Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority): (i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocated, and, as additional servicing compensation, those other amounts set forth in Section 3.15; (ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii); (iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account; (v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy; (vi) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06; (vii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan; (viii) to reimburse the Servicer, the Trustee or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii); (ix) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ix) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein; (x) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution; (xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof; (xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and (xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. Eastern time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date. (b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority): (i) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein; (ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination); (iii) to reimburse the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and (iv) to pay to the Servicer or the Trustee, as applicable, earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g).
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (OwnIt Mortgage Loan Trust Series 2006-4), Pooling and Servicing Agreement (OwnIt Mortgage Loan Trust Series 2006-6), Pooling and Servicing Agreement (Mortgage Loan Asset-Backed Certificates Series 2006-5)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances and Servicing Advances (to the extent such Servicing Advances would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein) occurring after the Cut-off Date made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Proceeds or Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any and, to the extent that such Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) if paid by one of the REMICs provided for herein, any Non-Recoverable Servicing Advance;
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay to the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii))Advances, the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(includingLoan(s) (including, for this purpose, Liquidation Proceeds and purchase and repurchase proceedsproceeds and including any Subsequent Recoveries related to any liquidated Mortgage Loan) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer;
(viii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any either of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that if such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;; and
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiiixiv) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which that funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 2:00 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee Principal Funds, to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The the Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to pay the Trustee any indemnification amounts owed it and to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after including paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee for expenses incurred by the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and Section 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc), Pooling and Servicing Agreement (Specialty Underwriting & Residential Finance Trust, Series 2006-Bc3), Pooling and Servicing Agreement (Specialty Underwriting & Residential Finance Trust, Series 2006-Bc2)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) [reserved];
(vii) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vivii) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(viiviii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.04, Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii1.860G-1(b)(3)(ii);
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) to pay the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer;
(xii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;; and
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xiixiii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. Eastern time on the Servicer Remittance Date, the Servicer shall will use commercially reasonable efforts to cause to be withdrawn from the Collection Account no later than 2:30 p.m. Eastern Time, but in any case no later than 4:00 p.m. Eastern Time on the Servicer Remittance Date, the Interest Funds, Funds and the Principal Funds and (for this purpose only, neither Interest Funds nor Principal Funds shall include a deduction for any amount reimbursable to the Trustee Fee unless such amounts have actually been reimbursed from such funds at the discretion of the Servicer), to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business DayServicer Remittance Date, the Servicer shall pay, out of its own funds, interest on such amount at a rate equal to the "prime rate" as published by The Wall Street Journal at such time for each date or part thereof. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viiivii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse pay to the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2006-Rm2), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2006-Mln1), Pooling and Servicing Agreement (Mortgage Loan Asset-Backed Certificates, Series 2006-Ahl1)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocated, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viii) to reimburse the Servicer, the Trustee or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii);
(ix) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ix) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(x) to withdraw any amount deposited in the Collection Account and not required to be deposited therein;
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. Eastern time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):
(i) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g).Section
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) [reserved];
(vii) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vivii) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceedsproceeds and including any Subsequent Recoveries related to any Liquidated Loan) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(viiviii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.04, Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii1.860G-1(b)(3)(ii);
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) to pay the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer;
(xii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;; and
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xiixiii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. Eastern time on the Servicer Remittance Date, the Servicer shall will use commercially reasonable efforts to cause to be withdrawn from the Collection Account no later than 2:30 p.m. Eastern Time, but in any case no later than 4:00 p.m. Eastern Time on the Servicer Remittance Date, the Interest Funds, Funds and the Principal Funds and (for this purpose only, neither Interest Funds nor Principal Funds shall include a deduction for any amount reimbursable to the Trustee Fee unless such amounts have actually been reimbursed from such funds at the discretion of the Servicer), to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business DayServicer Remittance Date, the Servicer shall pay, out of its own funds, interest on such amount at a rate equal to the "prime rate" as published by The Wall Street Journal at such time for each date or part thereof. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viiivii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse pay to the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2006-Rm5), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2006-Rm4)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocated, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Advancing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Depositor or Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer, as applicable;
(viii) to pay to the Depositor, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 2.02 or 3.122.03, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ix) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) to withdraw any amount deposited in the Collection Account and not required to be deposited therein;
(xixii) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds a "not sufficient funds" or other denial by the related Mortgagor's banking institution;
(xiixiii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiiixiv) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiiixiv) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xivxv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that which have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 3:00 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, Funds and the Principal Funds and the Trustee Fee to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Funds and Principal Funds and Trustee Fee by 2:00 4:00 p.m. Eastern timeTime, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The With respect to any Mortgage Loan-specific withdrawal, the Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee and the NIMs Insurer on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. -69- In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may shall from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):
(i) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee and for expenses incurred by the Custodian for any fees, expenses and indemnification Trustee reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and Section 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust, Series 2005-Ff6), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) [Reserved];
(vii) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vivii) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceedsproceeds and including any Subsequent Recoveries related to any Liquidated Loan) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(viiviii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.04, Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii1.860G-1(b)(3)(ii);
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) to pay the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer;
(xii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;; and
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xiixiii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. Eastern time on the Servicer Remittance Date, the Servicer shall will use commercially reasonable efforts to cause to be withdrawn from the Collection Account no later than 2:30 p.m. Eastern Time, but in any case no later than 4:00 p.m. Eastern Time on the Servicer Remittance Date, the Interest Funds, Funds and the Principal Funds and (for this purpose only, neither Interest Funds nor Principal Funds shall include a deduction for any amount reimbursable to the Trustee Fee unless such amounts have actually been reimbursed from such funds at the discretion of the Servicer), to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business DayServicer Remittance Date, the Servicer shall pay, out of its own funds, interest on such amount at a rate equal to the "prime rate" as published by The Wall Street Journal at such time for each date or part thereof. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viiivii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse pay to the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust, Series 2006-Ff18), Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust, Series 2007-Ff1)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances and Servicing Advances (to the extent such Servicing Advances would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein) occurring after the Cut-off Date made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Proceeds or Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any and, to the extent that such Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) if paid by one of the REMICs provided for herein, any Non-Recoverable Servicing Advance;
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay to the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii))Advances, the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(includingLoan(s) (including, for this purpose, Liquidation Proceeds and purchase and repurchase proceedsproceeds and including any Subsequent Recoveries related to any liquidated Mortgage Loan) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Depositor or Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer, as applicable;
(viii) to pay to the Depositor, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 2.02 or 3.122.03, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any either of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that if such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;; and
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which that funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 2:00 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee Principal Funds, to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee and the NIM Insurer on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any P&I Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The the Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to pay the Trustee any indemnification amounts owed it and to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after including paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee for expenses incurred by the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and Section 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors, Inc. Surf Asset-Backed Certificates Series 2005-Ab1), Pooling and Servicing Agreement (Specialty Underwriting & Residential Finance Trust, Series 2005-Bc2)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) [reserved];
(vii) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii1.860-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(viiviii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.04, Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii1.860G-1(b)(3)(ii);
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) to pay the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer;
(xii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;; and
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xiixiii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. Eastern time on the Servicer Remittance Date, the Servicer shall will use commercially reasonable efforts to cause to be withdrawn from the Collection Account no later than 2:30 p.m. Eastern Time, but in any case no later than 4:00 p.m. Eastern Time on the Servicer Remittance Date, the Interest Funds, Funds and the Principal Funds and (other than amounts payable to the Trustee Fee Trustee), to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business DayServicer Remittance Date, the Servicer shall pay, out of its own funds, interest on such amount at a rate equal to the "prime rate" as published by The Wall Street Journal at such time for each date or part thereof. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viiivii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse pay to the Trustee and the Custodian (or any custodian) for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2006-Sl1)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocated, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer and the Master Servicer (in its capacity as successor Servicer) for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viii) to pay the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer;
(ix) to reimburse the Servicer, the Trustee Master Servicer, the Securities Administrator or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to the provisions of this Agreement, including, without limitation, Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ix) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) to withdraw any amount deposited in the Collection Account and not required to be deposited therein;
(xixii) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds a "not sufficient funds" or other denial by the related Mortgagor's banking institution;
(xiixiii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiiixiv) to reimburse itself the Servicer (including the Master Servicer as successor Servicer) for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Interest Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xivxv) to reimburse itself the Servicer (including the Master Servicer as successor Servicer) from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, Funds and the Principal Funds and the Trustee Fee to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee Securities Administrator does not receive such Interest Funds, Funds and Principal Funds and Trustee Fee by 2:00 p.m. Eastern timeTime, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee Securities Administrator on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee Securities Administrator for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the TrusteeSecurities Administrator, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee Securities Administrator from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee Securities Administrator shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee Securities Administrator may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):
(i) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee Trustee, the Securities Administrator, the Master Servicer or the Servicer in connection with any such termination);
(iii) to reimburse the Securities Administrator, the Master Servicer or the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 8.05, 8.06 and 8.06 11.02 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Securities Administrator earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g).
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust Series 2005-Ff12), Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust Series 2005-Ff12)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person advance financing person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) [reserved];
(vii) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vivii) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(viiviii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.04, Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii1.860G-1(b)(3)(ii);
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) to pay the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer;
(xii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;; and
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xiixiii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. Eastern time on the Servicer Remittance Date, the Servicer shall will use commercially reasonable efforts to cause to be withdrawn from the Collection Account no later than 2:30 p.m. EST, but in any case no later than 4:00 p.m. EST on the Servicer Remittance Date, the Interest Funds, Funds and the Principal Funds and (for this purpose only, neither Interest Funds nor Principal Funds shall include a deduction for any amount reimbursable to the Trustee Fee unless such amounts have actually been reimbursed from such funds at the discretion of the Servicer), to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business DayServicer Remittance Date, the Servicer shall pay, out of its own funds, interest on such amount at a rate equal to the "prime rate" as published by The Wall Street Journal at such time for each date or part thereof. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viiivii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse pay to the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Mortgage Loan Asset-Backed Certificates, Series 2006-Rm3), Pooling and Servicing Agreement (Mortgage Loan Asset-Backed Certificates, Series 2006-Rm3)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person advance financing person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) [reserved];
(vii) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vivii) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(viiviii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.04, Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii1.860G-1(b)(3)(ii);
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) to pay the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer;
(xii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;; and
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xiixiii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) . In addition, the Servicer will use commercially reasonable efforts to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal cause to the amount be withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 2:30 p.m. Eastern New York City time, but in any case no later than 4:00 p.m. New York City time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, Funds and the Principal Funds and (for this purpose only, neither Interest Funds nor Principal Funds shall include a deduction for any amount reimbursable to the Trustee Fee unless such amounts have actually been reimbursed from such funds at the discretion of the Servicer), to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account by 4:00 p.m. on the next Business DayServicer Remittance Date, the Servicer shall pay, out of its own funds, interest on such amount at a rate equal to the "prime rate" as published by The Wall Street Journal at such time for each date or part thereof. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viiivii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse pay to the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Mortgage Loan Asset-Backed Certificates, Series 2006-He4), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed Certificates, Series 2006-Fm1)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Advancing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) [Reserved];
(vii) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vivii) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceedsproceeds and including any Subsequent Recoveries related to any Liquidated Loan) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(viiviii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.04, Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii1.860G-1(b)(3)(ii);
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) to pay the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer;
(xii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;; and
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xiixiii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. Eastern time on the Servicer Remittance Date, the Servicer shall will use commercially reasonable efforts to cause to be withdrawn from the Collection Account no later than 2:30 p.m. Eastern Time, but in any case no later than 4:00 p.m. Eastern Time on the Servicer Remittance Date, the Interest Funds, Funds and the Principal Funds and (for this purpose only, neither Interest Funds nor Principal Funds shall include a deduction for any amount reimbursable to the Trustee Fee unless such amounts have actually been reimbursed from such funds at the discretion of the Servicer), to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business DayServicer Remittance Date, the Servicer shall pay, out of its own funds, interest on such amount at a rate equal to the "prime rate" as published by The Wall Street Journal at such time for each date or part thereof. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viiivii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse pay to the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc), Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust, Series 2007-Ffa)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances and Servicing Advances (to the extent such Servicing Advances would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein) occurring after the Cut-off Date made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Proceeds or Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any and, to the extent that such Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) if paid by one of the REMICs provided for herein, any Non-Recoverable Servicing Advance;
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay to the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii))Advances, the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(includingLoan(s) (including, for this purpose, Liquidation Proceeds and purchase and repurchase proceedsproceeds and including any Subsequent Recoveries related to any liquidated Mortgage Loan) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer;
(viii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any either of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that if such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;
(xixii) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or pay any obligations other denial by than the related Mortgagor's banking institutionMI Insurer Fee under the MI Policy;
(xiixiii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;; and
(xiiixiv) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiiixiv) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which that funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 2:00 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee MI Insurer Fee, to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any P&I Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The the Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to pay the Trustee any indemnification amounts owed it and to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after including paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee for expenses incurred by the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and Section 8.06 hereof; and;
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account; and
(v) to pay to the MI Insurer, the MI Insurer Fee.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Specialty Underwriting & Residential Finance Trust, Series 2005-Bc4), Pooling and Servicing Agreement (Specialty Underwriting & Residential Finance Trust Series 2005-Bc3)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocated, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viii) to reimburse the Servicer, the Trustee Master Servicer, the Securities Administrator or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ix) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ix) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(x) to withdraw any amount deposited in the Collection Account and not required to be deposited therein;
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds a "not sufficient funds" or other denial by the related Mortgagor's banking institution;
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that which have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, Funds and the Principal Funds and the Trustee Fee to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee Securities Administrator does not receive such Interest Funds, Funds and Principal Funds and Trustee Fee by 2:00 p.m. Eastern timeTime, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee Securities Administrator on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee Securities Administrator for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the TrusteeSecurities Administrator, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee Securities Administrator from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee Securities Administrator shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee Securities Administrator may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):
(i) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee Trustee, the Securities Administrator, the Master Servicer or the Servicer in connection with any such termination);
(iii) to reimburse the Securities Administrator, the Master Servicer or the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 8.06 and 8.06 11.02 hereof; and
(iv) to pay to the Servicer or the TrusteeSecurities Administrator, as applicable, earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g).
