related Reference Agreement:
(i) to pay to itself as servicing compensation that portion of any payment as to interest that equals the Seller Servicing Fee with respect to such Contract for the period with respect to which such interest payment was made, and, as additional servicing compensation, earnings on the amounts in the Certificate Account credited to the Certificate Account, and to pay any Retained Yield and the Administrative Fee to the Depositor (for disbursement in accordance with Section 3.19 hereof).
(ii) to reimburse itself for advances made pursuant to Sections 3.09, 3.10, and Sections 4.01, 4.02 and 4.03 hereof, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Contracts (including, for this purpose, Insurance Proceeds, Liquidation Proceeds, amounts representing proceeds of other insurance policies, if any, covering the related Manufactured Home, which represent (a) late recoveries of payments of principal and/or interest respecting which any such advance was made in the case of advances pursuant to Sections 3.09, 4.01, 4.02 and 4.03 hereof, and (b) late recoveries of the payments for which such advances were made in the case of advances pursuant to Section 3.10 hereof;
(iii) to reimburse itself for any Nonrecoverable Advances;
(iv) to reimburse itself from Insurance Proceeds and Liquidation Proceeds for amount expended by it pursuant to Section 3.16 hereof in good faith in connection with the restoration of property damaged by an Uninsured Cause;
(v) to reimburse itself from Insurance Proceeds for Insured Expenses and to pay any unpaid servicing compensation to itself, any Retained Yield and any Administrative Fee to the Depositor from Insurance Proceeds, such payment of servicing compensation, Retained Yield and Administrative Fee to be made in accordance with Section 3.19 hereof and being limited to the amount, if any, by which the aggregate of Liquidation Proceeds and Insurance Proceeds received in connection with the liquidation of a defaulted Contract is, after the deduction of Insured Expenses, servicing compensation payable to the Servicer of such Contract, if any, and any amounts deducted pursuant to subclause (iv) above in excess of the Principal Balance of such Contract, together with accrued and unpaid interest thereon at the Pass-Through Rate;
(vi) to reimburse itself from Liquidation Proceeds for Liquidation Expenses and, to the extent that Liquidation Proceeds after such reimbursement, and any other reimbursement pursuant to subclause (iv) above are in excess of the Principal Balance of the related Contract together with accrued and unpaid interest thereon at the Pass-Through Rate, to pay out of such excess the amount of any unpaid servicing compensation with respect to the related Contract to itself and any Retained Yield and the Administrative Fee to the Depositor (for disbursement in accordance with Section 3.19 hereof);
(vii) to pay to itself, a Servicer or the OriginatorDepositor, as applicablethe case may be, with respect to each Contract sold by it or property acquired in respect thereof that has been repurchased or replaced purchased pursuant to Section 2.03 of the Sale and Servicing Agreement2.02, 2.04, 2.05, 3.15, or 9.01 hereof, all amounts received thereon that are specified and not taken into account in determining the related Principal Balance of such section to be property of the Seller or the Originator, as applicablerepurchased Contract;
(iiviii) to reimburse itself or the Servicer Depositor for Obligatory Advances (expenses incurred by and reimbursable to it or the extent not retained Depositor pursuant to Section 3.05), for the payment of interest accrued on any Contract prior to the Cut-off Date (to the extent not retained pursuant to Section 3.05) and for the payment of taxes or charges out of Liquidation Proceeds (to the extent not previously retained from such Liquidation Proceeds prior to their deposit) or out of payments expressly made by the related Obligor to reimburse the Servicer for such taxes or charges, as permitted by Section 3.066.03 hereof;
(iiiix) to make deposits into the Reserve Fund, as required by the Reference Agreement;
(x) to make payments to the Certificateholders, or remittances to the Trustee in the amounts, and in the manner, specified in the Reference Agreement;
(xi) to pay to the Servicer the Monthly Servicing Fee and Servicer Deficiency Amounts and Repossession Profits, if any;
(iv) itself any interest earned on or investment income with respect to reimburse the Servicer out of Liquidation Proceeds (to the extent not previously retained from Liquidation Proceeds prior to their deposit funds in the Certificate Account) in respect of a Manufactured Home and out of payments by the related Obligor (to the extent of payments expressly made by the Obligor to reimburse the Servicer for insurance premiums) for expenses incurred by the Servicer in respect of such Manufactured Home that are specified in this Agreement as being reimbursable to the Servicer;
(v) to reimburse the Servicer for (A) any Nonrecoverable Advances and for Monthly Advances in respect of Liquidated Contracts and (B) after the Distribution Date occurring in September 2002, for the Monthly Advance Differential;
(vi) from the Certificate Account after the Certificate Balance of each Class of Offered Certificates has been reduced (all such interest or income to zero and all amounts owing to the Certificate Insurer pursuant to the Insurance Agreement, including in respect of amounts paid under the Policy, have been reimbursed, to reimburse the Trustee, the Certificate Administrator, the Backup Servicer, the Servicer and the REMIC Administrator, pro rata, for expenses incurred and reimbursable to the Servicer pursuant to Section 6.05 and for Extraordinary Trust Fund Expenses incurred and reimbursable to the Trustee, the Certificate Administrator, the Backup Servicer and the REMIC Administrator and not already reimbursed pursuant to Section 4.01be withdrawn monthly on such Distribution Date); and
(viixii) to withdraw any amount deposited in clear and terminate the Certificate Account that was not required to be deposited therein (including any collections on the Contracts that, upon termination of this Agreement pursuant to Section 2.01(a), are not part of the Trust Fund)9.01 hereof. Since, in connection with withdrawals pursuant to clauses (i), (ii) and (iv) of this Section 3.25, the Servicer's entitlement thereto is limited to collections or other recoveries on the related Contract, the The Master Servicer shall keep and maintain separate accounting, on a Contract by Contract basis, for the purpose of justifying any withdrawal from the Certificate Account pursuant to such clauses.
(b) The Trustee may, from time to time as provided herein, make withdrawals from the Certificate Account of amounts deposited therein pursuant to Section 3.05 that are attributable to the Contracts to make payments in respect of subclauses (i) the premium payable to the Certificate Insurer in respect of the Policy for such Distribution Date, which the Trustee shall pay to the Certificate Insurer by wire transfer of immediately available funds to the Certificate Insurer Account), (ii) the Yield Maintenance Agreement Fee payable to the LIBOR Cap Counterparty in respect of the Yield Maintenance Agreement for such Distribution Date, (iii) the Monthly Servicing Fee payable to the Servicer for such Distribution Date (to the extent the Trustee has been notified that such Servicing Fee has not been retained from collections), which the Trustee shall pay to the Servicer in a time and in the manner directed by the Servicer, (iv) the Monthly Backup Servicing Fee payable to the Backup Servicer for such Distribution Date, which the Trustee shall pay to the Backup Servicer in a time and in the manner directed by the Backup Servicer), (v) the Monthly Trustee Fee payable to the Trustee for such Distribution Date ), and (vi) amounts in respect of High LTV Collections, which the Trustee shall deposit into the Basis Risk Reserve Fund. The foregoing withdrawals from the Certificate Account may be prior to the distribution of any amounts to Certificateholders on any Distribution Date).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset Backed Securities Corp)
Permitted Withdrawals from the Certificate Account. (a) The Trustee shallServicer may, from time to time as provided herein, at the Servicer's direction, make withdrawals from the Certificate Account of amounts deposited therein pursuant to Section 3.05 4.05 that are attributable to the related Contracts for the following purposes:
(i) to pay to the Contract Seller or the Originator, as applicable, with respect to each Contract sold by it or property acquired in respect thereof that has been repurchased or replaced pursuant to Section 2.03 of the Sale and Servicing Agreement3.05, all amounts received thereon that are specified in such section Section to be property of the Seller or the Originator, as applicableContract Seller;
(ii) to reimburse the Servicer for Obligatory Advances (to the extent not retained pursuant to Section 3.05), for the payment of interest accrued on any Contract prior to the Cut-off Date (to the extent not retained pursuant to Section 3.05) and itself for the payment of taxes or charges out of Liquidation Proceeds (to the extent not previously retained from such Liquidation Proceeds prior to their deposit) or out of payments expressly made by the related Obligor to reimburse the Servicer for such taxes or charges, as permitted by Section 3.064.06;
(iii) to pay to the Servicer itself the Monthly Servicing Fee and Servicer Deficiency Amounts and Repossession Profits, if any;
(iv) to reimburse the itself or a previous Servicer out of Liquidation Proceeds (to the extent not previously retained from Liquidation Proceeds prior to their deposit in the Certificate Account) in respect of a Manufactured Home and out of payments by the related Obligor (to the extent of payments expressly made by the Obligor to reimburse the Servicer for insurance premiums) for expenses incurred by the Servicer it in respect of such Manufactured Home that are specified in this Agreement as being reimbursable to the Servicerit pursuant to Section 4.07, 4.09, 4.13 or 4.18 or to a previous Servicer under Section 7.07;
(v) to reimburse the Servicer itself for (A) any Nonrecoverable Advances and for Monthly Advances in respect of Liquidated Contracts and (B) after the Distribution Date occurring Contracts, in September 2002each case, for the Monthly Advance Differentialin accordance with Section 5.01(c);
(vi) from the Certificate Account after the Class A-1 Certificate Balance, Class A-2 Certificate Balance, Class A-3 Certificate Balance, Class A-4 Certificate Balance of each and Class of Offered Certificates has A-5 Certificate Balance have been reduced to zero and all amounts owing to the Certificate Insurer pursuant to the Insurance Agreement, including in respect of amounts paid under the Policy, Special Account have been reimburseddeposited therein, to reimburse the Trustee, the Certificate Administrator, the Backup Servicer, the Servicer and the REMIC Administrator, pro rata, for expenses incurred and reimbursable to the Servicer pursuant to Section 6.05 7.05 and for Extraordinary Trust Fund Expenses incurred and reimbursable to the Trustee, the Certificate Administrator, the Backup Servicer and the REMIC Administrator and not already reimbursed pursuant to Section 4.014.17(c); and
(vii) to withdraw any amount deposited in the Certificate Account that was not required to be deposited therein (including any collections on the Contracts that, pursuant to Section 2.01(a), are not part of the Trust Fund). Since, in connection with withdrawals pursuant to clauses (i), (ii) and (iv) of this Section 3.255.03, the Servicer's entitlement thereto is limited to collections or other recoveries on the related Contract, the Servicer shall keep and maintain separate accounting, on a Contract by Contract basis, for the purpose of justifying any withdrawal from the Certificate Account pursuant to such clauses.
