Common use of Permitted Withdrawals from the Collection Account Clause in Contracts

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes: (i) to reimburse itself for Advances made pursuant to Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage Loans; (ii) to pay itself the Servicing Fee; (iii) to reimburse itself for unreimbursed Servicing Advances, or to pay the related Sub-Servicer any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awards; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi) to pay to itself (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account; (vii) to make deposits into the Certificate Account in the amounts and in the manner provided for herein; (viii) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreement; and (ix) to withdraw amounts deposited in error.

Appears in 39 contracts

Samples: Pooling and Servicing Agreement (Chase Mortgage Finance Corp), Pooling and Servicing Agreement (Chase Mortgage Finance Corp), Pooling and Servicing Agreement (Chase Mortgage Finance Corp)

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Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes: (ia) to reimburse itself for Advances made pursuant to Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement), the Servicer's and the related Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage Loans; (iib) to pay itself the Servicing Fee; (iiic) to reimburse itself for unreimbursed Servicing Advances, or to pay the related Sub-Servicer any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iiic) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, Subsequent Recoveries and condemnation awards; (ivd) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (ve) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vif) to pay to itself (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account; (viig) to make deposits into the Certificate Account in the amounts and in the manner provided for herein; (viiih) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreement; and (ixi) to withdraw amounts deposited in error.

Appears in 14 contracts

Samples: Pooling and Servicing Agreement (ChaseFlex Trust Series 2006-2), Pooling and Servicing Agreement (Chase Mortgage Finance Trust Series 2005-S2), Pooling and Servicing Agreement (Chase Mortgage Finance Trust Series 2005-A1)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes: (ia) to reimburse itself for Advances made pursuant to Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement), the Servicer's and the related Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage Loans; (iib) to pay itself the Servicing Fee; (iiic) to reimburse itself for unreimbursed Servicing Advances, or to pay the related Sub-Servicer any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awards; (ivd) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (ve) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vif) to pay to itself (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account; (viig) to make deposits into the Certificate Account in the amounts and in the manner provided for herein; (viiih) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreement; and (ixi) to withdraw amounts deposited in error.

Appears in 14 contracts

Samples: Pooling and Servicing Agreement (Chase Mortgage Finance Trust, Series 2004-S4), Pooling and Servicing Agreement (Chase Mortgage Finance Corp), Pooling and Servicing Agreement (Chase Mortgage Finance Corp)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds may make withdrawals from the Collection Account Account, on or prior to any Servicer Remittance Date, for the following purposes: (ia) to pay to the Sponsor amounts received in respect of any Defective Mortgage Loan purchased or substituted for by the Sponsor to the extent that the payment of any such amounts on the Servicer Remittance Date upon which the proceeds of such purchase are paid would make the total amount distributed in respect of any such Mortgage Loan on such Servicer Remittance Date greater than the Loan Repurchase Price or the Substitution Adjustment therefor; (b) to reimburse itself for Advances made pursuant to Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-unreimbursed Delinquency Advances and unreimbursed Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) Advances with respect to those particular the Mortgage Loans for which it has made a Delinquency Advance or Servicing Advance, from late or deferred payments collected, collections other than timely Monthly Payments, Liquidation Proceeds and/or the Loan Repurchase Price or Substitution Adjustment of or relating to such Mortgage Loans; (ii) to pay itself the Servicing Fee; (iiic) to reimburse itself the Servicer for unreimbursed any Delinquency Advances and Servicing Advances determined in good faith to have become Nonrecoverable Advances, or such reimbursement to pay the related Sub-Servicer be made from any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awards; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi) to pay to itself (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account; (viid) to make deposits into withdraw any amount received from a Mortgagor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the Certificate Account Bankruptcy Code in the amounts and in the manner provided for hereinaccordance with a final, nonappealable order of a court having competent jurisdiction; (viiie) to make payments to itself or others pursuant to withdraw any provision of this Agreement, and to clear and terminate funds deposited in the Collection Account upon that were not required to be deposited therein; (f) to pay the termination Servicer the Servicing Compensation pursuant to Section 5.08 hereof to the extent not retained or paid; (g) [Reserved]; (h) without duplication, and solely out of this Agreementamounts which are payable to a former servicer pursuant to Section 7.02(g), to pay to the Indenture Trustee or any successor servicer amounts paid by them in connection with the transfer of the Servicer’s servicing obligations pursuant to Article VII hereof and required under such Article VII to be borne by the Servicer; (i) to withdraw income on the Collection Account as provided in Section 5.02(d); and (ixj) to withdraw amounts deposited into the Collection Account in errorrespect of late fees, assumption fees and similar fees (other than Prepayment Charges). The Servicer shall keep and maintain a separate accounting for each Mortgage Loan for the purpose of accounting for withdrawals from the Collection Account pursuant to this Section 5.03.

Appears in 12 contracts

Samples: Sale and Servicing Agreement, Sale and Servicing Agreement (Accredited Mortgage Loan REIT Trust), Sale and Servicing Agreement (Accredited Mortgage Loan Trust 2005-2)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds Trustee shall make withdrawals from the Collection Account Account, on any Distribution Date, for the following purposes: (ia) to reimburse itself the Servicer for Advances made Liquidation Expenses theretofore incurred in respect of any Mortgage Loan in an amount not to exceed the amount of the sum of the related Insurance Proceeds and Liquidation Proceeds deposited in the Collection Account pursuant to Section 6.03 5.02(c)(v)-(vi); (including amounts b) to reimburse the related Sub-Servicer for advances made amounts expended by it pursuant to Section 5.04 in good faith in connection with the applicable Sub-Servicing Agreement)restoration of damaged property, in an amount not to exceed the Servicer's amount of the related Insurance Proceeds and the Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections Liquidation Proceeds (net of withdrawals pursuant to clause (a) above) and amounts representing proceeds of other insurance policies covering the property subject to the related Mortgage deposited in the Collection Account pursuant to Section 5.02(c)(v)-(vi); (c) to pay to the Unaffiliated Seller amounts received in respect of any Deleted Mortgage Loan purchased or substituted for by the Unaffiliated Seller to the extent that the distribution to the Certificateholders of any such amounts on the Distribution Date upon which the proceeds of such purchase are distributed to the Certificateholders would make the total amount distributed in respect of any such Mortgage Loan on such Distribution Date greater than the Loan Repurchase Price or the Substitution Adjustment therefor; (d) to reimburse the Servicer for unreimbursed Servicing Fees) Advances, without interest, with respect to those particular the Mortgage Loans for which it has made a Servicing Advance, from subsequent collections with respect to interest on such Mortgage Loans and from Liquidation Proceeds, Insurance Proceeds and/or the Loan Repurchase Price or Substitution Adjustment of or relating to such Mortgage Loans; (iie) to pay itself reimburse the Servicing FeeServicer for any Periodic Advances, such reimbursement to be made from any collections in respect of the related Mortgage Loan with respect to which such Periodic Advance was made; (iiif) to reimburse itself for unreimbursed Servicing Advances, or withdraw any amount received from a Mortgagor that is recoverable and sought to pay the related Sub-Servicer any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments be recovered as a voidable preference by a trustee in bankruptcy pursuant to the Sub-Servicer pursuant to this subclause (iii) United States Bankruptcy Code in accordance with respect to any Mortgage Loan being limited to related Liquidation Proceedsa final, Insurance Proceeds, and condemnation awardsnonappealable order of a court having competent jurisdiction; (ivg) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (v) to reimburse itself (or the related Sub-Servicer) for withdraw any Nonrecoverable Advances; (vi) to pay to itself (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection AccountAccount that were not required to be deposited therein; (viih) to make deposits into pay the Certificate Account in the amounts and in the manner provided for herein; (viii) to make payments to itself or others Servicer Servicing Compensation pursuant to any provision of this Agreement, and Section 5.08 hereof to clear and terminate the Collection Account upon the termination of this Agreementextent not retained or paid; and (ixi) to withdraw amounts deposited in errorremit funds to the Distribution Account pursuant to Section 6.01(c) hereof. The Servicer shall keep and maintain a separate accounting for each Mortgage Loan for the purpose of accounting for withdrawals from the Collection Account pursuant to subclause (a).

Appears in 11 contracts

Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc), Pooling and Servicing Agreement (American Business Financial Services Inc /De/)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to timetime in accordance with the provisions hereof, withdraw funds amounts from the Collection Account for the following purposes:purposes (without duplication): (i1) to reimburse itself for unreimbursed Monthly Advances made pursuant and Servicing Advances (other than with respect to REO Properties) that are approved by the Purchaser as being non-recoverable in accordance with Section 6.03 (including amounts 6.04; 2) to make payments to the Purchaser in the amounts, at the times and in the manner provided for in Section 6.01; 3) to reimburse the related Sub-Servicer itself for advances made pursuant to the applicable Sub-Servicing Agreement)Monthly Advances, the Servicer's and the Sub-Servicer's right to receive reimbursement reimburse itself pursuant to this subclause (i) Subsection 3 being limited to amounts received on particular the related Mortgage Loans Loan which represent Late Collections (net late payments of the Servicing Fees) principal and/or interest with respect to those particular Mortgage Loanswhich any such Monthly Advance was made; (ii) to pay itself the Servicing Fee; (iii4) to reimburse itself for unreimbursed Servicing Advances, or Advances (other than with respect to pay the related Sub-Servicer any REO Properties) and for unreimbursed Servicing Monthly Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer reimburse itself pursuant to this subclause (iii) Subsection 4 with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Condemnation Proceeds, Insurance Proceeds and condemnation awardssuch other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of such reimbursement, the Servicer's right thereto shall be prior to the rights of the Purchaser, except that, where a Seller or the Servicer is required to repurchase a Mortgage Loan pursuant to Sections 2.04, 3.04 and/or 7.02, the Servicer's right to such reimbursement shall be subsequent and subordinate to the payment to the Purchaser of the applicable Repurchase Price and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan; (iv5) to reimburse itself (or pay to itself, solely out of the related Sub-Servicer) or interest portion of the Depositor for expenses incurred by and recoverable by or reimbursable Monthly Payment actually received with respect to it pursuant a Mortgage Loan during the period ending on the most recent Determination Date, the Servicing Fee with respect to Section 5.01 or 5.16such Mortgage Loan; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi6) to pay to itself as additional servicing compensation (or the related Sub-Servicera) income any interest earned on the investment of funds deposited in the Collection AccountAccount (all such interest to be withdrawn monthly not later than each Remittance Date) and (b) any prepayment penalties or premiums relating to any Principal Prepayments; provided that no such amounts shall be payable as servicing compensation to the extent they relate to a Mortgage Loan with respect to which a default, breach, violation, or event of acceleration exists or would exist but for the lapse of time, the giving of notice, or both; (vii7) to make deposits pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Sections 2.04, 3.04 and/or 7.02 all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determined (except to the extent that such amounts constitute part of the Repurchase Price to be remitted to the Purchaser); 8) to remove any amounts deposited into the Certificate Collection Account in the amounts and in the manner provided for herein;error; and (viii9) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreement; and, with any funds contained therein to be distributed in accordance with the terms of this Agreement. (ix10) The Servicer shall keep and maintain a separate, detailed accounting, on a Mortgage Loan-by-Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to withdraw amounts deposited in errorthis Section.

Appears in 8 contracts

Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-3), Mortgage Loan Flow Purchase, Sale & Servicing Agreement (Structured Asset Securities Corp), Mortgage Loan Purchase, Sale & Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Cer Se 2002-1a)

Permitted Withdrawals from the Collection Account. (a) The Master Servicer may, from time to time, withdraw funds may make withdrawals from the Collection Account only as described below (the order set forth below not constituting an order of priority for such withdrawals), subject to the following purposesapplication of Penalty Charges and Modification Fees in accordance with the related Co-Lender Agreement and Section 3.14 of this Agreement: (i) to reimburse itself for Advances made pursuant to Section 6.03 (including amounts to reimburse the related Sub-remit on or before each Master Servicer for advances made pursuant Remittance Date to the Certificate Administrator for deposit in the Lower-Tier REMIC Distribution Account in respect of the Mortgage Loans (or the applicable Sub-Servicing AgreementTrust Subordinate Companion Loan REMIC Distribution Account in respect of a Trust Subordinate Companion Loan), the Servicer's Interest Reserve Account, the Excess Interest Distribution Account and the Sub-Servicer's right Excess Liquidation Proceeds Reserve Account the amounts required to receive reimbursement be deposited in such accounts pursuant to Sections 3.05(c), 3.05(e), 3.23, 4.01(a)(i) and Section 4.06(a) of this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage LoansAgreement, respectively; (ii) to pay itself or reimburse the Servicing FeeMaster Servicer, the Special Servicer or the Trustee, as applicable (A) for Advances made thereby with respect to Mortgage Loans that are not part of a Serviced Loan Combination (other than Workout-Delayed Reimbursement Amounts) and any related Advance Interest Amounts (provided that the Trustee shall have priority with respect to such payment or reimbursement of any such Advances and any related Advance Interest Amounts), the Master Servicer’s right to reimburse any such Person pursuant to this clause (ii)(A) being limited to late collections (including cure payments by related Serviced Companion Loan Holders) of the particular item which was the subject of the related Advance, Penalty Charges, Net Condemnation Proceeds, Net REO Proceeds, Net Insurance Proceeds and Net Liquidation Proceeds on or in respect of the particular Mortgage Loan or REO Property respecting which such Advance was made, if applicable (provided that (x) prior to the time any Advance is reimbursed, Advance Interest Amounts may be reimbursed solely from Penalty Charges and Modification Fees collected on the related Mortgage Loan, and (y) at the time any Advance (other than Workout Delayed Reimbursement Amounts) is reimbursed, Advance Interest Amounts on such reimbursed Advance shall be payable first from Penalty Charges and Modification Fees collected on the related Mortgage Loan, and, to the extent such Penalty Charges and Modification Fees are insufficient, then from general collections on deposit in the Collection Account), (B) for Advances made thereby with respect to Mortgage Loans or Trust Subordinate Companion Loans that are part of a Serviced Loan Combination and any related Advance Interest Amounts (provided that the Trustee shall have priority with respect to such payment or reimbursement of any such Advances and any related Advance Interest Amounts), the Master Servicer’s right to reimburse any such person pursuant to this clause (ii)(B) being limited to Net Liquidation Proceeds on or in respect of the particular Mortgage Loan, Trust Subordinate Companion Loan or REO Property respecting which such Advance was made, which Net Liquidation Proceeds were received in connection with any of the events described in clauses (iii), (iv) and (vii) of the definition of “Liquidation Event”, (C) to the extent not reimbursed pursuant to Section 3.14 of this Agreement, for Advances with respect to Mortgage Loans and any related Advance Interest Amounts (or portion thereof) that have been deemed to be Nonrecoverable Advances or are not recovered from recoveries in respect of the related Mortgage Loan, Serviced Loan Combination or REO Property after a Final Recovery Determination to the extent not recovered from the related Loan Combination Custodial Account and Advance Interest Amounts thereon, first, out of the principal portion of general collections on the Mortgage Loans and REO Properties, and second, to the extent the principal portion of general collections is insufficient and with respect to such excess only, subject to any election in its sole discretion to defer reimbursement thereof pursuant to Section 3.27 of this Agreement, out of other collections on the Mortgage Loans and REO Properties, and (D) for Workout-Delayed Reimbursement Amounts with respect to Mortgage Loans and Advance Interest Amounts thereon, first, out of the principal portion of the general collections on the Mortgage Loans and REO Properties, net of such amounts being reimbursed pursuant to clause (C) above, and second, upon a determination by the Master Servicer, the Special Servicer or the Trustee, as applicable, that a Workout-Delayed Reimbursement Amount is a Nonrecoverable Advance, in the same manner as Nonrecoverable Advances may be reimbursed (provided that with respect to each Mortgage Loan or REO Property that relates to a Serviced Loan Combination, such Workout-Delayed Reimbursement Amounts and Advance Interest Amounts thereon shall first be reimbursed pursuant to Section 3.06A(a)(ii) of this Agreement and, if not reimbursed pursuant thereto, shall be paid from the Collection Account as provided in this clause (ii)(D)); (iii) to reimburse itself for unreimbursed pay on or before each Master Servicer Remittance Date to the Master Servicer (who shall pay the holder of the Excess Servicing AdvancesFee Rights the portion of the Servicing Fee that represents Excess Servicing Fees in accordance with Section 3.12 of this Agreement) and to the Special Servicer, as applicable, as compensation, the aggregate unpaid Servicing Fee with respect to Mortgage Loans and Trust Subordinate Companion Loans (to the extent not otherwise required to be applied against Prepayment Interest Shortfalls) in respect of the immediately preceding Interest Accrual Period, and Special Servicing Compensation (if any) in respect of the immediately preceding Interest Accrual Period or Collection Period, as applicable, to be paid, in the case of the Servicing Fee, from interest received on the related Mortgage Loan or Trust Subordinate Companion Loan, and to pay the related Sub-Servicer any unreimbursed Servicing Advances, the Servicer's right from time to receive reimbursement or make payments time to the Sub-Master Servicer in accordance with Section 3.07(b) of this Agreement any interest or investment income earned on funds deposited in the Collection Account and, in the case of the Special Servicing Fee, from general collections; provided, however, that in the case of any Mortgage Loan or REO Mortgage Loan related to a Serviced Loan Combination or a Trust Subordinate Companion Loan or related REO Companion Loan, (A) Servicing Fees may be paid out of the Collection Account pursuant to this subclause clause (iii) only from the interest portion of Net Liquidation Proceeds on or in respect of such Mortgage Loan, REO Mortgage Loan, Trust Subordinate Companion Loan or REO Companion Loan, as applicable, which Net Liquidation Proceeds were received in connection with respect any of the events described in clauses (iii), (iv) and (vii) of the definition of “Liquidation Event” and (B) Special Servicing Compensation shall first be paid out of the related Loan Combination Custodial Account pursuant to Section 3.06A(a)(iii) of this Agreement and may be paid out of the Collection Account pursuant to this clause (iii) only if and to the extent that such Special Servicing Compensation has not been paid out of the related Loan Combination Custodial Account pursuant to Section 3.06A(a)(iii) of this Agreement and, in the case of a Trust Subordinate Companion Loan or any Mortgage Loan being limited to related REO Companion Loan, only out of related Net Liquidation ProceedsProceeds received in connection with any of the events described in clauses (iii), Insurance Proceeds, (iv) and condemnation awards(vii) of the definition of “Liquidation Event”; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to in accordance with Section 5.01 or 5.16; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi) to pay to itself (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account; (vii) to make deposits into the Certificate Account in the amounts and in the manner provided for herein; (viii) to make payments to itself or others pursuant to any provision 2.03 of this Agreement, to reimburse itself, the Trustee or the Special Servicer, out of general collections on the Mortgage Loans and related REO Properties (including with respect to clear and terminate the Collection Account upon Outside Serviced Mortgage Loans) for any unreimbursed expense reasonably incurred by such Person in respect of any Material Defect giving rise to a repurchase or substitution obligation of the termination applicable Mortgage Loan Seller or any other obligation of the Mortgage Loan Seller under Section 6 of the applicable Mortgage Loan Purchase Agreement, including, without limitation, any expenses arising out of the performance of its duties under Section 2.03 of this Agreement; and (ix) to withdraw amounts deposited Agreement in error.connection with such Material Defect or out of the enforcement of the repurchase or substitution obligation or any other obligation of the applicable Mortgage Loan Seller under

Appears in 8 contracts

Samples: Pooling and Servicing Agreement (Benchmark 2019-B13 Mortgage Trust), Pooling and Servicing Agreement (UBS Commercial Mortgage Trust 2019-C17), Pooling and Servicing Agreement (GS Mortgage Securities Trust 2019-Gc42)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to timetime in accordance with the provisions hereof, withdraw funds amounts from the Collection Account for the following purposes:purposes (without duplication): (i1) to reimburse itself for unreimbursed Monthly Advances made pursuant and Servicing Advances that the Servicer has determined to be Non-Recoverable Advances as provided in Section 6.03 6.04; (including amounts 2) to make payments to the Purchaser in the amounts, at the times and in the manner provided for in Section 6.01; (3) to reimburse the related Sub-Servicer itself for advances made pursuant to the applicable Sub-Servicing Agreement)Monthly Advances, the Servicer's and the Sub-Servicer's right to receive reimbursement reimburse itself pursuant to this subclause Subsection (i3) being limited to amounts received on particular the related Mortgage Loans Loan which represent Late Collections (net late payments of the Servicing Fees) principal and/or interest with respect to those particular Mortgage Loanswhich any such Monthly Advance was made; (ii) to pay itself the Servicing Fee; (iii4) to reimburse itself for unreimbursed Servicing Advances, or to pay the related Sub-Servicer any Advances and for unreimbursed Servicing Monthly Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer reimburse itself pursuant to this subclause Subsection (iii4) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Condemnation Proceeds, Insurance Proceeds and condemnation awardssuch other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of such reimbursement, the Servicer's right thereto shall be prior to the rights of the Purchaser, except that, where a Seller or the Servicer is required to repurchase (or substitute a Qualified Substitute Mortgage Loan for) a Mortgage Loan pursuant to Sections 2.04, 3.04 and/or 7.02, the Servicer's right to such reimbursement shall be subsequent and subordinate to the payment to the Purchaser of the applicable Repurchase Price (or delivery of a Qualified Substitute Mortgage Loan) and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi5) to pay to itself (or the related Sub-Servicer) income as additional servicing compensation any interest earned on the investment of funds deposited in the Collection AccountAccount (all such interest to be withdrawn monthly not later than each Remittance Date), and any prepayment penalties or premiums relating to any Principal Prepayments; provided that no such amounts shall be payable as servicing compensation to the extent they relate to a Mortgage Loan with respect to which a default, breach, violation, or event of acceleration exists or would exist but for the lapse of time, the giving of notice, or both; (vii6) to make deposits into pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Sections 2.04, 3.04 and/or 7.02 all amounts received thereon and not distributed as of the Certificate Account in date on which the related Repurchase Price is determined (except to the extent that such amounts and in constitute part of the manner provided for hereinRepurchase Price to be remitted to the Purchaser); (viii7) to make payments to itself or others pursuant to remove any provision of this Agreement, and amounts deposited into the Collection Account in error; and (8) to clear and terminate the Collection Account upon the termination of this Agreement; and (ix) , with any funds contained therein to withdraw amounts be distributed in accordance with the terms of this Agreement. The Servicer shall keep and maintain a separate, detailed accounting, on a Mortgage Loan-by-Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to this Section. All funds required to be deposited in errorthe Collection Account shall be held in trust for the Purchaser until withdrawn in accordance with this Section 5.05.