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Ownit Series 2005-2), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors, Inc. Ownit 2005-1)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any and, to the extent that such Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) if paid by one of the REMICs provided for herein, any Non-Recoverable Servicing Advance;
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii))Advances, the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viii) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ix) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or of defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ix) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(x) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;; and
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 3:00 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee Principal Funds, to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, however if the Trustee does not receive such Interest Funds, Funds and Principal Funds and Trustee Fee by 2:00 4:00 p.m. Eastern timeTime, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee and the NIMs Insurer on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any P&I Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The the Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to pay the Trustee any indemnification amounts owed it and to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination)hereof;
(iii) to reimburse the Trustee for expenses incurred by the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and Section 8.06 hereof; and;
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account; and
(v) to pay to the Credit Risk Manager, the Credit Risk Manager Fee.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Merrill Lynch Mort Inv Inc Mort Ln Ast BCK CTS Ser 2003-Bc1), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances and Servicing Advances (to the extent such Servicing Advances would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein) occurring after the Initial Cut-off Date made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Proceeds or Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any and, to the extent that such Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) if paid by one of the REMICs provided for herein, any Non-Recoverable Servicing Advance;
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay to the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii))Advances, the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(includingLoan(s) (including, for this purpose, Liquidation Proceeds and purchase and repurchase proceedsproceeds and including any Subsequent Recoveries related to any liquidated Mortgage Loan) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer;
(viii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viii) to reimburse the Servicer, the Trustee or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii);
(ix) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ix) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(x) to withdraw any amount deposited in the Collection Account and not required to be deposited therein;
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. Eastern time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):
(i) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g).to
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Specialty Underwriting & Residential Finance Trust Series 2006-Ab3), Pooling and Servicing Agreement (Specialty Underwriting & Residential Finance Trust Series 2006-Ab3)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) [reserved];
(vii) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vivii) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(viiviii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.04, Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii1.860G-1(b)(3)(ii);
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) to pay the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer;
(xii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;; and
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xiixiii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. Eastern time on the Servicer Remittance Date, the Servicer shall will use commercially reasonable efforts to cause to be withdrawn from the Collection Account no later than 2:30 p.m. Eastern Time, but in any case no later than 4:00 p.m. Eastern Time on the Servicer Remittance Date, the Interest Funds, Funds and the Principal Funds and (for this purpose only, neither Interest Funds nor Principal Funds shall include a deduction for any amount reimbursable to the Trustee Fee or Custodian unless such amounts have actually been reimbursed from such funds at the discretion of the Servicer), to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business DayServicer Remittance Date, the Servicer shall pay, out of its own funds, interest on such amount at a rate equal to the "prime rate" as published by The Wall Street Journal at such time for each date or part thereof. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viiivii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the CertificateholdersCertificateholder, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse pay to the Trustee and or the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Loan Asset-Backed Certificates, Series 2006-Ar1)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocated, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Advancing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to any amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Proceeds or Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and and, any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viii) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any either of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ix) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans Loans, including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ix) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(x) to withdraw any amount deposited in the Collection Account and not required to be deposited therein;
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds a "not sufficient funds" or other denial by the related Mortgagor's banking institution;
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;; and
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. noon Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee Principal Funds, to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, however if the Trustee does not receive such Interest Funds, Funds and Principal Funds and Trustee Fee by 2:00 p.m. Eastern timeTime, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee and the NIMs Insurer on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may shall from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee for expenses incurred by the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and Section 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any and, to the extent that such Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) if paid by one of the REMICs provided for herein, any Non-Recoverable Servicing Advance;
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii))Advances, the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viii) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ix) to pay to each PMI Insurer, the applicable PMI Insurer Fee;
(x) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or of defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;; and
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. noon Eastern time Standard Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee Principal Funds, to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee and the NIMs Insurer on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any P&I Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to reimburse the Trustee for expenses incurred by the Trustee and reimbursable pursuant to Section 8.06 hereof;
(ii) to pay to the Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account;
(iii) to pay to the Credit Risk Manager, the Credit Risk Manager Fee;
(iv) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;; and
(iiv) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Loan Asset-Backed Certificates Series 2003 He1)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances and Servicing Advances (to the extent such Servicing Advances would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein) occurring after the Cut-off Date made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Proceeds or Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any and, to the extent that such Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) if paid by one of the REMICs provided for herein, any Non-Recoverable Servicing Advance;
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expenseexpenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(includingLoan(s) (including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viii) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ix) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ix) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(x) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xii) to pay to the Servicing Rights Owner on each Servicer Remittance Date (as provided below), all prepayment penalties on deposit therein; and
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which that funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 1:00 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, amount on deposit therein after making any of the Principal Funds and the Trustee Fee to the extent on deposit, above-described withdrawals and such amount shall be deposited in the Certificate Account; provided, however, however if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee amount by 2:00 p.m. Eastern timeTime, such Interest Funds and Principal Funds amount shall be deposited in the Certificate Account on the next Business Day. On each Servicer Remittance Date, the Servicer shall distribute to the Servicing Rights Owner all prepayment penalties on deposit in the Collection Account on such date by wire transfer to an account designated by the Servicing Rights Owner. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any P&I Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The the Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to pay the Trustee any indemnification amounts owed it and to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after including paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee for expenses incurred by the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and Section 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Specialty Underwriting & Residental Finance Trust, Series 2004-Aa1)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Advancing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Liquidation Proceeds (which include Condemnation Proceeds, Proceeds and Insurance Proceeds, Liquidation Proceeds)) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) [Reserved];
(vii) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vivii) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceedsproceeds and including any Subsequent Recoveries related to any Liquidated Loan) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(viiviii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section Sections 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section Sections 2.01, 3.04, 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii1.860G-1(b)(3)(ii);
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) to pay the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer;
(xii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be or incorrectly deposited therein;
(xi) to withdraw funds deposited in error therein or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;; and
(xiixiii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. Eastern time on the Servicer Remittance Date, the Servicer shall will use commercially reasonable efforts to cause to be withdrawn from the Collection Account no later than 2:30 p.m. ET, but in any case no later than 4:00 p.m. ET on the Servicer Remittance Date, the Interest Funds, Funds and the Principal Funds and (for this purpose only, neither Interest Funds nor Principal Funds shall include a deduction for any amount reimbursable to the Trustee Fee unless such amounts have actually been reimbursed from such funds at the discretion of the Servicer), to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business DayServicer Remittance Date, the Servicer shall pay, out of its own funds, interest on such amount at a rate equal to the "prime rate" as published by The Wall Street Journal at such time for each date or part thereof. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viiivii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse pay to the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 2.01, 3.04, 6.03, 8.05 and 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-A)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocated, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viii) to reimburse the Servicer, the Trustee Certificate Administrator or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ix) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ix) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(x) to withdraw any amount deposited in the Collection Account and not required to be deposited therein;
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds a "not sufficient funds" or other denial by the related Mortgagor's banking institution;
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that which have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 1:00 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, Funds and the Principal Funds and the Trustee Fee to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee Certificate Administrator does not receive such Interest Funds, Funds and Principal Funds and Trustee Fee by 2:00 p.m. Eastern timeTime, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee Certificate Administrator on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee Certificate Administrator for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the TrusteeCertificate Administrator, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee Certificate Administrator from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee Certificate Administrator shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee Certificate Administrator may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):
(i) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee Trustee, the Certificate Administrator or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee Certificate Administrator and the Custodian Trustee for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 8.06 and 8.06 11.02 hereof; and
(iv) to pay to the Servicer or the TrusteeCertificate Administrator, as applicable, earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Wachovia Mortgage Loan Trust, Series 2005-Wmc1)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocated, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viii) to reimburse the Servicer, the Trustee or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii);
(ix) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ix) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(x) to withdraw any amount deposited in the Collection Account and not required to be deposited therein;
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. Eastern time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, Funds and the Principal Funds and the Trustee Fee to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Funds and Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):
(i) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g).
Appears in 1 contract
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any and, to the extent that such Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) if paid by one of the REMICs provided for herein, any Non-Recoverable Servicing Advance;
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii))Advances, the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viii) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ix) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or of defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ix) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(x) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;; and
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. noon Eastern time Standard Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee Principal Funds, to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee and the NIMs Insurer on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any P&I Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination)hereof;
(iii) to reimburse the Trustee for expenses incurred by the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and Section 8.06 hereof; and;
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account;
(v) to pay to the Credit Risk Manager, the Credit Risk Manager Fee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocated, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to (A) any amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation ProceedsProceeds and purchase and repurchase proceeds) that represent (I) late payments or recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was mademade or (II) amounts allocated to principal and/or interest out of the net monthly rental income from REO Property in respect of which any such Advance was made and (B) any amounts allocated to principal and/or interest or to unreimbursed Advances out of the Optional Termination Amount;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and by it and, any Non-Recoverable Servicing Advances Advance previously made to the extent by it, provided that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances Advances, (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to (A) any amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent (I) late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.063.06 or (II) amounts allocated to unreimbursed Servicing Advances out of the net monthly rental income from REO Property in respect of which such Servicing Advances were made and (B) amounts allocated to unreimbursed Servicing Advances out of the Optional Termination Amount;
(vii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viii) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any either of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ix) to pay any obligations under the MI Policies;
(x) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause subclosure (ixx) only to the extent that if such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;
(xixii) to transfer funds to another Eligible Account in accordance with Section 3.05;
(xiii) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds a "not sufficient funds" or other denial by the related Mortgagor's banking institution;; and
(xiixiv) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. noon Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee Principal Funds, to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive received such Interest Funds, Funds and Principal Funds and Trustee Fee by 2:00 p.m. Eastern timeTime, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any P&I Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may shall from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to reimburse the Trustee for expenses incurred by the Trustee and reimbursable pursuant to Section 8.06 hereof;
(ii) to pay to the Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account;
(iii) to pay to each MI Insurer, the applicable MI Insurer Fee;
(iv) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;; and
(iiv) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination.);
(iii) to reimburse the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2004-Opt1)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for (x) any Non-Recoverable Advance previously made and and, (y) any Non-Recoverable Servicing Advances previously made to the extent that, in the case of such Non-Recoverable Servicing Advances, reimbursement therefor constitutes Advances would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) if paid by one of the REMICs provided for herein;
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay the Credit Risk Manager the Credit Risk Manager Fee;
(vii) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees (including any unpaid Servicing Fees on second lien Mortgage Loans to the extent such fees are not recoverable from the Liquidation Proceeds received on such Mortgage Loan) and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii))Advances, the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(viiviii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii1.860G-1(b)(3)(ii);
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or of defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ix) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) to make payments with respect to premiums for LPMI Policies;
(xii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;; and
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xiixiii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 1:00 p.m. Eastern time New York City Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, Funds and the Principal Funds and (other that amounts payable to the Trustee Fee Trustee), to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Funds and Principal Funds and Trustee Fee by 2:00 1:00 p.m. Eastern timeNew York City Time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account by 1:00 p.m. New York City Time on the next Business Day. In the event such funds are not deposited by 1:00 p.m. New York City Time on the Servicer Remittance Date, the Servicer shall pay, out of its own funds, interest on such amount at a rate equal to the Trustee's Prime Rate for each date or part thereof. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viiivii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination)hereof;
(iii) to reimburse the Trustee for fees pursuant to Section 8.05 hereof, and to reimburse the Trustee or the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and Section 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Account. The Trustee's right to pay and reimburse itself pursuant to this Section 3.05(g)3.08(b) shall be prior to any payment or reimbursement to any other Person and to any distributions to Certificateholders.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mort Inv Inc Asst Back Certs Ser TMTS 2003 8he)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any and, to the extent that such Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) if paid by one of the REMICs provided for herein, any Non-Recoverable Servicing Advance;
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii))Advances, the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viii) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ix) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or of defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ix) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(x) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;; and
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. Eastern time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):
(i) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay any obligations under the MI Policy;
(vii) to pay to the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii1.860-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(viiviii) to pay to the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer.