(b) The Trustee may, from time to time as provided herein, make withdrawals from the Certificate Account of amounts deposited therein pursuant to Section 3.05 that are attributable to the Contracts to make payments in respect of (i) the premium payable to the Certificate Insurer in respect of the Policy for such Distribution Date, which the Trustee shall pay to the Certificate Insurer by wire transfer of immediately available funds to the Certificate Insurer Account, (ii) the Yield Maintenance Agreement Fee payable to the LIBOR Cap Counterparty in respect of the Yield Maintenance Agreement for such Distribution Date, (iii) the Monthly Servicing Fee payable to the Servicer for such Distribution Date (to the extent the Trustee has been notified that such Servicing Fee has not been retained from collections), which the Trustee shall pay to the Servicer in a time and in the manner directed by the Servicer, (iv) the Monthly Backup Servicing Fee payable to the Backup Servicer for such Distribution Date, which the Trustee shall pay to the Backup Servicer in a time and in the manner directed by the Backup Servicer, (v) the Monthly Trustee Fee payable to the Trustee for such Distribution Date and (vi) amounts in respect of High LTV Collections, which the Trustee shall deposit into the Basis Risk Reserve Fund. The foregoing withdrawals from the Certificate Account may be prior to the distribution of any amounts to Certificateholders on any Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenpoint Financial Corp)
Permitted Withdrawals from the Certificate Account. (a) The Trustee shallServicer may, from time to time as provided herein, at the Servicer's direction, make withdrawals from the Certificate Account of amounts deposited therein pursuant to Section 3.05 4.05 that are attributable to the related Contracts for the following purposes:
(i) to pay to the Contract Seller or the Originator, as applicable, with respect to each Contract sold by it or property acquired in respect thereof that has been repurchased or replaced pursuant to Section 2.03 of the Sale and Servicing Agreement3.05, all amounts received thereon that are specified in such section Section to be property of the Seller or the Originator, as applicableContract Seller;
(ii) to reimburse the Servicer for Obligatory Advances (to the extent not retained pursuant to Section 3.05), for the payment of interest accrued on any Contract prior to the Cut-off Date (to the extent not retained pursuant to Section 3.05) and itself for the payment of taxes or charges out of Liquidation Proceeds (to the extent not previously retained from such Liquidation Proceeds prior to their deposit) or out of payments expressly made by the related Obligor to reimburse the Servicer for such taxes or charges, as permitted by Section 3.064.06;
(iii) to pay to the Servicer itself the Monthly Servicing Fee and Servicer Deficiency Amounts and Repossession Profits, if any;
(iv) to reimburse the itself or a previous Servicer out of Liquidation Proceeds (to the extent not previously retained from Liquidation Proceeds prior to their deposit in the Certificate Account) in respect of a Manufactured Home and out of payments by the related Obligor (to the extent of payments expressly made by the Obligor to reimburse the Servicer for insurance premiums) for expenses incurred by the Servicer it in respect of such Manufactured Home that are specified in this Agreement as being reimbursable to the Servicerit pursuant to Section 4.07, 4.09, 4.13 or 4.18 or to a previous Servicer under Section 7.07;
(v) to reimburse the Servicer itself for (A) any Nonrecoverable Advances and for Monthly Advances in respect of Liquidated Contracts and (B) after the Distribution Date occurring Contracts, in September 2002each case, for the Monthly Advance Differentialin accordance with Section 5.01(c);
(vi) from the Certificate Account after the Class A-1 Certificate Balance of each and Class of Offered Certificates has A-2 Certificate Balance, have been reduced to zero and all amounts owing to the Certificate Insurer pursuant to the Insurance Agreement, including in respect of amounts paid under the Policy, Special Account have been reimburseddeposited therein, to reimburse the Trustee, the Certificate Administrator, the Backup Servicer, the Servicer and the REMIC Administrator, pro rata, for expenses incurred and reimbursable to the Servicer pursuant to Section 6.05 7.05 and for Extraordinary Trust Fund Expenses incurred and reimbursable to the Trustee, the Certificate Administrator, the Backup Servicer and the REMIC Administrator and not already reimbursed pursuant to Section 4.014.17(c); and
(vii) to withdraw any amount deposited in the Certificate Account that was not required to be deposited therein (including any collections on the Contracts that, pursuant to Section 2.01(a), are not part of the Trust FundFund and amounts permitted to be withdrawn pursuant to Section 11.12(ii) hereof)). Since, in connection with withdrawals pursuant to clauses (i), (ii) and (iv) of this Section 3.255.03, the Servicer's entitlement thereto is limited to collections or other recoveries on the related Contract, the Servicer shall keep and maintain separate accounting, on a Contract by Contract basis, for the purpose of justifying any withdrawal from the Certificate Account pursuant to such clauses.
(b) The Trustee may, from time to time as provided herein, make withdrawals from the Certificate Account of amounts deposited therein pursuant to Section 3.05 that are attributable to the Contracts to make payments in respect of (i) the premium payable to the Certificate Insurer in respect of the Policy for such Distribution Date, which the Trustee shall pay to the Certificate Insurer by wire transfer of immediately available funds to the Certificate Insurer Account, (ii) the Yield Maintenance Agreement Fee payable to the LIBOR Cap Counterparty in respect of the Yield Maintenance Agreement for such Distribution Date, (iii) the Monthly Servicing Fee payable to the Servicer for such Distribution Date (to the extent the Trustee has been notified that such Servicing Fee has not been retained from collections), which the Trustee shall pay to the Servicer in a time and in the manner directed by the Servicer, (iv) the Monthly Backup Servicing Fee payable to the Backup Servicer for such Distribution Date, which the Trustee shall pay to the Backup Servicer in a time and in the manner directed by the Backup Servicer, (v) the Monthly Trustee Fee payable to the Trustee for such Distribution Date and (vi) amounts in respect of High LTV Collections, which the Trustee shall deposit into the Basis Risk Reserve Fund. The foregoing withdrawals from the Certificate Account may be prior to the distribution of any amounts to Certificateholders on any Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenpoint Financial Corp)
Permitted Withdrawals from the Certificate Account. (a) The Trustee shallmay, from time to time as provided herein, at the Servicer's directiontime, make withdrawals from the Certificate Account of amounts deposited therein pursuant to Section 3.05 that are attributable to the related Contracts for the following purposes:
(i) to make payments in the amounts and in the manner provided for in Section 6.01;
(ii) to reimburse itself for expenses incurred by it and reimbursable pursuant to Section 8.03 and to reimburse the Depositor or the Servicer for expenses incurred by either of them and reimbursable pursuant to Section 8.03;
(iii) to pay to the Seller or the Originator, as applicable, with respect to each Contract sold by it Mortgage Loan or property acquired in respect thereof that has been repurchased or replaced pursuant to Section 2.03 of the Sale and Servicing Agreement, all amounts received thereon that are specified in such section to be property of the Seller 2.02 or the Originator, as applicable;
(ii) to reimburse the Servicer for Obligatory Advances (to the extent not retained pursuant to Section 3.05), for the payment of interest accrued on any Contract prior to the Cut-off Date (to the extent not retained pursuant to Section 3.05) and for the payment of taxes 3.01 or charges out of Liquidation Proceeds (to the extent not previously retained from such Liquidation Proceeds prior to their deposit) or out of payments expressly made by the related Obligor to reimburse the Servicer for such taxes or charges, as permitted by Section 3.06;
(iii) to pay to the Servicer with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 11.01 all amounts received thereon and not required to be distributed as of the Monthly Servicing Fee and Servicer Deficiency Amounts and Repossession Profits, if anydate on which the related Purchase Price was determined;
(iv) to reimburse the Servicer out of Liquidation Proceeds (for unreimbursed Advances made by it with respect to previous Distribution Dates, to the extent such reimbursement is permitted to be made from the Collection Account pursuant to Section 5.09(iv) and only if such reimbursement has not previously retained been made from Liquidation Proceeds prior to their deposit in the Certificate Collection Account) in respect of a Manufactured Home and out of payments by the related Obligor (to the extent of payments expressly made by the Obligor to reimburse the Servicer for insurance premiums) for expenses incurred by the Servicer in respect of such Manufactured Home that are specified in this Agreement as being reimbursable to the Servicer;
(v) to reimburse pay itself any interest earned on or investment income earned with respect to funds in the Servicer for (A) any Nonrecoverable Advances and for Monthly Advances in respect of Liquidated Contracts and (B) after the Distribution Date occurring in September 2002, for the Monthly Advance DifferentialCertificate Account;
(vi) from the Certificate Account after the Certificate Balance of each Class of Offered Certificates has been reduced to zero and all amounts owing return to the Certificate Insurer pursuant to the Insurance Agreement, including in respect of amounts paid under the Policy, have been reimbursed, to reimburse the Trustee, the Certificate Administrator, the Backup Servicer, the Servicer and the REMIC Administrator, pro rata, for expenses incurred and reimbursable to the Servicer pursuant to Section 6.05 and for Extraordinary Trust Fund Expenses incurred and reimbursable to the Trustee, the Certificate Administrator, the Backup Servicer and the REMIC Administrator and not already reimbursed pursuant to Section 4.01; and
(vii) to withdraw Collection Account any amount deposited in the Certificate Account that was not required to be deposited therein therein; and
(including any collections on vii) to clear and terminate the Contracts that, Certificate Account pursuant to Section 2.01(a), are not part of the Trust Fund)11.01. Since, in connection with withdrawals pursuant to clauses (i), (ii) and (iv) of this Section 3.25, the Servicer's entitlement thereto is limited to collections or other recoveries on the related Contract, the Servicer The Trustee shall keep and maintain separate accounting, on a Contract by Contract basis, for the purpose an accurate accounting of justifying any withdrawal all withdrawals from the Certificate Account pursuant to such clauses.