Appears in 7 contracts

Samples: Mortgage Loan Flow Purchase, Sale & Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-6xs), Mortgage Loan Flow Purchase, Sale & Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-2), Mortgage Loan Flow Purchase, Sale & Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-11)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes: (ia) to reimburse itself for Advances made pursuant to Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage Loans; (iib) to pay itself the Servicing Fee; (iiic) to reimburse itself for unreimbursed Servicing Advances, or to pay the related Sub-Servicer any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awards; (ivd) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (ve) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vif) to pay to itself (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account; (viig) to make deposits into the Certificate Account in the amounts and in the manner provided for herein; (viiih) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreement; and (ixi) to withdraw amounts deposited in error.

Appears in 6 contracts

Samples: Pooling and Servicing Agreement (Chase Mortgage Finance Corp), Pooling and Servicing Agreement (Chase Mortgage Finance Corp), Pooling and Servicing Agreement (Chase Mortgage Finance Corp)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to timetime in accordance with the provisions hereof, withdraw funds amounts from the Collection Account for the following purposes:purposes (without duplication): (i1) to reimburse itself for unreimbursed Monthly Advances made pursuant and Servicing Advances (other than with respect to REO Properties) that are approved by the Purchaser as being non-recoverable in accordance with Section 6.03 6.04; (including amounts 2) to make payments to the Purchaser in the amounts, at the times and in the manner provided for in Section 6.01; (3) to reimburse the related Sub-Servicer itself for advances made pursuant to the applicable Sub-Servicing Agreement)Monthly Advances, the Servicer's and the Sub-Servicer's right to receive reimbursement reimburse itself pursuant to this subclause Subsection (i3) being limited to amounts received on particular the related Mortgage Loans Loan which represent Late Collections (net late payments of the Servicing Fees) principal and/or interest with respect to those particular Mortgage Loanswhich any such Monthly Advance was made; (ii) to pay itself the Servicing Fee; (iii4) to reimburse itself for unreimbursed Servicing Advances, or Advances (other than with respect to pay the related Sub-Servicer any REO Properties) and for unreimbursed Servicing Monthly Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer reimburse itself pursuant to this subclause Subsection (iii4) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Condemnation Proceeds, Insurance Proceeds and condemnation awardssuch other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of such reimbursement, the Servicer's right thereto shall be prior to the rights of the Purchaser, except that, where a Seller or the Servicer is required to repurchase a Mortgage Loan pursuant to Sections 2.04, 3.04 and/or 7.02, the Servicer's right to such reimbursement shall be subsequent and subordinate to the payment to the Purchaser of the applicable Repurchase Price and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan; (iv5) to reimburse itself (or pay to itself, solely out of the related Sub-Servicer) or interest portion of the Depositor for expenses incurred by and recoverable by or reimbursable Monthly Payment actually received with respect to it pursuant a Mortgage Loan during the period ending on the most recent Determination Date, the Servicing Fee with respect to Section 5.01 or 5.16such Mortgage Loan; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi6) to pay to itself as additional servicing compensation (or the related Sub-Servicera) income any interest earned on the investment of funds deposited in the Collection AccountAccount (all such interest to be withdrawn monthly not later than each Remittance Date) and (b) any prepayment penalties or premiums relating to any Principal Prepayments; provided that no such amounts shall be payable as servicing compensation to the extent they relate to a Mortgage Loan with respect to which a default, breach, violation, or event of acceleration exists or would exist but for the lapse of time, the giving of notice, or both; (vii7) to make deposits into pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Sections 2.04, 3.04 and/or 7.02 all amounts received thereon and not distributed as of the Certificate Account in date on which the related Repurchase Price is determined (except to the extent that such amounts and in constitute part of the manner provided for hereinRepurchase Price to be remitted to the Purchaser); (viii8) to remove any amounts deposited into the Collection Account in error; and (9) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreement; and, with any funds contained therein to be distributed in accordance with the terms of this Agreement. (ix10) The Servicer shall keep and maintain a separate, detailed accounting, on a Mortgage Loan-by-Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to withdraw amounts deposited in errorthis Section.

Appears in 6 contracts

Samples: Mortgage Loan Flow Purchase, Sale & Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-F1), Mortgage Loan Flow Purchase, Sale & Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-A1), Mortgage Loan Flow Purchase, Sale & Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2006-Af2)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to timetime in accordance with the provisions hereof, withdraw funds amounts from the Collection Account for the following purposes:purposes (without duplication): (i1) to reimburse itself for unreimbursed Monthly Advances made pursuant and Servicing Advances that the Servicer has determined to be Non-Recoverable Advances as provided in Section 6.03 6.04; (including amounts 2) to make payments to the Purchaser in the amounts, at the times and in the manner provided for in Section 6.01; (3) to reimburse the related Sub-Servicer itself for advances made pursuant to the applicable Sub-Servicing Agreement)Monthly Advances, the Servicer's and the Sub-Servicer's ’s right to receive reimbursement reimburse itself pursuant to this subclause Subsection (i3) being limited to amounts received on particular the related Mortgage Loans Loan which represent Late Collections (net late payments of the Servicing Fees) principal and/or interest with respect to those particular Mortgage Loanswhich any such Monthly Advance was made; (ii) to pay itself the Servicing Fee; (iii4) to reimburse itself for unreimbursed Servicing Advances, or to pay the related Sub-Servicer any Advances and for unreimbursed Servicing Monthly Advances, the Servicer's ’s right to receive reimbursement or make payments to the Sub-Servicer reimburse itself pursuant to this subclause Subsection (iii4) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Condemnation Proceeds, Insurance Proceeds and condemnation awardssuch other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Purchaser, except that, where a Seller or the Servicer is required to repurchase (or substitute a Qualified Substitute Mortgage Loan for) a Mortgage Loan pursuant to Sections 2.04, 3.04 and/or 7.02, the Servicer’s right to such reimbursement shall be subsequent and subordinate to the payment to the Purchaser of the applicable Repurchase Price (or delivery of a Qualified Substitute Mortgage Loan) and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan; (iv5) to reimburse itself (or pay to itself, solely out of the related Sub-Servicer) or interest portion of the Depositor for expenses incurred by and recoverable by or reimbursable Monthly Payment actually received with respect to it pursuant a Mortgage Loan during the period ending on the most recent Determination Date, the Servicing Fee with respect to Section 5.01 or 5.16such Mortgage Loan; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi6) to pay to itself as additional servicing compensation (or the related Sub-Servicera) income any interest earned on the investment of funds deposited in the Collection AccountAccount (all such interest to be withdrawn monthly not later than each Remittance Date) and (b) any prepayment penalties or premiums relating to any Principal Prepayments; provided that no such amounts shall be payable as servicing compensation to the extent they relate to a Mortgage Loan with respect to which a default, breach, violation, or event of acceleration exists or would exist but for the lapse of time, the giving of notice, or both; (vii7) to make deposits into pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Sections 2.04, 3.04 and/or 7.02 all amounts received thereon and not distributed as of the Certificate Account in date on which the related Repurchase Price is determined (except to the extent that such amounts and in constitute part of the manner provided for hereinRepurchase Price to be remitted to the Purchaser); (viii8) to remove any amounts deposited into the Collection Account in error; (9) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreement, with any funds contained therein to be distributed in accordance with the terms of this Agreement; (10) to reimburse itself for LPMI Fees, if any; and (ix11) to withdraw amounts deposited in errorremit to Purchaser payments on account of Buydown Funds as applicable. The Servicer shall keep and maintain a separate, detailed accounting, on a Mortgage Loan-by-Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to this Section.

Appears in 6 contracts

Samples: Mortgage Loan Flow Purchase, Sale & Servicing Agreement (GSR Mortgage Loan Trust 2006-8f), Mortgage Loan Flow Purchase, Sale & Servicing Agreement (GSR Mortgage Loan Trust 2006-9f), Mortgage Loan Flow Purchase, Sale & Servicing Agreement (GSR Mortgage Loan Trust 2007-3f)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes: (i) to remit to the Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.04(b) or permitted to be so remitted pursuant to the first sentence of Section 3.04(d); (ii) first, to the extent the Servicer has not previously reimbursed the Trustee pursuant to Section 4.07(e), to reimburse the Trustee for any unreimbursed Advances made by the Trustee and second, to reimburse itself for any unreimbursed Advances made pursuant to Section 6.03 (including amounts to reimburse and Servicing Advances; the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement reimburse itself and the Trustee pursuant to this subclause (iii) being limited to amounts received on particular the related Mortgage Loans Loan which represent Late Collections payments of (net of the a) principal and/or interest respecting which any such Advance was made or (b) Condemnation Proceeds, Insurance Proceeds or Liquidation Proceeds respecting which any such Servicing Fees) with respect to those particular Mortgage Loans; (ii) to pay itself the Servicing FeeAdvance was made; (iii) first, to the extent the Servicer has not previously reimbursed the Trustee pursuant to Section 4.07(e), to reimburse the Trustee for any unreimbursed Advances made by the Trustee and second to reimburse itself for unreimbursed Servicing Advances, or to pay the related Sub-Servicer any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments any unpaid Servicing Fees and for unreimbursed Advances, in each case, to the Sub-Servicer extent that such amounts are deemed to be Nonrecoverable Advances, and to reimburse itself and the Trustee for such amounts to the extent that such amounts are nonrecoverable from the disposition of REO Property pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awardsSection 3.03 or Section 3.13 hereof; (iv) to reimburse itself (for any amounts paid or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.163.03 (and not otherwise previously reimbursed); (v) to reimburse pay to itself as servicing compensation (a) any interest earned on funds in the Collection Account (all such interest to be withdrawn monthly not later than each Servicer Remittance Date) and (b) the Servicing Fee from that portion of any payment or recovery as to interest to a particular Mortgage Loan to the related Sub-Servicer) for any Nonrecoverable Advancesextent not retained pursuant to Section 3.04(ii); (vi) to pay reimburse itself for any amounts paid pursuant to itself Section 6.03 (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Accountand not otherwise previously reimbursed); (vii) to make deposits into reimburse the Certificate Account Servicer (if the Servicer is not an Affiliate of the repurchasing party), the Securities Administrator or the Trustee, as the case may be, for enforcement expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement that were included in the amounts and in Purchase Price of the manner provided for hereinMortgage Loan, including any expenses arising out of the enforcement of the purchase obligation; (viii) to make payments reimburse the Depositor or the Servicer for expenses and costs reimbursable to itself or others them pursuant to any provision of this Agreement, and Section 3.24(b); and (ix) to clear and terminate the Collection Account upon the termination of this Agreement; and (ix) . The foregoing requirements for withdrawal from the Collection Account shall be exclusive. In the event the Servicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw amounts deposited in errorsuch amount from the Collection Account, any provision herein to the contrary notwithstanding.

Appears in 5 contracts

Samples: Pooling and Servicing Agreement (Wells Fargo Asset Securities Corp), Pooling and Servicing Agreement (Wells Fargo Home Equity Asset-Backed Securities 2005-2 Trust), Pooling and Servicing Agreement (Wells Fargo Home Equity Asset-Backed Securities 2005-3 Trust)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to timetime in accordance with the provisions hereof, withdraw funds amounts from the Collection Account for the following purposes:purposes (without duplication): (i) to reimburse itself for Advances made pursuant to Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage Loans; (ii) to pay itself the Servicing Fee; (iii1) to reimburse itself for unreimbursed Monthly Advances and Servicing AdvancesAdvances that the Servicer has determined to be Non-Recoverable Advances as provided in Section 6.04; (2) to make payments to the Purchaser in the amounts, or at the times and in the manner provided for in Section 6.01; (3) to pay the related Sub-Servicer any unreimbursed Servicing reimburse itself for Monthly Advances, the Servicer's ’s right to receive reimbursement or make payments to the Sub-Servicer reimburse itself pursuant to this subclause (iii3) with respect to any Mortgage Loan being limited to related amounts received on such Mortgage Loan, including, without limitation, Liquidation Proceeds, REO Disposition Proceeds, Condemnation Proceeds, Insurance Proceeds, Repurchase Price proceeds and condemnation awardssuch other amounts as may be collected by the Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan; (iv4) to reimburse itself for unpaid Servicing Fees and for unreimbursed Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (or 4) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan, including, without limitation, Liquidation Proceeds, REO Disposition Proceeds, Condemnation Proceeds, Insurance Proceeds, Repurchase Price proceeds and such other amounts as may be collected by the Servicer from the related Sub-Servicer) Mortgagor or otherwise relating to the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16Mortgage Loan; (v5) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advanceswithdraw amounts to make Monthly Advances in accordance with Section 6.03; (vi6) to pay to itself (or the related Sub-Servicer) income as additional servicing compensation any interest earned on the investment of funds deposited in the Collection AccountAccount (all such interest to be withdrawn monthly not later than each Remittance Date) and any prepayment penalties or premiums relating to any Principal Prepayments; (vii7) to make deposits into pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Sections 2.04, 3.04 and/or 7.02 all amounts received thereon and not distributed as of the Certificate Account in date on which the related Repurchase Price is determined (except to the extent that such amounts and in constitute part of the manner provided for hereinRepurchase Price to be remitted to the Purchaser); (viii) 8) to make payments to reimburse itself for expenses or others pursuant to any provision otherwise apply funds in the Collection Account in accordance with the express provisions of this Agreement, and ; (9) to remove any amounts deposited into the Collection Account in error; (10) to clear and terminate the Collection Account in the event a new Collection Account has been established, or upon the termination of this Agreement, with any funds contained therein to be distributed in accordance with the terms of this Agreement; and (ix11) to withdraw amounts deposited in errorreimburse itself for any Capitalized Modification Amounts at the time of the modification of any Mortgage Loan to the extent such Capitalized Modification Amounts were previously remitted by the Seller as part of a Servicing Advance or a Monthly Advance and not previously reimbursed; provided, that such reimbursements shall only be made out of the principal portion of collections on the Mortgage Loans. The parties expressly agree and acknowledge that the Servicer’s right to reimbursement of Monthly Advances and Servicing Advances shall be prior to the right of the Purchaser to receive payments from the Mortgage Loans pursuant to Section 6.01 or otherwise. The Servicer shall keep and maintain a separate, detailed accounting, on a Mortgage Loan-by-Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to this Section. Upon request, the Servicer will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Collection Account.

Appears in 5 contracts

Samples: Mortgage Loan Flow Purchase, Sale & Servicing Agreement (Sequoia Mortgage Trust 2013-1), Mortgage Loan Flow Purchase, Sale & Servicing Agreement (Sequoia Mortgage Trust 2012-3), Mortgage Loan Flow Purchase, Sale & Servicing Agreement (Sequoia Mortgage Trust 2012-2)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes: (ia) to reimburse itself for Advances made pursuant to Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement), the Servicer's ’s and the related Sub-Servicer's ’s right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage Loans; (iib) to pay itself the Servicing Fee; (iiic) to reimburse itself for unreimbursed Servicing Advances, or to pay the related Sub-Servicer any unreimbursed Servicing Advances, the Servicer's ’s right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iiic) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, Subsequent Recoveries and condemnation awards; (ivd) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (ve) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vif) to pay to itself (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account; (viig) to make deposits into the Certificate Account in the amounts and in the manner provided for herein; (viiih) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreement; and (ixi) to withdraw amounts deposited in error.

Appears in 5 contracts

Samples: Pooling and Servicing Agreement (Chase Mortgage Finance Trust Series 2007-S5), Pooling and Servicing Agreement (ChaseFlex Trust Series 2007-2), Pooling and Servicing Agreement (ChaseFlex Trust Series 2007-2)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds may make withdrawals from the Collection Account Account, on or prior to any Servicer Payment Date, for the following purposes: (ia) to reimburse itself the Servicer for Advances made Liquidation Expenses theretofore incurred in respect of any Mortgage Loan in an amount not to exceed the amount of the sum of the related Insurance Proceeds and Liquidation Proceeds deposited in the Collection Account pursuant to Section 6.03 5.02(c)(v)-(vi); (including amounts b) to reimburse the related Sub-Servicer for advances made amounts expended by it pursuant to Section 5.04 in good faith in connection with the applicable Sub-Servicing Agreement)restoration of damaged property, in an amount not to exceed the Servicer's amount of the related Insurance Proceeds and the Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections Liquidation Proceeds (net of withdrawals pursuant to Section 5.03(a)) and amounts representing proceeds of other insurance policies covering the property subject to the related Mortgage deposited in the Collection Account pursuant to Section 5.02(c)(v)-(vi); (c) to pay to the Unaffiliated Seller amounts received in respect of any Defective Mortgage Loan purchased or substituted for by the Unaffiliated Seller to the extent that the payment of any such amounts on the Servicer Payment Date upon which the proceeds of such purchase are paid would make the total amount distributed in respect of any such Mortgage Loan on such Servicer Payment Date greater than the Loan Repurchase Price or the Substitution Adjustment therefor; (d) to reimburse the Servicer for unreimbursed Servicing Fees) Advances, without interest, with respect to those particular the Mortgage Loans for which it has made a Servicing Advance, from subsequent collections with respect to interest on such Mortgage Loans and from Liquidation Proceeds, Insurance Proceeds and/or the Loan Repurchase Price or Substitution Adjustment of or relating to such Mortgage Loans; (ii) to pay itself the Servicing Fee; (iiie) to reimburse itself the Servicer for unreimbursed Servicing any Periodic Advances determined in good faith to have become Nonrecoverable Advances, or such reimbursement to pay the related Sub-Servicer be made from any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awards; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi) to pay to itself (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account; (viif) to make deposits into withdraw any amount received from a Mortgagor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the Certificate Account Bankruptcy Code in the amounts and in the manner provided for hereinaccordance with a final, nonappealable order of a court having competent jurisdiction; (viiig) to make payments to itself or others pursuant to withdraw any provision of this Agreement, and to clear and terminate funds deposited in the Collection Account upon the termination of this Agreementthat were not required to be deposited therein; and (ixh) to withdraw amounts deposited in errorpay the Servicer the Servicing Compensation pursuant to Section 5.08 hereof to the extent not retained or paid. The Servicer shall keep and maintain a separate accounting for each Mortgage Loan for the purpose of accounting for withdrawals from the Collection Account pursuant to this Section 5.03.

Appears in 5 contracts

Samples: Sale and Servicing Agreement (Prudential Securities Secured Financing Corp), Sale and Servicing Agreement (Prudential Securities Secured Financing Corp), Sale and Servicing Agreement (Prudential Securities Secured Financing Corp)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes: (i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.04(b) or permitted to be so remitted pursuant to the first sentence of Section 3.04(d); (ii) to reimburse itself for (a) any unreimbursed Advances made pursuant to Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to extent of amounts received on particular Mortgage Loans which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds on Mortgage Loans with respect to those particular which such Advances were made in accordance with the provisions of Section 4.07; (b) any unreimbursed Advances with respect to the final liquidation of a Mortgage Loans; Loan that are Nonrecoverable Advances, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer for such unreimbursed Advances; or (iic) subject to pay itself Section 4.07(b), any unreimbursed Advances to the Servicing Feeextent of funds held in the Collection Account for future distribution that were not included in Available Funds for the preceding Distribution Date; (iii) to reimburse itself for unreimbursed (a) any unpaid Servicing AdvancesFees, or to pay the related Sub-Servicer (b) any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iii) Advances with respect to each Mortgage Loan, but only to the extent of any Mortgage Loan being limited to related Late Collections, Liquidation Proceeds, Insurance ProceedsProceeds and condemnation proceeds received with respect to such Mortgage Loan, and condemnation awards(c) any Servicing Advances with respect to the final liquidation of a Mortgage Loan that are Nonrecoverable Advances, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer for Servicing Advances; (iv) to reimburse itself (for any amounts paid or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.163.03 (and not otherwise previously reimbursed); (v) to reimburse pay to itself as servicing compensation (a) any interest earned on funds in the Collection Account (all such interest to be withdrawn monthly not later than each Servicer Remittance Date), (b) the Servicing Fee from that portion of any payment or recovery as to interest to a particular Mortgage Loan to the related Sub-Servicerextent not retained pursuant to Section 3.04(a)(ii) for and (c) any Nonrecoverable AdvancesPrepayment Interest Excess; (vi) to pay or reimburse itself for any amounts payable or paid pursuant to itself Section 6.03 (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account;and not otherwise previously reimbursed); and (vii) to make deposits into the Certificate Account in the amounts and in the manner provided for herein; (viii) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreement; and (ix) . The foregoing requirements for withdrawal from the Collection Account shall be exclusive. In the event the Servicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw amounts deposited in errorsuch amount from the Collection Account, any provision herein to the contrary notwithstanding.

