Common use of Permitted Withdrawals from the Certificate Accounts Clause in Contracts

Permitted Withdrawals from the Certificate Accounts. The --------------------------------------------------- Servicer may, and in the case of clause (vii) below shall, from time to time as provided herein, make withdrawals from each Certificate Account of amounts deposited therein pursuant to Section 5.05 that are attributable to Contracts of the related Group for the following purposes: (i) to pay to the Company with respect to each Contract of such Group or property acquired in respect thereof that has been purchased or replaced pursuant to Section 3.05 all amounts received thereon that are specified in such Section to be property of the Company; (ii) to reimburse itself for the payment of taxes out of Liquidation Proceeds relating to a Contract of such Group (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, as permitted by Section 5.06; (iii) if neither the Company nor a wholly owned subsidiary of the Company is the Servicer, to pay to itself Monthly Servicing Fee relating to such Group. (iv) to reimburse itself or a previous Servicer out of Liquidation Proceeds (to the extent not previously retained from Liquidation Proceeds prior to their deposit in such Certificate Account) in respect of a Manufactured Home of such Group 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 it in respect of such Manufactured Home that are specified as being reimbursable to it pursuant to Section 5.07, 5.09 or 5.13 or to a previous Servicer under Section 8.08; (v) to reimburse itself for any Nonrecoverable Advance or Monthly Advances with respect to such Group in accordance with Section 6.04(c) and for advances in respect of Liquidated Contracts in accordance with Section 6.04(c); (vi) to reimburse the Servicer for expenses incurred with respect to such Group and reimbursable to the Servicer pursuant to Section 8.06 (such reimbursement to be made only from funds that would otherwise be distributed on the Class R Certificate pursuant to Section 6.01(a)A(xiii) or 6.01 (a)B(xiii), in the case of Group I, or pursuant to Section 6.01(a)C(xiv) or 6.01 (a)D(xiv), in the case of Group II. (vii) to withdraw any amount deposited in such Certificate Account that was not required to be deposited therein (including any collections on the related Contracts that, pursuant to Section 2.01(a), are not part of the Trust Fund); (viii) to withdraw all amounts on deposit in such Certificate Account which are to be deposited in the related Distribution Account in respect of the related Available Distribution Amount; and (ix) to 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), 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 each Certificate Account pursuant to such clauses.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Vanderbilt Mort & Fin Inc Man Ho Co Se Su Pa Th Ce Se 1998a), Pooling and Servicing Agreement (Vanderbilt Mort & Fin Inc Pass Throu Cert Ser 1998b)

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Permitted Withdrawals from the Certificate Accounts. The --------------------------------------------------- Servicer may, and in the case of clause (vii) below shall, from time to time as provided herein, make withdrawals from each the applicable Certificate Account of amounts deposited therein pursuant to Section 5.05 4.05 that are attributable to the Contracts of the related Group for the following purposes: (i) to pay to the Company Contract Seller with respect to each Contract of such Group sold by it or property acquired in respect thereof that has been purchased repurchased or replaced pursuant to Section 3.05 3.05, all amounts received thereon that are specified in such Section to be property of the CompanyContract Seller; (ii) to reimburse itself for the payment of taxes or charges out of Liquidation Proceeds relating to a Contract of such Group (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 taxestaxes or charges, as permitted by Section 5.064.06; (iii) if neither the Company nor a wholly owned subsidiary of the Company is the Servicer, to pay to itself the Monthly Servicing Fee relating to such Group.and Servicer Deficiency Amounts and Repossession Profits, if any; (iv) to reimburse itself or a previous Servicer out of Liquidation Proceeds (to the extent not previously retained from Liquidation Proceeds prior to their deposit in such the applicable Certificate Account) in respect of a Manufactured Home of such Group 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 it in respect of such Manufactured Home that are specified as being reimbursable to it pursuant to Section 5.074.07, 5.09 4.09, or 5.13 4.13 or to a previous Servicer under Section 8.087.07; (v) to reimburse itself for any Nonrecoverable Advance or Advances and for Monthly Advances with in respect to such Group of Liquidated Contracts, in each case, in accordance with Section 6.04(c) and 5.01(c), provided that if there are insufficient funds to cover such Nonrecoverable Advances in the related Certificate Account for advances in respect of Liquidated Contracts in accordance with Section 6.04(c)such Group, the Servicer may reimburse itself from the applicable Certificate Account for such insufficiency from the other Group; (vi) after the Class I A Certificate Balance and Class II A have been reduced to zero and all amounts owing to the Special Account have been deposited therein, to reimburse the Servicer and the REMIC Administrator, pro rata, for expenses incurred with respect to such Group and reimbursable to the Servicer pursuant to Section 8.06 (such reimbursement 7.05 and to be made only from funds that would otherwise be distributed on the Class R Certificate REMIC Administrator pursuant to Section 6.01(a)A(xiii) or 6.01 (a)B(xiii4.17(c), in the case of Group I, or pursuant to Section 6.01(a)C(xiv) or 6.01 (a)D(xiv), in the case of Group II.; and (vii) to withdraw any amount deposited in such the applicable Certificate Account that was not required to be deposited therein (including any collections on the related Contracts that, pursuant to Section 2.01(a) or 11.12(iii), are not part of the Trust Fund); (viii) to withdraw all amounts on deposit in such Certificate Account which are to be deposited in the related Distribution Account in respect of the related Available Distribution Amount; and (ix) to 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 5.03, 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 each the applicable Certificate Account pursuant to such clauses.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Greenpoint Credit Corp)