(b) The Trustee may, from time to time as provided herein, make withdrawals from the Certificate Account of amounts deposited therein pursuant to Section 3.05 that are attributable to the Contracts to make payments in respect of (i) the premium payable to the Certificate Insurer in respect each of the Policy for such Distribution Date, which the Trustee shall pay to the Certificate Insurer by wire transfer of immediately available funds to the Certificate Insurer Account, (ii) the Yield Maintenance Agreement Fee payable to the LIBOR Cap Counterparty in respect of the Yield Maintenance Agreement for such Distribution Date, (iii) the Monthly Servicing Fee payable to the Servicer for such Distribution Date (to the extent the Trustee has been notified that such Servicing Fee has not been retained from collections), which the Trustee shall pay to the Servicer in a time and in the manner directed by the Servicer, (iv) the Monthly Backup Servicing Fee payable to the Backup Servicer for such Distribution Date, which the Trustee shall pay to the Backup Servicer in a time and in the manner directed by the Backup Servicer, (v) the Monthly Trustee Fee payable to the Trustee for such Distribution Date and (vi) amounts in respect of High LTV Collections, which the Trustee shall deposit into the Basis Risk Reserve Fund. The foregoing withdrawals from the Certificate Account may be prior to the distribution of any amounts to Certificateholders on any Distribution Datesubparagraphs listed above.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Homeside Mortgage Securities Inc /De/)
Permitted Withdrawals from the Certificate Account. (a) The Trustee shallSecurities Administrator may, from time to time as provided herein, at the Servicer's directiontime, make withdrawals from the Certificate Account of amounts deposited therein pursuant to Section 3.05 that are attributable to the related Contracts for the following purposes:
(i) solely from the Interest Distribution Amount, to pay the Securities Administration Fee to the Seller or the Originator, as applicable, with respect to each Contract sold by it or property acquired in respect thereof that has been repurchased or replaced pursuant to Section 2.03 of the Sale and Servicing Agreement, all amounts received thereon that are specified in such section to be property of the Seller or the Originator, as applicableSecurities Administrator;
(ii) to reimburse the Servicer Securities Administrator or the Trustee (or, in certain cases, the Depositor) for Obligatory Advances expenses incurred by it (including taxes paid on behalf of the Trust Estate) and recoverable by or reimbursable to the extent not retained it pursuant to Section 3.056.03, the second or third paragraphs of Section 8.06 or the third sentence of Section 8.13(a), for provided such expenses are "unanticipated" within the payment meaning of interest accrued on any Contract prior to the Cut-off Date (to the extent not retained pursuant to Section 3.05) and for the payment of taxes or charges out of Liquidation Proceeds (to the extent not previously retained from such Liquidation Proceeds prior to their deposit) or out of payments expressly made by the related Obligor to reimburse the Servicer for such taxes or charges, as permitted by Section 3.06REMIC Provisions;
(iii) to pay to the Servicer Depositor or other purchaser with respect to each Mortgage Certificate that has been repurchased pursuant to Section 2.02 or 9.01, all amounts received thereon and not required to be distributed as of the Monthly Servicing Fee and Servicer Deficiency Amounts and Repossession Profits, if anydate on which the related repurchase or purchase price was determined;
(iv) to reimburse the Servicer out of Liquidation Proceeds (remit funds to the extent not previously retained from Liquidation Proceeds prior to their deposit Paying Agent in the Certificate Account) amounts and in respect of a Manufactured Home and out of payments by the related Obligor (to the extent of payments expressly made by the Obligor to reimburse the Servicer manner provided for insurance premiums) for expenses incurred by the Servicer in respect of such Manufactured Home that are specified in this Agreement as being reimbursable to the Servicerherein;
(v) to reimburse pay to the Servicer for (A) Securities Administrator any Nonrecoverable Advances and for Monthly Advances interest earned on or investment income with respect to funds in respect of Liquidated Contracts and (B) after the Distribution Date occurring in September 2002, for the Monthly Advance DifferentialCertificate Account;
(vi) to withdraw from the Certificate Account after the Certificate Balance of each Class of Offered Certificates has been reduced to zero and all amounts owing to the Certificate Insurer pursuant to the Insurance Agreement, including in respect of amounts paid under the Policy, have been reimbursed, to reimburse the Trustee, the Certificate Administrator, the Backup Servicer, the Servicer and the REMIC Administrator, pro rata, for expenses incurred and reimbursable to the Servicer pursuant to Section 6.05 and for Extraordinary Trust Fund Expenses incurred and reimbursable to the Trustee, the Certificate Administrator, the Backup Servicer and the REMIC Administrator and not already reimbursed pursuant to Section 4.01; and
(vii) to withdraw any amount deposited in the Certificate Account that was not required to be deposited therein therein; and
(including any collections on vii) to clear and terminate the Contracts that, Certificate Account pursuant to Section 2.01(a), are not part of the Trust Fund). Since, in connection with withdrawals pursuant to clauses 9.01.
(i), (iib) and (iv) of this Section 3.25, the Servicer's entitlement thereto is limited to collections or other recoveries on the related Contract, the Servicer The Securities Administrator shall keep and maintain separate accounting, on a Contract Mortgage Certificate by Contract Mortgage Certificate basis, for the purpose of justifying any payment to and withdrawal from the Certificate Account pursuant to such clauses.
(b) Account. The Securities Administrator shall notify the Depositor and the Trustee mayof the amount, from time to time as provided herein, make withdrawals from the Certificate Account of amounts deposited therein purpose and party paid pursuant to Section 3.05 that are attributable to the Contracts to make payments in respect of (i) the premium payable to the Certificate Insurer in respect of the Policy for such Distribution Date, which the Trustee shall pay to the Certificate Insurer by wire transfer of immediately available funds to the Certificate Insurer Account, (ii) the Yield Maintenance Agreement Fee payable to the LIBOR Cap Counterparty in respect of the Yield Maintenance Agreement for such Distribution Date, (iii) the Monthly Servicing Fee payable to the Servicer for such Distribution Date (to the extent the Trustee has been notified that such Servicing Fee has not been retained from collections3.02(a)(ii), which the Trustee shall pay to the Servicer in a time and in the manner directed by the Servicer, (iv) the Monthly Backup Servicing Fee payable to the Backup Servicer for such Distribution Date, which the Trustee shall pay to the Backup Servicer in a time and in the manner directed by the Backup Servicer, (v) the Monthly Trustee Fee payable to the Trustee for such Distribution Date and (vi) amounts in respect of High LTV Collections, which the Trustee shall deposit into the Basis Risk Reserve Fund. The foregoing withdrawals from the Certificate Account may be prior to the distribution of any amounts to Certificateholders on any Distribution Date.
Appears in 1 contract
Samples: Trust Agreement (Wells Fargo Asset Securities Corp)
Permitted Withdrawals from the Certificate Account. (a) Payments. --------
a. The Trustee shall, from time to time as provided herein, at the Servicer's direction, make withdrawals from the Certificate Account of amounts deposited therein pursuant to Section 3.05 that are attributable to the related Contracts for the following purposes:
(i) to pay to the Seller or the Originator, as applicable, with respect to each Contract sold by it or property acquired in respect thereof that has been repurchased or replaced pursuant to Section 2.03 of the Sale and Servicing Agreement, all amounts received thereon that are specified in such section to be property of the Seller or the Originator, as applicable;
(ii) to reimburse the Servicer for Obligatory Advances (to the extent not retained pursuant to Section 3.05), for the payment of interest accrued on any Contract prior to the Cut-off Date (to the extent not retained pursuant to Section 3.05) and for the payment of taxes or charges out of Liquidation Proceeds (to the extent not previously retained from such Liquidation Proceeds prior to their deposit) or out of payments expressly made by the related Obligor to reimburse the Servicer for such taxes or charges, as permitted by Section 3.06;
(iii) to pay to the Servicer the Monthly Servicing Fee and Servicer Deficiency Amounts and Repossession Profits, if any;
(iv) to reimburse the Servicer out of Liquidation Proceeds (to the extent not previously retained from Liquidation Proceeds prior to their deposit in the Certificate Account) in respect of a Manufactured Home and out of payments by the related Obligor (to the extent of payments expressly made by the Obligor to reimburse the Servicer for insurance premiums) for expenses incurred by the Servicer in respect of such Manufactured Home that are specified in this Agreement as being reimbursable to the Servicer;
(v) to reimburse the Servicer for (A) any Nonrecoverable Advances and for Monthly Advances in respect of Liquidated Contracts and (B) after the Distribution Date occurring in September 2002, for the Monthly Advance Differential;
(vi) from the Certificate Account after the Certificate Balance of each Class of Offered Certificates has been reduced to zero and all amounts owing to the Certificate Insurer pursuant to the Insurance Agreement, including in respect of amounts paid under the Policy, have been reimbursed, to reimburse the Trustee, the Certificate Administrator, the Backup Servicer, the Servicer and the REMIC Administrator, pro rata, for expenses incurred and reimbursable to the Servicer pursuant to Section 6.05 and for Extraordinary Trust Fund Expenses incurred and reimbursable to the Trustee, the Certificate Administrator, the Backup Servicer and the REMIC Administrator and not already reimbursed pursuant to Section 4.01; and
(vii) to withdraw any amount deposited in the Certificate Account that was not required to be deposited therein (including any collections on the Contracts that, pursuant to Section 2.01(a), are not part of the Trust Fund). Since, in connection with withdrawals pursuant to clauses (i), (ii) and (iv) of this Section 3.25, the Servicer's entitlement thereto is limited to collections or other recoveries on the related Contract, the Servicer shall keep and maintain separate accounting, on a Contract by Contract basis, for the purpose of justifying any withdrawal from the Certificate Account pursuant to such clauses.