Appears in 5 contracts

Samples: Pooling and Servicing Agreement (ABFC 2006-Opt2 Trust), Pooling and Servicing Agreement (Asset Backed Funding Corp), Pooling and Servicing Agreement (ABFC 2006-Opt1 Trust)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to timetime in accordance with the provisions hereof, withdraw funds amounts from the Collection Account for the following purposes:purposes (without duplication): (i1) to reimburse itself for unreimbursed Monthly Advances made pursuant and Servicing Advances that the Servicer has determined to be Non-Recoverable Advances as provided in Section 6.03 6.04; (including amounts 2) to make payments to the Purchaser in the amounts, at the times and in the manner provided for in Section 6.01; (3) to reimburse the related Sub-Servicer itself for advances made pursuant to the applicable Sub-Servicing Agreement)Monthly Advances, the Servicer's and the Sub-Servicer's right to receive reimbursement reimburse itself pursuant to this subclause Subsection (i3) being limited to amounts received on particular the related Mortgage Loans Loan which represent Late Collections (net late payments of the Servicing Fees) principal and/or interest with respect to those particular Mortgage Loanswhich any such Monthly Advance was made; (ii) to pay itself the Servicing Fee; (iii4) to reimburse itself for unreimbursed Servicing Advances, or to pay the related Sub-Servicer any Advances and for unreimbursed Servicing Monthly Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer reimburse itself pursuant to this subclause Subsection (iii4) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Condemnation Proceeds, Insurance Proceeds and condemnation awardssuch other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of such reimbursement, the Servicer's right thereto shall be prior to the rights of the Purchaser, except that, where a Seller or the Servicer is required to repurchase (or substitute a Qualified Substitute Mortgage Loan for) a Mortgage Loan pursuant to Sections 2.04, 3.04 and/or 7.02, the Servicer's right to such reimbursement shall be subsequent and subordinate to the payment to the Purchaser of the applicable Repurchase Price (or delivery of a Qualified Substitute Mortgage Loan) and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan; (iv5) to reimburse itself (or pay to itself, solely out of the related Sub-Servicer) or interest portion of the Depositor for expenses incurred by and recoverable by or reimbursable Monthly Payment actually received with respect to it pursuant a Mortgage Loan during the period ending on the most recent Determination Date, the Servicing Fee with respect to Section 5.01 or 5.16such Mortgage Loan; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi6) to pay to itself as additional servicing compensation (or the related Sub-Servicera) income any interest earned on the investment of funds deposited in the Collection AccountAccount (all such interest to be withdrawn monthly not later than each Remittance Date) and (b) any prepayment penalties or premiums relating to any Principal Prepayments; provided that no such amounts shall be payable as servicing compensation to the extent they relate to a Mortgage Loan with respect to which a default, breach, violation, or event of acceleration exists or would exist but for the lapse of time, the giving of notice, or both; (vii7) to make deposits into pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Sections 2.04, 3.04 and/or 7.02 all amounts received thereon and not distributed as of the Certificate Account in date on which the related Repurchase Price is determined (except to the extent that such amounts and in constitute part of the manner provided for hereinRepurchase Price to be remitted to the Purchaser); (viii8) to remove any amounts deposited into the Collection Account in error; and (9) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreement; and (ix) , with any funds contained therein to withdraw amounts deposited be distributed in erroraccordance with the terms of this Agreement. The Servicer shall keep and maintain a separate, detailed accounting, on a Mortgage Loan-by-Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to this Section.

Appears in 5 contracts

Samples: Mortgage Loan Flow Purchase, Sale & Servicing Agreement (Merrill Lynch Mort Inv Inc Mo Pass THR Ce Se MLCC 2003f), Mortgage Loan Flow Purchase, Sale & Servicing Agreement (Merrill Lynch Mortgage Investors Inc), Mortgage Loan Flow Purchase, Sale & Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series MLCC 2003-G)

Permitted Withdrawals from the Collection Account. (a) The Master Servicer may, from time to time, withdraw funds may make withdrawals from the Collection Account only as described below (the order set forth below not constituting an order of priority for such withdrawals), subject to the following purposesapplication of Penalty Charges and Modification Fees in accordance with the related Co-Lender Agreement and Section 3.14 of this Agreement: (i) to reimburse itself remit on or before each Master Servicer Remittance Date to the Certificate Administrator for Advances made deposit in the Lower-Tier REMIC Distribution Account, the Interest Reserve Account, the Excess Interest Distribution Account and the Excess Liquidation Proceeds Reserve Account the amounts required to be deposited in such accounts pursuant to Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing AgreementSections 3.05(c), the Servicer's 3.05(e), 3.23, 4.01(a)(i) and the Sub-Servicer's right to receive reimbursement pursuant to Section 4.06(a) of this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage LoansAgreement, respectively; (ii) to pay itself or reimburse the Servicing Fee; Master Servicer, the Special Servicer or the Trustee, as applicable (iiiA) for Advances made thereby with respect to Mortgage Loans that are not part of a Serviced Loan Combination (other than Workout-Delayed Reimbursement Amounts) and any related Advance Interest Amounts (provided that the Trustee shall have priority with respect to such payment or reimbursement of any such Advances and any related Advance Interest Amounts), the Master Servicer’s right to reimburse itself for unreimbursed Servicing Advances, or to pay the related Sub-Servicer any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer such Person pursuant to this subclause clause (iiiii)(A) with respect to any Mortgage Loan being limited to late collections (including cure payments by related Liquidation Serviced Companion Loan Holders) of the particular item which was the subject of the related Advance, Penalty Charges, Net Condemnation Proceeds, Insurance Net REO Proceeds, Net Insurance Proceeds and condemnation awards; Net Liquidation Proceeds on or in respect of the particular Mortgage Loan or REO Property respecting which such Advance was made, if applicable (ivprovided that (x) prior to reimburse itself (or the time any Advance is reimbursed, Advance Interest Amounts may be reimbursed solely from Penalty Charges and Modification Fees collected on the related Sub-ServicerMortgage Loan, and (y) or at the Depositor for expenses incurred by time any Advance (other than Workout Delayed Reimbursement Amounts) is reimbursed, Advance Interest Amounts on such reimbursed Advance shall be payable first from Penalty Charges and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (v) to reimburse itself (or Modification Fees collected on the related Sub-Servicer) for any Nonrecoverable Advances; (vi) Mortgage Loan, and, to pay to itself (or the related Sub-Servicer) income earned extent such Penalty Charges and Modification Fees are insufficient, then from general collections on the investment of funds deposited deposit in the Collection Account; ), (B) for Advances made thereby with respect to Mortgage Loans that are part of a Serviced Loan Combination and any related Advance Interest Amounts (provided that the Trustee shall have priority with respect to such payment or reimbursement of any such Advances and any related Advance Interest Amounts), the Master Servicer’s right to reimburse any such person pursuant to this clause (ii)(B) being limited to Net Liquidation Proceeds on or in respect of the particular Mortgage Loan or REO Property respecting which such Advance was made, which Net Liquidation Proceeds were received in connection with any of the events described in clauses (iii), (iv) and (vii) to make deposits into of the Certificate Account in the amounts and in the manner provided for herein; definition of “Liquidation Event”, (viiiC) to make payments to itself or others the extent not reimbursed pursuant to any provision Section 3.14 of this Agreement, for Advances and any related Advance Interest Amounts (or portion thereof) that have been deemed to clear be Nonrecoverable Advances or are not recovered from recoveries in respect of the related Mortgage Loan, Serviced Loan Combination or REO Property after a Final Recovery Determination to the extent not recovered from the related Loan Combination Custodial Account and terminate Advance Interest Amounts thereon, first, out of the Collection Account upon principal portion of general collections on the termination Mortgage Loans and REO Properties, and second, to the extent the principal portion of general collections is insufficient and with respect to such excess only, subject to any election in its sole discretion to defer reimbursement thereof pursuant to Section 3.27 of this Agreement; and , out of other collections on the Mortgage Loans and REO Properties, and (ixD) for Workout-Delayed Reimbursement Amounts and Advance Interest Amounts thereon, first, out of the principal portion of the general collections on the Mortgage Loans and REO Properties, net of such amounts being reimbursed pursuant to withdraw amounts deposited clause (C) above, and second, upon a determination by the Master Servicer, the Special Servicer or the Trustee, as applicable, that a Workout-Delayed Reimbursement Amount is a Nonrecoverable Advance, in error.the same manner as Nonrecoverable Advances may be reimbursed (provided that with respect to each Mortgage Loan or REO Property that relates to a Serviced Loan Combination, such Workout-Delayed Reimbursement Amounts and Advance Interest Amounts thereon shall first be reimbursed pursuant to Section

Appears in 5 contracts

Samples: Pooling and Servicing Agreement (CD 2017-Cd6 Mortgage Trust), Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2017-C4), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2017-C34)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds may make withdrawals from the Collection Account only as described below (the order set forth below not constituting an order of priority for the following purposes:such withdrawals): (i) to reimburse itself remit to the Trustee, for Advances made deposit in the Distribution Account, the amounts required to be deposited in the Distribution Account pursuant to Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage Loans4.6; (ii) to pay or reimburse the Servicer, the Trustee or the Fiscal Agent for Advances, the right of the Servicer, the Trustee or the Fiscal Agent to reimburse itself pursuant to this clause (ii) being limited to either (x) any collections on or in respect of the Servicing Feeparticular Mortgage Loan or REO Property respecting which each such Advance was made, or (y) any other amounts in the Collection Account in the event that such Advances have been deemed to be Nonrecoverable Advances or are not recovered from recoveries in respect of the related Mortgage Loan or REO Property after a Final Recovery Determination; (iii) to reimburse itself for unreimbursed Servicing Advances, or pay to pay the related Sub-Servicer any unreimbursed Servicing AdvancesServicer, the Servicer's right to receive reimbursement Trustee or make payments to the Sub-Servicer pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awardsFiscal Agent the Advance Interest Amount; (iv) to reimburse itself pay on or before each Remittance Date to the Servicer and the Special Servicer, as applicable, as compensation, the unpaid Servicing Fee and Special Servicing Fee, respectively, in respect of the related Distribution Date (in each case, reduced up to the amount of any Prepayment Interest Shortfalls with respect to such Distribution Date, in accordance with Section 3.25), to be paid, in the case of the Servicing Fee, from interest received on the related Mortgage Loans, and to pay from time to time, to the Servicer any interest or investment income earned on funds deposited in the Collection Account, and to pay to the Servicer as additional Servicing Compensation any Prepayment Interest Surplus received in the preceding Collection Period and to pay to the Servicer or the related Sub-Special Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16, as applicable, any other amounts constituting Servicing Compensation; (v) to reimburse itself (pay on or before each Distribution Date to the Depositor, the Mortgage Loan Seller, ____________________ or the purchaser of any Specially Serviced Mortgage Loan or REO Property, as the case may be, with respect to each Mortgage Loan or REO Property that has previously been purchased or repurchased by it pursuant to Section 2.3(d), 2.3(e), Section 3.18 or Section 9.1, all amounts received thereon during the related Sub-Servicer) for any Nonrecoverable AdvancesCollection Period and subsequent to the date as of which the amount required to effect such purchase or repurchase was determined; (vi) to the extent not reimbursed or paid pursuant to any other clause of this Section 3.6, to reimburse or pay the Servicer, the Special Servicer, the Trustee, the Depositor and/or the Fiscal Agent for unpaid items incurred by or on behalf of such Person pursuant to itself the second sentence of Section 3.1(f), the second sentence of Section 3.7(c), Section 3.8(a), Section 3.10, Section 3.12(d), Section 3.17(a), (b) and (c), Section 3.18(a), 6.3, 7.4, 8.5(d), 9.1(d) or Section 10.7, or any other provision of this Agreement pursuant to which such Person is entitled to reimbursement or payment from the related Sub-ServicerTrust Fund, in each case only to the extent reimbursable under such Section, it being acknowledged that this clause (vi) income earned on shall not be deemed to modify the investment substance of funds deposited in any such Section, including the Collection Accountprovisions of such Section that set forth the extent to which one of the foregoing Persons is or is not entitled to payment or reimbursement; (vii) to make deposits into deposit in one or more separate, non-interest bearing accounts any amount reasonably determined by the Certificate Account Trustee to be necessary to pay any applicable federal, state or local taxes imposed on the Lower-Tier REMIC under the circumstances and to the extent described in the amounts and in the manner provided for hereinSection 4.5; (viii) to make payments withdraw any amount deposited into the Collection Account that was not required to itself or others pursuant to any provision of this Agreement, and be deposited therein; and (ix) to clear and terminate the Collection Account pursuant to Section 9.1. 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 pursuant to subclauses (ii) - (viii) above. The Servicer shall pay to the Trustee or the Special Servicer from the Collection Account (to the extent permitted by clauses (i)-(viii) above) amounts permitted to be paid to the Trustee or the Special Servicer therefrom, promptly upon receipt of a certificate of a Responsible Officer of the termination Trustee or a Servicing Officer of the Special Servicer, as applicable, describing the item and amount to which the Trustee or the Special Servicer is entitled. The Servicer may rely conclusively on any such certificate and shall have no duty to recalculate the amounts stated therein. The Trustee, the Special Servicer and the Servicer shall in all cases have a right prior to the Certificateholders to any funds on deposit in the Collection Account from time to time for the reimbursement or payment of Servicing Compensation, Advances (subject to the limitation set forth in Section 3.6(ii)) and their respective expenses (including Advance Interest Amounts) hereunder to the extent such expenses are to be reimbursed or paid from amounts on deposit in the Collection Account pursuant to this Agreement; and (ix) to withdraw amounts deposited in error.

Appears in 4 contracts

Samples: Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp), Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp), Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes: (i) to reimburse itself for Advances made pursuant to Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement), the Servicer's and the related Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage Loans; (ii) to pay itself the Servicing Fee; (iii) to reimburse itself for unreimbursed Servicing Advances, or to pay the related Sub-Servicer any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awards; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi) to pay to itself (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account; (vii) to make deposits into the Certificate Account in the amounts and in the manner provided for herein; (viii) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreement; and (ix) to withdraw amounts deposited in error.

Appears in 4 contracts

Samples: Pooling and Servicing Agreement (Chase Mortgage Finance Corp), Pooling and Servicing Agreement (Chase Mortgage Finance Corp), Pooling and Servicing Agreement (Chase Mortgage Finance Corp)

Permitted Withdrawals from the Collection Account. The Master Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes: (i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.04(b) or permitted to be so remitted pursuant to the first sentence of Section 3.04(d); (ii) to reimburse itself for (a) any unreimbursed Advances made pursuant to Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to extent of amounts received on particular Mortgage Loans which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds on Mortgage Loans with respect to those particular which such Advances were made in accordance with the provisions of Section 4.07; (b) any unreimbursed Advances with respect to the final liquidation of a Mortgage Loans; Loan that are Nonrecoverable Advances, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer for such unreimbursed Advances; or (iic) subject to pay itself Section 4.07(b), any unreimbursed Advances to the Servicing Feeextent of funds held in the Collection Account for future distribution that were not included in Available Funds for the preceding Distribution Date; (iii) to reimburse itself for unreimbursed (a) any unpaid Servicing AdvancesFees, or to pay the related Sub-Servicer (b) any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iii) Advances with respect to each Mortgage Loan, but only to the extent of any Mortgage Loan being limited to related Late Collections, Liquidation Proceeds, Insurance ProceedsProceeds and condemnation proceeds received with respect to such Mortgage Loan, and condemnation awards(c) any Servicing Advances with respect to the final liquidation of a Mortgage Loan that are Nonrecoverable Advances, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer for Servicing Advances; (iv) to reimburse itself (for any amounts paid or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.163.03 (and not otherwise previously reimbursed); (v) to reimburse pay to itself as servicing compensation (a) any interest earned on funds in the Collection Account (all such interest to be withdrawn monthly not later than each Servicer Remittance Date), (b) the Servicing Fee from that portion of any payment or recovery as to interest to a particular Mortgage Loan to the related Sub-Servicerextent not retained pursuant to Section 3.04(a)(ii) for and (c) any Nonrecoverable AdvancesPrepayment Interest Excess; (vi) to pay or reimburse itself for any amounts payable or paid pursuant to itself Section 6.03 (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Accountand not otherwise previously reimbursed); (vii) to make deposits into reimburse the Certificate Account Insurer for the amount of any claim (net of the aggregate amount of premium paid to the Insurer with respect to the related MI Mortgage Loan) paid by the Insurer prior to rescission of coverage of the related MI Mortgage Loan as set forth in the amounts and in the manner provided for herein;Section 3.01. (viii) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreement; and (ix) . The foregoing requirements for withdrawal from the Collection Account shall be exclusive. In the event the Master Servicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw amounts deposited in errorsuch amount from the Collection Account, any provision herein to the contrary notwithstanding.

Appears in 4 contracts

Samples: Pooling and Servicing Agreement (Asset Backed Funding Corp. ABFC Asset Backed Certificates Series 2004-Opt3), Pooling and Servicing Agreement (Abfc Asset-Backed Certificates Series 2004-Opt2), Pooling and Servicing Agreement (Asset Backed Funding Corp. ABFC Asset Backed Certificates Series 2004-Opt3)

Permitted Withdrawals from the Collection Account. (a) The Master Servicer may, from time to time, withdraw funds may make withdrawals from the Collection Account only as described below (the order set forth below not constituting an order of priority for such withdrawals), subject to the following purposesapplication of Penalty Charges and Modification Fees in accordance with the related Co-Lender Agreement and Section 3.14 of this Agreement: (i) to reimburse itself for Advances made pursuant to Section 6.03 (including amounts to reimburse the related Sub-remit on or before each Master Servicer for advances made pursuant Remittance Date to the applicable SubCertificate Administrator for deposit in the Lower-Servicing AgreementTier REMIC Distribution Account in respect of the Mortgage Loans (or the Trust Subordinate Companion Loan REMIC Distribution Account in respect of the Trust Subordinate Companion Loan), the Servicer's Interest Reserve Account, the Excess Interest Distribution Account and the Sub-Servicer's right Excess Liquidation Proceeds Reserve Account the amounts required to receive reimbursement be deposited in such accounts pursuant to Sections 3.05(c), 3.05(e), 3.23, 4.01(a)(i) and Section 4.06(a) of this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage LoansAgreement, respectively; (ii) to pay itself or reimburse the Servicing Fee; Master Servicer, the Special Servicer or the Trustee, as applicable (iiiA) for Advances made thereby with respect to Mortgage Loans that are not part of a Serviced Loan Combination (other than Workout-Delayed Reimbursement Amounts) and any related Advance Interest Amounts (provided that the Trustee shall have priority with respect to such payment or reimbursement of any such Advances and any related Advance Interest Amounts), the Master Servicer’s right to reimburse itself for unreimbursed Servicing Advances, or to pay the related Sub-Servicer any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer such Person pursuant to this subclause clause (iiiii)(A) with respect to any Mortgage Loan being limited to late collections (including cure payments by related Liquidation Serviced Companion Loan Holders) of the particular item which was the subject of the related Advance, Penalty Charges, Net Condemnation Proceeds, Insurance Net REO Proceeds, Net Insurance Proceeds and condemnation awards; Net Liquidation Proceeds on or in respect of the particular Mortgage Loan or REO Property respecting which such Advance was made, if applicable (ivprovided that (x) prior to reimburse itself (or the time any Advance is reimbursed, Advance Interest Amounts may be reimbursed solely from Penalty Charges and Modification Fees collected on the related Sub-ServicerMortgage Loan, and (y) or at the Depositor for expenses incurred by time any Advance (other than Workout Delayed Reimbursement Amounts) is reimbursed, Advance Interest Amounts on such reimbursed Advance shall be payable first from Penalty Charges and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (v) to reimburse itself (or Modification Fees collected on the related Sub-Servicer) for any Nonrecoverable Advances; (vi) Mortgage Loan, and, to pay to itself (or the related Sub-Servicer) income earned extent such Penalty Charges and Modification Fees are insufficient, then from general collections on the investment of funds deposited deposit in the Collection Account; ), (B) for Advances made thereby with respect to Mortgage Loans or Trust Subordinate Companion Loan that are part of a Serviced Loan Combination and any related Advance Interest Amounts (provided that the Trustee shall have priority with respect to such payment or reimbursement of any such Advances and any related Advance Interest Amounts), the Master Servicer’s right to reimburse any such person pursuant to this clause (ii)(B) being limited to Net Liquidation Proceeds on or in respect of the particular Mortgage Loan, Trust Subordinate Companion Loan or REO Property respecting which such Advance was made, which Net Liquidation Proceeds were received in connection with any of the events described in clauses (iii), (iv) and (vii) to make deposits into of the Certificate Account in the amounts and in the manner provided for herein; definition of “Liquidation Event”, (viiiC) to make payments to itself or others the extent not reimbursed pursuant to any provision Section 3.14 of this Agreement, for Advances with respect to Mortgage Loans and any related Advance Interest Amounts (or portion thereof) that have been deemed to clear be Nonrecoverable Advances or are not recovered from recoveries in respect of the related Mortgage Loan, Serviced Loan Combination or REO Property after a Final Recovery Determination to the extent not recovered from the related Loan Combination Custodial Account and terminate Advance Interest Amounts thereon, first, out of the Collection Account upon principal portion of general collections on the termination Mortgage Loans and REO Properties, and second, to the extent the principal portion of general collections is insufficient and with respect to such excess only, subject to any election in its sole discretion to defer reimbursement thereof pursuant to Section 3.27 of this Agreement; and , out of other collections on the Mortgage Loans and REO Properties, and (ixD) for Workout-Delayed Reimbursement Amounts with respect to withdraw Mortgage Loans and Advance Interest Amounts thereon, first, out of the principal portion of the general collections on the Mortgage Loans and REO Properties, net of such amounts deposited being reimbursed pursuant to clause (C) above, and second, upon a determination by the Master Servicer, the Special Servicer or the Trustee, as applicable, that a Workout-Delayed Reimbursement Amount is a Nonrecoverable Advance, in error.the same manner as Nonrecoverable Advances may be reimbursed (provided that with respect to each Mortgage Loan or REO Property that relates to a Serviced Loan Combination, such Workout-Delayed Reimbursement Amounts and Advance Interest Amounts thereon shall first be reimbursed pursuant to