(ix) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiix) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any either of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.04, Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii1.860G-1(b)(3)(ii);
(ixxi) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixxi) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxii) [RESERVED]
(xiii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;; and
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xiixiv) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 2:00 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee Principal Funds, to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Funds and Principal Funds and Trustee Fee by 2:00 p.m. Eastern timeTime, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. In the event such funds are not deposited by 2:00 p.m. Eastern Time on the Servicer Remittance Date, the Servicer shall pay, out of its own funds, interest on such amount at a rate equal to the then current "prime rate" (as published by the Wall Street Journal) for each date or part thereof until such amount is paid in full. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viiivii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, Certificateholders the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and;
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account; and
(v) to pay to the MI Insurer, the MI Insurer Fee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2005-Ar1)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay the Credit Risk Manager the Credit Risk Manager Fee;
(vii) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii))Advances, the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(viiviii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee Master Servicer, the Securities Administrator or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor such expenses would constitute "unanticipatedunanticipated expenses" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii1.860G-1(b)(3)(ii);
(ixx) to reimburse the Trustee Securities Administrator for enforcement expenses reasonably incurred in respect of a breach or of defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) [RESERVED]
(xii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;; and
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xiixiii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 1:00 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, Funds and the Principal Funds (other that amounts payable to the Securities Administrator and the Trustee Fee Trustee), to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee Securities Administrator does not receive such Interest Funds, Funds and Principal Funds and Trustee Fee by 2:00 4:00 p.m. Eastern timeTime, such Interest Funds and Principal Funds shall be deposited in the Certificate Account by 1:00 p.m. Eastern Time on the next Business Day. In the event such funds are not deposited by 1:00 p.m. Eastern Time, the Servicer shall pay, out of its own funds, interest on such amount at a rate equal to the Securities Administrator's Prime Rate for each date or part thereof. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee Securities Administrator on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viiivii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee Securities Administrator shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee Securities Administrator may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination)hereof;
(iii) to reimburse the Securities Administrator for fees pursuant to Sections 6.03 hereof, and to reimburse the Securities Administrator, the Master Servicer or the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Securities Administrator earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Asst Back Certs Ser 2003-5sl)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocated, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to any amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late payments or recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any and, to the extent that such Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) if paid by one of the REMICs provided for herein, any Non-Recoverable Servicing Advance;
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees Fee on a Liquidated Mortgage Loan to the extent the related Liquidation Proceeds are insufficient and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii))Advances, the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viii) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any either of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ix) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans Loans, including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ix) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(x) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds a "not sufficient funds" or other denial by the related Mortgagor's banking institution;; and
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. noon Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee Principal Funds, to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee and the NIMs Insurer on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any P&I Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall shall, following notice of such failure, pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may shall from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee for expenses incurred by the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and Section 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) reserved;
(vii) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii1.860-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(viiviii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee Master Servicer, the Securities Administrator or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 3.04, Section 3.25, Section 6.03 or Section 6.03 11.02(c) hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii1.860G-1(b)(3)(ii);
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price purchase price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) [RESERVED]
(xii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;; and
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xiixiii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 4:00 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, Funds and the Principal Funds (other that amounts payable to the Securities Administrator and the Trustee Fee Trustee), to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee Securities Administrator does not receive such Interest Funds, Funds and Principal Funds and Trustee Fee by 2:00 5:00 p.m. Eastern timeTime, such Interest Funds and Principal Funds shall be deposited in the Certificate Account by 1:00 p.m. Eastern Time on the next Business Day. In the event such funds are not deposited by 1:00 p.m. Eastern Time, the Servicer shall pay, out of its own funds, interest on such amount at a rate equal to the "prime rate" as published by Xxxxx Fargo Bank, N.A. at such time for each date or part thereof. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee Securities Administrator on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viiivii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee Securities Administrator shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee Securities Administrator may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee Trustee, the Securities Administrator, the Master Servicer or the Servicer in connection with any such termination);
(iii) to pay the Securities Administrator any unpaid Securities Administrator Fee and to reimburse the Securities Administrator, the Master Servicer or the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 8.05, 8.06 and 8.06 11.02 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Securities Administrator earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances and Servicing Advances (to the extent such Servicing Advances would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein) occurring after the Cut-off Date made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Proceeds or Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any and, to the extent that such Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) if paid by one of the REMICs provided for herein, any Non-Recoverable Servicing Advance;
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii))Advances, the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(includingLoan(s) (including, for this purpose, Liquidation Proceeds and purchase and repurchase proceedsproceeds and including any Subsequent Recoveries related to any liquidated Mortgage Loan) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viii) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any either of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ix) to pay any obligations under the MI Policies;
(x) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or of defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that if such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;; and
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which that funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 1:00 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee Principal Funds, to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee and the NIM Insurer on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any P&I Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The the Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to each MI Insurer, the applicable MI Insurer Fee;
(ii) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(iiiii) to pay the Trustee any indemnification amounts owed it and to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after including paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iiiiv) to reimburse the Trustee for expenses incurred by the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and Section 8.06 hereof; and
(ivv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocated, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to any amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late payments or recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any and, to the extent that such Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) if paid by one of the REMICs provided for herein, any Non-Recoverable Servicing Advance;
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees Fee on a Liquidated Mortgage Loan to the extent the related Liquidation Proceeds are insufficient and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii))Advances, the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viii) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any either of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ix) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or of defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ix) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(x) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds a "not sufficient funds" or other denial by the related Mortgagor's banking institution;; and
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. noon Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee Principal Funds, to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee and the NIMs Insurer on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any P&I Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall shall, following notice of such failure, pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may shall from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee for expenses incurred by the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and Section 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Asset Back Certs Ser 2004-Wmc2)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocated, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to (A) any amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation ProceedsProceeds and purchase and repurchase proceeds) that represent (I) late payments or recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was mademade or (II) amounts allocated to principal and/or interest out of the net monthly rental income from REO Property in respect of which any such Advance was made and (B) any amounts allocated to principal and/or interest or to unreimbursed Advances out of the Optional Termination Amount;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and by it and, any Non-Recoverable Servicing Advances Advance previously made to the extent by it, provided that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) [reserved];
(vii) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances Advances, (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vivii) with respect to any Mortgage Loan being limited to (A) any amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent (I) late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.063.06 or (II) amounts allocated to unreimbursed Servicing Advances out of the net monthly rental income from REO Property in respect of which such Servicing Advances were made and (B) amounts allocated to unreimbursed Servicing Advances out of the Optional Termination Amount;
(viiviii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.04, Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii1.860G-1(b)(3)(ii);
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;
(xixii) to transfer funds to another Eligible Account in accordance with Section 3.05;
(xiii) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds a "not sufficient funds" or other denial by the related Mortgagor's banking institution;; and
(xiixiv) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. noon Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee Principal Funds, to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive received such Interest Funds, Funds and Principal Funds and Trustee Fee by 2:00 p.m. Eastern timeTime, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viiiix) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any P&I Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to reimburse the Trustee for expenses incurred by the Trustee and reimbursable pursuant to Section 8.06 hereof;
(ii) to pay to the Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account;
(iii) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(iiiv) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination.);; and
(iiiv) to reimburse pay to the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2006-Opt1)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances and Servicing Advances (to the extent such Servicing Advances would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein) occurring after the Cut-off Date made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Proceeds or Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any and, to the extent that such Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) if paid by one of the REMICs provided for herein, any Non-Recoverable Servicing Advance;
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii))Advances, the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(includingLoan(s) (including, for this purpose, Liquidation Proceeds and purchase and repurchase proceedsproceeds and including any Subsequent Recoveries related to any liquidated Mortgage Loan) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viii) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ix) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or of defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ix) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(x) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;; and
(xiiixii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiiixii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which that funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 1:00 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee Principal Funds, to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee and the NIM Insurer on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any P&I Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The the Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to pay the Trustee any indemnification amounts owed it and to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after including paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee for expenses incurred by the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and Section 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocated, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Advancing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and and, any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viii) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any either of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ix) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans Loans, including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ix) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(x) to withdraw any amount deposited in the Collection Account and not required to be deposited therein;
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds a "not sufficient funds" or other denial by the related Mortgagor's banking institution;; and
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. noon Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee Principal Funds, to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, however if the Trustee does not receive such Interest Funds, Funds and Principal Funds and Trustee Fee by 2:00 p.m. Eastern timeTime, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The With respect to any Mortgage Loan-specific withdrawal, the Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee and the NIMs Insurer on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may shall from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee for expenses incurred by the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and Section 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2004-Fm1)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances and Servicing Advances (to the extent such Servicing Advances would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein) occurring after the Cut-off Date made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Proceeds or Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any and, to the extent that such Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) if paid by one of the REMICs provided for herein, any Non-Recoverable Servicing Advance;
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay to the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii))Advances, the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(includingLoan(s) (including, for this purpose, Liquidation Proceeds and purchase and repurchase proceedsproceeds and including any Subsequent Recoveries related to any liquidated Mortgage Loan) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer;
(viii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any either of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that if such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;; and
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiiixiv) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which that funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 2:00 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, Funds and the Principal Funds and (for this purpose only, neither Interest Funds nor Principal Funds shall include a deduction for any amount reimbursable to the Trustee Fee unless such amounts have actually been reimbursed from such funds), to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The the Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to pay the Trustee any indemnification amounts owed it and to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after including paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee for expenses incurred by the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and Section 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances and Servicing Advances (to the extent such Servicing Advances would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein) occurring after the Cut-off Date made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Proceeds or Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any and, to the extent that such Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) if paid by one of the REMICs provided for herein, any Non-Recoverable Servicing Advance;
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay to the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii))Advances, the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(includingLoan(s) (including, for this purpose, Liquidation Proceeds and purchase and repurchase proceedsproceeds and including any Subsequent Recoveries related to any liquidated Mortgage Loan) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer;
(viii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any either of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that if such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;; and
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiiixiv) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which that funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 2:00 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Principal Funds(for this purpose only, neither Interest Funds nor Principal Funds shall include a deduction for any amount reimbursable to the Trustee Fee unless such amounts have actually been reimbursed from such funds), to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The the Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to pay the Trustee any indemnification amounts owed it and to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after including paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee for expenses incurred by the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and Section 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Specialty Underwriting & Residential Finance Trust Series 2006-Bc4)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances and Servicing Advances (to the extent such Servicing Advances would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein) occurring after the Cut-off Date made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Proceeds or Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any and, to the extent that such Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) if paid by one of the REMICs provided for herein, any Non-Recoverable Servicing Advance;
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii))Advances, the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(includingLoan(s) (including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viii) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ix) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or of defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ix) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(x) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;; and
(xiiixii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiiixii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which that funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 3:00 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee Principal Funds, to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, however if the Trustee does not receive such Interest Funds, Funds and Principal Funds and Trustee Fee by 2:00 4:00 p.m. Eastern timeTime, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee and the NIM Insurer on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any P&I Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The the Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to pay the Trustee any indemnification amounts owed it and to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after including paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee for expenses incurred by the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and Section 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Asset Back Certs Ser 2004-Bc2)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) [reserved];