(b) The Trustee may, from time to time as provided herein, make withdrawals from the Certificate Account of amounts deposited therein in said account pursuant to Section 3.05 5.05 that are attributable to the Contracts Loans for the following purposes:
(i) to make payments in the amounts and in the manner provided for in Section 8.04(b);
(ii) to pay to the Company with respect to each Loan or property acquired in respect thereof that has been repurchased or replaced pursuant to Section 3.05, all amounts received thereon and not required to be distributed to Certificateholders as of the date on which the related Scheduled Principal Balance or Repurchase Price is determined;
(iii) to reimburse the Servicer out of Liquidation Proceeds for Liquidation Expenses incurred by it and not otherwise reimbursed, to the extent such reimbursement is permitted pursuant to Section 5.08;
(iv) to withdraw any amount deposited in the Certificate Account that was not required to be deposited therein; or
(v) to make any rebates or adjustments deemed necessary by the Servicer pursuant to Section 5.06(d). Since, in connection with withdrawals pursuant to clause (iii), the Company's entitlement thereto is limited to collections or other recoveries on the related Loan, the Servicer shall keep and maintain separate accounting, on a Loan by Loan basis, for the purpose of justifying any withdrawal from the Certificate Account pursuant to such clause.
b. On each Payment Date, the Trustee shall apply the Amount Available (as determined on the immediately preceding Determination Date) in the Certificate Account to make payment in the following order of priority:
1. if neither the Company nor a wholly owned subsidiary of the Company is the Servicer, to pay the Monthly Servicing Fee and any other compensation owed to the Servicer pursuant to Section 7.03; 2. to pay the Class A Formula Interest Distribution Amount as follows (and in the following order of priority):
(i) the premium payable amount in clause (a)(1) of the definition of Class A Formula Distribution Amount to the Certificate Insurer Class A-1 ARM Certificateholders; the amount in respect clause (a)(2) of the Policy for such definition of Class A Formula Distribution Date, which the Trustee shall pay to the Certificate Insurer by wire transfer Class A-1 Certificateholders; the amount in clause (a)(3) of immediately available funds the definition of Class A Formula Distribution Amount to the Certificate Insurer AccountClass A-2 Certificateholders; the amount in clause (a)(4) of the definition of Class A Formula Distribution Amount to the Class A-3 Certificateholders; the amount in clause (a)(5) of the definition of Class A Formula Distribution Amount to the Class A-4 Certificateholders; the amount in clause (a)(6) of the definition of Class A Formula Distribution Amount to the Class A-5 Certificateholders; and the amount in clause (a)(7) of the definition of Class A Formula Distribution Amount to the Class A-6 Certificateholders; or, if the Amount Available is less than the amount necessary to pay all Class A Formula Interest Distribution Amounts, pro rata to each Class of Class A Certificates in accordance with their respective entitlements to interest; and
(ii) to each Class of Class A Certificates the Yield Maintenance Agreement Fee payable to the LIBOR Cap Counterparty in respect amount, if any, of the Yield Maintenance Agreement for Unpaid Class A Interest Shortfall of such Distribution DateClass or, (iii) if the Monthly Servicing Fee payable remaining Amount Available is less than the amount necessary to pay all Unpaid Class A Interest Shortfalls, pro rata to each Class of Class A Certificates based on the Servicer for Unpaid Class A Interest Shortfall of each such Distribution Date (to the extent the Trustee has been notified that such Servicing Fee has not been retained from collections), which the Trustee shall pay to the Servicer in a time and in the manner directed by the Servicer, (iv) the Monthly Backup Servicing Fee payable to the Backup Servicer for such Distribution Date, which the Trustee shall pay to the Backup Servicer in a time and in the manner directed by the Backup Servicer, (v) the Monthly Trustee Fee payable to the Trustee for such Distribution Date and (vi) amounts in respect of High LTV Collections, which the Trustee shall deposit into the Basis Risk Reserve Fund. The foregoing withdrawals from the Certificate Account may be prior to the distribution of any amounts to Certificateholders on any Distribution Date.Class;
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Green Tree Financial Corp)
Permitted Withdrawals from the Certificate Account. (a) The Trustee shallSecurities Administrator may, from time to time as provided herein, at the Servicer's directiontime, make withdrawals from the Certificate Account of amounts deposited therein pursuant to Section 3.05 that are attributable to the related Contracts for the following purposes:
(i) solely from the Interest Distribution Amount, to pay the Securities Administration Fee to the Seller or the Originator, as applicable, with respect to each Contract sold by it or property acquired in respect thereof that has been repurchased or replaced pursuant to Section 2.03 of the Sale and Servicing Agreement, all amounts received thereon that are specified in such section to be property of the Seller or the Originator, as applicableSecurities Administrator;
(ii) to reimburse the Servicer Securities Administrator or the Trustee (or, in certain cases, the Depositor) for Obligatory Advances expenses incurred by it (including taxes paid on behalf of the Trust Estate) and recoverable by or reimbursable to the extent not retained it pursuant to Section 3.056.03, the second or third paragraphs of Section 8.06 or the third sentence of Section 8.13(a), for provided such expenses are “unanticipated” within the payment meaning of interest accrued on any Contract prior to the Cut-off Date (to the extent not retained pursuant to Section 3.05) and for the payment of taxes or charges out of Liquidation Proceeds (to the extent not previously retained from such Liquidation Proceeds prior to their deposit) or out of payments expressly made by the related Obligor to reimburse the Servicer for such taxes or charges, as permitted by Section 3.06REMIC Provisions;
(iii) to pay to the Servicer Depositor or other purchaser with respect to each Mortgage Certificate that has been repurchased pursuant to Section 2.02 or 9.01, all amounts received thereon and not required to be distributed as of the Monthly Servicing Fee and Servicer Deficiency Amounts and Repossession Profits, if anydate on which the related repurchase or purchase price was determined;
(iv) to reimburse the Servicer out of Liquidation Proceeds (remit funds to the extent not previously retained from Liquidation Proceeds prior to their deposit Paying Agent in the Certificate Account) amounts and in respect of a Manufactured Home and out of payments by the related Obligor (to the extent of payments expressly made by the Obligor to reimburse the Servicer manner provided for insurance premiums) for expenses incurred by the Servicer in respect of such Manufactured Home that are specified in this Agreement as being reimbursable to the Servicerherein;
(v) to reimburse pay to the Servicer for (A) Securities Administrator any Nonrecoverable Advances and for Monthly Advances interest earned on or investment income with respect to funds in respect of Liquidated Contracts and (B) after the Distribution Date occurring in September 2002, for the Monthly Advance DifferentialCertificate Account;
(vi) to withdraw from the Certificate Account after the Certificate Balance of each Class of Offered Certificates has been reduced to zero and all amounts owing to the Certificate Insurer pursuant to the Insurance Agreement, including in respect of amounts paid under the Policy, have been reimbursed, to reimburse the Trustee, the Certificate Administrator, the Backup Servicer, the Servicer and the REMIC Administrator, pro rata, for expenses incurred and reimbursable to the Servicer pursuant to Section 6.05 and for Extraordinary Trust Fund Expenses incurred and reimbursable to the Trustee, the Certificate Administrator, the Backup Servicer and the REMIC Administrator and not already reimbursed pursuant to Section 4.01; and
(vii) to withdraw any amount deposited in the Certificate Account that was not required to be deposited therein therein; and
(including any collections on vii) to clear and terminate the Contracts that, Certificate Account pursuant to Section 2.01(a), are not part of the Trust Fund). Since, in connection with withdrawals pursuant to clauses 9.01.
(i), (iib) and (iv) of this Section 3.25, the Servicer's entitlement thereto is limited to collections or other recoveries on the related Contract, the Servicer The Securities Administrator shall keep and maintain separate accounting, on a Contract Mortgage Certificate by Contract Mortgage Certificate basis, for the purpose of justifying any payment to and withdrawal from the Certificate Account pursuant to such clauses.