Appears in 4 contracts

Samples: Pooling and Servicing Agreement (Bank 2020-Bnk26), Pooling and Servicing Agreement (Benchmark 2020-B16 Mortgage Trust), Pooling and Servicing Agreement (Bank 2019-Bnk24)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to timetime in accordance with the provisions hereof, withdraw funds amounts from the Collection Account for the following purposes:purposes (without duplication): (i1) to reimburse itself for unreimbursed Monthly Advances made pursuant and Servicing Advances (other than with respect to REO Properties) that are approved by the Purchaser as being non-recoverable in accordance with Section 6.03 6.04; (including amounts 2) to make payments to the Purchaser in the amounts, at the times and in the manner provided for in Section 6.01; to reimburse the related Sub-Servicer itself for advances made pursuant to the applicable Sub-Servicing Agreement)Monthly Advances, the Servicer's and the Sub-Servicer's right to receive reimbursement reimburse itself pursuant to this subclause (i) Subsection 3 being limited to amounts received on particular the related Mortgage Loans Loan which represent Late Collections (net late payments of the Servicing Fees) principal and/or interest with respect to those particular which any such Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer's right thereto shall be prior to the rights of the Purchaser, except that, where a Seller or the Servicer is required to repurchase a Mortgage LoansLoan pursuant to Section! 2.04, 3.04 and/or 7.02 the Servicer's right to such reimbursement shall be subsequent and subordinate to the payment to the Purchaser of the applicable Repurchase Price pursuant to such section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan; (ii) to pay itself the Servicing Fee; (iii3) to reimburse itself for unreimbursed Servicing Advances, or Advances (other than with respect to pay the related Sub-Servicer any REO Properties) and for unreimbursed Servicing Monthly Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer reimburse itself pursuant to this subclause (iii) Subsection 4 with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Condemnation Proceeds, Insurance Proceeds and condemnation awardssuch other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of such reimbursement, the Servicer's right thereto shall be prior to the rights of the Purchaser, except that, where a Seller or the Servicer is required to repurchase a Mortgage Loan pursuant to Sections 2.04, 3.04 and/or 7.02, the Servicer's right to such reimbursement shall be subsequent and subordinate to the payment to the Purchaser of the applicable Repurchase Price and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan; (iv4) to reimburse itself (or pay to itself, solely out of the related Sub-Servicer) or interest portion of the Depositor for expenses incurred by and recoverable by or reimbursable Monthly Payment actually received with respect to it pursuant a Mortgage Loan during the period ending on the most recent Determination Date, the Servicing Fee with respect to Section 5.01 or 5.16such Mortgage Loan; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi5) to pay to itself as additional servicing compensation (or the related Sub-Servicera) income any interest earned on the investment of funds deposited in the Collection AccountAccount (all such interest to be withdrawn monthly not later than each Remittance Date) and (b) any prepayment penalties or premiums relating to any Principal Prepayments; provided that no such amounts shall be payable as servicing compensation to the extent they relate to a Mortgage Loan with respect to which a default, breach, violation, or event of acceleration exists or would exist but for the lapse of time, the giving of notice, or both; (vii6) to make deposits into pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Sections 2.04, 3.04 and/or 7.02 all amounts received thereon and not distributed as of the Certificate Account in date on which the related Repurchase Price is determined (except to the extent that such amounts and in constitute part of the manner provided for hereinRepurchase Price to be remitted to the Purchaser); (viii7) to make payments to itself or others pursuant to remove any provision of this Agreement, and amounts deposited into the Collection Account in error; and (8) to clear and terminate the Collection Account upon the termination of this Agreement; and (ix) , with any funds contained therein to withdraw amounts deposited be distributed in erroraccordance with the terms of this Agreement. The Servicer shall keep and maintain a separate, detailed accounting, on a Mortgage Loan-by-Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to this Section 5.05.

Appears in 4 contracts

Samples: Mortgage Loan Flow Purchase, Sale & Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Cer Ser 2003-6a), Mortgage Loan Flow Purchase, Sale & Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003 24a), Mortgage Loan Flow Purchase, Sale & Servicing Agreement (Structured Asset Securities Corp)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to timetime in accordance with the provisions hereof, withdraw funds amounts from the Collection Account for the following purposes:purposes (without duplication): (i1) to reimburse itself for unreimbursed Monthly Advances made pursuant and Servicing Advances that the Servicer has determined to be Non-Recoverable Advances as provided in Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage Loans6.04; (ii2) to pay itself make payments to the Servicing FeePurchaser in the amounts, at the times and in the manner provided for in Section 6.01; (iii3) to reimburse itself for Monthly Advances; (4) to reimburse itself for unreimbursed Servicing Advances, or to pay the related Sub-Servicer any Advances and for unreimbursed Servicing Monthly Advances, the Servicer's ’s right to receive reimbursement or make payments to the Sub-Servicer reimburse itself pursuant to this subclause Subsection (iii4) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Condemnation Proceeds, Insurance Proceeds and condemnation awardssuch other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Purchaser, except that, where a Seller or the Servicer is required to repurchase (or substitute a Qualified Substitute Mortgage Loan for) a Mortgage Loan pursuant to Sections 2.04, 3.04 and/or 7.02, the Servicer’s right to such reimbursement shall be subsequent and subordinate to the payment to the Purchaser of the applicable Repurchase Price (or delivery of a Qualified Substitute Mortgage Loan) and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi5) to pay to itself (or the related Sub-Servicer) income as additional servicing compensation any interest earned on the investment of funds deposited in the Collection AccountAccount (all such interest to be withdrawn monthly not later than each Remittance Date), any Foreclosure Profits and any prepayment penalties or premiums relating to any Principal Prepayments; provided that no such amounts shall be payable as servicing compensation to the extent they relate to a Mortgage Loan with respect to which a default, breach, violation, or event of acceleration exists or would exist but for the lapse of time, the giving of notice, or both; (vii6) to make deposits into pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Sections 2.04, 3.04 and/or 7.02 all amounts received thereon and not distributed as of the Certificate Account in date on which the related Repurchase Price is determined (except to the extent that such amounts and in constitute part of the manner provided for hereinRepurchase Price to be remitted to the Purchaser); (viii7) to make payments to itself or others pursuant to remove any provision of this Agreement, and amounts deposited into the Collection Account in error; and (8) to clear and terminate the Collection Account in the event a new Collection Account has been established, or upon the termination of this Agreement; and (ix) , with any funds contained therein to withdraw amounts deposited be distributed in erroraccordance with the terms of this Agreement. The Servicer shall keep and maintain a separate, detailed accounting, on a Mortgage Loan-by-Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to this Section.

Appears in 4 contracts

Samples: Servicing Agreement (Lehman Mortgage Trust 2007-5), Mortgage Loan Flow Purchase, Sale & Servicing Agreement (Citigroup Mortgage Loan Trust 2006-Ar5), Mortgage Loan Flow Purchase, Sale & Servicing Agreement (Citigroup Mortgage Loan Trust 2007-Ar1)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes: (i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.04(b) or permitted to be so remitted pursuant to the first sentence of Section 3.04(d); (ii) to reimburse itself for (x) Advances made pursuant to Section 6.03 (including amounts to reimburse and Servicing Advances; the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement reimburse itself pursuant to this subclause (iii) being limited to amounts received on particular the related Mortgage Loans Loan which represent Late Collections payments of (net of the a) principal and/or interest respecting which any such Advance was made or (b) Condemnation Proceeds, Insurance Proceeds or Liquidation Proceeds respecting which any such Servicing FeesAdvance was made or (y) with respect any unreimbursed Advances made pursuant to those particular Mortgage Loans; (iiSection 4.07(b) to pay itself the Servicing Feeextent of funds held in the Collection Account for future distribution that were not included in Available Funds for the preceding Distribution Date; (iii) to reimburse itself for unreimbursed Servicing Advances, or any unpaid Servicing Fees and for unreimbursed Advances to pay the related Sub-Servicer any unreimbursed Servicing extent that such amounts are deemed to be Nonrecoverable Advances, the Servicer's right and to receive reimbursement or make payments reimburse itself for such amounts to the Sub-Servicer extent that such amounts are nonrecoverable from the disposition of REO Property pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awardsSection 3.03 or Section 3.13 hereof; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it any amounts paid pursuant to Section 5.01 or 5.163.03 (and not otherwise previously reimbursed); (v) to reimburse pay to itself as servicing compensation (a) any interest earned on funds in the Collection Account (all such interest to be withdrawn monthly not later than each Servicer Remittance Date) and (b) the Servicing Fee from that portion of any payment or recovery as to interest to a particular Mortgage Loan to the related Sub-Servicer) for any Nonrecoverable Advancesextent not retained pursuant to Section 3.04(ii); (vi) to pay or reimburse itself or any other party for any amounts payable or paid pursuant to itself Section 3.26 or Section 6.03 (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account;and not otherwise previously reimbursed); and (vii) to make deposits into the Certificate Account in the amounts and in the manner provided for herein; (viii) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreement; and (ix) . The foregoing requirements for withdrawal from the Collection Account shall be exclusive. In the event the Servicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw amounts deposited in errorsuch amount from the Collection Account, any provision herein to the contrary notwithstanding.

Appears in 4 contracts

Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc C-Bass Mortgage Loan Asset-Backed Certificates, Series 2004-Cb7), Pooling and Servicing Agreement (C-Bass MTG Ln as Bk Cert Ser 2004-Cb4), Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Series 2004-Cb3)

Permitted Withdrawals from the Collection Account. The Master Servicer may, from time to time, withdraw funds may make withdrawals from the Collection Account only as described below (the order set forth below not constituting an order of priority for the following purposes:such withdrawals): (i) to reimburse itself remit to the Trustee for Advances made deposit in the Lower-Tier Distribution Account, the Class Q Distribution Account, the Interest Reserve Account, the Excess Interest Distribution Account, the Payment Reserve Account, the amounts required to be deposited in the Lower-Tier Distribution Account, the Class Q Distribution Account, the Interest Reserve Account, the Excess Interest Distribution Account and the Payment Reserve Account, pursuant to Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing AgreementSections 4.01(a)(i), the Servicer's 3.05(c), 3.25, 3.05(d) and the Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage Loans3.05(e), respectively; (ii) to pay itself or reimburse the Servicing FeeMaster Servicer, the Special Servicer, the Trustee or the Fiscal Agent for Advances and any related Advance Interest Amounts (provided that the Trustee and the Fiscal Agent shall have priority with respect to such payment or reimbursement of any such Advances and any related Advance Interest Amounts), the Master Servicer's right to reimburse any such Person pursuant to this clause (ii) being limited to (x) any collections on or in respect of the particular Mortgage Loan or REO Property respecting which such Advance was made, or (y) any other amounts in the Collection Account in the event that such Advances have been deemed to be Nonrecoverable Advances or are not recovered from such recoveries in respect of the related Mortgage Loan or REO Property after a Final Recovery Determination; (iii) to reimburse itself for unreimbursed Servicing Advances, or to pay the related Sub-Servicer any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awards;[Reserved] (iv) to reimburse itself the extent not otherwise required to be applied against Prepayment Interest Shortfalls, to pay on or before each Master Servicer Remittance Date to the Master Servicer and the Special Servicer, as applicable, as compensation, the aggregate unpaid Servicing Fee and Special Servicing Compensation (or if any), respectively, in respect of the immediately preceding Interest Accrual Period, to be paid, in the case of the Servicing Fee, from interest received on the related Sub-Servicer) or the Depositor for expenses incurred by Mortgage Loan and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi) to pay from time to itself (time to the Master Servicer in accordance with Section 3.07(b) any interest or the related Sub-Servicer) investment income earned on the investment of funds deposited in the Collection Account; (v) to pay on or before each Distribution Date to the Seller, the applicable Responsible Party or any other applicable Person as the case may be, with respect to each Mortgage Loan or REO Property that has previously been purchased or repurchased by it pursuant to Section 2.03(c), Section 3.18 or Section 9.01, all amounts received thereon during the related Collection Period and subsequent to the date as of which the amount required to effect such purchase or repurchase was determined; (vi) to the extent not reimbursed or paid pursuant to any other clause of this Section 3.06, to reimburse or pay the Master Servicer, the Trustee, the Special Servicer, the Seller or the Fiscal Agent, as applicable, for unpaid Servicing Fees, Special Servicing Compensation and other unpaid items incurred by such Person pursuant to the second sentence of Section 3.07(c), Section 3.08(a) and (b), Section 3.10, Section 3.12(d), Section 3.17(a), Section 3.18(b), Section 6.03, Section 7.04, Section 8.05(d) or Section 10.07, or any other provision of this Agreement pursuant to which such Person is entitled to reimbursement or payment from the Trust Fund, in each case only to the extent expressly reimbursable under such Section, it being acknowledged that this clause (vi) shall not be deemed to modify the substance of any such Section, including the provisions of such Section that set forth the extent to which one of the foregoing Persons is or is not entitled to payment or reimbursement; (vii) to make deposits into transfer to the Certificate Account Trustee for deposit in one or more separate, non-interest bearing accounts any amount reasonably determined by the amounts Trustee to be necessary to pay any applicable federal, state or local taxes imposed on the Upper-Tier REMIC or the Lower-Tier REMIC under the circumstances and to the extent described in the manner provided for hereinSection 4.05; (viii) to make payments withdraw any amount deposited into the Collection Account that was not required to itself or others pursuant be deposited therein; (ix) to remit any provision of this Agreement, and GSMC Retained Interest Amount; and (x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master 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 pursuant to subclauses (ii)-(vi) above. The Trustee, the Fiscal Agent, the Special Servicer and the Master Servicer shall in all cases have a right prior to the Certificateholders to any funds on deposit in the Collection Account from time to time for the reimbursement or payment of the Servicing Fees (including investment income), or Trustee Fees, Special Servicing Compensation, Advances, Advance Interest Amounts and their respective expenses hereunder to the extent such fees and expenses are to be reimbursed or paid from amounts on deposit in the Collection Account pursuant to this Agreement (and to have such amounts paid directly to third party contractors for any invoices approved by the Trustee, the Master Servicer or the Special Servicer, as applicable). The Trustee shall, upon receipt, deposit in the termination Lower-Tier Distribution Account, the Class Q Distribution Account, the Payment Reserve Account, the Interest Reserve Account and the Excess Interest Distribution Account any and all amounts received by the Trustee in accordance with Section 3.06(i). If, as of 3:00 p.m., New York City time, on any Master Servicer Remittance Date or on such other date as any amount referred to in the foregoing clause (i) is required to be delivered hereunder, the Master Servicer shall not have delivered to the Trustee for deposit in the Lower-Tier Distribution Account, the Class Q Distribution Account, the Payment Reserve Account, the Interest Reserve Account and the Excess Interest Distribution Account the amounts required to be deposited therein pursuant to the provisions of this AgreementAgreement (including, without limitation Section 3.06(i)), then the Trustee shall, to the extent that a Responsible Officer of the Trustee has such knowledge, provide notice of such failure to the Master Servicer by facsimile transmission sent to telecopy No. (000) 000-0000 (or such alternative number provided by the Master Servicer to the Trustee in writing) and by telephone at telephone No. (000) 000-0000 (or such alternative number provided by the Master Servicer to the Trustee in writing) as soon as possible, but in any event before 5:00 p.m., New York City time, on such day; and (ix) to withdraw amounts deposited in errorprovided, however, that the Master Servicer will pay the Trustee interest on such late payment at the prime rate until such late payment is received by the Trustee.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Gs Mortgages Sec Corp Ii Com Mort Pas THR Cert Ser 1998-C1), Pooling and Servicing Agreement (Gs Mortgages Sec Corp Ii Com Mort Pas THR Cert Ser 1998-C1), Pooling and Servicing Agreement (Gs Mortgages Sec Corp Ii Com Mort Pas THR Cert Ser 1998-C1)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes: (i) to reimburse itself remit to the Trustee for Advances made deposit in the Distribution Account (a) the amounts required to be so remitted pursuant to Section 3.04(b), (b) the amounts permitted to be so remitted pursuant to the first sentence of Section 3.04(d) or clause (ii) of the first sentence of the second paragraph of Section 4.07(b), (c) any amounts required to be so remitted pursuant to Section 6.03 and (including d) any amounts required to reimburse the related Sub-Servicer for advances made be so remitted pursuant to the applicable Sub-Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage LoansSection 8.05; (ii) to pay reimburse itself for (a) Advances and Servicing Advances to the extent of amounts received on the related Mortgage Loan which represent payments of (x) principal and/or interest respecting which any such Advance was made or (y) Condemnation Proceeds, Insurance Proceeds or Liquidation Proceeds respecting which any such Servicing FeeAdvance was made; or (b) any unreimbursed Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution Date (provided, however, any funds so applied will be replaced by the Servicer by deposit in the Collection Account no later than one Business Day prior to the Distribution Date on which such funds are required to be distributed) and to reimburse itself for Advances and Servicing Advances made in connection with the modification of a Mortgage Loan; (iii) to reimburse itself for unreimbursed Servicing Advances, or any unpaid Servicing Fees and for unreimbursed Advances to pay the extent that such amounts are deemed to be Nonrecoverable Advances and to reimburse itself for such amounts to the extent that such amounts are nonrecoverable from the disposition of the related SubREO Property or have been written-Servicer any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer off pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awardsSection 3.13 hereof; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it any amounts paid pursuant to Section 5.01 or 5.163.03 (and not otherwise previously reimbursed); (v) to reimburse pay to itself as servicing compensation (a) any interest earned on funds in the Collection Account (all such interest to be withdrawn monthly not later than each Servicer Remittance Date) and (b) the Servicing Fee from that portion of any payment or recovery as to interest to a particular Mortgage Loan to the related Sub-Servicer) for any Nonrecoverable Advancesextent not retained pursuant to Section 3.04(d); (vi) to pay or reimburse itself for any amounts payable or paid pursuant to Section 6.03 (and not otherwise previously reimbursed) and to reimburse itself (or the related Sub-Servicer) income earned on the investment of funds deposited as set forth in the Collection Account;Section 9.01(c); and (vii) to make deposits into the Certificate Account in the amounts and in the manner provided for herein; (viii) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreement; and (ix) . The foregoing requirements for withdrawal from the Collection Account shall be exclusive. In the event the Servicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw amounts deposited in errorsuch amount from the Collection Account, any provision herein to the contrary notwithstanding.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (C-Bass Mortgage Loan Asset-Backed Certificates, Series 2006-Cb8), Pooling and Servicing Agreement (C-Bass Mortgage Loan Asset-Backed Series 2006-Cb4), Pooling and Servicing Agreement (Ownit Mortgage Loan Trust, Series 2006-1)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds may make withdrawals from the Collection Account Account, on or prior to any Servicer Distribution Date, for the following purposes: (ia) to reimburse itself the Servicer for Advances made Liquidation Expenses theretofore incurred in respect of any Mortgage Loan in an amount not to exceed the amount of the sum of the related Insurance Proceeds and Liquidation Proceeds deposited in the Collection Account pursuant to Section 6.03 5.02(c)(v)-(vi); (including amounts b) to reimburse the related Sub-Servicer for advances made amounts expended by it pursuant to Section 5.04 in good faith in connection with the applicable Sub-Servicing Agreement)restoration of damaged property, in an amount not to exceed the Servicer's amount of the related Insurance Proceeds and the Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections Liquidation Proceeds (net of withdrawals pursuant to Section 5.03(a)) and amounts representing proceeds of other insurance policies covering the property subject to the related Mortgage deposited in the Collection Account pursuant to Section 5.02(c)(v)-(vi); (c) to pay to the Unaffiliated Seller amounts received in respect of any Defective Mortgage Loan purchased or substituted for by the Unaffiliated Seller to the extent that the distribution of any such amounts on the Servicer Distribution Date upon which the proceeds of such purchase are distributed would make the total amount distributed in respect of any such Mortgage Loan on such Servicer Distribution Date greater than the Loan Repurchase Price or the Substitution Adjustment therefor; (d) to reimburse the Servicer for unreimbursed Servicing Fees) Advances, without interest, with respect to those particular the Mortgage Loans for which it has made a Servicing Advance, from subsequent collections with respect to interest on such Mortgage Loans and from Liquidation Proceeds, Insurance Proceeds and/or the Loan Repurchase Price or Substitution Adjustment of or relating to such Mortgage Loans; (ii) to pay itself the Servicing Fee; (iiie) to reimburse itself the Servicer for unreimbursed Servicing any Periodic Advances determined in good faith to have become Nonrecoverable Advances, or such reimbursement to pay the related Sub-Servicer be made from any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awards; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi) to pay to itself (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account; (viif) to make deposits into withdraw any amount received from a Mortgagor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the Certificate Account Bankruptcy Code in the amounts and in the manner provided for hereinaccordance with a final, nonappealable order of a court having competent jurisdiction; (viiig) to make payments to itself or others pursuant to withdraw any provision of this Agreement, and to clear and terminate funds deposited in the Collection Account upon the termination of this Agreementthat were not required to be deposited therein; and (ixh) to withdraw amounts deposited in errorpay the Servicer the Servicing Compensation pursuant to Section 5.08 hereof to the extent not retained or paid. The Servicer shall keep and maintain a separate accounting for each Mortgage Loan for the purpose of accounting for withdrawals from the Collection Account pursuant to this Section 5.03.