(vii) to pay to the Servicer (or to the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii1.860-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(includingLoan(s) (including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(viiviii) to pay to the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer;
(ix) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiix) to reimburse the Servicer, the Trustee or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.04, Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii1.860G-1(b)(3)(ii);
(ixxi) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixxi) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxii) [reserved];
(xiii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;; and
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xiixiv) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 2:00 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, Funds and the Principal Funds and (without deduction of any amounts that may be owed to the Trustee Fee Trustee), to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Funds and Principal Funds and Trustee Fee by 2:00 p.m. Eastern timeTime, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. In the event such funds are not deposited by 2:00 p.m. Eastern Time on the Servicer Remittance Date, the Servicer shall pay, out of its own funds, interest on such amount at a rate equal to the then current "prime rate" (as published by The Wall Street Journal) for each date or part thereof until such amount is paid in full. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viiivii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the this Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse pay to the Trustee and the Custodian (or any custodian) for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any and, to the extent that such Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) if paid by one of the REMICs provided for herein, any Non-Recoverable Servicing Advance;
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii))Advances, the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(includingLoan(s) (including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viii) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ix) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or of defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ix) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii1.860G-1 (b)(3)(ii) if paid by one of the REMICs provided for herein;
(x) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;; and
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 3:00 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee Principal Funds, to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, however if the Trustee does not receive such Interest Funds, Funds and Principal Funds and Trustee Fee by 2:00 4:00 p.m. Eastern timeTime, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee and the NIMs Insurer on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any P&I Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The the Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to pay the Trustee any indemnification amounts owed it and to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);hereof,
(iii) to reimburse the Trustee for expenses incurred by the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and Section 8.06 hereof; and;
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account; and
(v) to pay to the Credit Risk Manager, the Credit Risk Manager Fee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mort Inv Mort Ln Asst BCK Certs Ser 2003-Bc3)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) [reserved];
(vii) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(viiviii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.04, Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii1.860G-1(b)(3)(ii);
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) to pay the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer;
(xii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;; and
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xiixiii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. Eastern time on the Servicer Remittance Date, the Servicer shall will use commercially reasonable efforts to cause to be withdrawn from the Collection Account no later than 2:30 p.m. Eastern Time, but in any case no later than 4:00 p.m. Eastern Time on the Servicer Remittance Date, the Interest Funds, Funds and the Principal Funds and (other than amounts payable to the Trustee Fee Trustee), to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business DayServicer Remittance Date, the Servicer shall pay, out of its own funds, interest on such amount at a rate equal to the "prime rate" as published by The Wall Street Journal at such time for each date or part thereof. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viiivii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse pay to the Trustee and the Custodian (or any custodian) for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Loan Asset-Backed Certificates, Series 2006-Rm1)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocated, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to any amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late payments or recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and and, (A) to the extent that reimbursement for any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein or (B) to the extent any Non-Recoverable Servicing Advance would not have been incurred by the Servicer but for "defaults on qualified mortgages and permitted investments" or "lower than expected returns on permitted investments" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii), any such Non-Recoverable Servicing Advance;
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees Fee on a Liquidated Mortgage Loan to the extent the related Liquidation Proceeds are insufficient and to reimburse it for any unreimbursed Servicing Advances Advance (to the extent that (A) reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) or (B) such Servicing Advance would not have been incurred by the Servicer but for "defaults on qualified mortgages and permitted investments" or "lower than expected returns on permitted investments" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viii) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any either of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ix) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans Loans, including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ix) only to the extent that reimbursement for such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(x) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds a "not sufficient funds" or other denial by the related Mortgagor's banking institution;; and
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 1:00 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee Principal Funds, to the extent on deposit, and such amount amounts shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Funds and Principal Funds and Trustee Fee by 2:00 p.m. Eastern timeTime, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee and the NIMs Insurer on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall shall, following notice of such failure, pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may shall from time to time make withdrawals from the Certificate Account for the following purposes (the order below such listing not constituting an order of priority):
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee for expenses incurred by the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and Section 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2004-Wmc5)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocated, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Advancing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) [RESERVED];
(vii) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(viiviii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans 2.03, including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) [RESERVED]
(xii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein;
(xixiii) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds a "not sufficient funds" or other denial by the related Mortgagor's banking institution;; and
(xiixiv) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. noon Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee Principal Funds, to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Funds and Principal Funds and Trustee Fee by 2:00 p.m. Eastern timeTime, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The With respect to any Mortgage Loan-specific withdrawal, the Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee and the NIMs Insurer on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viiivii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may shall from time to time make withdrawals from the Certificate Account for the following purposes (the order below such listing not constituting an order of priority):
(i) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee and for expenses incurred by the Custodian for any fees, expenses and indemnification Trustee reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and Section 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocated, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;Section
(viii) to reimburse the Servicer, the Trustee or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii);
(ix) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ix) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(x) to withdraw any amount deposited in the Collection Account and not required to be deposited therein;
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. Eastern time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at 84 the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):
(i) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Ownit Mortgage Loan Trust, Series 2006-2)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any and, to the extent that such Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) if paid by one of the REMICs provided for herein, any Non-Recoverable Servicing Advance;
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii))Advances, the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(includingLoan(s) (including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viii) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ix) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or of defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ix) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii1.860G-1 (b)(3)(ii) if paid by one of the REMICs provided for herein;
(x) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;; and
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 3:00 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee Principal Funds, to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, however if the Trustee does not receive such Interest Funds, Funds and Principal Funds and Trustee Fee by 2:00 4:00 p.m. Eastern timeTime, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee and the NIMs Insurer on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any P&I Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The the Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to pay the Trustee any indemnification amounts owed it and to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after including paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee for expenses incurred by the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and Section 8.06 hereof; and;
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account; and
(v) to pay to the Credit Risk Manager, the Credit Risk Manager Fee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mort Inv Inc Mort Ln as Bk Ce Ser 2003 Bc4)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person advance financing person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) [reserved];
(vii) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vivii) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(viiviii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.04, Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii1.860G-1(b)(3)(ii);
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) to pay the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer;
(xii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;; and
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xiixiii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. Eastern time on the Servicer Remittance Date, the Servicer shall will use commercially reasonable efforts to cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 no later than 2:30 p.m. Eastern New York City time, such Interest Funds and Principal Funds shall be deposited but in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):
(i) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g).case no later than 4:00
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Loan Asset-Backed Certificates, Series 2006-He4)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) [Reserved];
(vii) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vivii) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceedsproceeds and including any Subsequent Recoveries related to any Liquidated Loan) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(viiviii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.04, Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii1.860G-1(b)(3)(ii);
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) to pay the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer;
(xii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xiixiii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. Eastern time on the Servicer Remittance Date, the Servicer shall will use commercially reasonable efforts to cause to be withdrawn from the Collection Account no later than 2:30 p.m. Eastern Time, but in any case no later than 4:00 p.m. Eastern Time on the Servicer Remittance Date, the Interest Funds, Funds and the Principal Funds and (for this purpose only, neither Interest Funds nor Principal Funds shall include a deduction for any amount reimbursable to the Trustee Fee unless such amounts have actually been reimbursed from such funds at the discretion of the Servicer), to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business DayServicer Remittance Date, the Servicer shall pay, out of its own funds, interest on such amount at a rate equal to the "prime rate" as published by The Wall Street Journal at such time for each date or part thereof. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viiivii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse pay to the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2006-Ff1)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person advance financing person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) [reserved];
(vii) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(viiviii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.04, Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii1.860G-1(b)(3)(ii);
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) to pay the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer;
(xii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;; and
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xiixiii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. Eastern time on the Servicer Remittance Date, the Servicer shall will use commercially reasonable efforts to cause to be withdrawn from the Collection Account no later than 2:30 p.m. Eastern Time, but in any case no later than 4:00 p.m. Eastern Time on the Servicer Remittance Date, the Interest Funds, the Funds and Principal Funds and (for this purpose only, neither Interest Funds nor Principal Funds shall include a deduction for any amount reimbursable to the Trustee Fee or the Custodian unless such amounts have actually been reimbursed from such funds at the discretion of the Servicer), to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business DayServicer Remittance Date, the Servicer shall pay, out of its own funds, interest on such amount at a rate equal to the "prime rate" as published by The Wall Street Journal at such time for each date or part thereof. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viiivii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, Certificateholder the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse pay to the Trustee and the Custodian (or any custodian) for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Loan Asset-Backed Certificates, Series 2006-He3)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) reserved;
(vii) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii1.860-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(viiviii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee Master Servicer, the Securities Administrator or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 3.04, Section 3.25, Section 6.03 or Section 6.03 11.02(c) hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii1.860G-1(b)(3)(ii);
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price purchase price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) [RESERVED]
(xii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;; and
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xiixiii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 4:00 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, Funds and the Principal Funds (other that amounts payable to the Securities Administrator and the Trustee Fee Trustee), to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee Securities Administrator does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business DayServicer Remittance Date the Servicer shall pay, out of its own funds, interest on such amount at a rate equal to the "prime rate" as published by Xxxxx Fargo Bank, N.A. at such time for each date or part thereof. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee Securities Administrator on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viiivii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee Securities Administrator shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee Securities Administrator may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee Trustee, the Securities Administrator, the Master Servicer or the Servicer in connection with any such termination);
(iii) to reimburse the Securities Administrator, the Master Servicer or the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 8.05, 8.06 and 8.06 11.02 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Securities Administrator earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person advance financing person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any MI Insurer Fees, Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) [reserved];
(vii) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vivii) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(viiviii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.04, Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii1.860G-1(b)(3)(ii);
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) to pay the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer;
(xii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xiixiii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in pay the Collection Account for any prior Advances or Servicing Advances made by MI Insurer, the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modifiedMI Insurer Fee. In addition, the Servicer will use commercially reasonable efforts to cause to be withdrawn from the Collection Account no later than 12:00 p.m. Eastern New York City time, but in any case no later than 2:00 p.m. New York City time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, Funds and the Principal Funds and (for this purpose only, neither Interest Funds nor Principal Funds shall include a deduction for any amount reimbursable to the Trustee Fee unless such amounts have actually been reimbursed from such funds at the discretion of the Servicer), to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds by 2:00 p.m. on the Servicer Remittance Date, the Servicer shall pay, out of its own funds, interest on such amount at a rate equal to the "prime rate" as published by The Wall Street Journal at such time for each date or part thereof. In addition, on each Servicer Remittance Date, the Servicer shall withdraw an amount equal to the MI Insurer Fee and pay such amount to the MI Insurer but only to the extent the Servicer has received the MI Insurer Invoice setting forth such amount. The Servicer shall be deposited entitled to rely conclusively upon the information set forth in the Certificate Account on the next Business DayMI Insurer Invoice. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viiivii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse pay to the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2006-He6)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocated, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to any amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late payments or recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any and, to the extent that such Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) if paid by one of the REMICs provided for herein, any Non-Recoverable Servicing Advance;
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees Fee on a Liquidated Loan to the extent the related Liquidation Proceeds are insufficient and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii))Advances, the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viii) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any either of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ix) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or of defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ix) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(x) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds a "not sufficient funds" or other denial by the related Mortgagor's banking institution;; and
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. noon Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee Principal Funds, to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee and the NIMS Insurer on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any P&I Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall shall, following notice of such failure, pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may shall from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee for expenses incurred by the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and Section 8.06 hereof; and;
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account;
(v) to pay to the Credit Risk Manager, the Credit Risk Manager Fee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances and Servicing Advances (to the extent such Servicing Advances would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein) occurring after the Cut-off Date made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Proceeds or Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any and, to the extent that such Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) if paid by one of the REMICs provided for herein, any Non-Recoverable Servicing Advance;
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
; (vi) to pay to the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii))Advances, the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(includingLoan(s) (including, for this purpose, Liquidation Proceeds and purchase and repurchase proceedsproceeds and including any Subsequent Recoveries related to any liquidated Mortgage Loan) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viii) to reimburse the Servicer, the Trustee or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii);
(ix) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ix) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(x) to withdraw any amount deposited in the Collection Account and not required to be deposited therein;
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. Eastern time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):
(i) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g).