(b) Account. The Securities Administrator shall notify the Depositor and the Trustee mayof the amount, from time to time as provided herein, make withdrawals from the Certificate Account of amounts deposited therein purpose and party paid pursuant to Section 3.05 that are attributable to the Contracts to make payments in respect of (i) the premium payable to the Certificate Insurer in respect of the Policy for such Distribution Date, which the Trustee shall pay to the Certificate Insurer by wire transfer of immediately available funds to the Certificate Insurer Account, (ii) the Yield Maintenance Agreement Fee payable to the LIBOR Cap Counterparty in respect of the Yield Maintenance Agreement for such Distribution Date, (iii) the Monthly Servicing Fee payable to the Servicer for such Distribution Date (to the extent the Trustee has been notified that such Servicing Fee has not been retained from collections3.02(a)(ii), which the Trustee shall pay to the Servicer in a time and in the manner directed by the Servicer, (iv) the Monthly Backup Servicing Fee payable to the Backup Servicer for such Distribution Date, which the Trustee shall pay to the Backup Servicer in a time and in the manner directed by the Backup Servicer, (v) the Monthly Trustee Fee payable to the Trustee for such Distribution Date and (vi) amounts in respect of High LTV Collections, which the Trustee shall deposit into the Basis Risk Reserve Fund. The foregoing withdrawals from the Certificate Account may be prior to the distribution of any amounts to Certificateholders on any Distribution Date.
Appears in 1 contract
Samples: Trust Agreement (Wells Fargo Asset Securities Corp)
Permitted Withdrawals from the Certificate Account. (a) The Trustee shall, from time to time as provided herein, at the Servicer's direction, make withdrawals from the Certificate Account of amounts deposited therein pursuant to Section 3.05 that are attributable to the related Contracts for the following purposes:
(i) to pay to the Seller or the Originator, as applicable, with respect to each Contract sold by it or property acquired in respect thereof that has been repurchased or replaced pursuant to Section 2.03 of the Sale and Servicing Agreement, all amounts received thereon that are specified in such section to be property of the Seller or the Originator, as applicable;
(ii) to reimburse the Servicer for Obligatory Advances (to the extent not retained pursuant to Section 3.05), for the payment of interest accrued on any Contract prior to the Cut-off Date (to the extent not retained pursuant to Section 3.05) and for the payment of taxes or charges out of Liquidation Proceeds (to the extent not previously retained from such Liquidation Proceeds prior to their deposit) or out of payments expressly made by the related Obligor to reimburse the Servicer for such taxes or charges, as permitted by Section 3.06;
(iii) to pay to the Servicer the Monthly Servicing Fee and Servicer Deficiency Amounts and Repossession Profits, if any;
(iv) to reimburse the Servicer out of Liquidation Proceeds (to the extent not previously retained from Liquidation Proceeds prior to their deposit in the Certificate Account) in respect of a Manufactured Home and out of payments by the related Obligor (to the extent of payments expressly made by the Obligor to reimburse the Servicer for insurance premiums) for expenses incurred by the Servicer in respect of such Manufactured Home that are specified in this Agreement as being reimbursable to the Servicer;
(v) to reimburse the Servicer for (A) any Nonrecoverable Advances and for Monthly Advances in respect of Liquidated Contracts and (B) after the Distribution Date occurring in September 2002, for the Monthly Advance Differential;
(vi) from the Certificate Account after the Certificate Balance of each Class of Offered Certificates has been reduced to zero and all amounts owing to the Certificate Insurer pursuant to the Insurance Agreement, including in respect of amounts paid under the Policy, have been reimbursed, to reimburse the Trustee, the Certificate Administrator, the Backup Servicer, the Servicer and the REMIC Administrator, pro rata, for expenses incurred and reimbursable to the Servicer pursuant to Section 6.05 and for Extraordinary Trust Fund Expenses incurred and reimbursable to the Trustee, the Certificate Administrator, the Backup Servicer and the REMIC Administrator and not already reimbursed pursuant to Section 4.01; and
(vii) to withdraw any amount deposited in the Certificate Account that was not required to be deposited therein (including any collections on the Contracts that, pursuant to Section 2.01(a), are not part of the Trust Fund). Since, in connection with withdrawals pursuant to clauses (i), (ii) and (iv) of this Section 3.25, the Servicer's entitlement thereto is limited to collections or other recoveries on the related Contract, the Servicer shall keep and maintain separate accounting, on a Contract by Contract basis, for the purpose of justifying any withdrawal from the Certificate Account pursuant to such clauses.
(b) The Trustee may, from time to time as provided herein, make withdrawals from the Certificate Account of amounts deposited therein in said account pursuant to Section 3.05 5.05 that are attributable to the Contracts for the following purposes:
(i) to make payments in respect of (i) the premium payable to the Certificate Insurer in respect of the Policy for such Distribution Date, which the Trustee shall pay to the Certificate Insurer by wire transfer of immediately available funds to the Certificate Insurer Account, (ii) the Yield Maintenance Agreement Fee payable to the LIBOR Cap Counterparty in respect of the Yield Maintenance Agreement for such Distribution Date, (iii) the Monthly Servicing Fee payable to the Servicer for such Distribution Date (to the extent the Trustee has been notified that such Servicing Fee has not been retained from collections), which the Trustee shall pay to the Servicer in a time amounts and in the manner directed by provided for in Section 8.03;
(ii) to pay to the Originator with respect to each Contract or property acquired in respect thereof that has been repurchased or replaced pursuant to Section 3.06, all amounts received thereon and not required to be distributed to Certificateholders as of the date on which the related Scheduled Principal Balance or Repurchase Price is determined;
(iii) only on a Remittance Date, prior to the Trustee's remittance of the Amount Available pursuant to Section 8.03, to pay to the Servicer, the Servicer's Assignee 100 or the Advance Financing Person, as appropriate, the amount of any Liquidation Expenses as to which Related Proceeds, net of all Liquidation Expenses previously reimbursed pursuant to this Section 8.02(iii) with respect to the related Contract, exceed such Liquidation Expenses;
(iv) the Monthly Backup Servicing Fee payable to the Backup Servicer for such Distribution Date, which the Trustee shall pay to the Backup Servicer in a time and withdraw any amount deposited in the manner directed by the Backup Servicer, Certificate Account that was not required to be deposited therein; or
(v) to make any rebates or adjustments deemed necessary by the Monthly Trustee Fee payable Servicer pursuant to the Trustee for such Distribution Date and (vi) amounts Section 5.06(d), but not out of collections in respect of High LTV Collectionsany Contract that constitute Related Proceeds, which the Trustee shall deposit into the Basis Risk Reserve Fund. The foregoing withdrawals from the Certificate Account may be prior to the distribution of any amounts extent a Liquidation Expense has been paid by the Servicer with respect to Certificateholders on any Distribution Datethat Contract which has not yet been reimbursed.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Conseco Finance Securitizations Corp)
Permitted Withdrawals from the Certificate Account. Payments ------------------------------------------------------------
(a) The Trustee shall, from time to time as provided herein, at the Servicer's direction, make withdrawals from the Certificate Account of amounts deposited therein pursuant to Section 3.05 that are attributable to the related Contracts for the following purposes:
(i) to pay to the Seller or the Originator, as applicable, with respect to each Contract sold by it or property acquired in respect thereof that has been repurchased or replaced pursuant to Section 2.03 of the Sale and Servicing Agreement, all amounts received thereon that are specified in such section to be property of the Seller or the Originator, as applicable;
(ii) to reimburse the Servicer for Obligatory Advances (to the extent not retained pursuant to Section 3.05), for the payment of interest accrued on any Contract prior to the Cut-off Date (to the extent not retained pursuant to Section 3.05) and for the payment of taxes or charges out of Liquidation Proceeds (to the extent not previously retained from such Liquidation Proceeds prior to their deposit) or out of payments expressly made by the related Obligor to reimburse the Servicer for such taxes or charges, as permitted by Section 3.06;
(iii) to pay to the Servicer the Monthly Servicing Fee and Servicer Deficiency Amounts and Repossession Profits, if any;
(iv) to reimburse the Servicer out of Liquidation Proceeds (to the extent not previously retained from Liquidation Proceeds prior to their deposit in the Certificate Account) in respect of a Manufactured Home and out of payments by the related Obligor (to the extent of payments expressly made by the Obligor to reimburse the Servicer for insurance premiums) for expenses incurred by the Servicer in respect of such Manufactured Home that are specified in this Agreement as being reimbursable to the Servicer;
(v) to reimburse the Servicer for (A) any Nonrecoverable Advances and for Monthly Advances in respect of Liquidated Contracts and (B) after the Distribution Date occurring in September 2002, for the Monthly Advance Differential;
(vi) from the Certificate Account after the Certificate Balance of each Class of Offered Certificates has been reduced to zero and all amounts owing to the Certificate Insurer pursuant to the Insurance Agreement, including in respect of amounts paid under the Policy, have been reimbursed, to reimburse the Trustee, the Certificate Administrator, the Backup Servicer, the Servicer and the REMIC Administrator, pro rata, for expenses incurred and reimbursable to the Servicer pursuant to Section 6.05 and for Extraordinary Trust Fund Expenses incurred and reimbursable to the Trustee, the Certificate Administrator, the Backup Servicer and the REMIC Administrator and not already reimbursed pursuant to Section 4.01; and
(vii) to withdraw any amount deposited in the Certificate Account that was not required to be deposited therein (including any collections on the Contracts that, pursuant to Section 2.01(a), are not part of the Trust Fund). Since, in connection with withdrawals pursuant to clauses (i), (ii) and (iv) of this Section 3.25, the Servicer's entitlement thereto is limited to collections or other recoveries on the related Contract, the Servicer shall keep and maintain separate accounting, on a Contract by Contract basis, for the purpose of justifying any withdrawal from the Certificate Account pursuant to such clauses.