Permitted Withdrawals from the Certificate Accounts. (a) The --------------------------------------------------- Servicer may, and in the case of clause (vii) below shall, from time to time as provided herein, make withdrawals from each the applicable Certificate Account of amounts deposited therein pursuant to Section 5.05 4.05 that are attributable to Contracts of the related Group Contracts for the following purposes: (i) to pay to the Company Contract Seller with respect to each Contract of such Group sold by it or property acquired in respect thereof that has been purchased repurchased or replaced pursuant to Section 3.05 3.05, all amounts received thereon that are specified in such Section to be property of the CompanyContract Seller; (ii) to reimburse itself for the payment of taxes or charges out of Liquidation Proceeds relating to a Contract of such Group (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 taxestaxes or charges, as permitted by Section 5.064.06; (iii) if neither the Company nor a wholly owned subsidiary of the Company is the Servicer, to pay to itself the Group I Monthly Servicing Fee relating to such Group.and the Group II Monthly Servicing Fee and Servicer Deficiency Amounts and Repossession Profits, if any; (iv) to reimburse itself or a previous Servicer out of Liquidation Proceeds (to the extent not previously retained from Liquidation Proceeds prior to their deposit in such the applicable Certificate Account) in respect of a Manufactured Home of such Group 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 it in respect of such Manufactured Home that are specified in this Agreement as being reimbursable to it pursuant to Section 5.07, 5.09 or 5.13 or to a previous Servicer under Section 8.08Servicer; (v) to reimburse itself for any Nonrecoverable Advance or Advances and for Monthly Advances with respect to such Group in accordance with Section 6.04(c) and for advances in respect of Liquidated Contracts in accordance with Section 6.04(c)Contracts; (vi) from the Group I Certificate Account after the Class I A-1 Certificate Balance and the Class I A-2 Certificate Balance have been reduced to zero and all amounts owing to the Insurers pursuant to the Insurance Agreements, including in respect of amounts paid under the Certificate Insurance Policies relating to the Class I A Certificates, have been reimbursed, to reimburse the Servicer and the REMIC Administrator, pro rata, for expenses incurred with respect to such Group and reimbursable to the Servicer pursuant to Section 8.06 (such reimbursement 7.05 and to be made only from funds that would otherwise be distributed on the Class R Certificate REMIC Administrator pursuant to Section 6.01(a)A(xiii4.17(c) or 6.01 (a)B(xiii)and from the Group II Certificate Account after the Class II A-1 Certificate Balance and Class II A-2 Certificate Balance have been reduced to zero and all amounts owing to the Insurers in respect of amounts paid under the Certificate Insurance Policies relating to the Class II A Certificates have been reimbursed, in to reimburse the case of Group IServicer and the REMIC Administrator, or pro rata, for expenses incurred and reimbursable to the Servicer pursuant to Section 6.01(a)C(xiv) or 6.01 (a)D(xiv7.05 and to the REMIC Administrator pursuant to Section 4.17(c), in the case of Group II.; and (vii) to withdraw any amount deposited in such the applicable Certificate Account that was not required to be deposited therein (including any collections on the related Contracts that, pursuant to Section 2.01(a), are not part of the Trust Fund); (viii) to withdraw all Fund and amounts on deposit in such Certificate Account which are permitted to be deposited in the related Distribution Account in respect of the related Available Distribution Amount; and (ix) to withdraw any amounts necessary to pay any Taxes withdrawn pursuant to Section 5.1711.12(ii) hereof). Since, in connection with withdrawals pursuant to clauses (i), (ii) and (iv)) of this Section 5.03, 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 each the Certificate Account Accounts pursuant to such clauses. (b) The Trustee may, from time to time as provided herein, make withdrawals from the Group I Certificate Account of amounts deposited therein pursuant to Section 4.05 that are attributable to the Contracts to make payments to the Hedge Counterparty as required pursuant to the Hedge Agreement. The foregoing withdrawals from the Group I Certificate Account may be prior to the distribution of any amounts to Certificateholders on any Distribution Date. All payments to the Hedge Counterparty shall be first in priority of payment.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Greenpoint Credit Manufactured Housing Cont Tru Ser 2001-2)

Permitted Withdrawals from the Certificate Accounts. The --------------------------------------------------- Servicer may, and in the case of clause (vii) below shall, from time to time as provided herein, make withdrawals from each Certificate Account of amounts deposited therein pursuant to Section 5.05 that are attributable to Contracts of the related Group for the following purposes: (i) to pay to the Company with respect to each Contract of such Group or property acquired in respect thereof that has been purchased or replaced pursuant to Section 3.05 all amounts received thereon that are specified in such Section to be property of the Company; (ii) to reimburse itself for the payment of taxes out of Liquidation Proceeds relating to a Contract of such Group (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, as permitted by Section 5.06; (iii) if neither the Company nor a wholly owned subsidiary of the Company is the Servicer, to pay to itself Monthly Servicing Fee relating to such Group. (iv) to reimburse itself or a previous Servicer out of Liquidation Proceeds (to the extent not previously retained from Liquidation Proceeds prior to their deposit in such Certificate Account) in respect of a Manufactured Home of such Group 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 it in respect of such Manufactured Home that are specified as being reimbursable to it pursuant to Section 5.07, 5.09 or 5.13 or to a previous Servicer under Section 8.08; (v) to reimburse itself for any Nonrecoverable Advance or Monthly Advances with respect to such Group in accordance with Section 6.04(c) and for advances in respect of Liquidated Contracts in accordance with Section 6.04(c); (vi) to reimburse the Servicer for expenses incurred with respect to such Group and reimbursable to the Servicer pursuant to Section 8.06 (such reimbursement to be made only from funds that would otherwise be distributed on the Class R Certificate pursuant to Section 6.01(a)A(xiii6.01(a)A(xv) or 6.01 (a)B(xiiia)B(xv), in the case of Group I, or pursuant to Section 6.01(a)C(xiv) or 6.01 (a)D(xiv), in the case of Group II. (vii) to withdraw any amount deposited in such Certificate Account that was not required to be deposited therein (including any collections on the related Contracts that, pursuant to Section 2.01(a), are not part of the Trust Fund); (viii) to withdraw all amounts on deposit in such Certificate Account which are to be deposited in the related Distribution Account in respect of the related Available Distribution Amount; (ix) withdraw amounts on deposit in the Certificate Account which are to be deposited in the related Distribution Account in respect of the Group I Interest Deficiency Withdrawal or the Group II Interest Deficiency Withdrawal, as applicable, if any; and (ixx) to 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), 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 each Certificate Account pursuant to such clauses. The Servicer shall report withdrawals with respect to each Due Period pursuant to this Section 6.02 in the related Monthly Report.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Vanderbilt Mort & Fin Inc MFR HSG Sr Sub Pa Th Ce Sr 1998c)