Appears in 1 contract
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Advancing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Liquidation Proceeds (which include Condemnation Proceeds, Proceeds and Insurance Proceeds, Liquidation Proceeds)) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) [Reserved];
(vii) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vivii) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceedsproceeds and including any Subsequent Recoveries related to any Liquidated Loan) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(viiviii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viii) to reimburse the Servicer, the Trustee or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii);
(ix) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ix) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(x) to withdraw any amount deposited in the Collection Account and not required to be deposited therein;
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. Eastern time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):
(i) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g).,
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-4)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Proceeds or Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any and, to the extent that such Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) if paid by one of the REMICs provided for herein, any Non-Recoverable Servicing Advance;
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii))Advances, the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(includingLoan(s) (including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viii) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ix) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or of defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ix) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii1.860G-1 (b)(3)(ii) if paid by one of the REMICs provided for herein;
(x) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;; and
(xiiixii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiiixii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which that funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 3:00 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee Principal Funds, to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, however if the Trustee does not receive such Interest Funds, Funds and Principal Funds and Trustee Fee by 2:00 4:00 p.m. Eastern timeTime, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee and the NIM Insurer on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any P&I Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The the Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to pay the Trustee any indemnification amounts owed it and to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after including paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee for expenses incurred by the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and Section 8.06 hereof; and;
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account; and
(v) to pay to the Credit Risk Manager, the Credit Risk Manager Fee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay any obligations under the MI Policy;
(vii) to pay to the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii1.860-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(viiviii) to pay to the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer.
(ix) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiix) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any either of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.04, Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii1.860G-1(b)(3)(ii);
(ixxi) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price purchase price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixxi) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxii) [RESERVED]
(xiii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;; and
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xiixiv) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 2:00 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee Principal Funds, to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Funds and Principal Funds and Trustee Fee by 2:00 p.m. Eastern timeTime, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. In the event such funds are not deposited by 2:00 p.m. Eastern Time on the Servicer Remittance Date, the Servicer shall pay, out of its own funds, interest on such amount at a rate equal to the then current "prime rate" (as published by Wells Fargo Bank, N.A.) for each date or part thereof until such amouxx xx paid in full. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viiivii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, Certificateholders the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and;
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account; and
(v) to pay to the MI Insurer, the MI Insurer Fee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2005-Fm1)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Advancing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Liquidation Proceeds (which include Condemnation Proceeds, Proceeds and Insurance Proceeds, Liquidation Proceeds)) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) [Reserved];
(vii) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vivii) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceedsproceeds and including any Subsequent Recoveries related to any Liquidated Loan) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(viiviii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.04, Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii1.860G-1(b)(3)(ii);
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) to pay the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer;
(xii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be or incorrectly deposited therein;
(xi) to withdraw funds deposited in error therein or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;; and
(xiixiii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. Eastern time on the Servicer Remittance Date, the Servicer shall will use commercially reasonable efforts to cause to be withdrawn from the Collection Account no later than 2:30 p.m. Eastern Time, but in any case no later than 4:00 p.m. Eastern Time on the Servicer Remittance Date, the Interest Funds, Funds and the Principal Funds and (for this purpose only, neither Interest Funds nor Principal Funds shall include a deduction for any amount reimbursable to the Trustee Fee unless such amounts have actually been reimbursed from such funds at the discretion of the Servicer), to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business DayServicer Remittance Date, the Servicer shall pay, out of its own funds, interest on such amount at a rate equal to the "prime rate" as published by The Wall Street Journal at such time for each date or part thereof. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viiivii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse pay to the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-3)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocated, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances and Servicing Advances (to the extent such Servicing Advances would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein) occurring after the Cut-off Date made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to any amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Proceeds or Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any and, to the extent that such Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) if paid by one of the REMICs provided for herein, any Non-Recoverable Servicing Advance;
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii))Advances, the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viii) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any either of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ix) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans Loans, including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ix) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(x) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds a "not sufficient funds" or other denial by the related Mortgagor's banking institution;; and
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;; and
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which that funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. noon Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee Principal Funds, to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, however if the Trustee does not receive such Interest Funds, Funds and Principal Funds and Trustee Fee by 2:00 p.m. Eastern timeTime, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee and the NIMs Insurer on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may shall from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee for expenses incurred by the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and Section 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay any obligations under the MI Policy;
(vii) to pay to the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii1.860-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(viiviii) to pay to the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer.
(ix) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiix) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any either of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.04, Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii1.860G-1(b)(3)(ii);
(ixxi) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price purchase price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixxi) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxii) [RESERVED]
(xiii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;; and
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xiixiv) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 2:00 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee Principal Funds, to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Funds and Principal Funds and Trustee Fee by 2:00 p.m. Eastern timeTime, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. In the event such funds are not deposited by 2:00 p.m. Eastern Time on the Servicer Remittance Date, the Servicer shall pay, out of its own funds, interest on such amount at a rate equal to the then current "prime rate" (as published by Wells Fargo Bank, N.A.) for each date or part thereof until such amounx xx paid in full. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viiivii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, Certificateholders the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and;
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account; and
(v) to pay to the MI Insurer, the MI Insurer Fee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2005-He2)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocated, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Advancing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Depositor or the Servicer, as applicableDepositor, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 2.02 or 3.122.03, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viii) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ix) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ix) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(x) to withdraw any amount deposited in the Collection Account and not required to be deposited therein;
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds a "not sufficient funds" or other denial by the related Mortgagor's banking institution;
(xii) to pay any obligations under the MI Policies;
(xiii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiiixiv) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiiixiv) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xivxv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that which have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 3:00 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, Funds and the Principal Funds and the Trustee Fee to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Funds and Principal Funds and Trustee Fee by 2:00 4:00 p.m. Eastern timeTime, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The With respect to any Mortgage Loan-specific withdrawal, the Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee and the NIMs Insurer on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may shall from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):
(i) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee and for expenses incurred by the Custodian for any fees, expenses and indemnification Trustee reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and Section 8.06 hereof; and;
(iv) to pay to each MI Insurer the Servicer or applicable MI Insurer Fee; and
(v) to pay to the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2005-He1)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocated, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to any amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late payments or recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any and, to the extent that such Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) if paid by one of the REMICs provided for herein, any Non-Recoverable Servicing Advance;
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees Fee on a Liquidated Mortgage Loan to the extent the related Liquidation Proceeds are insufficient and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii))Advances, the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viii) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any either of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ix) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans Loans, including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ix) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(x) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds a "not sufficient funds" or other denial by the related Mortgagor's banking institution;; and
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. noon Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee Principal Funds, to the extent on deposit, and such amount amounts shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee and the NIMs Insurer on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall shall, following notice of such failure, pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may shall from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee for expenses incurred by the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and Section 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) reserved;
(vii) to pay to the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii1.860-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(viiviii) to pay to the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer.
(ix) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiix) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any either of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.04, Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii1.860G-1(b)(3)(ii);
(ixxi) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price purchase price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixxi) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxii) [RESERVED]
(xiii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;; and
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xiixiv) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 2:00 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee Principal Funds, to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Funds and Principal Funds and Trustee Fee by 2:00 p.m. Eastern timeTime, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. In the event such funds are not deposited by 2:00 p.m. Eastern Time on the Servicer Remittance Date, the Servicer shall pay, out of its own funds, interest on such amount at a rate equal to the then current "prime rate" (as published by Xxxxx Fargo Bank, N.A.) for each date or part thereof until such amount is paid in full. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viiivii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, Certificateholders the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2005-Wmc2)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) [reserved];
(vii) to pay to the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii1.860-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(viiviii) to pay the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer;
(ix) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiix) to reimburse the Servicer, the Trustee or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.04, Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii1.860G-1(b)(3)(ii);
(ixxi) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixxi) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxii) [reserved];
(xiii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;; and
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xiixiv) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;.
(xiiiA.) to reimburse itself for Advances each date or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. Eastern time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee to the extent on deposit, and part thereof until such amount shall be deposited xx xaid in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Dayfull. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viiivii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse pay to the Trustee and the Custodian (or any custodian) for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person advance financing person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) [reserved];
(vii) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(viiviii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.04, Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii1.860G-1(b)(3)(ii);
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) to pay the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer;
(xii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;; and
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xiixiii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. Eastern time on the Servicer Remittance Date, the Servicer shall will use commercially reasonable efforts to cause to be withdrawn from the Collection Account (and with respect to P&I Arrearages, the related account, if different) no later than 2:30 p.m. Eastern Time, but in any case no later than 4:00 p.m. Eastern Time on the Servicer Remittance Date, the Interest Funds, the Principal Funds and (for this purpose only, neither Interest Funds nor Principal Funds shall include a deduction for any amount reimbursable to the Trustee Fee unless such amounts have actually been reimbursed from such funds at the discretion of the Servicer) and P&I Arrearages, to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business DayServicer Remittance Date, the Servicer shall pay, out of its own funds, interest on such amount at a rate equal to the "prime rate" as published by The Wall Street Journal at such time for each date or part thereof. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viiivii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, Certificateholder the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse pay to the Trustee and the Custodian (or any custodian) for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2006-Sd1)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances and Servicing Advances (to the extent such Servicing Advances would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein) occurring after the Initial Cut-off Date made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Proceeds or Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any and, to the extent that such Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) if paid by one of the REMICs provided for herein, any Non-Recoverable Servicing Advance;
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay to the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii))Advances, the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(includingLoan(s) (including, for this purpose, Liquidation Proceeds and purchase and repurchase proceedsproceeds and including any Subsequent Recoveries related to any liquidated Mortgage Loan) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer;
(viii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any either of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that if such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;; and
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiiixiv) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which that funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 2:00 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, Funds and the Principal Funds and (for this purpose only, neither Interest Funds nor Principal Funds shall include a deduction for any amount reimbursable to the Trustee Fee unless such amounts have actually been reimbursed from such funds and shall not include amounts in the Pre-Funding Account), to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The the Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to pay the Trustee any indemnification amounts owed it and to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after including paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee for expenses incurred by the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and Section 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Loan Asset-Backed Certificates, Series 2006-Ab2)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances and Servicing Advances (to the extent such Servicing Advances would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein) occurring after the Cut-off Date made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Proceeds or Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any and, to the extent that such Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) if paid by one of the REMICs provided for herein, any Non-Recoverable Servicing Advance;
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay to the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii))Advances, the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(includingLoan(s) (including, for this purpose, Liquidation Proceeds and purchase and repurchase proceedsproceeds and including any Subsequent Recoveries related to any liquidated Mortgage Loan) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer;
(viii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any either of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that if such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;
(xixii) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or pay any obligations other denial by than the related Mortgagor's banking institutionMI Insurer Fee under the MI Policy;
(xiixiii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;; and
(xiiixiv) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which that funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 2:00 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee Principal Funds, to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any P&I Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The the Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to pay the Trustee any indemnification amounts owed it and to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after including paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee for expenses incurred by the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and Section 8.06 hereof; and;
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account; and
(v) to pay to the MI Insurer, the MI Insurer Fee.