(b) The Trustee may, from time to time as provided herein, make withdrawals from the Certificate Account of amounts deposited therein in said account pursuant to Section 3.05 5.05 that are attributable to the Contracts Loans for the following purposes:
(1) to make payments in the amounts and in the manner provided for in Sections 8.04(b) through 8.04(e);
(2) to pay to the Originator with respect to each Loan or property acquired in respect thereof that has been repurchased or replaced pursuant to Section 3.06, all amounts received thereon and not required to be distributed to Certificateholders as of the date on which the related Scheduled Principal Balance or Repurchase Price is determined;
(3) to reimburse the Servicer for Advances made as provided in Section 8.02(a) and amounts described in 5.08 and to reimburse the Trustee for Trustee Advances made as provided in Section 11.15, in each case from funds collected in respect of the related Loan;
(4) to withdraw any amount deposited in the Certificate Account that was not required to be deposited therein; or
(5) to make any rebates or adjustments deemed necessary by the Servicer pursuant to Section 5.06(d). Since, in connection with withdrawals pursuant to clause (3), the Servicer's entitlement thereto is limited to collections or other recoveries on the related Loan, the Servicer shall keep and maintain separate accounting, on a Loan by Loan basis, for the purpose of justifying any withdrawal from the Certificate Account pursuant to such clause.
(b) On each Payment Date, the Trustee shall apply the Group I Amount Available for such Payment Date, plus any amount described in Section 8.04(c)(16), to make payment in the following order of priority, subject to Section 8.04(e):
(1) if neither Conseco Finance Corp. nor a wholly owned subsidiary of the Originator is the Servicer, to the Servicer, the Monthly Servicing Fee, and any other compensation owed to the Servicer pursuant to Section 7.03, with respect to the Group I Loans;
(2) to the Class I-A and Class I-IO Certificateholders:
(i) the premium payable amount in clause (a)(1) of the definition of Class A and IO Formula Interest Distribution Amount to the Certificate Insurer Class I-A-1 Certificateholders; the amount in respect clause (a)(2), to the Class I-A-2 Certificateholders; the amount in clause (a)(3), to the Class I-A-3 Certificateholders; the amount in clause (a)(4), to the Class I-A-4 Certificateholders; the amount in clause (a)(5) to the Class I-A-5 Certificateholders; and the amount in clause (a)(9) to the Class I-IO Certificateholders; or, if such remaining Group I Amount Available is less than the amount necessary to pay all such amounts, to each Class of Class I-A and Class I-IO Certificates pro rata in accordance with its respective entitlement to interest; and
(ii) to each Class of Class I-A and Class I-IO Certificates the amount, if any, of the Policy for Unpaid Class A and IO Interest Shortfall of such Distribution DateClass or, which if such remaining Group I Amount Available is less than the Trustee shall amount necessary to pay all Unpaid Class A and IO Interest Shortfalls, pro rata to each such Class of Class I-A and Class I-IO Certificates based on the Unpaid Class A and IO Interest Shortfall of each such Class;
(3) to the Certificate Insurer by wire transfer of immediately available funds Class I-M-1 Certificateholders the Class I-M-1 Formula Interest Distribution Amount;
(4) to the Certificate Insurer AccountClass I-M-2 Certificateholders the Class I-M-2 Formula Interest Distribution Amount;
(5) to the Class I-B-1 Certificateholders the Class I-B-1 Formula Interest Distribution Amount;
(6) to the Class I-A Certificateholders, the Class I-A Formula Principal Distribution Amount:
(i) to the Class I-A-1 Certificateholders, but in no event more than is necessary to reduce the Class I-A-1 Principal Balance to zero;
(ii) to the Class I-A-2 Certificateholders, but in no event more than is necessary to reduce the Class I-A-2 Principal Balance to zero;
(iii) to the Class I-A-3 Certificateholders, but in no event more than is necessary to reduce the Class I-A-3 Principal Balance to zero;
(iv) to the Class I-A-4 Certificateholders, but in no event more than is necessary to reduce the Class I-A-4 Principal Balance to zero; and
(v) to the Class I-A-5 Certificateholders, but in no event more than is necessary to reduce the Class I-A-5 Principal Balance to zero;
(7) to the Class I-M-1 Certificateholders, the Class I-M-1 Formula Principal Distribution Amount;
(8) to the Class I-M-2 Certificateholders, the Class I-M-2 Formula Principal Distribution Amount;
(9) to the Class I-B-1 Certificateholders, the Class I-B-1 Formula Principal Distribution Amount;
(10) to the Class I-M-1 Certificateholders:
(i) any Class I-M-1 Liquidation Loss Interest Amount; and
(ii) any Unpaid Class I-M-1 Liquidation Loss Interest Shortfall;
(11) to the Class I-M-2 Certificateholders:
(i) any Class I-M-2 Liquidation Loss Interest Amount; and
(ii) any Unpaid Class I-M-2 Liquidation Loss Interest Shortfall;
(12) to the Class I-B-1 Certificateholders:
(i) any Class I-B-1 Liquidation Loss Interest Amount; and
(ii) any Unpaid Class I-B-1 Liquidation Loss Interest Shortfall;
(13) to the Class I-B-2 Certificateholders:
(i) the Class I-B-2 Formula Interest Distribution Amount; and
(ii) the Yield Maintenance Agreement Fee payable Class I-B-2 Formula Principal Distribution Amount;
(14) if Conseco Finance Corp. or a wholly owned subsidiary of Conseco Finance Corp. is the Servicer, to the LIBOR Cap Counterparty in respect of the Yield Maintenance Agreement for such Distribution Date, (iii) Servicer the Monthly Servicing Fee payable with respect to the Servicer Group I Loans;
(15) to the Class I-A, Class I-M-1, Class I-M-2, Class I-B-1 and Class I-B-2 Certificateholders, sequentially, but not more than the Class Principal Balance of any Class, the amount, if any, by which the Overcollateralization Amount for the Group I Certificates is less than $8,700,000;
(16) if the Group II Amount Available for such Distribution Payment Date is not sufficient to pay the amounts provided for in clauses (to the extent the Trustee has been notified that such Servicing Fee has not been retained from collections1) through (15) of Section 8.04(c), which the Trustee shall pay to amount of such deficiency (or the Servicer in a time and in the manner directed by the Servicer, (iv) the Monthly Backup Servicing Fee payable to the Backup Servicer for such Distribution Date, which the Trustee shall pay to the Backup Servicer in a time and in the manner directed by the Backup Servicer, (v) the Monthly Trustee Fee payable to the Trustee for such Distribution Date and (vi) amounts in respect of High LTV Collections, which the Trustee shall deposit into the Basis Risk Reserve Fund. The foregoing withdrawals from the Certificate Account may be prior to the distribution of any amounts to Certificateholders on any Distribution Date.remaining Group I Amount Available after payment of
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Conseco Finance Securitizations Corp)
Permitted Withdrawals from the Certificate Account. (a) The Trustee shall, from time to time as provided herein, at the Servicer's direction, make withdrawals from the Certificate Account of amounts deposited therein pursuant to Section 3.05 that are attributable to the related Contracts for the following purposes:
(i) to pay to the Seller or the Originator, as applicable, with respect to each Contract sold by it or property acquired in respect thereof that has been repurchased or replaced pursuant to Section 2.03 of the Sale and Servicing Agreement, all amounts received thereon that are specified in such section to be property of the Seller or the Originator, as applicable;
(ii) to reimburse the Servicer for Obligatory Advances (to the extent not retained pursuant to Section 3.05), for the payment of interest accrued on any Contract prior to the Cut-off Date (to the extent not retained pursuant to Section 3.05) and for the payment of taxes or charges out of Liquidation Proceeds (to the extent not previously retained from such Liquidation Proceeds prior to their deposit) or out of payments expressly made by the related Obligor to reimburse the Servicer for such taxes or charges, as permitted by Section 3.06;
(iii) to pay to the Servicer the Monthly Servicing Fee and Servicer Deficiency Amounts and Repossession Profits, if any;
(iv) to reimburse the Servicer out of Liquidation Proceeds (to the extent not previously retained from Liquidation Proceeds prior to their deposit in the Certificate Account) in respect of a Manufactured Home and out of payments by the related Obligor (to the extent of payments expressly made by the Obligor to reimburse the Servicer for insurance premiums) for expenses incurred by the Servicer in respect of such Manufactured Home that are specified in this Agreement as being reimbursable to the Servicer;
(v) to reimburse the Servicer for (A) any Nonrecoverable Advances and for Monthly Advances in respect of Liquidated Contracts and (B) after the Distribution Date occurring in September 2002, for the Monthly Advance Differential;
(vi) from the Certificate Account after the Certificate Balance of each Class of Offered Certificates has been reduced to zero and all amounts owing to the Certificate Insurer pursuant to the Insurance Agreement, including in respect of amounts paid under the Policy, have been reimbursed, to reimburse the Trustee, the Certificate Administrator, the Backup Servicer, the Servicer and the REMIC Administrator, pro rata, for expenses incurred and reimbursable to the Servicer pursuant to Section 6.05 and for Extraordinary Trust Fund Expenses incurred and reimbursable to the Trustee, the Certificate Administrator, the Backup Servicer and the REMIC Administrator and not already reimbursed pursuant to Section 4.01; and
(vii) to withdraw any amount deposited in the Certificate Account that was not required to be deposited therein (including any collections on the Contracts that, pursuant to Section 2.01(a), are not part of the Trust Fund). Since, in connection with withdrawals pursuant to clauses (i), (ii) and (iv) of this Section 3.25, the Servicer's entitlement thereto is limited to collections or other recoveries on the related Contract, the Servicer shall keep and maintain separate accounting, on a Contract by Contract basis, for the purpose of justifying any withdrawal from the Certificate Account pursuant to such clauses.