Permitted Withdrawals from the Certificate Accounts. The --------------------------------------------------- Servicer may, and in the case of clause (vii) below shall, from time to time as provided herein, make or cause withdrawals from each Certificate Account of amounts deposited therein pursuant to Section 5.05 that are attributable to Contracts of the related Group for the following purposes: (i) to pay to the Company with respect to each Contract of such Group or property acquired in respect thereof that has been purchased or replaced pursuant to Section 3.05 all amounts received thereon that are specified in such Section to be property of the Company; (ii) to reimburse itself for the payment of taxes out of Liquidation Proceeds relating to a Contract of such Group (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, as permitted by Section 5.06; (iii) if neither the Company nor a wholly owned subsidiary of the Company is the Servicer, to pay to itself Monthly Servicing Fee relating to such Group. (iv) to reimburse itself or a previous Servicer out of Liquidation Proceeds (to the extent not previously retained from Liquidation Proceeds prior to their deposit in such Certificate Account) in respect of a Manufactured Home of such Group 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 it in respect of such Manufactured Home that are specified as being reimbursable to it pursuant to Section 5.07, 5.09 or 5.13 or to a previous Servicer under Section 8.08; (v) to reimburse itself for any Nonrecoverable Advance or Monthly Advances with respect to such Group in accordance with Section 6.04(c) and for advances in respect of Liquidated Contracts in accordance with Section 6.04(c); (vi) to reimburse the Servicer for expenses incurred with respect to such Group and reimbursable to the Servicer pursuant to Section 8.06 (such reimbursement to be made only from funds that would otherwise be distributed on the Class R Certificate pursuant to Section 6.01(a)A(xiii6.01(a)A(xvii) or 6.01 (a)B(xiiia)B(xvii), in the case of Group I, or pursuant to Section 6.01(a)C(xiv6.01(a)C(xvi) or 6.01 (a)D(xiva)D(xvi), in the case of Group II. (vii) to withdraw any amount deposited in such Certificate Account that was not required to be deposited therein (including any collections on the related Contracts that, pursuant to Section 2.01(a), are not part of the Trust Fund); (viii) to withdraw all amounts on deposit in such Certificate Account which are to be deposited in the related Distribution Account in respect of the related Available Distribution Amount; and; (ix) to 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), 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 each Certificate Account pursuant to such clauses. The Servicer shall report withdrawals with respect to each Due Period pursuant to this Section 6.02 in the related Monthly Report.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Vanderbilt Mort & Fi Inc Man Ho Co Se Su Pas Th Ce Se 2000a)

Permitted Withdrawals from the Certificate Accounts. (a) The --------------------------------------------------- Master Servicer may, from time to time, make withdrawals from the applicable Certificate Account (such withdrawals being limited in the case of the Pool I Certificate Account to withdrawals related to the Pool I Mortgage Loans and the Group 1 Certificates and in the case of clause (vii) below shall, from time to time as provided herein, make withdrawals from each the Pool II Certificate Account of amounts deposited therein pursuant to Section 5.05 that are attributable withdrawals related to Contracts of the related Pool II Mortgage Loans and the Group 2 Certificates) for the following purposes:purposes (limited, in the case of Servicer reimbursements, to cases where funds in the respective Custodial P&I Account are not sufficient therefor): (i) to reimburse the Master Servicer, the Trustee or any Servicer for Periodic Advances made by the Master Servicer or the Trustee pursuant to Section 3.03(a) or any Servicer pursuant to any Servicing Agreement with respect to previous Distribution Dates, such right to reimbursement pursuant to this subclause (i) being limited to amounts received on or in respect of particular Mortgage Loans (including, for this purpose, Liquidation Proceeds, REO Proceeds and proceeds from the purchase, sale, repurchase or substitution of Mortgage Loans pursuant to Sections 2.02, 2.03, 3.08 or 9.01) respecting which any such Periodic Advance was made; (ii) to reimburse any Servicer, the Master Servicer or the Trustee for any Periodic Advances determined in good faith to have become Nonrecoverable Advances provided, however, that any portion of Nonrecoverable Advances representing Fixed Retained Yield shall be reimbursable only from amounts constituting Fixed Retained Yield and not from the assets of the Trust Estate; (iii) to reimburse the Master Servicer or any Servicer from Liquidation Proceeds for Liquidation Expenses and for amounts expended by the Master Servicer or any Servicer pursuant hereto or to any Servicing Agreement, respectively, in good faith in connection with the restoration of damaged property or for foreclosure expenses; (iv) from any Mortgagor payment on account of interest or other recovery (including Net REO Proceeds) with respect to a particular Mortgage Loan, to pay the Master Servicing Fee with respect to such Mortgage Loan to the Master Servicer; (v) to reimburse the Master Servicer, any Servicer or the Trustee (or, in certain cases, the Seller) for expenses incurred by it (including taxes paid on behalf of the Trust Estate) and recoverable by or reimbursable to it pursuant to Section 3.03(c), 3.03(d) or 6.03 or the second sentence of Section 8.14(a) or pursuant to such Servicer's Servicing Agreement, provided such expenses are "unanticipated" within the meaning of the REMIC Provisions; (vi) to pay to the Company Seller or other purchaser with respect to each Contract of such Group Mortgage Loan or property acquired in respect thereof that has been repurchased or replaced pursuant to Section 2.02 or 2.03 or auctioned pursuant to Section 3.08 or to pay to the Master Servicer with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased or replaced pursuant to Section 3.05 3.08 or 9.01, all amounts received thereon that are specified in such Section and not