Appears in 1 contract
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) reserved;
(vii) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii))Advances, the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(viiviii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii1.860G-1(b)(3)(ii);
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or of defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) [RESERVED]
(xii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;; and
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xiixiii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 1:00 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, Funds and the Principal Funds and (other that amounts payable to the Trustee Fee Trustee), to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Funds and Principal Funds and Trustee Fee by 2:00 4:00 p.m. Eastern timeTime, such Interest Funds and Principal Funds shall be deposited in the Certificate Account by 1:00 p.m. Eastern Time on the next Business Day. In the event such funds are not deposited by 1:00 p.m. Eastern Time, the Servicer shall pay, out of its own funds, interest on such amount at a rate equal to the "prime rate" as published by Xxxxx Fargo Bank, N.A. at such time for each date or part thereof. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viiivii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee for fees pursuant to Sections 6.03 hereof, and to reimburse the Custodian Trustee for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2004-Sl1)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for (x) any Non-Recoverable Advance previously made and and, (y) any Non-Recoverable Servicing Advances previously made to the extent that, in the case of such Non-Recoverable Servicing Advances, reimbursement therefor constitutes Advances would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) if paid by one of the REMICs provided for herein;
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii))Advances, the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viii) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ix) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or of defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ix) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(x) to make payments with respect to premiums for LPMI Policies;
(xi) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;; and
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 2:00 p.m. Eastern time New York City Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee Principal Funds, to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Funds and Principal Funds and Trustee Fee by 2:00 4:00 p.m. Eastern timeNew York City Time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account by 1:00 p.m. New York City Time on the next Business Day. The Servicer shall pay to the Trustee on funds deposited by it after 2:00 p.m. New York City time at a rate equal to the Federal Funds Rate for each day or part therof past such time of deposit. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee and the NIMs Insurer on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viiivii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination)hereof;
(iii) to reimburse the Trustee for fees pursuant to Section 8.05 hereof, and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and Section 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Asst Back Certs Ser 2003-4he)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
; (v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viii) to reimburse the Servicer, the Trustee or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii);
(ix) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ix) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(x) to withdraw any amount deposited in the Collection Account and not required to be deposited therein;
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. Eastern time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):
(i) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2005-He3)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) reserved;
(vii) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii1.860-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(viiviii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii1.860G-1(b)(3)(ii);
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) to pay the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer;
(xii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;; and
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xiixiii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 4:00 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, Funds and the Principal Funds and (other than amounts payable to the Trustee Fee Trustee), to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business DayServicer Remittance Date, the Servicer shall pay, out of its own funds, interest on such amount at a rate equal to the "prime rate" as published by Wells Fargo Bank, N.A. at such time for each date or part thereof. The Xxe Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viiivii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);; and
(iii) to pay to and reimburse the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 8.05, 8.06 and 8.06 11.02 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2005-Nca)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) reserved;
(vii) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii1.860-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(viiviii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee Master Servicer, the Securities Administrator or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 3.04, Section 3.25, Section 6.03 or Section 6.03 11.02(c) hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii1.860G-1(b)(3)(ii);
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) [RESERVED]
(xii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;; and
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xiixiii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 4:00 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, Funds and the Principal Funds (other that amounts payable to the Securities Administrator and the Trustee Fee Trustee), to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee Securities Administrator does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business DayServicer Remittance Date, the Servicer shall pay, out of its own funds, interest on such amount at a rate equal to the "prime rate" as published by Wells Fargo Bank, N.A. at such time for each date or part thereof. The Xxe Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee Securities Administrator on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viiivii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee Securities Administrator shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee Securities Administrator may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee Trustee, the Securities Administrator, the Master Servicer or the Servicer in connection with any such termination);
(iii) to pay to the Securities Administrator the Securities Administrator Fee and reimburse the Securities Administrator, the Master Servicer or the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 8.05, 8.06 and 8.06 11.02 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Securities Administrator earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2005-Sl1)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocated, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viii) to reimburse the Servicer, the Trustee Master Servicer, the Securities Administrator or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ix) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ix) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(x) to withdraw any amount deposited in the Collection Account and not required to be deposited therein;
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds a "not sufficient funds" or other denial by the related Mortgagor's banking institution;
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, Funds and the Principal Funds and the Trustee Fee to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee Securities Administrator does not receive such Interest Funds, Funds and Principal Funds and Trustee Fee by 2:00 p.m. Eastern timeTime, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee Securities Administrator on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee Securities Administrator for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the TrusteeSecurities Administrator, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee Securities Administrator from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee Securities Administrator shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee Securities Administrator may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):
(i) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee Trustee, the Securities Administrator, the Master Servicer or the Servicer in connection with any such termination);
(iii) to reimburse the Securities Administrator, the Master Servicer or the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 8.06 and 8.06 11.02 hereof; and
(iv) to pay to the Servicer or the TrusteeSecurities Administrator, as applicable, earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Loan Asset-Backed Certificates, Series 2005-3)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocated, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to any amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late payments or recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any and, to the extent that such Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) if paid by one of the REMICs provided for herein, any Non-Recoverable Servicing Advance;
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees Fee on a Liquidated Mortgage Loan to the extent the related Liquidation Proceeds are insufficient and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii))Advances, the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viii) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any either of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ix) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or of defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ix) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(x) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds a "not sufficient funds" or other denial by the related Mortgagor's banking institution;; and
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. noon Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee Principal Funds, to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee and the NIMs Insurer on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any P&I Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall shall, following notice of such failure, pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may shall from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee for expenses incurred by the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and Section 8.06 hereof; and;
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account;
(v) to pay to the Credit Risk Manager, the Credit Risk Manager Fee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocated, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viii) to reimburse the Servicer, the Trustee Master Servicer, the Securities Administrator or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ix) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ix) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(x) to withdraw any amount deposited in the Collection Account and not required to be deposited therein;
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds a "not sufficient funds" or other denial by the related Mortgagor's banking institution;
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, Funds and the Principal Funds and the Trustee Fee to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee Securities Administrator does not receive such Interest Funds, Funds and Principal Funds and Trustee Fee by 2:00 p.m. Eastern timeTime, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee Securities Administrator on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee Securities Administrator for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the TrusteeSecurities Administrator, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee Securities Administrator from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee Securities Administrator shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee Securities Administrator may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):
(i) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee Trustee, the Securities Administrator, the Master Servicer or the Servicer in connection with any such termination);
(iii) to reimburse the Securities Administrator, the Master Servicer or the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 8.05, 8.06 and 8.06 11.02 hereof; and
(iv) to pay to the Servicer or the TrusteeSecurities Administrator, as applicable, earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Ownit Mortgage Loan Trust, Series 2005-4)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Advancing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Liquidation Proceeds (which include Condemnation Proceeds, Proceeds and Insurance Proceeds, Liquidation Proceeds)) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) [Reserved];
(vii) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vivii) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceedsproceeds and including any Subsequent Recoveries related to any Liquidated Loan) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(viiviii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section Sections 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section -103- Sections 3.04, 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii1.860G-1(b)(3)(ii);
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) to pay the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer;
(xii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be or incorrectly deposited therein;
(xi) to withdraw funds deposited in error therein or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xiixiii) to pay the Servicer any fees for the costs associated with forbearances pursuant to Section 3.05(a); and
(xiv) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. Eastern time on the Servicer Remittance Date, the Servicer shall will use commercially reasonable efforts to cause to be withdrawn from the Collection Account no later than 2:30 p.m. Eastern Time, but in any case no later than 4:00 p.m. Eastern Time on the Servicer Remittance Date, the Interest Funds, Funds and the Principal Funds and (for this purpose only, neither Interest Funds nor Principal Funds shall include a deduction for any amount reimbursable to the Trustee Fee unless such amounts have actually been reimbursed from such funds at the discretion of the Servicer), to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business DayServicer Remittance Date, the Servicer shall pay, out of its own funds, interest on such amount at a rate equal to the "prime rate" as published by The Wall Street Journal at such time for each date or part thereof. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viiivii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse pay to the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-H1)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Advancing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Liquidation Proceeds (which include Condemnation Proceeds, Proceeds and Insurance Proceeds, Liquidation Proceeds)) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) [Reserved];
(vii) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vivii) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceedsproceeds and including any Subsequent Recoveries related to any Liquidated Loan) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(viiviii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.04, Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii1.860G-1(b)(3)(ii);
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) to pay the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer;
(xii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be incorrectly deposited therein;
(xi) to withdraw funds deposited in error therein or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;; and
(xiixiii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. Eastern time on the Servicer Remittance Date, the Servicer shall will use commercially reasonable efforts to cause to be withdrawn from the Collection Account (and with respect to P&I Arrearages, the related account, if different) no later than 2:30 p.m. ET, but in any case no later than 4:00 p.m. ET on the Servicer Remittance Date, the Interest Funds, Funds and the Principal Funds and (for this purpose only, neither Interest Funds nor Principal Funds shall include a deduction for any amount reimbursable to the Trustee Fee unless such amounts have actually been reimbursed from such funds at the discretion of the Servicer and, for the avoidance of doubt, such amounts shall not include the Collectable Arrearages with respect to any Mortgage Loan until the Arrearage Realization Date for such Mortgage Loan) and P&I Arrearages, to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business DayServicer Remittance Date, the Servicer shall pay, out of its own funds, interest on such amount at a rate equal to the "prime rate" as published by The Wall Street Journal at such time for each date or part thereof. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viiivii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse pay to the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2007-Sd1)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances and Servicing Advances (to the extent such Servicing Advances would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein) occurring after the Cut-off Date made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Proceeds or Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any and, to the extent that such Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) if paid by one of the REMICs provided for herein, any Non-Recoverable Servicing Advance;
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay to the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii))Advances, the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(includingLoan(s) (including, for this purpose, Liquidation Proceeds and purchase and repurchase proceedsproceeds and including any Subsequent Recoveries related to any liquidated Mortgage Loan) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer;
(viii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any either of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that if such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;; and
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiiixiv) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which that funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 2:30 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, Funds and the Principal Funds and (for this purpose only, neither Interest Funds nor Principal Funds shall include a deduction for any amount reimbursable to the Trustee Fee unless such amounts have actually been reimbursed from such funds), to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The the Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to pay the Trustee any indemnification amounts owed it and to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after including paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee for expenses incurred by the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and Section 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (SURF Mortgage Loan Asset-Backed Certificates, Series 2007-Bc1)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) [reserved];
(vii) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(viiviii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.04, Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii1.860G-1(b)(3)(ii);
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) to pay the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer;
(xii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;; and
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xiixiii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. Eastern time on the Servicer Remittance Date, the Servicer shall will use commercially reasonable efforts to cause to be withdrawn from the Collection Account no later than 2:30 p.m. Eastern Time, but in any case no later than 4:00 p.m. Eastern Time on the Servicer Remittance Date, the Interest Funds, the Funds and Principal Funds and (for this purpose only, neither Interest Funds nor Principal Funds shall include a deduction for any amount reimbursable to the Trustee Fee or Custodian unless such amounts have actually been reimbursed from such funds at the discretion of the Servicer), to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business DayServicer Remittance Date, the Servicer shall pay, out of its own funds, interest on such amount at a rate equal to the "prime rate" as published by The Wall Street Journal at such time for each date or part thereof. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viiivii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, Certificateholder the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse pay to the Trustee and the Custodian (or any custodian) for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Loan Asset-Backed Certificates, Series 2006-He2)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances and Servicing Advances (to the extent such Servicing Advances would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein) occurring after the Cut-off Date made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Proceeds or Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any and, to the extent that such Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) if paid by one of the REMICs provided for herein, any Non-Recoverable Servicing Advance;
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay to the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii))Advances, the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(includingLoan(s) (including, for this purpose, Liquidation Proceeds and purchase and repurchase proceedsproceeds and including any Subsequent Recoveries related to any liquidated Mortgage Loan) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer;
(viii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any either of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that if such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;
(xixii) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or pay any obligations other denial by than the related Mortgagor's banking institutionMI Insurer Fee under the MI Policy;
(xiixiii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;; and
(xiiixiv) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiiixiv) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which that funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 2:00 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds MI Insurer Fee and the Trustee Fee Principal Funds, to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any P&I Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The the Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to pay the Trustee any indemnification amounts owed it and to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after including paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee for expenses incurred by the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and Section 8.06 hereof; and;
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account; and
(v) to pay to the MI Insurer, the MI Insurer Fee.