(b) The Trustee may, from time to time as provided herein, make withdrawals from the Certificate Account of amounts deposited therein in said account pursuant to Section 3.05 5.05 that are attributable to the Contracts for the following purposes:
(i) to make payments in respect of (i) the premium payable to the Certificate Insurer in respect of the Policy for such Distribution Date, which the Trustee shall pay to the Certificate Insurer by wire transfer of immediately available funds to the Certificate Insurer Account, (ii) the Yield Maintenance Agreement Fee payable to the LIBOR Cap Counterparty in respect of the Yield Maintenance Agreement for such Distribution Date, (iii) the Monthly Servicing Fee payable to the Servicer for such Distribution Date (to the extent the Trustee has been notified that such Servicing Fee has not been retained from collections), which the Trustee shall pay to the Servicer in a time amounts and in the manner directed by provided for in Section 8.03;
(ii) to pay to the Originator with respect to each Contract or property acquired in respect thereof that has been repurchased or replaced pursuant to Section 3.06, all amounts received thereon and not required to be distributed to Certificateholders as of the date on which the related Scheduled Principal Balance or Repurchase Price is determined;
(iii) only on a Remittance Date, prior to the Trustee's remittance of the Amount Available pursuant to Section 8.03, to pay to the Servicer, the Servicer's Assignee or the Advance Financing Person, as appropriate, the amount of any Liquidation Expenses as to which Related Proceeds, net of all Liquidation Expenses previously reimbursed pursuant to this Section 8.02(iii) with respect to the related Contract, exceed such Liquidation Expenses;
(iv) the Monthly Backup Servicing Fee payable to the Backup Servicer for such Distribution Date, which the Trustee shall pay to the Backup Servicer in a time and withdraw any amount deposited in the manner directed by the Backup Servicer, Certificate Account that was not required to be deposited therein; or
(v) to make any rebates or adjustments deemed necessary by the Monthly Trustee Fee payable Servicer pursuant to the Trustee for such Distribution Date and (vi) amounts Section 5.06(d), but not out of collections in respect of High LTV Collectionsany Contract that constitute Related Proceeds, which the Trustee shall deposit into the Basis Risk Reserve Fund. The foregoing withdrawals from the Certificate Account may be prior to the distribution of any amounts extent a Liquidation Expense has been paid by the Servicer with respect to Certificateholders on any Distribution Datethat Contract which has not yet been reimbursed.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Conseco Finance Securitizations Corp)
Permitted Withdrawals from the Certificate Account. (a) Payments. --------
a. The Trustee shall, from time to time as provided herein, at the Servicer's direction, make withdrawals from the Certificate Account of amounts deposited therein pursuant to Section 3.05 that are attributable to the related Contracts for the following purposes:
(i) to make payments in the amounts and in the manner provided for in Sections 8.04(b) and 8.04(d);
(ii) to pay to the Seller or the Originator, as applicable, Company with respect to each Contract sold by it or property acquired in respect thereof that has been repurchased or replaced pursuant to Section 2.03 of the Sale and Servicing Agreement3.05, all amounts received thereon that are specified in such section and not required to be property distributed to Certificateholders as of the Seller or the Originator, as applicable;
(ii) to reimburse the Servicer for Obligatory Advances (to the extent not retained pursuant to Section 3.05), for the payment of interest accrued date on any Contract prior to the Cut-off Date (to the extent not retained pursuant to Section 3.05) and for the payment of taxes or charges out of Liquidation Proceeds (to the extent not previously retained from such Liquidation Proceeds prior to their deposit) or out of payments expressly made by which the related Obligor to reimburse the Servicer for such taxes Scheduled Principal Balance or charges, as permitted by Section 3.06Repurchase Price is determined;
(iii) to pay to the Servicer the Monthly Servicing Fee and Servicer Deficiency Amounts and Repossession Profits, if any;
(iv) to reimburse the Servicer out of Liquidation Proceeds (for Liquidation Expenses incurred by it and not otherwise reimbursed, to the extent not previously retained from Liquidation Proceeds prior such reimbursement is permitted pursuant to their deposit in the Certificate Account) in respect of a Manufactured Home and out of payments by the related Obligor (to the extent of payments expressly made by the Obligor to reimburse the Servicer for insurance premiums) for expenses incurred by the Servicer in respect of such Manufactured Home that are specified in this Agreement as being reimbursable to the ServicerSection 5.08;
(v) to reimburse the Servicer for (A) any Nonrecoverable Advances and for Monthly Advances in respect of Liquidated Contracts and (B) after the Distribution Date occurring in September 2002, for the Monthly Advance Differential;
(vi) from the Certificate Account after the Certificate Balance of each Class of Offered Certificates has been reduced to zero and all amounts owing to the Certificate Insurer pursuant to the Insurance Agreement, including in respect of amounts paid under the Policy, have been reimbursed, to reimburse the Trustee, the Certificate Administrator, the Backup Servicer, the Servicer and the REMIC Administrator, pro rata, for expenses incurred and reimbursable to the Servicer pursuant to Section 6.05 and for Extraordinary Trust Fund Expenses incurred and reimbursable to the Trustee, the Certificate Administrator, the Backup Servicer and the REMIC Administrator and not already reimbursed pursuant to Section 4.01; and
(viiiv) to withdraw any amount deposited in the Certificate Account that was not required to be deposited therein therein; or
(including v) to make any collections on rebates or adjustments deemed necessary by the Contracts that, Servicer pursuant to Section 2.01(a), are not part of the Trust Fund5.06(d). Since, in connection with withdrawals pursuant to clauses clause (iiii), (ii) and (iv) of this Section 3.25, the ServicerCompany's entitlement thereto is limited to collections or other recoveries on the related Contract, the Servicer shall keep and maintain separate accounting, on a Contract by Contract basis, for the purpose of justifying any withdrawal from the Certificate Account pursuant to such clausesclause.
b. On each Payment Date, the Trustee shall apply the Sub-Pool HI Amount Available (bas determined on the immediately preceding Determination Date) The Trustee may, from time to time as provided herein, make withdrawals from in the Certificate Account to make payment in the following order of amounts deposited therein priority:
1. if neither the Company nor a wholly owned subsidiary of the Company is the Servicer, to pay, with respect to the Home Improvement Contracts, the Monthly Servicing Fee and any other compensation owed to the Servicer pursuant to Section 3.05 that are attributable 7.03; 2. to pay the Contracts to make payments Class HI: A Formula Interest Distribution Amount as follows (and in respect the following order of priority):
(i) the premium payable amount in clause (a)(1) of the definition of Class HI: A Formula Distribution Amount to the Certificate Insurer Class HI: A-1 Certificateholders; the amount in respect clause (a)(2) of the Policy for such definition of Class HI: A Formula Distribution Date, which the Trustee shall pay Amount to the Certificate Insurer by wire transfer Class HI: A-2 Certificateholders; the amount in clause (a)(3) of immediately available funds the definition of Class HI: A Formula Distribution Amount to the Certificate Insurer AccountClass HI: A-3 Certificateholders; or, if the Sub-Pool HI Amount Available is less than the amount necessary to pay all Class HI: A Formula Interest Distribution Amounts, pro rata to each Class of Class HI: A Certificates in accordance with their respective entitlements to interest; and
(ii) to each Class of Class HI: A Certificates the Yield Maintenance Agreement Fee payable to the LIBOR Cap Counterparty in respect amount, if any, of the Yield Maintenance Agreement for Unpaid Class HI: A Interest Shortfall of such Distribution DateClass, (iii) or, if the Monthly Servicing Fee payable remaining Sub-Pool HI Amount Available is less than the amount necessary to pay all Unpaid Class HI: A Interest Shortfalls, pro rata to each Class of Class HI: A Certificates based on the Servicer for Unpaid Class HI: A Interest Shortfall of each such Distribution Date (to the extent the Trustee has been notified that such Servicing Fee has not been retained from collections), which the Trustee shall pay to the Servicer in a time and in the manner directed by the Servicer, (iv) the Monthly Backup Servicing Fee payable to the Backup Servicer for such Distribution Date, which the Trustee shall pay to the Backup Servicer in a time and in the manner directed by the Backup Servicer, (v) the Monthly Trustee Fee payable to the Trustee for such Distribution Date and (vi) amounts in respect of High LTV Collections, which the Trustee shall deposit into the Basis Risk Reserve Fund. The foregoing withdrawals from the Certificate Account may be prior to the distribution of any amounts to Certificateholders on any Distribution Date.Class;
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Green Tree Financial Corp)
Permitted Withdrawals from the Certificate Account. The Servicer may, and in the case of clause (avii) The Trustee below shall, from time to time as provided herein, at the Servicer's direction, make or cause withdrawals from the Certificate Account of amounts deposited therein pursuant to Section 3.05 that are attributable to the related Contracts 5.05 for the following purposes:
(i) to pay to the Seller or the Originator, as applicable, Vanderbilt with respect to each Contract sold by it or property acquired in respect thereof that has been repurchased purchased or replaced pursuant to Section 2.03 of the Sale and Servicing Agreement, 3.05 all amounts received thereon that are specified in such section Section to be property of the Seller or the Originator, as applicableVanderbilt;
(ii) to reimburse the Servicer for Obligatory Advances (to the extent not retained pursuant to Section 3.05), for the payment of interest accrued on any Contract prior to the Cut-off Date (to the extent not retained pursuant to Section 3.05) and itself for the payment of taxes or charges out of Liquidation Proceeds relating to a Contract (to the extent not previously retained from such Liquidation Proceeds prior to their deposit) or out of payments expressly made by the related Obligor to reimburse the Servicer for such taxes or chargestaxes, as permitted by Section 3.065.06;
(iii) if neither Vanderbilt nor a wholly owned subsidiary of Vanderbilt is the Servicer, to pay to the Servicer itself the Monthly Servicing Fee and Servicer Deficiency Amounts and Repossession Profits, if anyFee;
(iv) to reimburse the itself or a previous Servicer out of Liquidation Proceeds (to the extent not previously retained from Liquidation Proceeds prior to their deposit in the Certificate Account) in respect of a Manufactured Home and out of payments by the related Obligor (to the extent of payments expressly made by the Obligor to reimburse the Servicer for insurance premiums) for expenses incurred by the Servicer it in respect of such Manufactured Home that are specified in this Agreement as being reimbursable to the Servicerit pursuant to Section 5.07, 5.09 or 5.13 or to a previous Servicer under Section 8.08;
(v) to reimburse the Servicer itself for (A) any Nonrecoverable Advance or Monthly Advances with respect to the Contracts in accordance with Section 6.04(c) and for Monthly Advances advances in respect of Liquidated Contracts and (B) after the Distribution Date occurring in September 2002, for the Monthly Advance Differentialaccordance with Section 6.04(c);
(vi) from the Certificate Account after the Certificate Balance of each Class of Offered Certificates has been reduced to zero and all amounts owing to the Certificate Insurer pursuant to the Insurance Agreement, including in respect of amounts paid under the Policy, have been reimbursed, to reimburse the Trustee, the Certificate Administrator, the Backup Servicer, the Servicer and the REMIC Administrator, pro rata, for expenses incurred with respect to the Contracts and reimbursable to the Servicer pursuant to Section 6.05 and for Extraordinary Trust Fund Expenses incurred and reimbursable 8.06 (such reimbursement to be made only from funds that would otherwise be distributed on the Trustee, the Class R Certificate Administrator, the Backup Servicer and the REMIC Administrator and not already reimbursed pursuant to Section 4.016.01(a)A(xiii) or 6.01 (a)B(xiii)); and71
(vii) to withdraw any amount deposited in the Certificate Account that was not required to be deposited therein (including any collections on the Contracts that, pursuant to Section 2.01(a), are not part of the Trust Fund);
(viii) withdraw all amounts on deposit in the Certificate Account which are to be deposited in the Distribution Account in respect of the Available Distribution Amount;
(ix) withdraw amounts on deposit in the Certificate Account which are to be deposited in the Distribution Account in respect of the Interest Deficiency Withdrawal, if any; and
(x) withdraw any amounts necessary to pay any Taxes pursuant to Section 5.17. Since, in connection with withdrawals pursuant to clauses (i), (ii) and (iv) of this Section 3.25), the Servicer's entitlement thereto is limited to collections or other recoveries on the related Contract, the Servicer shall keep and maintain separate accounting, on a Contract by Contract basis, for the purpose of justifying any withdrawal from the Certificate Account pursuant to such clauses.