Appears in 3 contracts

Samples: Sale and Servicing Agreement (Prudential Securities Secured Financing Corp), Sale and Servicing Agreement (Prudential Securities Secured Financing Corp), Sale and Servicing Agreement (American Business Financial Services Inc /De/)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to timetime in accordance with the provisions hereof, withdraw funds amounts from the Collection Account for the following purposes:purposes (without duplication): (i1) to reimburse itself for unreimbursed Monthly Advances made pursuant and Servicing Advances that the Servicer has determined to be Non-Recoverable Advances as provided in Section 6.03 6.06; (including amounts 2) to make payments to the Purchaser in the amounts, at the times and in the manner provided for in Section 6.01; (3) to reimburse the related Sub-Servicer itself for advances made pursuant to the applicable Sub-Servicing Agreement)Monthly Advances, the Servicer's and the Sub-Servicer's ’s right to receive reimbursement reimburse itself pursuant to this subclause Subsection (i3) being limited to amounts received on particular the related Mortgage Loans Loan which represent Late Collections (net late payments of the Servicing Fees) principal and/or interest with respect to those particular Mortgage Loanswhich any such Monthly Advance was made; (ii) to pay itself the Servicing Fee; (iii4) to reimburse itself for unreimbursed Servicing Advances, or to pay the related Sub-Servicer any Advances and for unreimbursed Servicing Monthly Advances, the Servicer's ’s right to receive reimbursement or make payments to the Sub-Servicer reimburse itself pursuant to this subclause Subsection (iii4) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Condemnation Proceeds, Insurance Proceeds and condemnation awardssuch other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Purchaser, except that, where a Seller or the Servicer is required to repurchase (or substitute a Qualified Substitute Mortgage Loan for) a Mortgage Loan pursuant to Sections 2.04, 3.04 and/or 7.02, the Servicer’s right to such reimbursement shall be subsequent and subordinate to the payment to the Purchaser of the applicable Repurchase Price (or delivery of a Qualified Substitute Mortgage Loan) and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan; (iv5) to reimburse itself (or pay to itself, solely out of the related Sub-Servicer) or interest portion of the Depositor for expenses incurred by and recoverable by or reimbursable Monthly Payment actually received with respect to it pursuant a Mortgage Loan during the period ending on the most recent Determination Date, the Servicing Fee with respect to Section 5.01 or 5.16such Mortgage Loan; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi6) to pay to itself (or the related Sub-Servicer) income as additional servicing compensation any interest earned on the investment of funds deposited in the Collection AccountAccount (all such interest to be withdrawn monthly not later than each Remittance Date provided that no such amounts shall be payable as servicing compensation to the extent they relate to a Mortgage Loan with respect to which a default, breach, violation, or event of acceleration exists or would exist but for the lapse of time, the giving of notice, or both; (vii7) to make deposits into the Certificate Account in the amounts and in the manner provided for hereinpay LPMI Fees with respect to Mortgage Loans with LPMI Policies; (viii8) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Sections 2.04, 3.04 and/or 7.02 all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determined (except to the extent that such amounts constitute part of the Repurchase Price to be remitted to the Purchaser); (9) to make payments to itself or others pursuant to remove any provision of this Agreement, and amounts deposited into the Collection Account in error; and (10) to clear and terminate the Collection Account upon the termination of this Agreement; and (ix) , with any funds contained therein to withdraw amounts deposited be distributed in erroraccordance with the terms of this Agreement. The Servicer shall keep and maintain a separate, detailed accounting, on a Mortgage Loan-by-Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to this Section.

Appears in 3 contracts

Samples: Mortgage Loan Flow Purchase, Sale & Servicing Agreement, Mortgage Loan Flow Purchase, Sale & Servicing Agreement (Thornburg Mortgage Securities Trust 2006-1), Mortgage Loan Purchase, Sale & Servicing Agreement (J.P. Morgan Mortgage Trust 2006-A1)

Permitted Withdrawals from the Collection Account. The Master Servicer may, from time to time, withdraw funds may make withdrawals from the Collection Account Account, on or prior to any Servicer Payment Date, for the following purposes: (ia) to pay to the Sponsor amounts received in respect of any Defective Mortgage Loan purchased or substituted for by the Sponsor to the extent that the payment of any such amounts on the Servicer Payment Date upon which the proceeds of such purchase are paid would make the total amount distributed in respect of any such Mortgage Loan on such Servicer Payment Date greater than the Loan Repurchase Price or the Substitution Adjustment therefor; (b) to reimburse itself for Advances made pursuant to Section 6.03 (including amounts to reimburse the related Sub-Master Servicer for advances made pursuant to the applicable Sub-unreimbursed Periodic Advances and unreimbursed Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) Advances with respect to those particular the Mortgage Loans for which it has made a Periodic Advance or Servicing Advance, from late or deferred payments collected, collections other than timely Monthly Payments, Liquidation Proceeds, Insurance Proceeds and/or the Loan Repurchase Price or Substitution Adjustment of or relating to such Mortgage Loans; (ii) to pay itself the Servicing Fee; (iiic) to reimburse itself the Master Servicer for unreimbursed any Periodic Advances and Servicing Advances determined in good faith to have become Nonrecoverable Advances, or such reimbursement to pay the related Sub-Servicer be made from any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awards; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi) to pay to itself (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account; (viid) to make deposits into withdraw any amount received from a Mortgagor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the Certificate Account Bankruptcy Code in the amounts and in the manner provided for hereinaccordance with a final, nonappealable order of a court having competent jurisdiction; (viiie) to make payments to itself or others pursuant to withdraw any provision of this Agreement, and to clear and terminate funds deposited in the Collection Account upon that were not required to be deposited therein; (f) to pay the termination Master Servicer the Servicing Compensation pursuant to Section 5.08 hereof to the extent not retained or paid; (g) to pay the Backup Servicer the Backup Servicing Fee pursuant to Section 5.08 hereof to the extent payments in respect of this Agreementthese amounts have not been previously retained or paid; (h) without duplication, and solely out of amounts which are payable to a former master servicer pursuant to Section 7.02(g), to pay to the Backup Servicer, the Indenture Trustee or any successor master servicer amounts paid by them in connection with the transfer of the Master Servicer's servicing obligations pursuant to Article VII hereof and required under such Article VII to be borne by the Master Servicer; (i) to withdraw income on the Collection Account as provided in Section 5.02(d); and (ixj) to withdraw amounts deposited into the Collection Account in errorrespect of late fees, assumption fees and similar fees (other than Prepayment Charges). The Master Servicer shall keep and maintain a separate accounting for each Mortgage Loan for the purpose of accounting for withdrawals from the Collection Account pursuant to this Section 5.03. Furthermore, in the event that servicing has been transferred to the Backup Servicer, all reimbursements in respect of Servicer Advances and Periodic Advances shall be made on a first in, first out priority basis (i.e. the longest outstanding reimbursable Servicer Advance or Periodic Advance will be reimbursed first).

Appears in 3 contracts

Samples: Sale and Servicing Agreement (Accredited Home Lenders Accredited Mort Loan Trust 2002-2), Sale and Servicing Agreement (Accredited Home Lenders Accredited Mort Loan Trust 2002-2), Sale and Servicing Agreement (Accredited Mort Loan Trust Asset Back Notes Series 2003-1)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to timetime in accordance with the provisions hereof, withdraw funds amounts from the Collection Account for the following purposes:purposes (without duplication): (i1) to reimburse itself for unreimbursed Monthly Advances made pursuant and Servicing Advances (other than with respect to REO Properties) that are approved by the Purchaser as being non-recoverable in accordance with Section 6.03 (including amounts 6.04; 2) to make payments to the Purchaser in the amounts, at the times and in the manner provided for in Section 6.01; 3) to reimburse the related Sub-Servicer itself for advances made pursuant to the applicable Sub-Servicing Agreement)Monthly Advances, the Servicer's and the Sub-Servicer's right to receive reimbursement reimburse itself pursuant to this subclause Subsection (iiii) being limited to amounts received on particular the related Mortgage Loans Loan which represent Late Collections (net late payments of the Servicing Fees) principal and/or interest with respect to those particular Mortgage Loanswhich any such Monthly Advance was made; (ii) to pay itself the Servicing Fee; (iii4) to reimburse itself for unreimbursed Servicing Advances, or Advances (other than with respect to pay the related Sub-Servicer any REO Properties) and for unreimbursed Servicing Monthly Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer reimburse itself pursuant to this subclause Subsection (iiiiv) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Condemnation Proceeds, Insurance Proceeds and condemnation awardssuch other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of such reimbursement, the Servicer's right thereto shall be prior to the rights of the Purchaser, except that, where a Seller or the Servicer is required to repurchase a Mortgage Loan pursuant to Sections 2.04, 3.04 and/or 7.02, the Servicer's right to such reimbursement shall be subsequent and subordinate to the payment to the Purchaser of the applicable Repurchase Price and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan; (iv5) to reimburse itself (or pay to itself, solely out of the related Sub-Servicer) or interest portion of the Depositor for expenses incurred by and recoverable by or reimbursable Monthly Payment actually received with respect to it pursuant a Mortgage Loan during the period ending on the most recent Determination Date, the Servicing Fee with respect to Section 5.01 or 5.16such Mortgage Loan; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi6) to pay to itself as additional servicing compensation (or the related Sub-Servicera) income any interest earned on the investment of funds deposited in the Collection AccountAccount (all such interest to be withdrawn monthly not later than each Remittance Date) and (b) any prepayment penalties or premiums relating to any Principal Prepayments; provided that no such amounts shall be payable as servicing compensation to the extent they relate to a Mortgage Loan with respect to which a default, breach, violation, or event of acceleration exists or would exist but for the lapse of time, the giving of notice, or both; (vii7) to make deposits pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Sections 2.04, 3.04 and/or 7.02 all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determined (except to the extent that such amounts constitute part of the Repurchase Price to be remitted to the Purchaser); 8) to remove any amounts deposited into the Certificate Collection Account in the amounts and in the manner provided for herein;error; and (viii9) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreement; and, with any funds contained therein to be distributed in accordance with the terms of this Agreement. (ix10) The Servicer shall keep and maintain a separate, detailed accounting, on a Mortgage Loan-by-Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to withdraw amounts deposited in errorthis Section.

Appears in 3 contracts

Samples: Mortgage Loan Purchase, Sale & Servicing Agreement (Structured Asset Securities Corp Mort Pas-THR Cert Ser 2002-), Mortgage Loan Purchase, Sale & Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 2002 4h), Mortgage Loan Flow Purchase, Sale & Servicing Agreement (Structured Asset Sec Corp Mor Pass Thru Cer Ser 2002-10h)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to timetime in accordance with the provisions hereof, withdraw funds amounts from the Collection Account for the following purposes:purposes (without duplication): (i1) to reimburse itself for unreimbursed Monthly Advances made pursuant and Servicing Advances that the Servicer has determined to be Non-Recoverable Advances as provided in Section 6.03 6.04; (including amounts 2) to make payments to the Purchaser in the amounts, at the times and in the manner provided for in Section 6.01; (3) to reimburse the related Sub-Servicer itself for advances made pursuant to the applicable Sub-Servicing Agreement)Monthly Advances, the Servicer's and the Sub-Servicer's ’s right to receive reimbursement reimburse itself pursuant to this subclause Subsection (i3) being limited to amounts received on particular the related Mortgage Loans Loan which represent Late Collections (net late payments of the Servicing Fees) principal and/or interest with respect to those particular Mortgage Loanswhich any such Monthly Advance was made; (ii) to pay itself the Servicing Fee; (iii4) to reimburse itself for unreimbursed Servicing Advances, or to pay the related Sub-Servicer any Advances and for unreimbursed Servicing Monthly Advances, the Servicer's ’s right to receive reimbursement or make payments to the Sub-Servicer reimburse itself pursuant to this subclause Subsection (iii4) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Condemnation Proceeds, Insurance Proceeds and condemnation awardssuch other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Purchaser, except that, where a Seller or the Servicer is required to repurchase (or substitute a Qualified Substitute Mortgage Loan for) a Mortgage Loan pursuant to Sections 2.04, 3.04 and/or 7.02, the Servicer’s right to such reimbursement shall be subsequent and subordinate to the payment to the Purchaser of the applicable Repurchase Price (or delivery of a Qualified Substitute Mortgage Loan) and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan; (iv5) to reimburse itself (or pay to itself, solely out of the related Sub-Servicer) or interest portion of the Depositor for expenses incurred by and recoverable by or reimbursable Monthly Payment actually received with respect to it pursuant a Mortgage Loan during the period ending on the most recent Determination Date, the Servicing Fee with respect to Section 5.01 or 5.16such Mortgage Loan; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi6) to pay to itself as additional servicing compensation (or the related Sub-Servicera) income any interest earned on the investment of funds deposited in the Collection AccountAccount (all such interest to be withdrawn monthly not later than each Remittance Date) and (b) any prepayment penalties or premiums relating to any Principal Prepayments; provided that no such amounts shall be payable as servicing compensation to the extent they relate to a Mortgage Loan with respect to which a default, breach, violation, or event of acceleration exists or would exist but for the lapse of time, the giving of notice, or both; (vii7) to make deposits into pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Sections 2.04, 3.04 and/or 7.02 all amounts received thereon and not distributed as of the Certificate Account in date on which the related Repurchase Price is determined (except to the extent that such amounts and in constitute part of the manner provided for hereinRepurchase Price to be remitted to the Purchaser); (viii8) to remove any amounts deposited into the Collection Account in error; and (9) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreement; and (ix) , with any funds contained therein to withdraw amounts deposited be distributed in erroraccordance with the terms of this Agreement. The Servicer shall keep and maintain a separate, detailed accounting, on a Mortgage Loan-by-Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to this Section.

Appears in 3 contracts

Samples: Mortgage Loan Flow Purchase, Sale & Servicing Agreement (Sequoia Mortgage Trust 2007-2), Mortgage Loan Flow Purchase, Sale & Servicing Agreement (Sequoia Mortgage Trust 2007-4), Mortgage Loan Flow Purchase, Sale & Servicing Agreement (Sequoia Mortgage Trust 2007-3)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to timetime in accordance with the provisions hereof, withdraw funds amounts from the Collection Account for the following purposes:purposes (without duplication): (i1) to reimburse itself for unreimbursed Monthly Advances made pursuant and Servicing Advances that the Servicer has determined to be Non-Recoverable Advances as provided in Section 6.03 6.04; (including amounts 2) to make payments to the Purchaser in the amounts, at the times and in the manner provided for in Section 6.01; (3) to reimburse the related Sub-Servicer itself for advances made pursuant to the applicable Sub-Servicing Agreement)Monthly Advances, the Servicer's and the Sub-Servicer's ’s right to receive reimbursement reimburse itself pursuant to this subclause Subsection (i3) being limited to amounts received on particular the related Mortgage Loans Loan which represent Late Collections (net late payments of the Servicing Fees) principal and/or interest with respect to those particular Mortgage Loanswhich any such Monthly Advance was made; (ii) to pay itself the Servicing Fee; (iii4) to reimburse itself for unreimbursed Servicing Advances, or to pay the related Sub-Servicer any Advances and for unreimbursed Servicing Monthly Advances, the Servicer's ’s right to receive reimbursement or make payments to the Sub-Servicer reimburse itself pursuant to this subclause Subsection (iii4) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Condemnation Proceeds, Insurance Proceeds and condemnation awardssuch other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Purchaser, except that, where a Seller or the Servicer is required to repurchase (or substitute a Qualified Substitute Mortgage Loan for) a Mortgage Loan pursuant to Sections 2.04, 3.04 and/or 7.02, the Servicer’s right to such reimbursement shall be subsequent and subordinate to the payment to the Purchaser of the applicable Repurchase Price (or delivery of a Qualified Substitute Mortgage Loan) and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan; (iv5) to reimburse itself (or pay to itself, solely out of the related Sub-Servicer) or interest portion of the Depositor for expenses incurred by and recoverable by or reimbursable Monthly Payment actually received with respect to it pursuant a Mortgage Loan during the period ending on the most recent Determination Date, the Servicing Fee with respect to Section 5.01 or 5.16such Mortgage Loan; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi6) to pay to itself as additional servicing compensation (or the related Sub-Servicera) income any interest earned on the investment of funds deposited in the Collection AccountAccount (all such interest to be withdrawn monthly not later than each Remittance Date) and (b) any prepayment penalties or premiums relating to any Principal Prepayments; provided that no such amounts shall be payable as servicing compensation to the extent they relate to a Mortgage Loan with respect to which a default, breach, violation, or event of acceleration exists or would exist but for the lapse of time, the giving of notice, or both; (vii7) to make deposits into pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Sections 2.04, 3.04 and/or 7.02 all amounts received thereon and not distributed as of the Certificate Account in date on which the related Repurchase Price is determined (except to the extent that such amounts and in constitute part of the manner provided for hereinRepurchase Price to be remitted to the Purchaser); (viii8) to remove any amounts deposited into the Collection Account in error; (9) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreement, with any funds contained therein to be distributed in accordance with the terms of this Agreement; and (ix10) to withdraw amounts deposited in errorreimburse itself for LPMI Fees, if any. The Servicer shall keep and maintain a separate, detailed accounting, on a Mortgage Loan-by-Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to this Section.

Appears in 3 contracts

Samples: Mortgage Loan Flow Purchase, Sale & Servicing Agreement (GSR 2006-Ar2), Mortgage Loan Flow Purchase, Sale & Servicing Agreement (GSR Mortgage Loan Trust 2006-1f), Mortgage Loan Flow Purchase, Sale & Servicing Agreement (GSR 2006-5f)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds Trustee shall make withdrawals from the Collection Account Account, on any Distribution Date, for the following purposes: (ia) to reimburse itself the Servicer for Advances made Liquidation Expenses theretofore incurred in respect of any Mortgage Loan in an amount not to exceed the amount of the sum of the related Insurance Proceeds and Liquidation Proceeds deposited in the Collection Account pursuant to Section 6.03 5.02(c)(v)-(vi); (including amounts b) to reimburse the related Sub-Servicer for advances made amounts expended by it pursuant to Section 5.04 in good faith in connection with the applicable Sub-Servicing Agreement)restoration of damaged property, in an amount not to exceed the Servicer's amount of the related Insurance Proceeds and the Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections Liquidation Proceeds (net of withdrawals pursuant to clause (a) above) and amounts representing proceeds of other insurance policies covering the property subject to the related Mortgage deposited in the Collection Account pursuant to Section 5.02(c)(v)-(vi); (c) to pay to the Unaffiliated Seller amounts received in respect of any Deleted Mortgage Loan purchased or substituted for by the Unaffiliated Seller to the extent that the distribution to the Certificateholders of any such amounts on the Distribution Date upon which the proceeds of such purchase are distributed to the Certificateholders would make the total amount distributed in respect of any such Mortgage Loan on such Distribution Date greater than the Loan Repurchase Price or the Substitution Adjustment therefor; (d) to reimburse the Servicer for unreimbursed Servicing Fees) Advances, without interest, with respect to those particular the Mortgage Loans for which it has made a Servicing Advance, from subsequent collections with respect to interest on such Mortgage Loans and from Liquidation Proceeds, Insurance Proceeds and/or the Loan Repurchase Price or Substitution Adjustment of or relating to such Mortgage Loans; (iie) to pay itself reimburse the Servicing FeeServicer for any Periodic Advances, such reimbursement to be made from any collections in respect of the related Mortgage Loan with respect to which such Periodic Advance was made; (iiif) to reimburse itself for unreimbursed Servicing Advances, or withdraw any amount received from a Mortgagor that is recoverable and sought to pay the related Sub-Servicer any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments be recovered as a voidable preference by a trustee in bankruptcy pursuant to the Sub-Servicer pursuant to this subclause (iii) United States Bankruptcy Code in accordance with respect to any Mortgage Loan being limited to related Liquidation Proceedsa final, Insurance Proceeds, and condemnation awardsnonappealable order of a court having competent jurisdiction; (ivg) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (v) to reimburse itself (or the related Sub-Servicer) for withdraw any Nonrecoverable Advances; (vi) to pay to itself (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account; (vii) Account that were not required to make deposits into the Certificate Account in the amounts and in the manner provided for herein; (viii) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreementbe deposited therein; and (ixh) to withdraw amounts deposited in errorpay the Servicer Servicing Compensation pursuant to Section 5.08 hereof to the extent not retained or paid. The Servicer shall keep and maintain a separate accounting for each Mortgage Loan for the purpose of accounting for withdrawals from the Collection Account pursuant to subclause (a).