Appears in 1 contract
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) reserved;
(vii) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii1.860-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(viiviii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii1.860G-1(b)(3)(ii);
(ixx) to pay to the Trustee the Trustee Fee and to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) [RESERVED]
(xii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;; and
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xiixiii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 4:00 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, Funds and the Principal Funds and (other that amounts payable to the Trustee Fee Trustee), to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Funds and Principal Funds and Trustee Fee by 2:00 5:00 p.m. Eastern timeTime, such Interest Funds and Principal Funds shall be deposited in the Certificate Account by 1:00 p.m. Eastern Time on the next Business Day. In the event such funds are not deposited by 1:00 p.m. Eastern Time, the Servicer shall pay, out of its own funds, interest on such amount at a rate equal to the "prime rate" as published by Xxxxx Fargo Bank, N.A. at such time for each date or part thereof. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viiivii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to pay the Trustee any unpaid Trustee Fee and to reimburse the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) [reserved];
(vii) to pay to the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii1.860-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular 72 Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(viiviii) to pay the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer;
(ix) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiix) to reimburse the Servicer, the Trustee or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.04, Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii1.860G-1(b)(3)(ii);
(ixxi) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixxi) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxii) [reserved];
(xiii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;; and
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xiixiv) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;.
(xiiiA.) to reimburse itself for Advances each date or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. Eastern time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee to the extent on deposit, and part thereof until such amount shall be deposited is paid in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Dayfull. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viiivii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse pay to the Trustee and the Custodian (or any custodian) for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2006-He1)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) reserved;
(vii) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii1.860-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(viiviii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee Master Servicer, the Securities Administrator or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 3.04, Section 3.25, Section 6.03 or Section 6.03 11.02(c) hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii1.860G-1(b)(3)(ii);
(ixx) to pay to the Securities Administrator the Securities Administrator Fee and to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price purchase price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) [RESERVED]
(xii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;; and
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xiixiii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 4:00 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, Funds and the Principal Funds (other that amounts payable to the Securities Administrator and the Trustee Fee Trustee), to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee Securities Administrator does not receive such Interest Funds, Funds and Principal Funds and Trustee Fee by 2:00 5:00 p.m. Eastern timeTime, such Interest Funds and Principal Funds shall be deposited in the Certificate Account by 1:00 p.m. Eastern Time on the next Business Day. In the event such funds are not deposited by 1:00 p.m. Eastern Time, the Servicer shall pay, out of its own funds, interest on such amount at a rate equal to the "prime rate" as published by Xxxxx Fargo Bank, N.A. at such time for each date or part thereof. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee Securities Administrator on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viiivii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee Securities Administrator shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee Securities Administrator may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee Trustee, the Securities Administrator, the Master Servicer or the Servicer in connection with any such termination);
(iii) to pay the Securities Administrator any unpaid Securities Administrator Fee and to reimburse the Securities Administrator, the Master Servicer or the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 8.05, 8.06 and 8.06 11.02 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Securities Administrator earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors, Inc. Series 2004-FFC)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocated, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viii) to reimburse the Servicer, the Trustee Master Servicer, the Securities Administrator or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ix) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ix) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(x) to withdraw any amount deposited in the Collection Account and not required to be deposited therein;
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds a "not sufficient funds" or other denial by the related Mortgagor's banking institution;
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and;
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified; and
(xv) to pay any obligations under the MI Policy. In addition, no later than 12:00 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Securities Administrator Fee to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee Securities Administrator does not receive such Interest Funds, Principal Funds and Trustee Securities Administrator Fee by 2:00 p.m. Eastern timeTime, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee Securities Administrator on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee Securities Administrator for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the TrusteeSecurities Administrator, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee Securities Administrator from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee Securities Administrator shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee Securities Administrator may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):
(i) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee Trustee, the Securities Administrator, the Master Servicer or the Servicer in connection with any such termination);
(iii) to reimburse the Securities Administrator, the Master Servicer or the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 8.05, 8.06 and 8.06 11.02 hereof; and;
(iv) to pay to the Servicer or the TrusteeSecurities Administrator, as applicable, earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g); and
(v) to pay to the MI Insurer, the MI Insurer Fee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Ownit Mortgage Loan Trust, Series 2005-5)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances and Servicing Advances (to the extent such Servicing Advances would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein) occurring after the Cut-off Date made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Proceeds or Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any and, to the extent that such Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) if paid by one of the REMICs provided for herein, any Non-Recoverable Servicing Advance;
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay to the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii))Advances, the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(includingLoan(s) (including, for this purpose, Liquidation Proceeds and purchase and repurchase proceedsproceeds and including any Subsequent Recoveries related to any liquidated Mortgage Loan) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer;
(viii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any either of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that if such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) to pay any obligations other than the MI Insurer Fee under the MI Policy;
(xii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xiixiii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;; and
(xiiixiv) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiiixiv) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which that funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 2:00 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee Principal Funds, to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The the Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to pay the Trustee any indemnification amounts owed it and to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after including paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee for expenses incurred by the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and Section 8.06 hereof; and;
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account; and
(v) to pay to the MI Insurer, the MI Insurer Fee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2006-Ab1)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) reserved;
(vii) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii1.860-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(viiviii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii1.860G-1(b)(3)(ii);
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) to pay the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer;
(xii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;; and
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xiixiii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 4:00 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, Funds and the Principal Funds and (other than amounts payable to the Trustee Fee Trustee), to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business DayServicer Remittance Date, the Servicer shall pay, out of its own funds, interest on such amount at a rate equal to the "prime rate" as published by Xxxxx Fargo Bank, N.A. at such time for each date or part thereof. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viiivii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);; and
(iii) to pay to and reimburse the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 8.05, 8.06 and 8.06 11.02 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Loan Asset-Backed Certificates, Series 2005-NCB)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Advancing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) [reserved];
(vii) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vivii) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceedsproceeds and including any Subsequent Recoveries related to any Liquidated Loan) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(viiviii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.04, Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii1.860G-1(b)(3)(ii);
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) to pay the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer;
(xii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;
(xixiii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof; and
(xiv) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiiixv) to reimburse itself for Advances or Servicing Advances from amounts in the related Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the related Collection Account pursuant to this subclause (xiiixv) shall be deposited in the such Collection Account by the related Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xivxvi) to reimburse itself from any amounts in the related Collection Account for any prior Advances or Servicing Advances made by the related Servicer that have not otherwise been reimbursed to the such Servicer at the time a Mortgage Loan is modified. In addition, the Servicer will use commercially reasonable efforts to cause to be withdrawn from the Collection Account no later than 12:00 2:30 p.m. Eastern New York City time, but in any case no later than 4:00 p.m. New York City time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, Funds and the Principal Funds and (for this purpose only, neither Interest Funds nor Principal Funds shall include a deduction for any amount reimbursable to the Trustee Fee unless such amounts have actually been reimbursed from such funds at the discretion of the Servicer), to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business DayServicer Remittance Date, the Servicer shall pay, out of its own funds, interest on such amount at a rate equal to the "prime rate" as published by The Wall Street Journal at such time for each date or part thereof. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viiivii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse pay to the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2007-He3)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, time make withdrawals from the Collection Account Account, for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicerretained), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect Compensation to which such interest payment or recovery was made or allocated, and, as additional servicing compensation, those other amounts set forth in it is entitled pursuant to Section 3.153.17;
(ii) to reimburse the Servicer for unreimbursed Advances (or the Trustee as successor servicerincluding Capitalized Advance Amounts) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause clause (ii) being limited to amounts received on particular the Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of relating to which any such the Advances were made or the Capitalized Advance was madeAmounts were created;
(iii) to reimburse the Servicer for any Non-Recoverable Nonrecoverable Advance previously made and any Non-Recoverable Servicing Advances previously made made, such right of reimbursement pursuant to this clause (iii) being limited to amounts received on the extent that, Mortgage Loans in the case same Loan Group as the Mortgage Loan(s) in respect of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)which such Nonrecoverable Advance was made;
(iv) to pay to reimburse the Servicer earnings on or investment income with respect to funds in or credited to for Insured Expenses from the Collection Accountrelated Insurance Proceeds;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Depositor or the Servicer, as applicablepurchaser, with respect to each Mortgage Loan or property acquired in respect thereof REO Property that has been purchased pursuant to Section 2.02, 2.03 2.02 or 3.122.04, all amounts received thereon and not taken into account in determining after the related Stated Principal Balance date of such repurchased Mortgage Loanpurchase;
(viiivi) to reimburse the Servicer, the Trustee Mortgage Loan Seller or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)7.03;
(ix) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ix) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xvii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein;
(xiviii) on or prior to the Remittance Date, to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due an amount equal to insufficient funds or other denial by the related Mortgagor's banking institution;Pool Distribution Amount for such Distribution Date, to the extent on deposit, and remit such amount in immediately available funds to the Trustee for deposit in the Certificate Account; and
(xiiix) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. Eastern time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day10.01. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection AccountAccount pursuant to clauses (i), (ii), (iv) and (v). The Servicer shall provide written notification keep and maintain such separate accounting for each Loan Group. Prior to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals withdrawal from the Collection Account pursuant to subclauses clause (iii) and (viii) above. In ), the event Servicer shall deliver to the Trustee an Officer's Certificate of a Servicing Officer indicating the amount of any failure previous Advance determined by the Servicer to remit to be a Nonrecoverable Advance and identifying the related Mortgage Loan(s) and their respective portions of such Nonrecoverable Advance. The Servicer shall notify the Depositor and the Trustee for deposit into of the Certificate Account any amounts amount, purpose and party paid pursuant to clause (including any Advancevi) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Dateabove.
(b) The Trustee shall be deemed to withdraw funds from the applicable Certificate Account sub-accounts for distribution distributions to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to itself as additional compensation earnings on or investment income with respect to funds in the Certificate Account and any other amounts due to it under this Agreement (including without limitation any amounts pursuant to Section 5.09(g) and Section 9.11) for the related Distribution Date;
(ii) to withdraw and return to the Servicer any amount deposited in the Certificate Account and not required to be deposited therein;; and
(iiiii) to clear and terminate the Certificate Account upon termination of the this Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to 10.01. The Trustee shall notify the Trustee or Depositor and the Servicer in connection with of the amount and purpose of any such termination);
(iii) to reimburse the Trustee and the Custodian for any fees, expenses and indemnification reimbursable payments made pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and
clause (ivi) to pay to the Servicer or the Trustee, as applicable, above (other than any earnings on or investment income with respect to funds in or credited to the Certificate Account).