(b) . The Trustee may, from time Servicer shall report withdrawals with respect to time as provided herein, make withdrawals from the Certificate Account of amounts deposited therein each Due Period pursuant to this Section 3.05 that are attributable to the Contracts to make payments in respect of (i) the premium payable to the Certificate Insurer in respect of the Policy for such Distribution Date, which the Trustee shall pay to the Certificate Insurer by wire transfer of immediately available funds to the Certificate Insurer Account, (ii) the Yield Maintenance Agreement Fee payable to the LIBOR Cap Counterparty in respect of the Yield Maintenance Agreement for such Distribution Date, (iii) the Monthly Servicing Fee payable to the Servicer for such Distribution Date (to the extent the Trustee has been notified that such Servicing Fee has not been retained from collections), which the Trustee shall pay to the Servicer in a time and 6.02 in the manner directed by the Servicer, (iv) the related Monthly Backup Servicing Fee payable to the Backup Servicer for such Distribution Date, which the Trustee shall pay to the Backup Servicer in a time and in the manner directed by the Backup Servicer, (v) the Monthly Trustee Fee payable to the Trustee for such Distribution Date and (vi) amounts in respect of High LTV Collections, which the Trustee shall deposit into the Basis Risk Reserve Fund. The foregoing withdrawals from the Certificate Account may be prior to the distribution of any amounts to Certificateholders on any Distribution DateReport.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Vanderbilt Mort & Fin Inc Senior Sub Pas THR Cert Ser 2002-C)
Permitted Withdrawals from the Certificate Account. The -------------------------------------------------- Servicer may, and in the case of clause (avii) The Trustee below shall, from time to time as provided herein, at the Servicer's direction, make or cause withdrawals from the Certificate Account of amounts deposited therein pursuant to Section 3.05 that are attributable to the related Contracts 5.05 for the following purposes:
(i) to pay to the Seller or the Originator, as applicable, Company with respect to each Contract sold by it or property acquired in respect thereof that has been repurchased purchased or replaced pursuant to Section 2.03 of the Sale and Servicing Agreement, 3.05 all amounts received thereon that are specified in such section Section to be property of the Seller or the Originator, as applicableCompany;
(ii) to reimburse the Servicer for Obligatory Advances (to the extent not retained pursuant to Section 3.05), for the payment of interest accrued on any Contract prior to the Cut-off Date (to the extent not retained pursuant to Section 3.05) and itself for the payment of taxes or charges out of Liquidation Proceeds relating to a Contract (to the extent not previously retained from such Liquidation Proceeds prior to their deposit) or out of payments expressly made by the related Obligor to reimburse the Servicer for such taxes or chargestaxes, as permitted by Section 3.065.06;
(iii) if neither the Company nor a wholly owned subsidiary of the Company is the Servicer, to pay to the Servicer itself the Monthly Servicing Fee and Servicer Deficiency Amounts and Repossession Profits, if anyFee;
(iv) to reimburse the itself or a previous Servicer out of Liquidation Proceeds (to the extent not previously retained from Liquidation Proceeds prior to their deposit in the Certificate Account) in respect of a Manufactured Home and out of payments by the related Obligor (to the extent of payments expressly made by the Obligor to reimburse the Servicer for insurance premiums) for expenses incurred by the Servicer it in respect of such Manufactured Home that are specified in this Agreement as being reimbursable to the Servicerit pursuant to Section 5.07, 5.09 or 5.13 or to a previous Servicer under Section 8.08;
(v) to reimburse the Servicer itself for (A) any Nonrecoverable Advance or Monthly Advances with respect to the Contracts in accordance with Section 6.04(c) and for Monthly Advances advances in respect of Liquidated Contracts and (B) after the Distribution Date occurring in September 2002, for the Monthly Advance Differentialaccordance with Section 6.04(c);
(vi) from the Certificate Account after the Certificate Balance of each Class of Offered Certificates has been reduced to zero and all amounts owing to the Certificate Insurer pursuant to the Insurance Agreement, including in respect of amounts paid under the Policy, have been reimbursed, to reimburse the Trustee, the Certificate Administrator, the Backup Servicer, the Servicer and the REMIC Administrator, pro rata, for expenses incurred with respect to the Contracts and reimbursable to the Servicer pursuant to Section 6.05 and for Extraordinary Trust Fund Expenses incurred and reimbursable 8.06 (such reimbursement to be made only from funds that would otherwise be distributed on the Trustee, the Class R Certificate Administrator, the Backup Servicer and the REMIC Administrator and not already reimbursed pursuant to Section 4.01; and6.01(a)A(xiii) or 6.01 (a)B(xiii));
(vii) to withdraw any amount deposited in the Certificate Account that was not required to be deposited therein (including any collections on the Contracts that, pursuant to Section 2.01(a), are not part of the Trust Fund);
(viii) withdraw all amounts on deposit in the Certificate Account which are to be deposited in the Distribution Account in respect of the Available Distribution Amount;
(ix) withdraw amounts on deposit in the Certificate Account which are to be deposited in the Distribution Account in respect of the Interest Deficiency Withdrawal, if any; and
(x) withdraw any amounts necessary to pay any Taxes pursuant to Section 5.17. Since, in connection with withdrawals pursuant to clauses (i), (ii) and (iv) of this Section 3.25), the Servicer's entitlement thereto is limited to collections or other recoveries on the related Contract, the Servicer shall keep and maintain separate accounting, on a Contract by Contract basis, for the purpose of justifying any withdrawal from the Certificate Account pursuant to such clauses.
(b) . The Trustee may, from time Servicer shall report withdrawals with respect to time as provided herein, make withdrawals from the Certificate Account of amounts deposited therein each Due Period pursuant to this Section 3.05 that are attributable to the Contracts to make payments in respect of (i) the premium payable to the Certificate Insurer in respect of the Policy for such Distribution Date, which the Trustee shall pay to the Certificate Insurer by wire transfer of immediately available funds to the Certificate Insurer Account, (ii) the Yield Maintenance Agreement Fee payable to the LIBOR Cap Counterparty in respect of the Yield Maintenance Agreement for such Distribution Date, (iii) the Monthly Servicing Fee payable to the Servicer for such Distribution Date (to the extent the Trustee has been notified that such Servicing Fee has not been retained from collections), which the Trustee shall pay to the Servicer in a time and 6.02 in the manner directed by the Servicer, (iv) the related Monthly Backup Servicing Fee payable to the Backup Servicer for such Distribution Date, which the Trustee shall pay to the Backup Servicer in a time and in the manner directed by the Backup Servicer, (v) the Monthly Trustee Fee payable to the Trustee for such Distribution Date and (vi) amounts in respect of High LTV Collections, which the Trustee shall deposit into the Basis Risk Reserve Fund. The foregoing withdrawals from the Certificate Account may be prior to the distribution of any amounts to Certificateholders on any Distribution DateReport.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Vanderbilt Mort & Fin Inc Sen Sub Pass THR Cert Ser 2000-D)