required to be property distributed as of the Companydate on which the related repurchase or purchase price or Scheduled Principal Balance was determined; (iivii) to reimburse itself for the payment of taxes out of Liquidation Proceeds relating to a Contract of such Group (remit funds to the extent not previously retained from such Liquidation Proceeds prior to their deposit) or out of payments expressly made by Paying Agent in the related Obligor to reimburse amounts and in the Servicer manner provided for such taxes, as permitted by Section 5.06herein; (iiiviii) if neither the Company nor a wholly owned subsidiary of the Company is the Servicer, to pay to itself Monthly Servicing Fee relating the Master Servicer any interest earned on or investment income with respect to funds in such Group.Certificate Accounts; (ivix) to reimburse itself pay to the Master Servicer or a previous any Servicer out of Liquidation Proceeds allocable to interest the amount of any unpaid Master Servicing Fee or Servicing Fee (as adjusted pursuant to the extent not previously retained from Liquidation Proceeds prior to their deposit in such Certificate Accountrelated Servicing Agreement) in respect of a Manufactured Home of such Group and out of payments by any unpaid assumption fees, late payment charges or other Mortgagor charges on the related Obligor (to the extent of payments expressly made by the Obligor to reimburse the Servicer for insurance premiums) for expenses incurred by it in respect of such Manufactured Home that are specified as being reimbursable to it pursuant to Section 5.07, 5.09 or 5.13 or to a previous Servicer under Section 8.08Mortgage Loan; (v) to reimburse itself for any Nonrecoverable Advance or Monthly Advances with respect to such Group in accordance with Section 6.04(c) and for advances in respect of Liquidated Contracts in accordance with Section 6.04(c); (vi) to reimburse the Servicer for expenses incurred with respect to such Group and reimbursable to the Servicer pursuant to Section 8.06 (such reimbursement to be made only from funds that would otherwise be distributed on the Class R Certificate pursuant to Section 6.01(a)A(xiii) or 6.01 (a)B(xiii), in the case of Group I, or pursuant to Section 6.01(a)C(xiv) or 6.01 (a)D(xiv), in the case of Group II. (viix) to withdraw from a Certificate Account any amount deposited in such Certificate Account that was not required to be deposited therein therein; (including any collections on the related Contracts that, xi) to clear and terminate a Certificate Account pursuant to Section 2.01(a), are not part of the Trust Fund); (viii) to withdraw all amounts on deposit in such Certificate Account which are to be deposited in the related Distribution Account in respect of the related Available Distribution Amount9.01; and (ixxii) to withdraw pay to Norwest Mortgage from any amounts necessary Mortgagor payment on account of interest or other recovery (including Net REO Proceeds) with respect to pay a particular Mortgage Loan, the Fixed Retained Yield, if any, with respect to such Mortgage Loan; provided, however, that with respect to any Taxes pursuant payment of interest received by the Master Servicer in respect of a Mortgage Loan (whether paid by the Mortgagor or received as Liquidation Proceeds, Insurance Proceeds or otherwise) which is less than the full amount of interest then due with respect to Section 5.17. Sincesuch Mortgage Loan, only that portion of such payment of interest that bears the same relationship to the total amount of such payment of interest as the Fixed Retained Yield Rate, if any, in connection respect of such Mortgage Loan bears to the Mortgage Interest Rate shall be allocated to the Fixed Retained Yield with withdrawals pursuant to clauses respect thereto. (i), (iib) and (iv), 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 Mortgage Loan by Contract Mortgage Loan basis, for the purpose of justifying any payment to and withdrawal from each the applicable Certificate Account pursuant to such clausesAccount.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Norwest Asset Sec Corp Mort Pass THR Cert Ser 1998-19 Trust)

Permitted Withdrawals from the Certificate Accounts. The --------------------------------------------------- Servicer may, and in the case of clause (vii) below shall, from time to time as provided herein, make withdrawals from each Certificate Account of amounts deposited therein pursuant to Section 5.05 that are attributable to Contracts of the related Group for the following purposes: (i) to pay to the Company with respect to each Contract of such Group or property acquired in respect thereof that has been purchased or replaced pursuant to Section 3.05 all amounts received thereon that are specified in such Section to be property of the Company; (ii) to reimburse itself for the payment of taxes out of Liquidation Proceeds relating to a Contract of such Group (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, as permitted by Section 5.06; (iii) if neither the Company nor a wholly owned subsidiary of the Company is the Servicer, to pay to itself Monthly Servicing Fee relating to such Group. (iv) to reimburse itself or a previous Servicer out of Liquidation Proceeds (to the extent not previously retained from Liquidation Proceeds prior to their deposit in such Certificate Account) in respect of a Manufactured Home of such Group 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 it in respect of such Manufactured Home that are specified as being reimbursable to it pursuant to Section 5.07, 5.09 or 5.13 or to a previous Servicer under Section 8.08; (v) to reimburse itself for any Nonrecoverable Advance or Monthly Advances with respect to such Group in accordance with Section 6.04(c) and for advances in respect of Liquidated Contracts in accordance with Section 6.04(c); (vi) to reimburse the Servicer for expenses incurred with respect to such Group and reimbursable to the Servicer pursuant to Section 8.06 (such reimbursement to be made only from funds that would otherwise be distributed on the Class R Certificate pursuant to Section 6.01(a)A(xiii6.01(a)A(xvii) or 6.01 (a)B(xiiia)B(xvii), in the case of Group I, or pursuant to Section 6.01(a)C(xiv) or 6.01 (a)D(xiv), in the case of Group II. (vii) to withdraw any amount deposited in such Certificate Account that was not required to be deposited therein (including any collections on the related Contracts that, pursuant to Section 2.01(a), are not part of the Trust Fund); (viii) to withdraw all amounts on deposit in such Certificate Account which are to be deposited in the related Distribution Account in respect of the related Available Distribution Amount; and; (ix) to 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), 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 each Certificate Account pursuant to such clauses. The Servicer shall report withdrawals with respect to each Due Period pursuant to this Section 6.02 in the related Monthly Report.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Vanderbilt Mort & Fin Inc Sen Sub Pas THR Cert Ser 1999c)