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (American Business Financial Services Inc /De/), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc), Pooling and Servicing Agreement (Morgan Stanley Abs Capital I Inc)

Permitted Withdrawals from the Collection Account. (a) The Master Servicer may, from time to time, withdraw funds may make withdrawals from the Collection Account only as described below (the order set forth below not constituting an order of priority for the following purposes:such withdrawals): (i) to reimburse itself remit to the Trustee for Advances made deposit in the Lower-Tier Distribution Account, the Interest Reserve Account and the Excess Liquidation Proceeds Reserve Account the amounts required to be deposited in the Lower-Tier Distribution Account and the Interest Reserve Account and the Excess Liquidation Proceeds Reserve Account pursuant to Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement4.01(a)(i), the Servicer's Section 3.25 and the Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage LoansSection 3.07, respectively; (ii) to pay itself or reimburse the Servicing FeeMaster Servicer, the Special Servicer or the Trustee, (A) for Advances made thereby with respect to Mortgage Loans that are not part of a Serviced Whole Loan (other than Workout-Delayed Reimbursement Amounts) and any related Advance Interest Amounts (provided that the Trustee shall have priority with respect to such payment or reimbursement of any such Advances and any related Advance Interest Amounts), the Master Servicer's right to reimburse any such Person pursuant to this clause (ii)(A) being limited to late collections (including cure payments by related Companion Loan Noteholders) of the particular item which was the subject of the related Advance, Penalty Charges and Liquidation Proceeds on or in respect of the particular Mortgage Loan or REO Property respecting which such Advance was made; if applicable; provided that (x) prior to the time any Advance is reimbursed, Advance Interest Amounts may be reimbursed solely from Penalty Charges, and (y) at the time any Advance (other than Workout Delayed Reimbursement Amounts) is reimbursed, Advance Interest Amounts on such reimbursed Advance shall be payable first from Penalty Charges collected on the related Mortgage Loan, and, to the extent such Penalty Charges are insufficient, then from general collections on deposit in the Collection Account, (B) for Advances and any related Advance Interest Amounts (or portion thereof) that have been deemed to be Nonrecoverable Advances or are not recovered from such recoveries in respect of the related Mortgage Loan or REO Property after a Final Recovery Determination to the extent not recovered from the related Whole Loan Custodial Account and Advance Interest Amounts thereon, first, out of the principal portion of general collections on the Mortgage Loans and REO Properties (to be allocated between the Loan Groups as set forth in the last paragraph of this Section 3.06), and second, to the extent the principal portion of general collections is insufficient and with respect to such excess only, subject to any election in its sole discretion to defer reimbursement thereof pursuant to Section 3.30, out of other collections on the Mortgage Loans and REO Properties (to be allocated between the Loan Groups as set forth in the last paragraph of this Section 3.06) and, (C) for Workout-Delayed Reimbursement Amounts and Advance Interest Amounts thereon, first, out of the principal portion of the general collections on the Mortgage Loans and REO Properties, net of such amounts being reimbursed pursuant to (B) above (to be allocated between the Loan Groups as set forth in the last paragraph of Section 3.06) and second, upon a determination by the Master Servicer, the Special Servicer or the Trustee, as applicable, that a Workout-Delayed Reimbursement Amount is a Nonrecoverable Advance, in the same manner as Nonrecoverable Advances may be reimbursed; (iii) to reimburse itself for unreimbursed Servicing Advances, or to pay the related Sub-Servicer any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awards[Reserved]; (iv) to reimburse itself pay on or before each Master Servicer Remittance Date to the Master Servicer and the Special Servicer, as applicable, as compensation, the aggregate unpaid Servicing Fee with respect to Mortgage Loans that are not part of a Serviced Whole Loan (or to the extent not otherwise required to be applied against Prepayment Interest Shortfalls), and Special Servicing Compensation (if any), respectively, in respect of the immediately preceding Interest Accrual Period, to be paid, in the case of the Servicing Fee, from interest received on the related Sub-Servicer) or the Depositor for expenses incurred by Mortgage Loan and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi) to pay from time to itself (time to the Master Servicer in accordance with Section 3.07(b) any interest or the related Sub-Servicer) investment income earned on the investment of funds deposited in the Collection Account; (v) in accordance with Section 2.03, to reimburse the Trustee or the Special Servicer, out of general collections on the Mortgage Loans and related REO Properties (including with respect to the Non-Serviced Mortgaged Loan) for any unreimbursed expense reasonably incurred by the Trustee or the Special Servicer in connection with the enforcement of a Mortgage Loan Seller's obligations under Section 6(e) of the related Loan Sale Agreement, together with interest thereon at the Advance Rate, but only to the extent that such expenses are not otherwise reimbursable; (vi) to pay out of general collections on the Mortgage Loans and related REO Properties, for costs and expenses incurred by the Trust Fund with respect to the Mortgage Loans and related REO Properties pursuant to Section 3.10(e) and to pay Liquidation Expenses out of related Liquidation Proceeds pursuant to Section 3.11 (provided that with respect to each Serviced Whole Loan, such expenses shall first be reimbursed pursuant to Section 3.06A(vi) to the extent related to such Serviced Whole Loan and if not reimbursed pursuant thereto, shall be paid from the Collection Account as provided in this clause (vi)); (vii) to make deposits into the Certificate extent not reimbursed or paid pursuant to any other clause of this Section 3.06, to reimburse or pay the Master Servicer, the Trustee, the Special Servicer or the Depositor, as applicable, for unpaid Trustee Fees, unpaid Servicing Fees, unpaid Special Servicing Compensation and other unpaid items incurred by such Person pursuant to the second sentence of Section 3.07(c), Section 3.08(a) and (b), Section 3.10, Section 3.12(c), Section 3.17(a), Section 6.03, Section 7.04, Section 8.05(a), Section 8.05(b), Section 8.05(d) or Section 11.07, or any other provision of this Agreement pursuant to which such Person is entitled to reimbursement or payment from the Trust Fund, in each case only to the extent expressly reimbursable under such Section, it being acknowledged that this clause (vii) shall not be deemed to modify the substance of any such Section, including the provisions of such Section that set forth the extent to which one of the foregoing Persons is or is not entitled to payment or reimbursement (provided that with respect to each Serviced Whole Loan, such expenses shall first be reimbursed pursuant to Section 3.06A(vii) to the extent related to such Serviced Whole Loan and if not reimbursed pursuant thereto, shall be paid from the Collection Account as provided in the amounts and in the manner provided for hereinthis clause (vii)); (viii) to make payments transfer to itself the Trustee for deposit in one or others pursuant more separate, non-interest bearing accounts any amount reasonably determined by the Trustee to be necessary to pay any provision of this Agreementapplicable federal, state or local taxes imposed on the Upper-Tier REMIC, the Lower-Tier REMIC under the circumstances and to the extent described in Section 4.05; (ix) to withdraw any amount deposited into the Collection Account that was not required to be deposited therein; or (x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall also be entitled to make withdrawals from time to time, from the Collection Account of amounts necessary for the payments or reimbursement of amounts required to be paid to the Other Master Servicer, Other Special Servicer or Other Trustee, as applicable, by the holders of the Non-Serviced Mortgage Loan pursuant to the Fair Lakes Office Park Intercreditor Agreement. In the absence of manifest error, the Master Servicer may conclusively rely on the request for payments contemplated by the preceding sentence. If and to the extent that the Master Servicer has reimbursed itself pursuant to clauses (a)(ii), (a)(vi) or (a)(vii) above for an expense with respect to a Whole Loan that represents the related Companion Loan's allocable share of such cost or expense, the Master Servicer shall use efforts consistent with the Servicing Standard to collect such amounts from the Companion Loan Noteholder and deposit all such amounts collected from or on behalf of the Companion Noteholder into the Collection Account. The Master 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 pursuant to subclauses (ii)-(ix) above. The Master Servicer shall pay to each of the Special Servicer (or to third party contractors at the direction of the Special Servicer) and the Trustee, as applicable, from the applicable Collection Account, amounts permitted to be paid thereto from such account promptly upon receipt of a written statement of an officer of the termination Special Servicer or a Responsible Officer of the Trustee, as the case may be, describing the item and amount to which the Special Servicer (or such third party contractor) or the Trustee, as the case may be, is entitled (unless such payment to the Special Servicer or the Trustee, as the case may be, is clearly required pursuant to this Agreement, in which case a written statement is not required). The Master Servicer may rely conclusively on any such written statement and shall have no duty to recalculate the amounts stated therein. The parties seeking payment pursuant to this Section shall each keep and maintain a separate accounting for the purpose of justifying any request for withdrawal from each Collection Account, on a loan by loan basis. The Trustee, the Special Servicer and the Master Servicer shall in all cases have a right prior to the Certificateholders to any funds on deposit in the Collection Account from time to time for the reimbursement or payment of the Servicing Fees (including investment income), or Trustee Fees, Special Servicing Compensation, Advances, Advance Interest Amounts and their respective expenses hereunder to the extent such fees and expenses are to be reimbursed or paid from amounts on deposit in the Collection Account pursuant to this Agreement (and to have such amounts paid directly to third party contractors for any invoices approved by the Trustee, the Master Servicer or the Special Servicer, as applicable). The Trustee shall, upon receipt, deposit in the Lower-Tier Distribution Account and the Interest Reserve Account and Excess Liquidation Proceeds Reserve Account any and all amounts received by the Trustee in accordance with Section 3.06(a)(i). If, as of 3:00 p.m., New York City time, on any Master Servicer Remittance Date or on such other date as any amount referred to in the foregoing clause (i) is required to be delivered hereunder, the Master Servicer shall not have delivered to the Trustee for deposit in the Lower-Tier Distribution Account and the Interest Reserve Account and Excess Liquidation Proceeds Reserve Account the amounts required to be deposited therein pursuant to the provisions of this Agreement (including, without limitation, Section 3.06(a)(i)), then the Trustee shall, to the extent that a Responsible Officer of the Trustee has such knowledge, provide notice of such failure to the Master Servicer by facsimile transmission sent to telecopy No. (704) 715-0036 (or such alternative number provided by the Master Servixxx xx xxx Xxxstee in writing) and by telephone at telephone No. (704) 593-7816(or such alternative number provided by the Master Servicxx xx xxx Xxxxtee in writing) as soon as possible, but in any event before 5:00 p.m., New York City time, on such day; provided, however, that the Master Servicer will pay the Trustee interest on such late payment at the prime rate until such late payment is received by the Trustee. To the extent a Nonrecoverable Advance or Workout-Delayed Reimbursement Amount with respect to a Mortgage Loan is required to be reimbursed from the principal portion of the general collections on the Mortgage Loans pursuant to clause (ii) of this Section 3.06, such reimbursement shall be made first, from the principal collections available on the Mortgage Loans included in the same Loan Group as such Mortgage Loan and if the principal collections in such Loan Group are not sufficient to make such reimbursement in full, then from the principal collections available in the other Loan Group (after giving effect to any reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts related to such other Loan Group). To the extent a Nonrecoverable Advance with respect to a Mortgage Loan is required to be reimbursed from the interest portion of the general collections on the Mortgage Loans pursuant to clause (ii) of this Section 3.06, such reimbursement shall be made first, from the interest collections available on the Mortgage Loans included in the same Loan Group as such Mortgage Loan and if the interest collections in such Loan Group are not sufficient to make such reimbursement in full, then from the interest collections available in the other Loan Group (after giving effect to any reimbursement of Nonrecoverable Advances related to such other Loan Group); provided, however, that this provision shall not result in any change in the interest distributions in the manner required under Section 4.01(a)(i) of this Agreement; and (ix) to withdraw amounts deposited in error.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (GS Mortgage Securities Trust 2006-Gg8), Pooling and Servicing Agreement (GS Mortgage Securities Trust 2006-Gg8)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes: (i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Sections 3.04(b) and 3.04(d); (ii) to reimburse itself for Advances made pursuant to Section 6.03 (including amounts to reimburse and Servicing Advances; the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement reimburse itself pursuant to this subclause (iii) being limited to amounts received on particular the related Mortgage Loans Loan which represent Late Collections payments of (net of the a) principal and/or interest respecting which any such Advance was made or (b) Condemnation Proceeds, Insurance Proceeds or Liquidation Proceeds respecting which any such Servicing Fees) with respect to those particular Mortgage Loans; (ii) to pay itself the Servicing FeeAdvance was made; (iii) to reimburse itself for unreimbursed Servicing Advances, or any unpaid Servicing Fees and for unreimbursed Advances to pay the related Sub-Servicer any unreimbursed Servicing extent that such amounts are deemed to be Nonrecoverable Advances, the Servicer's right and to receive reimbursement or make payments reimburse itself for such amounts to the Sub-Servicer extent that such amounts are nonrecoverable from the disposition of REO Property pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awardsSection 3.03 or Section 3.13 hereof; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it any amounts paid pursuant to Section 5.01 or 5.163.03 (and not otherwise previously reimbursed); (v) to reimburse pay to itself as servicing compensation (a) any interest earned on funds in the Collection Account (all such interest to be withdrawn monthly not later than each Servicer Remittance Date) and (b) the Servicing Fee from that portion of any payment or recovery as to interest to a particular Mortgage Loan to the related Sub-Servicer) for any Nonrecoverable Advancesextent not retained pursuant to Section 3.04(ii); (vi) to pay or reimburse itself for any amounts payable or paid pursuant to itself Section 6.03 (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account;and not otherwise previously reimbursed); and (vii) to make deposits into the Certificate Account in the amounts and in the manner provided for herein; (viii) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreement; and (ix) . The foregoing requirements for withdrawal from the Collection Account shall be exclusive. In the event the Servicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw amounts deposited in errorsuch amount from the Collection Account, any provision herein to the contrary notwithstanding.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Financial Asset Sec Corp C Bass Mort Ln as Bk Ce Se 02-Cb6), Pooling and Servicing Agreement (C Bass Mortgage Loan Asset Backed Certs Ser 2002 Cb2)

Permitted Withdrawals from the Collection Account. The Master Servicer may, from time to time, withdraw funds may make withdrawals from the Collection Account Account, on or prior to any Servicer Payment Date, for the following purposes: (ia) to pay to the Sponsor amounts received in respect of any Defective Mortgage Loan purchased or substituted for by the Sponsor to the extent that the payment of any such amounts on the Servicer Payment Date upon which the proceeds of such purchase are paid would make the total amount distributed in respect of any such Mortgage Loan on such Servicer Payment Date greater than the Loan Repurchase Price or the Substitution Adjustment therefor; (b) to reimburse itself for Advances made pursuant to Section 6.03 (including amounts to reimburse the related Sub-Master Servicer for advances made pursuant to the applicable Sub-unreimbursed Periodic Advances and unreimbursed Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) Advances with respect to those particular the Mortgage Loans for which it has made a Periodic Advance or Servicing Advance, from late or deferred payments collected, collections other than timely Monthly Payments, Liquidation Proceeds, Insurance Proceeds and/or the Loan Repurchase Price or Substitution Adjustment of or relating to such Mortgage Loans; (ii) to pay itself the Servicing Fee; (iiic) to reimburse itself the Master Servicer for unreimbursed any Periodic Advances and Servicing Advances determined in good faith to have become Nonrecoverable Advances, or such reimbursement to pay the related Sub-Servicer be made from any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awards; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi) to pay to itself (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account; (viid) to make deposits into withdraw any amount received from a Mortgagor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the Certificate Account Bankruptcy Code in the amounts and in the manner provided for hereinaccordance with a final, nonappealable order of a court having competent jurisdiction; (viiie) to make payments to itself or others pursuant to withdraw any provision of this Agreement, and to clear and terminate funds deposited in the Collection Account upon that were not required to be deposited therein; (f) to pay the termination Master Servicer the Servicing Compensation pursuant to Section 5.08 hereof to the extent not retained or paid; (g) to pay the Backup Servicer the Backup Servicing Fee pursuant to Section 5.08 hereof to the extent payments in respect of this Agreementthese amounts have not been previously retained or paid; (h) without duplication, and solely out of amounts which are payable to a former master servicer pursuant to Section 7.02(g), to pay to the Backup Servicer, the Indenture Trustee or any successor master servicer amounts paid by them in connection with the transfer of the Master Servicer's servicing obligations pursuant to Article VII hereof and required under such Article VII to be borne by the Master Servicer; (i) to withdraw income on the Collection Account as provided in Section 5.02(d); and (ixj) to withdraw amounts deposited into the Collection Account in errorrespect of late fees, assumption fees and similar fees (other than Prepayment Charges). The Master Servicer shall keep and maintain a separate accounting for each Mortgage Loan for the purpose of accounting for withdrawals from the Collection Account pursuant to this Section 5.03. Furthermore, in the event that servicing has been transferred to the Backup Servicer, all reimbursements in respect of Servicer Advances and Periodic Advances shall be made on a first in, first out priority basis (i.e. the longest outstanding Servicer Advance or Periodic Advance will be reimbursed first).

Appears in 2 contracts

Samples: Sale and Servicing Agreement (Accred Home LNDRS Inc Ac Mor Ln Tr 2002-1 as Bk Nt Se 2002-1), Sale and Servicing Agreement (Accred Home LNDRS Inc Ac Mor Ln Tr 2002-1 as Bk Nt Se 2002-1)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to timetime in accordance with the provisions hereof, withdraw funds amounts from the Collection Account for the following purposes:purposes (without duplication): (i1) to reimburse itself for unreimbursed Monthly Advances made and Servicing Advances that the Servicer has determined to be Non-Recoverable Advances as provided in Section 6.04; (2) to make payments to the Purchaser in the amounts, at the times and in the manner provided for in Section 6.01; (3) to use amounts held for future distributions following the next Remittance Date to make Monthly Advances with respect to such Remittance Date pursuant to Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage Loans6.03; (ii) to pay itself the Servicing Fee; (iii4) to reimburse itself for unreimbursed Servicing Advances, or to pay the related Sub-Servicer any Advances and for unreimbursed Servicing Monthly Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer reimburse itself pursuant to this subclause Subsection (iii4) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Condemnation Proceeds, Insurance Proceeds and condemnation awardssuch other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of such reimbursement, the Servicer's right thereto shall be prior to the rights of the Purchaser, except that, where a Seller or the Servicer is required to repurchase (or substitute a Qualified Substitute Mortgage Loan for) a Mortgage Loan pursuant to Sections 2.04, 3.04 and/or 7.02, the Servicer's right to such reimbursement shall be subsequent and subordinate to the payment to the Purchaser of the applicable Repurchase Price (or delivery of a Qualified Substitute Mortgage Loan) and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi5) to pay to itself (or the related Sub-Servicer) income as additional servicing compensation any interest earned on the investment of funds deposited in the Collection AccountAccount (all such interest to be withdrawn monthly not later than each Remittance Date); (vii6) to make deposits into pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Sections 2.04, 3.04 and/or 7.02 all amounts received thereon and not distributed as of the Certificate Account in date on which the related Repurchase Price is determined (except to the extent that such amounts and in constitute part of the manner provided for hereinRepurchase Price to be remitted to the Purchaser); (viii7) to make payments to itself or others pursuant to remove any provision of this Agreement, and amounts deposited into the Collection Account in error; and (8) to clear and terminate the Collection Account in the event a new Collection Account has been established, or upon the termination of this Agreement; and (ix) , with any funds contained therein to withdraw amounts deposited be distributed in erroraccordance with the terms of this Agreement. The Servicer shall keep and maintain a separate, detailed accounting, on a Mortgage Loan-by-Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to this Section.

Appears in 2 contracts

Samples: Mortgage Loan Flow Purchase, Sale & Servicing Agreement (Banc of America Funding 2006-I Trust), Mortgage Loan Flow Purchase, Sale & Servicing Agreement (Banc of America Funding 2006-8t2 Trust)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds Trustee shall make withdrawals from the Collection Account Account, on any Distribution Date, for the following purposes: (ia) to reimburse itself the Servicer for Advances made Liquidation Expenses theretofore incurred in respect of any Mortgage Loan in an amount not to exceed the amount of the sum of the related Insurance Proceeds and Liquidation Proceeds deposited in the Collection Account pursuant to Section 6.03 5.02(c)(v)-(vi); (including amounts b) to reimburse the related Sub-Servicer for advances made amounts expended by it pursuant to Section 5.04 in good faith in connection with the applicable Sub-Servicing Agreement)restoration of damaged property, in an amount not to exceed the Servicer's amount of the related Insurance Proceeds and the Sub-Servicer's right to receive reimbursement Liquidation Proceeds (net of withdrawals pursuant to this subclause clause (i) being limited above) and amounts representing proceeds of other insurance policies covering the property subject to the related Mortgage deposited in the Collection Account pursuant to Section 5.02(c)(v)-(vi); (c) to pay to the Seller amounts received in respect of any Defective Mortgage Loan purchased or substituted for by the Seller to the extent that the distribution of any such amounts on particular the Distribution Date upon which the proceeds of such purchase are distributed would make the total amount distributed in respect of any such Mortgage Loans which represent Late Collections Loan on such Distribution Date greater than the Loan Repurchase Price or the Substitution Adjustment therefor; (net of d) to reimburse the Servicer for unreimbursed Servicing Fees) Advances, without interest, with respect to those particular the Mortgage Loans for which it has made a Servicing Advance, from subsequent collections with respect to interest on such Mortgage Loans and from Liquidation Proceeds, Insurance Proceeds and/or the Loan Repurchase Price or Substitution Adjustment of or relating to such Mortgage Loans; (ii) to pay itself the Servicing Fee; (iiie) to reimburse itself the Servicer for unreimbursed Servicing any Periodic Advances determined in good faith to have become Nonrecoverable Advances, or such reimbursement to pay the related Sub-Servicer be made from any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awards; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi) to pay to itself (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account; (viif) to make deposits into withdraw any amount received from a Mortgagor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the Certificate Account United States Bankruptcy Code in the amounts and in the manner provided for hereinaccordance with a final, nonappealable order of a court having competent jurisdiction; (viiig) to make payments to itself or others pursuant to withdraw any provision of this Agreement, and to clear and terminate funds deposited in the Collection Account upon the termination of this Agreementthat were not required to be deposited therein; and (ixh) to withdraw amounts deposited in errorpay the Servicer Servicing Compensation pursuant to Section 5.08 hereof to the extent not retained or paid. The Servicer shall keep and maintain a separate accounting for each Mortgage Loan for the purpose of accounting for withdrawals from the Collection Account pursuant to subclause (a).