(c) On each Distribution Date, funds on deposit in the Certificate Account and deemed to be on deposit in the Upper-Tier REMIC Certificate Sub-Account shall be used to make payments on the Regular Certificates and the Class 1-A-R Certificate (in respect of the Class R-U Interest) as provided in Section 3.05(g)Sections 5.01 and 5.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (National City Mortgage Capital Trust 2008-1)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocated, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viii) to reimburse the Servicer, the Trustee or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ix) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ix) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(x) to withdraw any amount deposited in the Collection Account and not required to be deposited therein;
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds a "not sufficient funds" or other denial by the related Mortgagor's banking institution;
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that which have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 1:00 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, Funds and the Principal Funds and the Trustee Fee to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Funds and Principal Funds and Trustee Fee by 2:00 p.m. Eastern timeTime, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection AccountAccount in relation to subclauses (ii), (iii), (v), (vi), (vii), (viii), (ix), (x), (xi), (xiii) and (xiv). The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):
(i) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);; and
(iii) to reimburse the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 8.06 and 8.06 11.02 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Wachovia Mortgage Loan Trust Series 2006-Amn1)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any and, to the extent that such Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) if paid by one of the REMICs provided for herein, any Non-Recoverable Servicing Advance;
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii))Advances, the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viii) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ix) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or of defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ix) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(x) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;; and
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. noon Eastern time Standard Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee Principal Funds, to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee and the NIMs Insurer on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any P&I Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The the Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination)hereof;
(iii) to reimburse the Trustee for expenses incurred by the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and Section 8.06 hereof; and;
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account;
(v) to pay the Trustee the Trustee Fee;
(vi) to pay to the Credit Risk Manager, the Credit Risk Manager Fee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocated, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Advancing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Depositor or the Servicer, as applicableDepositor, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 2.02 or 3.122.03, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viii) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ix) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ix) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(x) to withdraw any amount deposited in the Collection Account and not required to be deposited therein;
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds a "not sufficient funds" or other denial by the related Mortgagor's banking institution;
(xii) to pay the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer;
(xiii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiiixiv) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiiixiv) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xivxv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that which have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 3:00 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, Funds and the Principal Funds and the Trustee Fee to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Funds and Principal Funds and Trustee Fee by 2:00 4:00 p.m. Eastern timeTime, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The With respect to any Mortgage Loan-specific withdrawal, the Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee and the NIMs Insurer on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may shall from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):
(i) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee and for expenses incurred by the Custodian for any fees, expenses and indemnification Trustee reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and Section 8.06 hereof; and;
(iv) to pay to the Servicer or Trustee the Trustee, as applicable, Trustee Fee; and
(v) to pay to the Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2005-Sd1)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances and Servicing Advances (to the extent such Servicing Advances would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein) occurring after the Cut-off Date made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Proceeds or Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any and, to the extent that such Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) if paid by one of the REMICs provided for herein, any Non-Recoverable Servicing Advance;
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay to the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii))Advances, the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(includingLoan(s) (including, for this purpose, Liquidation Proceeds and purchase and repurchase proceedsproceeds and including any Subsequent Recoveries related to any liquidated Mortgage Loan) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer;
(viii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any either of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that if such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;; and
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiiixiv) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which that funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 2:30 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, Funds and the Principal Funds and (for this purpose only, neither Interest Funds nor Principal Funds shall include a deduction for any amount reimbursable to the Trustee Fee unless such amounts have actually been reimbursed from such funds at the discretion of the Servicer), to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The the Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to pay the Trustee any indemnification amounts owed it and to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after including paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee for expenses incurred by the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and Section 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Advancing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Liquidation Proceeds (which include Condemnation Proceeds, Proceeds and Insurance Proceeds, Liquidation Proceeds)) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) [Reserved];
(vii) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vivii) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceedsproceeds and including any Subsequent Recoveries related to any Liquidated Loan) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(viiviii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 2.01, Section 3.04, Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii1.860G-1(b)(3)(ii);
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) to pay the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer;
(xii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be or incorrectly deposited therein;
(xi) to withdraw funds deposited in error therein or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;; and
(xiixiii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. Eastern time on the Servicer Remittance Date, the Servicer shall will use commercially reasonable efforts to cause to be withdrawn from the Collection Account no later than 2:30 p.m. ET, but in any case no later than 4:00 p.m. ET on the Servicer Remittance Date, the Interest Funds, Funds and the Principal Funds and (for this purpose only, neither Interest Funds nor Principal Funds shall include a deduction for any amount reimbursable to the Trustee Fee unless such amounts have actually been reimbursed from such funds at the discretion of the Servicer), to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business DayServicer Remittance Date, the Servicer shall pay, out of its own funds, interest on such amount at a rate equal to the "prime rate" as published by The Wall Street Journal at such time for each date or part thereof. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viiivii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders and the Class A Certificate Insurer in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the CertificateholdersCertificateholders and the Class A Certificate Insurer, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse pay to the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 2.01, 3.04, 6.03, 8.05 and 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust, Series 2007-FFC)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Advancing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Liquidation Proceeds (which include Condemnation Proceeds, Proceeds and Insurance Proceeds, Liquidation Proceeds)) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) [Reserved];
(vii) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vivii) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceedsproceeds and including any Subsequent Recoveries related to any Liquidated Loan) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(viiviii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section Sections 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viiiix) to reimburse the Servicer, the Trustee or the Depositor for expenses incurred by any of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section Sections 3.04, 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii1.860G-1(b)(3)(ii);
(ixx) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) to pay the Servicer any unpaid Servicing Fees for any Mortgage Loan upon such Mortgage Loan being charged off and upon termination of the obligations of the Servicer;
(xii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be or incorrectly deposited therein;
(xi) to withdraw funds deposited in error therein or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xiixiii) to pay the Servicer any fees for the costs associated with forbearances pursuant to Section 3.05(a); and
(xiv) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. Eastern time on the Servicer Remittance Date, the Servicer shall will use commercially reasonable efforts to cause to be withdrawn from the Collection Account no later than 2:30 p.m. Eastern Time, but in any case no later than 4:00 p.m. Eastern Time on the Servicer Remittance Date, the Interest Funds, Funds and the Principal Funds and (for this purpose only, neither Interest Funds nor Principal Funds shall include a deduction for any amount reimbursable to the Trustee Fee unless such amounts have actually been reimbursed from such funds at the discretion of the Servicer), to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business DayServicer Remittance Date, the Servicer shall pay, out of its own funds, interest on such amount at a rate equal to the "prime rate" as published by The Wall Street Journal at such time for each date or part thereof. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viiivii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse pay to the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-5)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocated, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to (A) any amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Liquidation ProceedsProceeds and purchase and repurchase proceeds) that represent (I) late payments or recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was mademade or (II) amounts allocated to principal and/or interest out of the net monthly rental income from REO Property in respect of which any such Advance was made and (B) any amounts allocated to principal and/or interest or to unreimbursed Advances out of the Optional Termination Amount;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and by it and, any Non-Recoverable Servicing Advances Advance previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)by it;
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii))Advances, the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to (A) any amounts received on particular Mortgage Loan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent (I) late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.063.06 or (II) amounts allocated to unreimbursed Servicing Advances out of the net monthly rental income from REO Property in respect of which such Servicing Advances were made and (B) amounts allocated to unreimbursed Servicing Advances out of the Optional Termination Amount;
(vii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viii) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any either of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ix) [reserved];
(x) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that the Trustee notifies the Servicer that any such expenses will be reimbursable under this subclause (ix) only to the extent that such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(xxi) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;
(xixii) to transfer funds to another Eligible Account in accordance with Section 3.05;
(xiii) to withdraw any funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;error; and
(xiixiv) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;
(xiii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection Account pursuant to this subclause (xiii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 p.m. noon Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee Principal Funds, to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee and the NIMs Insurer on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any P&I Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may shall from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to reimburse the Trustee for expenses incurred by the Trustee and reimbursable pursuant to Section 8.06 hereof;
(ii) to pay to the Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account;
(iii) to pay to the Credit Risk Manager, the Credit Risk Manager Fee;
(iv) to pay to the PMI Insurer, the applicable PMI Insurer Fee;
(v) to withdraw pursuant to Section 3.05 any amount deposited in the Certificate Account and not required to be deposited therein;; and
(iivi) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after including paying all amounts necessary to the Trustee or the Servicer in connection with any such termination.);
(iii) to reimburse the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)
Permitted Withdrawals from the Collection Account and Certificate Account. (a) The Servicer may from time to time, make withdrawals from the Collection Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to pay to the Servicer (to the extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.15, that portion of any payment or recovery of interest on a Mortgage Loan that equals the Servicing Fee for the period with respect to which such interest payment or recovery was made or allocatedmade, and, as additional servicing compensation, those other amounts set forth in Section 3.15;
(ii) to reimburse the Servicer (or the Trustee as successor servicer) for Advances and Servicing Advances (to the extent such Servicing Advances would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein) occurring after the Cut-off Date made by it (or to reimburse the Advance Financing Person for Advances made by it) with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Condemnation Proceeds, Insurance Proceeds, Proceeds or Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;
(iii) to reimburse the Servicer for any Non-Recoverable Advance previously made and any and, to the extent that such Non-Recoverable Servicing Advances previously made to the extent that, in the case of Non-Recoverable Servicing Advances, reimbursement therefor constitutes would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) if paid by one of the REMICs provided for herein, any Non-Recoverable Servicing Advance;
(iv) to pay to the Servicer earnings on or investment income with respect to funds in or credited to the Collection Account;
(v) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(vi) to pay the Servicer (or the Trustee as successor servicer) any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances (to the extent that reimbursement for Servicing Advances would constitute an "unanticipated expense" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii))Advances, the Servicer's right to reimbursement of Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage Loan being limited to amounts received on particular Mortgage Loan(s)(includingLoan(s) (including, for this purpose, Liquidation Proceeds and purchase and repurchase proceedsproceeds and including any Subsequent Recoveries related to any liquidated Mortgage Loan) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06;
(vii) to pay to the Depositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;
(viii) to reimburse the Servicer, the Trustee Servicer or the Depositor for expenses incurred by any either of them in connection with the Mortgage Loans or the Certificates and reimbursable pursuant to Section 3.25 or Section 6.03 hereof provided that reimbursement therefor would constitute "unanticipated" expenses within the meaning of Treasury Regulation Section 1.860G1(b)(3)(ii)hereof;
(ix) to reimburse the Trustee for enforcement expenses reasonably incurred in respect of a breach or defect giving rise to the purchase obligation in Section 2.03 that were incurred in the Purchase Price of the Mortgage Loans including any expenses arising out of the enforcement of the purchase obligation; provided that any such expenses will be reimbursable under this subclause (ixx) only to the extent that if such expenses would constitute "unanticipated expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;
(x) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein;
(xi) to withdraw funds deposited in error or amounts previously deposited but returned as unpaid due to insufficient funds or other denial by the related Mortgagor's banking institution;
(xii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 9.01 hereof;; and
(xiiixii) to reimburse itself for Advances or Servicing Advances from amounts in the Collection Account held for future distributions that were not included in Available Funds for the preceding Distribution Date. An amount equal to the amount withdrawn from the Collection 57 Account pursuant to this subclause (xiiixii) shall be deposited in the Collection Account by the Servicer on the next succeeding Distribution Date on which that funds are to be distributed to Certificateholders; and
(xiv) to reimburse itself from any amounts in the Collection Account for any prior Advances or Servicing Advances made by the Servicer that have not otherwise been reimbursed to the Servicer at the time a Mortgage Loan is modified. In addition, no later than 12:00 1:00 p.m. Eastern time Time on the Servicer Remittance Date, the Servicer shall cause to be withdrawn from the Collection Account the Interest Funds, the Principal Funds and the Trustee Fee Principal Funds, to the extent on deposit, and such amount shall be deposited in the Certificate Account; provided, however, if the Trustee does not receive such Interest Funds, Principal Funds and Trustee Fee by 2:00 p.m. Eastern time, such Interest Funds and Principal Funds shall be deposited in the Certificate Account on the next Business Day. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account. The Servicer shall provide written notification to the Trustee and the NIM Insurer on or prior to the next succeeding Servicer Remittance Date upon making any withdrawals from the Collection Account pursuant to subclauses (iii) and (viii) above. In the event of any failure by the Servicer to remit to the Trustee for deposit into the Certificate Account any amounts (including any P&I Advance) required to be so remitted by the Servicer on the Servicer Remittance Date, the Servicer shall pay to the Trustee, for its own account, interest on such amounts at the "prime rate" (as specified in the New York edition of The the Wall Street Journal) until such failure is remedied. Unless otherwise specified, any amounts reimbursable to the Servicer or the Trustee from amounts on deposit in the Collection Account or the Certificate Accounts shall be deemed to come from first, Interest Funds, and thereafter, Principal Funds for the related Distribution Date.
(b) The Trustee shall withdraw funds from the Certificate Account for distribution to the Certificateholders in the manner specified in this Agreement (and shall to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to retain pursuant to this Agreement). In addition, prior to making such distributions to the Certificateholders, the Trustee may from time to time make withdrawals from the Certificate Account for the following purposes (the order below not constituting an order of priority):purposes:
(i) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(ii) to pay the Trustee any indemnification amounts owed it and to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 9.01 hereof (after including paying all amounts necessary to the Trustee or the Servicer in connection with any such termination);
(iii) to reimburse the Trustee for expenses incurred by the Trustee and the Custodian for any fees, expenses and indemnification reimbursable pursuant to this Agreement, including without limitation Sections 3.04, 6.03, 8.05 and Section 8.06 hereof; and
(iv) to pay to the Servicer or the Trustee, as applicable, Trustee earnings on or investment income with respect to funds in or credited to the Certificate Account as provided in Section 3.05(g)Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors, Inc. Series 2005-Bc1)