Permitted Withdrawals from the Certificate Accounts. (a) The --------------------------------------------------- Servicer may, and in the case of clause (vii) below shall, from time to time as provided herein, make withdrawals from each the applicable Certificate Account of amounts deposited therein pursuant to Section 5.05 4.05 that are attributable to Contracts of the related Group Contracts for the following purposes: (i) to pay to the Company Contract Seller with respect to each Contract of such Group sold by it or property acquired in respect thereof that has been purchased repurchased or replaced pursuant to Section 3.05 3.05, all amounts received thereon that are specified in such Section to be property of the CompanyContract Seller; (ii) to reimburse itself for the payment of taxes or charges out of Liquidation Proceeds relating to a Contract of such Group (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 taxestaxes or charges, as permitted by Section 5.064.06; (iii) if neither the Company nor a wholly owned subsidiary of the Company is the Servicer, to pay to itself the Group I Monthly Servicing Fee relating to such Group.and the Senior Group II Monthly Servicing Fee and Servicer Deficiency Amounts and Repossession Profits, if any; (iv) to reimburse itself or a previous Servicer out of Liquidation Proceeds (to the extent not previously retained from Liquidation Proceeds prior to their deposit in such the applicable Certificate Account) in respect of a Manufactured Home of such Group 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 it in respect of such Manufactured Home that are specified in this Agreement as being reimbursable to it pursuant to Section 5.07, 5.09 or 5.13 or to a previous Servicer under Section 8.08Servicer; (v) to reimburse itself for any Nonrecoverable Advance or Advances and for Monthly Advances with respect to such Group in accordance with Section 6.04(c) and for advances in respect of Liquidated Contracts in accordance with Section 6.04(c)Contracts; (vi) from the Group I Certificate Account after the Class I A Certificate Balance, Class I M-1 Certificate Balance and Class I M-2 Certificate Balance have been reduced to zero and all amounts owing to the Insurer pursuant to the Insurance Agreement, including in respect of amounts paid under the Certificate Insurance Policy relating to the Class I M-2 Certificates, have been reimbursed, to reimburse the Servicer and the REMIC Administrator, pro rata, for expenses incurred with respect to such Group and reimbursable to the Servicer pursuant to Section 8.06 (such reimbursement 7.05 and to be made only from funds that would otherwise be distributed on the Class R Certificate REMIC Administrator pursuant to Section 6.01(a)A(xiii4.17(c) or 6.01 (a)B(xiii)and from the Group II Certificate Account after the Class II A-1 Certificate Balance and Class II A-2 Certificate Balance have been reduced to zero and all amounts owing to the Insurer in respect of amounts paid under the Certificate Insurance Policy relating to the Class II M-2 Certificates have been reimbursed, in to reimburse the case of Group IServicer and the REMIC Administrator, or pro rata, for expenses incurred and reimbursable to the Servicer pursuant to Section 6.01(a)C(xiv) or 6.01 (a)D(xiv7.05 and to the REMIC Administrator pursuant to Section 4.17(c), in the case of Group II.; and (vii) to withdraw any amount deposited in such the applicable Certificate Account that was not required to be deposited therein (including any collections on the related Contracts that, pursuant to Section 2.01(a), are not part of the Trust Fund); (viii) to withdraw all Fund and amounts on deposit in such Certificate Account which are permitted to be deposited in the related Distribution Account in respect of the related Available Distribution Amount; and (ix) to withdraw any amounts necessary to pay any Taxes withdrawn pursuant to Section 5.1711.12(ii) hereof). Since, in connection with withdrawals pursuant to clauses (i), (ii) and (iv)) of this Section 5.03, 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 each the Certificate Account Accounts pursuant to such clauses. (b) The Trustee may, from time to time as provided herein, make withdrawals from the Group I Certificate Account of amounts deposited therein pursuant to Section 4.05 that are attributable to the Contracts to make payments to the Hedge Counterparty as required pursuant to the Hedge Agreement. The foregoing withdrawals from the Group I Certificate Account may be prior to the distribution of any amounts to Certificateholders on any Distribution Date. All payments to the Hedge Counterparty shall be first in priority of payment.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Greenpoint Credit Man Housing Cont Tr Pas THR Cert Ser 01 1)

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Permitted Withdrawals from the Certificate Accounts. The --------------------------------------------------- Servicer may, and in the case of clause (vii) below shall, from time to time as provided herein, make withdrawals from each the applicable Certificate Account of amounts deposited therein pursuant to Section 5.05 4.05 that are attributable to the Contracts of the related Group for the following purposes: (i) to pay to the Company Contract Seller with respect to each Contract of such Group sold by it or property acquired in respect thereof that has been purchased repurchased or replaced pursuant to Section 3.05 3.05, all amounts received thereon that are specified in such Section to be property of the CompanyContract Seller; (ii) to reimburse itself for the payment of taxes or charges out of Liquidation Proceeds relating to a Contract of such Group (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 taxestaxes or charges, as permitted by Section 5.064.06; (iii) if neither the Company nor a wholly owned subsidiary of the Company is the Servicer, to pay to itself the Monthly Servicing Fee relating to such Group.and Servicer Deficiency Amounts and Repossession Profits, if any; (iv) to reimburse itself or a previous Servicer out of Liquidation Proceeds (to the extent not previously retained from Liquidation Proceeds prior to their deposit in such the applicable Certificate Account) in respect of a Manufactured Home of such Group 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 it in respect of such Manufactured Home that are specified as being reimbursable to it pursuant to Section 5.074.07, 5.09 4.09, 4.13 or 5.13 4.18 or to a previous Servicer under Section 8.087.07; (v) to reimburse itself for any Nonrecoverable Advance or Advances and for Monthly Advances with in respect to such Group of Liquidated Contracts, in each case, in accordance with Section 6.04(c) and 5.01(c), provided that if there are insufficient funds to cover such Nonrecoverable Advances in the related