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp), Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp)

Permitted Withdrawals from the Collection Account. (a) The Master Servicer may, from time to time, withdraw funds may make withdrawals from the Collection Account only as described below (the order set forth below not constituting an order of priority for the following purposes:such withdrawals): (i) to reimburse itself remit to the Certificate Administrator for Advances made deposit in the Lower-Tier Distribution Account, the Interest Reserve Account and the Excess Liquidation Proceeds Reserve Account the amounts required to be deposited in the Lower-Tier Distribution Account, the Excess Interest Distribution Account, the Interest Reserve Account and the Excess Liquidation Proceeds Reserve Account pursuant to Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement4.01(a)(i), the Servicer's Section 4.06(a) and the Sub-Servicer's right to receive reimbursement pursuant to Section 3.23 of this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage LoansAgreement, respectively; (ii) to pay itself or reimburse the Servicing FeeMaster Servicer or the Trustee, (A) for Advances made thereby with respect to Mortgage Loans that are not part of the Loan Combination (other than Workout-Delayed Reimbursement Amounts) and any related Advance Interest Amounts (provided that the Trustee shall have priority with respect to such payment or reimbursement of any such Advances and any related Advance Interest Amounts), the Master Servicer’s right to reimburse any such Person pursuant to this clause (ii)(A) being limited to late collections (including cure payments by the Non-Trust Mortgage Interest Holder) of the particular item which was the subject of the related Advance, Penalty Charges, Insurance Proceeds and Liquidation Proceeds on or in respect of the particular Mortgage Loan or REO Property respecting which such Advance was made, if applicable; provided that (x) prior to the time any Advance is reimbursed, Advance Interest Amounts may be reimbursed solely from Penalty Charges collected on the related Mortgage Loan, and (y) at the time any Advance (other than Workout Delayed Reimbursement Amounts) is reimbursed, Advance Interest Amounts on such reimbursed Advance shall be payable first from Penalty Charges collected on the related Mortgage Loan, and, to the extent such Penalty Charges are insufficient, then from general collections on deposit in the Collection Account, (B) to the extent not reimbursed pursuant to Section 3.14 of this Agreement, for Advances and any related Advance Interest Amounts (or portion thereof) that have been deemed to be Nonrecoverable Advances or are not recovered from such recoveries in respect of the related Mortgage Loan or REO Property after a Final Recovery Determination to the extent not recovered from the Loan Combination Custodial Account and Advance Interest Amounts thereon, first, out of the principal portion of general collections on the Mortgage Loans and REO Properties, and second, to the extent the principal portion of general collections is insufficient and with respect to such excess only, subject to any election in its sole discretion to defer reimbursement thereof pursuant to Section 3.26 of this Agreement, out of other collections on the Mortgage Loans and REO Properties and, (C) for Workout-Delayed Reimbursement Amounts and Advance Interest Amounts thereon, first, out of the principal portion of the general collections on the Mortgage Loans and REO Properties, net of such amounts being reimbursed pursuant to (B) above and second, upon a determination by the Master Servicer or the Trustee, as applicable, that a Workout-Delayed Reimbursement Amount is a Nonrecoverable Advance, in the same manner as Nonrecoverable Advances may be reimbursed; (iii) to reimburse itself for unreimbursed Servicing Advancespay on or before each Master Servicer Remittance Date to the Master Servicer and the Special Servicer, or to pay the related Sub-Servicer any unreimbursed Servicing Advancesas applicable, as compensation, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iii) aggregate unpaid Servicing Fee with respect to any Mortgage Loans that are not part of the Loan Combination (to the extent not otherwise required to be applied against Prepayment Interest Shortfalls), and Special Servicing Compensation (if any), respectively, in respect of the immediately preceding Interest Accrual Period, to be paid, in the case of the Servicing Fee, from interest received on the related Mortgage Loan being limited and to pay from time to time to the Master Servicer in accordance with Section 3.07(b) of this Agreement any interest or investment income earned on funds deposited in the Collection Account and, in the case of the Special Servicing Fee, from general collections; provided that with respect to the Loan Combination, such Special Servicing Fee with respect to the related Liquidation ProceedsMortgage Loan shall first be paid pursuant to Section 3.06A(a)(iii) of this Agreement and if not paid pursuant thereto, Insurance Proceeds, and condemnation awardsshall be paid from the Collection Account as provided in this clause (iii); (iv) in accordance with Section 2.03 of this Agreement, to reimburse itself (the Trustee[, the Certificate Administrator] or the Special Servicer, out of general collections on the Mortgage Loans and related Sub-Servicer) REO Properties for any unreimbursed expense reasonably incurred by the Trustee[, the Certificate Administrator] or the Depositor for Special Servicer in connection with the enforcement of a Mortgage Loan Seller’s obligations under Section 6(e) of the related Loan Purchase Agreement, together with interest thereon at the Advance Rate, but only to the extent that such expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16are not otherwise reimbursable; (v) to reimburse itself pay out of general collections on the Mortgage Loans and related REO Properties, for costs and expenses incurred by the Trust Fund with respect to the Mortgage Loans and related REO Properties pursuant to Section 3.04(a) and Section 3.10(e) of this Agreement and to pay Liquidation Expenses out of related Liquidation Proceeds pursuant to Section 3.11 of this Agreement (or provided that with respect to each Loan Combination, such expenses shall first be reimbursed pursuant to Section 3.06A(a)(iv) of this Agreement to the extent related Sub-Servicer) for any Nonrecoverable Advancesto the Loan Combination and if not reimbursed pursuant thereto, shall be paid from the Collection Account as provided in this clause (v)); (vi) to the extent not reimbursed or paid pursuant to any other clause of this Section 3.06, to reimburse or pay to itself (the Master Servicer, the Trustee[, the Certificate Administrator], the Special Servicer, the Trust Advisor or the Depositor, as applicable, for unpaid Additional Trust Fund Expenses (other than Advance Interest Amounts), Certificate Administrator Fees, Trustee Fees, unpaid Servicing Fees (but only if the Mortgage Loan has been liquidated or a Final Recovery Determination has been made with respect thereto), unpaid Special Servicing Compensation, unpaid Trust Advisor Fees, unpaid Trust Advisor Consulting Fees (but only to the extent such Trust Advisor Consulting Fee is actually received from the related Sub-ServicerMortgagor) income earned on and other unpaid items incurred by such Person pursuant to the investment second sentence of funds deposited Section 3.07(c), Section 3.08(a), Section 3.08(b), Section 3.10, Section 3.12(c), Section 3.16(a), Section 6.03, Section 7.04, Section 8.05(a), Section 8.05(b), Section 8.05(d) or Section 11.07 of this Agreement, or any other provision of this Agreement pursuant to which such Person is entitled to reimbursement or payment from the Trust Fund, in each case only to the extent expressly reimbursable under such Section, it being acknowledged that this clause (vi) shall not be deemed to modify the substance of any such Section, including the provisions of such Section that set forth the extent to which one of the foregoing Persons is or is not entitled to payment or reimbursement (provided that with respect to each Loan Combination, such expenses shall first be reimbursed pursuant to Section 3.06A(a)(v) of this Agreement to the extent related to the Loan Combination and if not reimbursed pursuant thereto, shall be paid from the Collection AccountAccount as provided in this clause (vi)); (vii) to make deposits into transfer to the Certificate Account Administrator for deposit in one or more separate, non-interest bearing accounts any amount reasonably determined by the amounts Certificate Administrator to be necessary to pay any applicable federal, state or local taxes imposed on either Trust REMIC under the circumstances and to the extent described in the manner provided for hereinSection 4.05 of this Agreement; (viii) to make payments withdraw any amount deposited into the Collection Account that was not required to itself or others pursuant to any provision of this Agreement, and be deposited therein; or (ix) to clear and terminate the Collection Account upon the termination pursuant to Section 9.01 of this Agreement; and. If and to the extent that the Master Servicer has reimbursed itself pursuant to clauses (a)(ii) or (a)(vi) above for an expense with respect to the Loan Combination that represents the Non-Trust Mortgage Interest’s allocable share of such cost or expense, the Master Servicer shall use efforts consistent with the Servicing Standard to collect such amounts from the Non-Trust Mortgage Interest Holder and deposit all such amounts collected from or on behalf of the Non-Trust Mortgage Noteholder into the Collection Account. The Master 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 pursuant to subclauses (ii)-(viii) above. The Master Servicer shall pay to each of the Special Servicer (or to third party contractors at the direction of the Special Servicer), the Trust Advisor, the Trustee and the Certificate Administrator, as applicable, from the applicable Collection Account, amounts permitted to be paid thereto from such account promptly upon receipt of a written statement of an officer of the Special Servicer, an officer of the Trust Advisor or a Responsible Officer of the Trustee or the Certificate Administrator, as the case may be, describing the item and amount to which the Special Servicer (or such third party contractor), the Trust Advisor, the Trustee or the Certificate Administrator, as the case may be, is entitled (unless such payment to the Special Servicer, the Trust Advisor, the Trustee or the Certificate Administrator, as the case may be, is clearly required pursuant to this Agreement, in which case a written statement is not required). The Master Servicer may rely conclusively on any such written statement and shall have no duty to recalculate the amounts stated therein. The parties seeking payment pursuant to this Section shall each keep and maintain a separate accounting for the purpose of justifying any request for withdrawal from each Collection Account, on a loan by loan basis. The Trustee, [the Certificate Administrator,] the Trust Advisor, the Depositor, the Special Servicer and the Master Servicer shall in all cases have a right prior to the Certificateholders to any funds on deposit in the Collection Account from time to time for the reimbursement or payment of the Servicing Fees (including investment income), Certificate Administrator Fees or Trustee Fees, Special Servicing Compensation, Advances, Advance Interest Amounts, Trust Advisor Fees, Trust Advisor Consulting Fees (but only to the extent such Trust Advisor Consulting Fees are actually received from the related Mortgagor(s)) and their respective expenses hereunder (including without limitation Additional Trust Fund Expenses) to the extent such fees, indemnity amounts and expenses are to be reimbursed or paid from amounts on deposit in the Collection Account pursuant to this Agreement (and to have such amounts paid directly to third party contractors for any invoices submitted to the Trustee, the Master Servicer or the Special Servicer, as applicable). (ixb) The Certificate Administrator shall, upon receipt, deposit in the Lower-Tier Distribution Account, the Interest Reserve Account and the Excess Liquidation Proceeds Reserve Account any and all amounts received by the Certificate Administrator in accordance with Section 3.06(a)(i) of this Agreement. If, as of 3:00 p.m., New York City time, on any Master Servicer Remittance Date or on such other date as any amount referred to withdraw in the foregoing clause (i) is required to be delivered hereunder, the Master Servicer shall not have delivered to the Certificate Administrator for deposit in the Lower-Tier Distribution Account, the Interest Reserve Account and the Excess Liquidation Proceeds Reserve Account the amounts required to be deposited therein pursuant to the provisions of this Agreement (including, without limitation, Section 3.06(a)(i) of this Agreement), then the Certificate Administrator shall, to the extent that a Responsible Officer of the Certificate Administrator has such knowledge, provide notice of such failure to the Master Servicer by facsimile transmission sent to telecopy No. [______] (or such alternative number provided by the Master Servicer to the Certificate Administrator in errorwriting) and by telephone at telephone No. [______] (or such alternative number provided by the Master Servicer to the Certificate Administrator in writing) as soon as possible, but in any event before 5:00 p.m., New York City time, on such day; provided, however, that the Master Servicer will pay the Certificate Administrator interest on such late payment at the prime rate until such late payment is received by the Certificate Administrator.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (RBS Commercial Funding Inc.), Pooling and Servicing Agreement (RBS Commercial Funding Inc.)

Permitted Withdrawals from the Collection Account. The the Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Account and the Class A-SFX/Class A-SFL Distribution Account. (a) Subsection (I). Each Master Servicer may, from time to time, withdraw funds make withdrawals from the its Collection Account for any of the following purposes:purposes (the order set forth below not constituting an order of priority for such withdrawals): (i) to reimburse itself remit to the Certificate Administrator for deposit in the Distribution Account (A) the Master Servicer Remittance Amount for the Master Servicer Remittance Date and (B) any amounts that may be applied by the applicable Master Servicer to make P&I Advances made pursuant to Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement4.03(a), the Servicer's and the Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage Loans; (ii) to pay itself reimburse the Trustee or itself, as applicable, in that order, for uxxxxxxxxxxx X&X Advances made by such Person (in each case, with its own funds) with respect to the Mortgage Loans and/or any successor REO Mortgage Loans serviced by such Master Servicer in respect thereof, the applicable Master Servicer’s and the Trustee’s, as the case may be, respective rights to reimbursement pursuant to this clause (ii) with respect to any P&I Advance (other than a Nonrecoverable P&I Advance, which is reimbursable pursuant to clause (vi) below) being limited to (subject to the operation of subsection (II)(iii) of this Section 3.05(a)) amounts on deposit in such Collection Account that represent Late Collections of interest and principal Received by the Trust in respect of the particular Mortgage Loan or REO Mortgage Loan as to which such P&I Advance was made (net of related Master Servicing FeeFees); (iii) to reimburse pay itself for unreimbursed earned and unpaid Master Servicing AdvancesFees, or with respect to pay the related Sub-Servicer Mortgage Loans and/or any unreimbursed Servicing Advancessuccessor REO Mortgage Loans in respect thereof, the such Master Servicer's ’s right to receive reimbursement or make payments to the Sub-Servicer payment pursuant to this subclause clause (iii) with respect to any such Mortgage Loan or REO Mortgage Loan being limited to related Liquidation Proceedsamounts on deposit in such Collection Account that are received and allocable as interest on such Mortgage Loan or REO Mortgage Loan, Insurance Proceedsas the case may be, and condemnation awardsto pay to the Trust Advisor earned and unpaid Trust Advisor Ongoing Fees, with respect to each Mortgage Loan and/or any successor REO Mortgage Loan in respect thereof (other than any Non-Trust-Serviced Pooled Mortgage Loan or any successor REO Mortgage Loan in respect thereof), the Trust Advisor’s right to payment pursuant to this clause (iii) with respect to any such Mortgage Loan or successor REO Mortgage Loan being limited to amounts received and allocable as interest on such Mortgage Loan or REO Mortgage Loan, as the case may be; (iv) to reimburse itself pay the applicable Special Servicer (or or, if applicable, any predecessor thereto) earned and unpaid Special Servicing Fees, Workout Fees and Liquidation Fees to which it is entitled in respect of each Specially Serviced Mortgage Loan, Corrected Mortgage Loan and/or REO Mortgage Loan pursuant to, and from the related Sub-Servicersources contemplated by, Section 3.11(c) or and, following a Liquidation Event in respect of any Serviced Mortgage Loan and/or any successor REO Mortgage Loan in respect thereof, to pay to itself, from general collections on the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16Mortgage Loans on deposit in such Collection Account, any unpaid Master Servicing Fees in respect of such Mortgage Loan and/or successor REO Mortgage Loan; (v) to reimburse itself the Trustee, the applicable Special Servicer or itself, as applicable, in that order, for any unreimbursed Servicing Advances made thereby (or in each case, with its own funds), the applicable Master Servicer’s, the applicable Special Servicer’s and the Trustee’s, as the case may be, respective rights to reimbursement pursuant to this clause (v) with respect to any Servicing Advance (other than a Nonrecoverable Servicing Advance, which is reimbursable pursuant to clause (vi) below) being limited to (subject to the operation of subsection (II)(iii) of this Section 3.05(a)) amounts on deposit in such Collection Account that represent (A) payments made by the related Sub-ServicerBorrower that are allocable to cover the item in respect of which such Servicing Advance was made, and/or (B) for any Nonrecoverable AdvancesInsurance Proceeds, Condemnation Proceeds, Liquidation Proceeds and, if applicable, REO Revenues Received by the Trust in respect of the particular Mortgage Loan or related REO Property as to which such Servicing Advance was made; (vi) to pay reimburse the Trustee, the applicable Special Servicer or itself, as applicable, in that order, out of such general collections (subject to itself (or the related Sub-Serviceroperation of Section 3.05(a)(II)(iv) income earned below) on the investment of funds deposited Mortgage Loans and any REO Properties serviced by such Master Servicer as are then on deposit in the such Collection Account, for any unreimbursed Nonrecoverable Advances made thereby with respect to any of the Mortgage Loans and/or related REO Properties; (vii) to make deposits into pay the Certificate Trustee, the applicable Special Servicer or itself, as applicable, in that order, any unpaid Advance Interest accrued on Advances made by such Person, such payment to be made, as and to the extent contemplated by Section 3.25, out of amounts on deposit in such Collection Account in that represent Default Charges Received by the amounts and in Trust on the manner provided for hereinMortgage Loans or REO Mortgage Loans as to which the subject Advance was made; (viii) to make payments to itself the extent that the applicable Master Servicer has reimbursed or others is reimbursing the Trustee, the applicable Special Servicer or itself, as applicable, for any unreimbursed Advance (regardless of whether such reimbursement is pursuant to any provision of this Agreementclause (ii), and (v) or (vi) above, pursuant to clear and terminate the Collection Account upon the termination of this Agreement; and (ixSection 3.03(c) to withdraw amounts deposited in error.or Section 3.03(d) or pursuant to

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2014-Lc16), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2014-C20)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes: (i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.04(b) or permitted to be so remitted pursuant to the first sentence of Section 3.04(d); (ii) to reimburse itself for Advances made pursuant to Section 6.03 (including amounts to reimburse and Servicing Advances; the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement reimburse itself pursuant to this subclause (iii) being limited to amounts received on particular the related Mortgage Loans Loan which represent Late Collections payments of (net of the a) principal and/or interest respecting which any such Advance was made or (b) Condemnation Proceeds, Insurance Proceeds or Liquidation Proceeds respecting which any such Servicing Fees) with respect to those particular Mortgage Loans; (ii) to pay itself the Servicing FeeAdvance was made; (iii) to reimburse itself for unreimbursed Servicing Advances, or any unpaid Servicing Fees and for unreimbursed Advances to pay the related Sub-Servicer any unreimbursed Servicing extent that such amounts are deemed to be Nonrecoverable Advances, the Servicer's right and to receive reimbursement or make payments reimburse itself for such amounts to the Sub-Servicer extent that such amounts are nonrecoverable from the disposition of REO Property pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awardsSection 3.03 or Section 3.13 hereof; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it any amounts paid pursuant to Section 5.01 or 5.163.03 (and not otherwise previously reimbursed); (v) to reimburse pay to itself as servicing compensation (a) any interest earned on funds in the Collection Account (all such interest to be withdrawn monthly not later than each Servicer Remittance Date) and (b) the Servicing Fee from that portion of any payment or recovery as to interest to a particular Mortgage Loan to the related Sub-Servicer) for any Nonrecoverable Advancesextent not retained pursuant to Section 3.04(ii); (vi) to pay reimburse itself for any amounts paid pursuant to itself Section 6.03 (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account;and not otherwise previously reimbursed); and (vii) to make deposits into the Certificate Account in the amounts and in the manner provided for herein; (viii) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreement; and (ix) . The foregoing requirements for withdrawal from the Collection Account shall be exclusive. In the event the Servicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw amounts deposited in errorsuch amount from the Collection Account, any provision herein to the contrary notwithstanding.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Asset Backed Funding Corp 2002 Wf1 Trust), Pooling and Servicing Agreement (Asset Backed Funding Corp)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes: (i) to reimburse itself remit to the Trustee for Advances made deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 6.03 (including amounts 3.04(b) or permitted to reimburse the related Sub-Servicer for advances made be so remitted pursuant to the applicable Sub-Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement pursuant to this subclause clause (iii) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of first sentence of the Servicing Fees) with respect to those particular Mortgage Loanssecond paragraph of Section 4.07(b); (ii) to pay reimburse itself for (a) Advances and Servicing Advances to the extent of amounts received on the related Mortgage Loan which represent payments of (x) principal and/or interest respecting which any such Advance was made or (y) Condemnation Proceeds, Insurance Proceeds or Liquidation Proceeds respecting which any such Servicing FeeAdvance was made; including in connection with the modification of a Mortgage Loan where (i) such Advance is added to the unpaid principal balance or (ii) a portion of the unpaid principal balance of the Mortgage Loan is forgiven; or (b) any unreimbursed Advances to the extent of funds held in the Collection Account for future distribution that were not included in Available Funds for the preceding Distribution Date; provided, however, any funds so applied will be replaced by the Servicer by deposit in the Collection Account no later than one Business Day prior to the Distribution Date on which such funds are required to be distributed; (iii) to reimburse itself for unreimbursed Servicing Advances, or to pay the related Sub-Servicer any unpaid Servicing Fees and for unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments Advances to the Subextent that such amounts are deemed to be Nonrecoverable Advances and to reimburse itself for such amounts to the extent that such amounts are nonrecoverable from the disposition of REO Property or have been written-Servicer off pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awardsSection 3.13; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it any amounts paid pursuant to Section 5.01 or 5.163.03 (and not otherwise previously reimbursed); (v) to reimburse pay to itself as servicing compensation (a) any interest earned on funds in the Collection Account (all such interest to be withdrawn monthly not later than each Servicer Remittance Date) and (b) the Servicing Fee from that portion of any payment or recovery as to interest to a particular Mortgage Loan to the related Sub-Servicer) for any Nonrecoverable Advancesextent not retained pursuant to Section 3.04(ii); (vi) to pay or reimburse itself for any amounts payable or paid pursuant to Section 6.03 (and not otherwise previously reimbursed) and to reimburse itself (or the related Sub-Servicer) income earned on the investment of funds deposited as set forth in the Collection Account;Section 9.01(c); and (vii) to make deposits into the Certificate Account in the amounts and in the manner provided for herein; (viii) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreement; and (ix) . The foregoing requirements for withdrawal from the Collection Account shall be exclusive. In the event the Servicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw amounts deposited in errorsuch amount from the Collection Account, any provision herein to the contrary notwithstanding.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (ABFC C-Bass Mortgage Loan Asset-Backed Certificates, Series 2005-Cb5), Pooling and Servicing Agreement (ABFC C-Bass Mortgage Loan Asset-Backed Certificates, Series 2005-Cb2)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes: (i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.04(b); (ii) to reimburse itself for Advances made pursuant to Section 6.03 (including amounts to reimburse and Servicing Advances; the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement reimburse itself pursuant to this subclause (iii) being limited to amounts received on particular the related Mortgage Loans Loan which represent Late Collections payments of (net a) principal and/or interest respecting which any such Advance was made (including portions of Condemnation Proceeds, Insurance Proceeds or Liquidation Proceeds allocable to principal and/or interest on the Mortgage Loan) or (b) Condemnation Proceeds, Insurance Proceeds or Liquidation Proceeds respecting which any such Servicing Fees) with respect to those particular Mortgage Loans; (ii) to pay itself the Servicing FeeAdvance was made; (iii) to reimburse itself for unreimbursed Servicing Advances, or any unpaid Servicing Fees and for unreimbursed Advances to pay the related Sub-Servicer any unreimbursed Servicing extent that such amounts are deemed to be Nonrecoverable Advances, the Servicer's right and to receive reimbursement or make payments reimburse itself for such amounts to the Sub-Servicer extent that such amounts are nonrecoverable from the disposition of REO Property pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awardsSection 3.03 or Section 3.13 hereof; (iv) to reimburse itself (for any amounts paid or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.163.03 (and not otherwise previously reimbursed); (v) to reimburse pay to itself as servicing compensation (a) any interest earned on funds in the Collection Account (all such interest to be withdrawn monthly not later than each Servicer Remittance Date) and (b) the Servicing Fee from that portion of any payment or recovery as to interest to a particular Mortgage Loan to the related Sub-Servicer) for any Nonrecoverable Advancesextent not retained pursuant to Section 3.04(ii); (vi) to pay or reimburse itself for any amounts payable or paid pursuant to itself Section 6.03 (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account;and not otherwise previously reimbursed); and (vii) to make deposits into the Certificate Account in the amounts and in the manner provided for herein; (viii) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreement; and (ix) . The foregoing requirements for withdrawal from the Collection Account shall be exclusive. In the event the Servicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw amounts deposited in errorsuch amount from the Collection Account, any provision herein to the contrary notwithstanding.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Asset Backed Funding Corp Abfc Asset Backed Ser 2004-Ahl1), Pooling and Servicing Agreement (Abfc Asset Backed Certificates Series 2003-Ahl1)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes: (i) to reimburse itself remit to the Trustee for Advances made deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 6.03 (including amounts 3.04(b) or permitted to reimburse the related Sub-Servicer for advances made be so remitted pursuant to the applicable Sub-Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement pursuant to this subclause clause (iii) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of first sentence of the Servicing Fees) with respect to those particular Mortgage Loanssecond paragraph of Section 4.07(b); (ii) to pay reimburse itself for (a) Advances and Servicing Advances to the extent of amounts received on the related Mortgage Loan which represent payments of (x) principal and/or interest respecting which any such Advance was made or (y) Condemnation Proceeds, Insurance Proceeds or Liquidation Proceeds respecting which any such Servicing FeeAdvance was made; or (b) any unreimbursed Advances to the extent of funds held in the Collection Account for future distribution that were not included in Available Funds for the preceding Distribution Date; provided, however, any funds so applied will be replaced by the Servicer by deposit in the Collection Account no later than one Business Day prior to the Distribution Date on which such funds are required to be distributed; (iii) to reimburse itself for unreimbursed Servicing Advances, or to pay the related Sub-Servicer any unpaid Servicing Fees and for unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments Advances to the Subextent that such amounts are deemed to be Nonrecoverable Advances and to reimburse itself for such amounts to the extent that such amounts are nonrecoverable from the disposition of REO Property or have been written-Servicer off pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awardsSection 3.13; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it any amounts paid pursuant to Section 5.01 or 5.163.03 (and not otherwise previously reimbursed); (v) to reimburse pay to itself as servicing compensation (a) any interest earned on funds in the Collection Account (all such interest to be withdrawn monthly not later than each Servicer Remittance Date) and (b) the Servicing Fee from that portion of any payment or recovery as to interest to a particular Mortgage Loan to the related Sub-Servicer) for any Nonrecoverable Advancesextent not retained pursuant to Section 3.04(ii); (vi) to pay or reimburse itself for any amounts payable or paid pursuant to Section 6.03 (and not otherwise previously reimbursed) and to reimburse itself (or the related Sub-Servicer) income earned on the investment of funds deposited as set forth in the Collection Account;Section 9.01(c); and (vii) to make deposits into the Certificate Account in the amounts and in the manner provided for herein; (viii) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreement; and (ix) . The foregoing requirements for withdrawal from the Collection Account shall be exclusive. In the event the Servicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw amounts deposited in errorsuch amount from the Collection Account, any provision herein to the contrary notwithstanding.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Asset Backed Funding Corp C Bass Mor Ln as Bk Ce Se 2004 Cb1), Pooling and Servicing Agreement (Asset Backed Funding Corp C-Bass Mortgage Loan Asset-Backed Certificates, Series 2004-Cb5)