Certificate Account for advances in respect of Liquidated Contracts in accordance with Section 6.04(c)such Group, the Servicer may reimburse itself from the applicable Certificate Account for such insufficiency from the other Group; (vi) after the Certificate Balance for each Class of Class A Certificates has been reduced to zero and all amounts owing to the Special Account have been deposited therein, to reimburse the Servicer and the REMIC Administrator, pro rata, for expenses incurred with respect to such Group and reimbursable to the Servicer pursuant to Section 8.06 (such reimbursement 7.05 and to be made only from funds that would otherwise be distributed on the Class R Certificate REMIC Administrator pursuant to Section 6.01(a)A(xiii) or 6.01 (a)B(xiii4.17(c), in the case of Group I, or pursuant to Section 6.01(a)C(xiv) or 6.01 (a)D(xiv), in the case of Group II.; and (vii) to withdraw any amount deposited in such the applicable Certificate Account that was not required to be deposited therein (including any collections on the related Contracts that, pursuant to Section 2.01(a), are not part of the Trust Fund); (viii) to withdraw all amounts on deposit in such Certificate Account which are to be deposited in the related Distribution Account in respect of the related Available Distribution Amount; and (ix) to 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 5.03, 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 each the Certificate Account Accounts pursuant to such clauses.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Greenpoint Financial Corp)

Permitted Withdrawals from the Certificate Accounts. The --------------------------------------------------- Servicer Certificate Administrator may, and in the case of clause (vii) below shall, from time to time as provided hereintime, make withdrawals from each the Certificate Account of amounts deposited therein pursuant to Section 5.05 that are attributable to Contracts of the related Group Accounts for the following purposes: (i) to reimburse itself for expenses incurred by it and reimbursable pursuant to Section 8.06 and to reimburse the Company for expenses incurred by it and reimbursable pursuant to Section 8.06; (ii) to pay to the Company Seller with respect to each Contract of such Group Mortgage Loan or property acquired in respect thereof that has been repurchased or replaced pursuant to Section 2.02 or 3.01 or to pay to the Servicer with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased or replaced pursuant to Section 3.05 11.01 all amounts received thereon that are specified in such Section and not required to be property distributed as of the Companydate on which the related Repurchase Price was determined; (iiiii) to reimburse itself for the payment of taxes out of Liquidation Proceeds relating to a Contract of such Group (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, as permitted unreimbursed Periodic Advances and Servicing Advances made by Section 5.06; (iii) if neither the Company nor a wholly owned subsidiary of the Company is the Servicerit with respect to previous Distribution Dates, to pay the extent such reimbursement is permitted to itself Monthly Servicing Fee relating be made from the Collection Account pursuant to Section 5.04(a) and only if such Group.reimbursement has not been made from the Collection Account; (iv) to reimburse itself or a previous Servicer out of Liquidation Proceeds (make deposits to the extent not previously retained from Liquidation Proceeds prior to their deposit Paying Agent Account in such Certificate Account) the amounts and in respect of a Manufactured Home of such Group 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 it in respect of such Manufactured Home that are specified as being reimbursable to it pursuant to Section 5.07, 5.09 or 5.13 or to a previous Servicer under Section 8.08herein; (v) to reimburse pay itself for any Nonrecoverable Advance interest earned on or Monthly Advances investment income earned with respect to such Group funds in accordance with Section 6.04(c) and for advances in respect of Liquidated Contracts in accordance with Section 6.04(c)the Certificate Accounts; (vi) to reimburse the Servicer for expenses incurred with respect to such Group and reimbursable return to the Servicer pursuant to Section 8.06 (such reimbursement to be made only from funds that would otherwise be distributed on the Class R Certificate pursuant to Section 6.01(a)A(xiii) or 6.01 (a)B(xiii), in the case of Group I, or pursuant to Section 6.01(a)C(xiv) or 6.01 (a)D(xiv), in the case of Group II. (vii) to withdraw Collection Account any amount deposited in such either Certificate Account that was not required to be deposited therein therein; (including any collections on vii) to pay itself the related Contracts that, pursuant to Certificate Administration Fee in accordance with Section 2.01(a), are not part of the Trust Fund);8.08; and (viii) to withdraw all amounts on deposit in such clear and terminate the Certificate Account which are to be deposited in the related Distribution Account in respect of the related Available Distribution Amount; and (ix) to withdraw any amounts necessary to pay any Taxes Accounts pursuant to Section 5.1711.01. Since, in connection with withdrawals pursuant to clauses (i), (ii) and (iv), the Servicer's entitlement thereto is limited to collections or other recoveries on the related Contract, the Servicer The Certificate Administrator shall keep and maintain a separate accounting, on a Contract by Contract basis, accounting for each Mortgage Loan for the purpose of justifying any withdrawal accounting for withdrawals from each the Certificate Account Accounts pursuant to such clauseseach of the subparagraphs listed above.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chase Manhattan Acceptance Corp /De/)

Permitted Withdrawals from the Certificate Accounts. The --------------------------------------------------- Servicer may, and in the case of clause (vii) below shall, from time to time as provided herein, make withdrawals from each Certificate Account of amounts deposited therein pursuant to Section 5.05 that are attributable to Contracts of the related Group for the following purposes: (i) to pay to the Company with respect to each Contract of such Group or property acquired in respect thereof that has been purchased or replaced pursuant to Section 3.05 all amounts received thereon that are specified in such Section to be property of the Company; (ii) to reimburse itself for the payment of taxes out of Liquidation Proceeds relating to a Contract of such Group (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, as permitted by Section 5.06; (iii) if neither the Company nor a wholly owned subsidiary of the Company is the Servicer, to pay to itself Monthly Servicing Fee relating to such Group. (iv) to reimburse itself or a previous Servicer out of Liquidation Proceeds (to the extent not previously retained from Liquidation Proceeds prior to their deposit in such Certificate Account) in respect of a Manufactured Home of such Group 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 it in respect of such Manufactured Home that are specified as being reimbursable to it pursuant to Section 5.07, 5.09 or 5.13 or to a previous Servicer under Section 8.08; (v) to reimburse itself for any Nonrecoverable Advance or Monthly Advances with respect to such Group in accordance with Section 6.04(c) and for advances in respect of Liquidated Contracts in accordance with Section 6.04(c); (vi) to reimburse the Servicer for expenses incurred with respect to such Group and reimbursable to the Servicer pursuant to Section 8.06 (such reimbursement to be made only from funds that would otherwise be distributed on the Class R Certificate pursuant to Section 6.01(a)A(xiii6.01(a)A(xvii) or 6.01 (a)B(xiiia)B(xvii), in the case of Group I, or pursuant to Section 6.01(a)C(xiv) or 6.01 (a)D(xiv), in the case of Group II. (vii) to withdraw any amount deposited in such Certificate Account that was not required to be deposited therein (including any collections on the related Contracts that, pursuant to Section 2.01(a), are not part of the Trust Fund); (viii) to withdraw all amounts on deposit in such Certificate Account which are to be deposited in the related Distribution Account in respect of the related Available Distribution Amount; (ix) withdraw amounts on deposit in the Certificate Account which are to be deposited in the related Distribution Account in respect of the Group I Interest Deficiency Withdrawal or the Group II Interest Deficiency Withdrawal, as applicable, if any; and (ixx) to 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), 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 each Certificate Account pursuant to such clauses. The Servicer shall report withdrawals with respect to each Due Period pursuant to this Section 6.02 in the related Monthly Report.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Vanderbilt Mort & Finance Pass Through Cert Series 1999b)

Permitted Withdrawals from the Certificate Accounts. (a) The --------------------------------------------------- Master Servicer may, from time to time, make withdrawals from the applicable Certificate Account (such withdrawals being limited in the case of the Pool 1 Certificate Account to withdrawals related to the Pool 1 Mortgage Loans and the Group 1 Certificates and in the case of clause (vii) below shall, from time to time as provided herein, make withdrawals from each the Pool 2 Certificate Account of amounts deposited therein pursuant to Section 5.05 that are attributable withdrawals related to Contracts of the related Pool 2 Mortgage Loans and the Group 2 Certificates) for the following purposes:purposes (limited, in the case of Servicer reimbursements, to cases where funds in the respective Custodial P&I Account are not sufficient therefor): (i) to reimburse the Master Servicer, the Trust Administrator or any Servicer for Periodic Advances made by the Master Servicer or the Trust Administrator pursuant to Section 3.03(a) or any Servicer pursuant to any Servicing Agreement with respect to previous Distribution Dates, such right to reimbursement pursuant to this subclause (i) being limited to amounts received on or in respect of particular Mortgage Loans (including, for this purpose, Liquidation Proceeds, REO Proceeds and proceeds from the purchase, sale, repurchase or substitution of Mortgage Loans pursuant to Sections 2.02, 2.03, 3.08 or 9.01) respecting which any such Periodic Advance was made; (ii) to reimburse any Servicer, the Master Servicer or the Trust Administrator for any Periodic Advances determined in good faith to have become Nonrecoverable Advances, provided, however, that any portion of Nonrecoverable Advances representing Fixed Retained Yield shall be reimbursable only from amounts constituting Fixed Retained Yield and not from the assets of the Trust Estate; (iii) to reimburse the Master Servicer or any Servicer from Liquidation Proceeds for Liquidation Expenses and for amounts expended by the Master Servicer or any Servicer pursuant hereto or to any Servicing Agreement, respectively, in good faith in connection with the restoration of damaged property or for foreclosure expenses; (iv) from any Mortgagor payment on account of interest or other recovery (including Net REO Proceeds) with respect to a particular Mortgage Loan, to pay the Master Servicing Fee with respect to such Mortgage Loan to the Master Servicer; (v) to reimburse the Master Servicer, any Servicer or the Trust Administrator (or, in certain cases, the Seller) for expenses incurred by it (including taxes paid on behalf of the Trust Estate) and recoverable by or reimbursable to it pursuant to Section 3.03(c), 3.03(d) or 6.03 or the second sentence of Section 8.14(a) or pursuant to such Servicer's Servicing Agreement, provided such expenses are "unanticipated" within the meaning of the REMIC Provisions; (vi) to pay to the Company Seller or other purchaser with respect to each Contract of such Group Mortgage Loan or property acquired in respect thereof that has been repurchased or replaced pursuant to Section 2.02 or 2.03 or auctioned pursuant to Section 3.08 or to pay to the Master Servicer with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased or replaced pursuant to Section 3.05 3.08 or 9.01, all amounts received thereon that are specified in such Section and not required to be property distributed as of the Company; (ii) to reimburse itself for the payment of taxes out of Liquidation Proceeds relating to a Contract of such Group (to the extent not previously retained from such Liquidation Proceeds prior to their deposit) or out of payments expressly made by date on which the related Obligor to reimburse the Servicer for such taxes, as permitted by Section 5.06repurchase or purchase price or Scheduled Principal Balance was determined; (iii) if neither the Company nor a wholly owned subsidiary of the Company is the Servicer, to pay to itself Monthly Servicing Fee relating to such Group. (iv) to reimburse itself or a previous Servicer out of Liquidation Proceeds (to the extent not previously retained from Liquidation Proceeds prior to their deposit in such Certificate Account) in respect of a Manufactured Home of such Group 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 it in respect of such Manufactured Home that are specified as being reimbursable to it pursuant to Section 5.07, 5.09 or 5.13 or to a previous Servicer under Section 8.08; (v) to reimburse itself for any Nonrecoverable Advance or Monthly Advances with respect to such Group in accordance with Section 6.04(c) and for advances in respect of Liquidated Contracts in accordance with Section 6.04(c); (vi) to reimburse the Servicer for expenses incurred with respect to such Group and reimbursable to the Servicer pursuant to Section 8.06 (such reimbursement to be made only from funds that would otherwise be distributed on the Class R Certificate pursuant to Section 6.01(a)A(xiii) or 6.01 (a)B(xiii), in the case of Group I, or pursuant to Section 6.01(a)C(xiv) or 6.01 (a)D(xiv), in the case of Group II. (vii) to remit funds to the Paying Agent in the amounts and in the manner provided for herein; (viii) to pay to the Master Servicer any interest earned on or investment income with respect to funds in such Certificate Accounts; (ix) to pay to the Master Servicer or any Servicer out of Net Liquidation Proceeds allocable to interest the amount of any unpaid Master Servicing Fee or Servicing Fee (as adjusted pursuant to such Servicer's Servicing Agreement) and any unpaid assumption fees, late payment charges or other Mortgagor charges on the related Mortgage Loan; (x) to withdraw from a Certificate Account any amount deposited in such Certificate Account that was not required to be deposited therein therein; (including any collections on the related Contracts that, xi) to clear and terminate a Certificate Account pursuant to Section 2.01(a), are not part of the Trust Fund); (viii) to withdraw all amounts on deposit in such Certificate Account which are to be deposited in the related Distribution Account in respect of the related Available Distribution Amount9.01; and (ixxii) to withdraw pay to Norwest Mortgage from any amounts necessary Mortgagor payment on account of interest or other recovery (including Net REO Proceeds) with respect to pay a particular Mortgage Loan, the Fixed Retained Yield, if any, with respect to such Mortgage Loan; provided, however, that with respect to any Taxes pursuant payment of interest received by the Master Servicer in respect of a Mortgage Loan (whether paid by the Mortgagor or received as Liquidation Proceeds, Insurance Proceeds or otherwise) which is less than the full amount of interest then due with respect to Section 5.17. Sincesuch Mortgage Loan, only that portion of such payment of interest that bears the same relationship to the total amount of such payment of interest as the Fixed Retained Yield Rate, if any, in connection respect of such Mortgage Loan bears to the Mortgage Interest Rate shall be allocated to the Fixed Retained Yield with withdrawals pursuant to clauses respect thereto. (i), (iib) and (iv), 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 Mortgage Loan by Contract Mortgage Loan basis, for the purpose of justifying any payment to and withdrawal from each a Certificate Account pursuant to such clausesAccount.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Norwest Asset Sec Corp Mort Ps THR Cert Ser 1998-4 Trust)

Permitted Withdrawals from the Certificate Accounts. The --------------------------------------------------- Servicer may, and in the case of clause (vii) below shall, from time to time as provided herein, make withdrawals from each the applicable Certificate Account of amounts deposited therein pursuant to Section 5.05 4.05 that are attributable to Contracts of the related Group Contracts for the following purposes: (i) to pay to the Company Contract Seller with respect to each Contract of such Group sold by it or property acquired in respect thereof that has been purchased repurchased or replaced pursuant to Section 3.05 3.05, all amounts received thereon that are specified in such Section to be property of the CompanyContract Seller; (ii) to reimburse itself for the payment of taxes or charges out of Liquidation Proceeds relating to a Contract of such Group (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 taxestaxes or charges, as permitted by Section 5.064.06; (iii) if neither the Company nor a wholly owned subsidiary of the Company is the Servicer, to pay to itself the Monthly Servicing Fee relating with respect to such Group.the Group I Contracts and the Senior Monthly Servicing Fee with respect to the Group II Contracts and Servicer Deficiency Amounts and Repossession Profits, if any; (iv) to reimburse itself or a previous Servicer out of Liquidation Proceeds (to the extent not previously retained from Liquidation Proceeds prior to their deposit in such the applicable Certificate Account) in respect of a Manufactured Home of such Group 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 it in respect of such Manufactured Home that are specified as being reimbursable to it pursuant to Section 5.074.07, 5.09 4.09, 4.13 or 5.13 4.18 or to a previous Servicer under Section 8.087.07; (v) to reimburse itself for any Nonrecoverable Advance or Advances and for Monthly Advances with in respect to such Group of Liquidated Contracts, in each case, in accordance with Section 6.04(c) and for advances in respect of Liquidated Contracts in accordance with Section 6.04(c5.01(c); (vi) from the Group I Certificate Account after the Class I A Certificate Balance, Class I B-1 Certificate Balance, Class I B-2 Certificate Balance, Class I M-1 Certificate Balance and Class I M-2 Certificate Balance have been reduced to zero and all amounts owing to the LOC Provider in respect of the Class I B-2 LOC have been reimbursed, to reimburse the Servicer and the REMIC Administrator, pro rata, for expenses incurred with respect to such Group and reimbursable to the Servicer pursuant to Section 8.06 (such reimbursement 7.05 and to be made only from funds that would otherwise be distributed on the Class R Certificate REMIC Administrator pursuant to Section 6.01(a)A(xiii4.17(c) or 6.01 (a)B(xiii)and from the Group II Certificate Account after the Class II A-1 Certificate Balance and Class II A-2 Certificate Balance have been reduced to zero and all amounts owing to the Special Account have been deposited and all amounts owing the LOC Provider in respect of the Group II LOC and the Insurer have been reimbursed, in to reimburse the case of Group IServicer and the REMIC Administrator, or pro rata, for expenses incurred and reimbursable to the Servicer pursuant to Section 6.01(a)C(xiv) or 6.01 (a)D(xiv7.05 and to the REMIC Administrator pursuant to Section 4.17(c), in the case of Group II.; and (vii) to withdraw any amount deposited in such the applicable Certificate Account that was not required to be deposited therein (including any collections on the related Contracts that, pursuant to Section 2.01(a), are not part of the Trust Fund); (viii) to withdraw all Fund and amounts on deposit in such Certificate Account which are permitted to be deposited in the related Distribution Account in respect of the related Available Distribution Amount; and (ix) to withdraw any amounts necessary to pay any Taxes withdrawn pursuant to Section 5.1711.12(ii) hereof). Since, in connection with withdrawals pursuant to clauses (i), (ii) and (iv)) of this Section 5.03, 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 each the Certificate Account Accounts pursuant to such clauses.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Greenpoint Credit LLC)

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