Permitted Withdrawals from the Collection Account. The Master Servicer may, from time to time, withdraw funds make withdrawals from the Collection Account for the following purposes, without duplication: (ia) to reimburse itself for any accrued unpaid Servicing Fees and for unreimbursed Periodic Advances made pursuant to Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-and Servicing Agreement), the Servicer's and the Sub-Advances. The Master Servicer's right to receive reimbursement pursuant to this subclause (i) being for unpaid Servicing Fees and unreimbursed Servicing Advances shall be limited to late collections on the related Mortgage Loan, including Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts received as may be collected by the Master Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan in respect of which such unreimbursed amounts are owed. The Master Servicer's right to reimbursement for unreimbursed Periodic Advances shall be limited to late collections on particular any Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect Loan and to those particular Liquidation Proceeds, Released Mortgage Property Proceeds and Insurance Proceeds on related Mortgage Loans; (ii) to pay itself the Servicing Fee; (iiib) to reimburse itself for unreimbursed any Periodic Advances or Servicing Advances determined in good faith to have become Nonrecoverable Advances, or such reimbursement to pay the related Sub-Servicer be made from any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awards; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi) to pay to itself (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account; (viic) to withdraw any amount received from a Mortgagor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction; (d) to withdraw any funds deposited in the Collection Account that were not required to be deposited therein; (e) to pay itself Servicing Compensation pursuant to Section 5.14 hereof to the extent not retained or paid pursuant to Section 5.03, 5.04 or 5.14; (f) to pay to the Seller with respect to each Mortgage Loan or property acquired in respect thereof that has been repurchased or replaced pursuant to Section 2.04 or 3.03 or to pay to itself with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 8.01 all amounts received thereon and not required to be distributed as of the date on which the related repurchase or purchase price or Principal Balance, as the case may be, was determined; (g) to pay to the Seller with respect to each Mortgage Loan the amount of interest accrued and unpaid on such Mortgage Loan on the Cut-off Date; (h) to make deposits into to the Certificate Account Accounts (which shall include the Trustee Fee) in the amounts and in the manner provided for herein; (viiii) to make payments pay itself any interest earned on or investment income earned with respect to funds in the Collection Account; (j) to reimburse itself or others the Company pursuant to any provision of this Agreement, and Section 11.01; and (k) to clear and terminate the Collection Account upon the termination of this Agreement; and (ix) to withdraw amounts deposited in error.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Southern Pacific Secured Assets Corp), Pooling and Servicing Agreement (Southern Pacific Secured Assets Corp)

Permitted Withdrawals from the Collection Account. The Master Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes: (i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.04(b) or permitted to be so remitted pursuant to the first sentence of Section 3.04(d); (ii) to reimburse itself for (a) any unreimbursed Advances made pursuant to Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to extent of amounts received on particular Mortgage Loans which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds on Mortgage Loans with respect to those particular which such Advances were made in accordance with the provisions of Section 4.07; (b) any unreimbursed Advances with respect to the final liquidation of a Mortgage Loans; Loan that are Nonrecoverable Advances, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer for such unreimbursed Advances; or (iic) subject to pay itself Section 4.07(b), any unreimbursed Advances to the Servicing Feeextent of funds held in the Collection Account for future distribution that were not included in Available Funds for the preceding Distribution Date; (iii) to reimburse itself for unreimbursed (a) any unpaid Servicing AdvancesFees, or to pay the related Sub-Servicer (b) any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iii) Advances with respect to each Mortgage Loan, but only to the extent of any Mortgage Loan being limited to related Late Collections, Liquidation Proceeds, Insurance ProceedsProceeds and condemnation proceeds received with respect to such Mortgage Loan, and condemnation awards(c) any Servicing Advances with respect to the final liquidation of a Mortgage Loan that are Nonrecoverable Advances, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer for Servicing Advances; (iv) to reimburse itself (for any amounts paid or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.163.03 (and not otherwise previously reimbursed); (v) to reimburse pay to itself as servicing compensation (a) any interest earned on funds in the Collection Account (all such interest to be withdrawn monthly not later than each Servicer Remittance Date), (b) the Servicing Fee from that portion of any payment or recovery as to interest to a particular Mortgage Loan to the related Sub-Servicerextent not retained pursuant to Section 3.04(a)(ii) for and (c) any Nonrecoverable AdvancesPrepayment Interest Excess; (vi) to pay or reimburse itself for any amounts payable or paid pursuant to itself Section 6.03 (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Accountand not otherwise previously reimbursed); (vii) to make deposits into reimburse the Certificate Account Insurer for the amount of any claim (net of the aggregate amount of premium paid to the Insurer with respect to the related MI Mortgage Loan) paid by the Insurer prior to rescission of coverage of the related MI Mortgage Loan as set forth in the amounts and in the manner provided for herein;Section 3.01; and (viii) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreement; and (ix) . The foregoing requirements for withdrawal from the Collection Account shall be exclusive. In the event the Master Servicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw amounts deposited in errorsuch amount from the Collection Account, any provision herein to the contrary notwithstanding.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Asset-Backed Funding Corp. ABFC Asset Backed Certificates, Series 2004-Opt4), Pooling and Servicing Agreement (Asset-Backed Funding Corp. ABFC Asset Backed Certificates, Series 2004-Opt5)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes: (i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Sections 3.09; (ii) to reimburse itself for Advances made pursuant to Section 6.03 (including amounts a) Advances; the Servicer’s right to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement itself pursuant to this subclause (iii) being limited to amounts received on particular the related Mortgage Loans Loan which represent Late Collections payments of (net a) principal and/or interest respecting which any such Advance was made or (b) Condemnation Proceeds, Insurance Proceeds or Liquidation Proceeds respecting which any such Servicing Advance was made or (b) any unreimbursed Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution Date (provided, however, any funds so applied will be replaced by the Servicer by deposit in the Collection Account no later than one Business Day prior to the Distribution Date on which such funds are required to be distributed) and to reimburse itself for any unreimbursed Advances and Servicing Fees) Advances made in connection with respect to those particular the modification of a Mortgage Loans; (ii) to pay itself the Servicing FeeLoan; (iii) to reimburse itself for unreimbursed Servicing Advances, or to pay the related Sub-Servicer any unpaid Servicing Fees and for unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments Advances to the Sub-Servicer extent that such amounts are deemed to be Nonrecoverable Advances (including those deemed to be Nonrecoverable Advances at the time a Mortgage Loan is modified), and to reimburse itself for such amounts to the extent that such amounts are nonrecoverable from the disposition of REO Property pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awardsSection 3.19 hereof; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it any amounts paid pursuant to Section 5.01 or 5.163.19 (and not otherwise previously reimbursed); (v) to reimburse pay to itself as servicing compensation (a) any interest earned on funds in the Collection Account (all such interest to be withdrawn monthly not later than each Servicer Remittance Date) and (b) the Servicing Fee from that portion of any payment or recovery as to interest to a particular Mortgage Loan to the related Sub-Servicer) for any Nonrecoverable Advancesextent not retained pursuant to Section 3.04(ii); (vi) to pay or reimburse itself for any amounts payable or paid pursuant to itself Section 6.03 (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account;and not otherwise previously reimbursed); and (vii) to make deposits into the Certificate Account in the amounts and in the manner provided for herein; (viii) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreement; and (ix) . The foregoing requirements for withdrawal from the Collection Account shall be exclusive. In the event the Servicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw amounts deposited in errorsuch amount from the Collection Account, any provision herein to the contrary notwithstanding.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (C-Bass 2006-Cb7 Trust), Pooling and Servicing Agreement (C-Bass 2006-Cb7 Trust)

Permitted Withdrawals from the Collection Account. the Distribution Account, the Interest Reserve Account and the Excess Liquidation Proceeds Account. (a) Subsection (I). The Master Servicer may, from time to time, withdraw funds make withdrawals from the Collection Account for any of the following purposes:purposes (the order set forth below not constituting an order of priority for such withdrawals): (i) to reimburse itself remit to the Certificate Administrator for deposit in the Distribution Account (A) the Master Servicer Remittance Amount for the Master Servicer Remittance Date and (B) any amounts that may be applied by the Master Servicer to make P&I Advances made pursuant to Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement4.03(a), the Servicer's and the Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage Loans; (ii) to pay itself reimburse the Trustee or itself, as applicable, in that order, for xxxxxxxxxxxx X&X Advances made by such Person (in each case, with its own funds) with respect to the Mortgage Loans and/or any successor REO Mortgage Loans in respect thereof, the Master Servicer’s and the Trustee’s, as the case may be, respective rights to reimbursement pursuant to this clause (ii) with respect to any P&I Advance (other than a Nonrecoverable P&I Advance, which is reimbursable pursuant to clause (vi) below) being limited to (subject to the operation of subsection (II)(iii) of this Section 3.05(a)) amounts on deposit in the Collection Account that represent Late Collections of interest and principal Received by the Trust in respect of the particular Mortgage Loan or REO Mortgage Loan as to which such P&I Advance was made (net of related Master Servicing FeeFees); (iii) to reimburse pay itself for unreimbursed earned and unpaid Master Servicing AdvancesFees, with respect to the Mortgage Loans and/or any successor REO Mortgage Loans in respect thereof, the Master Servicer’s right to payment pursuant to this clause (iii) with respect to any such Mortgage Loan or REO Mortgage Loan being limited to amounts on deposit in the Collection Account that are received and allocable as interest on such Mortgage Loan or REO Mortgage Loan, as the case may be, and to pay to the Trust Advisor earned and unpaid Trust Advisor Ongoing Fees, with respect to each Mortgage Loan and/or any successor REO Mortgage Loan in respect thereof, the Trust Advisor’s right to payment pursuant to this clause with respect to any Mortgage Loan or successor REO Mortgage Loan being limited to amounts received and allocable as interest on such Mortgage Loan or REO Mortgage Loan, as the case may be; (iv) to pay the related Sub-Special Servicer (or, if applicable, any predecessor thereto) earned and unpaid Special Servicing Fees, Workout Fees and Liquidation Fees to which it is entitled in respect of each Specially Serviced Mortgage Loan, Corrected Mortgage Loan and/or REO Mortgage Loan pursuant to, and from the sources contemplated by, Section 3.11(c) and, following a Liquidation Event in respect of any Mortgage Loan and/or any successor REO Mortgage Loan in respect thereof, to pay to itself, from general collections on the Mortgage Loans on deposit in the Collection Account, any unpaid Master Servicing Fees in respect of such Mortgage Loan and/or successor REO Mortgage Loan; (v) to reimburse the Trustee, the Special Servicer or itself, as applicable, in that order, for any unreimbursed Servicing AdvancesAdvances made thereby (in each case, with its own funds), the Master Servicer's right ’s, the Special Servicer’s and the Trustee’s, as the case may be, respective rights to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause clause (iiiv) with respect to any Servicing Advance (other than a Nonrecoverable Servicing Advance, which is reimbursable pursuant to clause (vi) below) being limited to (subject to the operation of subsection (II)(iii) of this Section 3.05(a)) amounts on deposit in the Collection Account that represent (A) payments made by the related Borrower that are allocable to cover the item in respect of which such Servicing Advance was made, and/or (B) Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds and, if applicable, REO Revenues Received by the Trust in respect of the particular Mortgage Loan or related REO Property as to which such Servicing Advance was made; (vi) to reimburse the Trustee, the Special Servicer or itself, as applicable, in that order, out of such general collections (subject to the operation of subsection (II)(iv) of this Section 3.05(a) below) on the Mortgage Loans and any REO Properties as are then on deposit in the Collection Account, for any unreimbursed Nonrecoverable Advances made thereby with respect to any of the Mortgage Loans and/or related REO Properties; (vii) to pay the Trustee, the Special Servicer or itself, as applicable, in that order, any unpaid Advance Interest accrued on Advances made by such Person, such payment to be made, as and to the extent contemplated by Section 3.25, out of amounts on deposit in the Collection Account that represent Default Charges Received by the Trust on the Mortgage Loans or REO Mortgage Loans as to which the subject Advance was made; (viii) to the extent that the Master Servicer has reimbursed or is reimbursing the Trustee, the Special Servicer or itself, as applicable, for any unreimbursed Advance (regardless of whether such reimbursement is pursuant to clause (ii), (v) or (vi) above, pursuant to Section 3.03(c) or Section 3.03(d) or pursuant to subsection (II) of this Section 3.05(a)), and insofar as payment has not already been made out of related Default Charges, and the related Default Charges then on deposit in the Collection Account and available therefor are not sufficient to make such payment, pursuant to clause (vii) above, to pay the Trustee, the Special Servicer or itself, as applicable, in that order, first out of amounts on deposit in the Collection Account that represent the remaining Liquidation Proceeds, Insurance Proceeds and/or Condemnation Proceeds, if any, from the Mortgage Loan or REO Property to which the Advance relates, then out of such general collections (subject to the operation of subsection (II) of this Section 3.05(a) below) on the Mortgage Loans and any REO Properties as are then on deposit in the Collection Account, any related Advance Interest accrued and payable on the portion of such Advance so reimbursed or being reimbursed; (ix) to pay (A) any outstanding expenses that were incurred by the Special Servicer in connection with its inspecting, pursuant to Section 3.12(a), any REO Property or any Mortgaged Property securing a Specially Serviced Mortgage Loan or (B) any other outstanding expenses incurred on behalf of the Trust with respect to any Mortgage Loan or related REO Property (other than Advance Interest that is paid pursuant to clause (vii) above, and other than Special Servicing Fees, Workout Fees and Liquidation Fees, which are covered by clause (iv) above) that will likely otherwise become Additional Trust Fund Expenses, such payments to be made, first, out of amounts on deposit in the Collection Account that represent Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds and, if applicable, REO Revenues received with respect to such Mortgage Loan or REO Property, as the case may be, and then, out of such general collections on the Mortgage Loans and any REO Properties as are then on deposit in the Collection Account; (x) to pay itself any items of Additional Master Servicing Compensation, and to pay the Special Servicer any items of Additional Special Servicing Compensation, in each case on deposit in the Collection Account from time to time, and to pay to the Trust Advisor any Trust Advisor Consulting Fee then due and payable to the Trust Advisor, the Trust Advisor’s right to payment pursuant to this clause (x) with respect to any Mortgage Loan being limited to amounts on deposit in the Collection Account that represent collections of such fee from the related Borrower in accordance with the other provisions of this Agreement; (xi) to pay any unpaid Liquidation ProceedsExpenses incurred with respect to any Mortgage Loan or related REO Property, such payments to be made, first, out of amounts on deposit in the Collection Account that represent Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds and, if applicable, REO Revenues received with respect to such Mortgage Loan or REO Property, as the case may be, and condemnation awards; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi) to pay to itself (or the related Sub-Servicer) income earned then, out of such general collections on the investment of funds deposited Mortgage Loans and any REO Properties as are then on deposit in the Collection Account; (viixii) to make deposits into pay, subject to and in accordance with Section 3.11(i), out of such general collections on the Certificate Account Mortgage Loans and any related REO Properties as are then on deposit in the amounts Collection Account, servicing expenses related to the Mortgage Loans and in the manner provided for hereinrelated REO Properties, which expenses would, if advanced, constitute Nonrecoverable Servicing Advances; (viiixiii) to make payments to itself or others pay, first out of amounts on deposit in the Collection Account that represent related Liquidation Proceeds, Insurance Proceeds and/or Condemnation Proceeds, if any, and then, out of such general collections on the Mortgage Loans and any related REO Properties as are then on deposit in the Collection Account, costs and expenses incurred by the Trust pursuant to Section 3.09(c) with respect to any Mortgage Loan or REO Property (other than the costs of environmental testing, which are to be covered by, and reimbursable as, a Servicing Advance); (xiv) to pay itself, the Special Servicer, the Depositor, the Certificate Administrator, the Tax Administrator, the Trustee, the Trust Advisor, or any of their respective directors, officers, members, managers, employees and agents, as the case may be, first out of amounts on deposit in the Collection Account that represent related Liquidation Proceeds, Insurance Proceeds and/or Condemnation Proceeds, if any, and then, out of such general collections on the Mortgage Loans and any REO Properties as are then on deposit in the Collection Account, any amounts payable to any such Person pursuant to Section 6.03, Section 7.01(b), or Section 8.05(b); provided, however, that in the case of the Trust Advisor, any such amount withdrawn pursuant to this clause (xiv) in respect of any Trust Advisor Expenses other than Designated Trust Advisor Expenses shall not exceed the limit set forth for the related Distribution Date in Section 4.05(b) hereof (and, in connection with any request by the Trust Advisor for the reimbursement of any Trust Advisor Expenses, (x) the Master Servicer shall be entitled to request and rely on reasonable documentation of expenses and certifications as to the nature thereof (including whether such expenses are Designated Trust Advisor Expenses) from the Trust Advisor, and (y) the Certificate Administrator shall cooperate with the Master Servicer and provide a calculation of the limit set for the related Distribution Date in Section 4.05(b) hereof with respect to Trust Advisor Expenses that are not Designated Trust Advisor Expenses); (xv) to pay, first out of amounts on deposit in the Collection Account that represent related Liquidation Proceeds, Insurance Proceeds and/or Condemnation Proceeds, if any, and then, out of such general collections on the Mortgage Loans and any REO Properties as are then on deposit in the Collection Account, (A) any reasonable out-of-pocket cost or expense (including the reasonable fees of tax accountants and attorneys) incurred by the Trustee pursuant to Section 3.17(a)(iii) in connection with providing advice to the Special Servicer with respect to any REO Property, and (B) to the extent not otherwise advanced by the Master Servicer, any fees and/or expenses payable or reimbursable, as the case may be, in accordance with Section 3.18, to the Master Servicer or the Trustee or an Independent third party for confirming, in accordance with such Section 3.18, a fair price determination made with respect to any Defaulted Mortgage Loan or REO Property; (xvi) to pay itself, the Special Servicer, the Certificate Administrator, the Trustee, the Trust Advisor or the Depositor, as the case may be, any amount related to the Mortgage Loans and/or related REO Properties, that is specifically required to be paid to such Person at the expense of the Trust Fund under any provision of this Agreement and to which reference is not made in any other clause of this Section 3.05(a), it being acknowledged that this clause (xvi) shall not be construed to modify any limitation otherwise set forth in this Agreement on the time at which any Person is entitled to payment or reimbursement of any amount or the funds from which any such payment or reimbursement is permitted to be made; (xvii) to pay itself, the Special Servicer, any Responsible Repurchase Party, a Subordinate Class Certificateholder or any other particular Person, as the case may be, with respect to any Mortgage Loan (or portion thereof) that was previously purchased or otherwise removed from the Trust Fund by such Person pursuant to or as contemplated by this Agreement, all amounts received on such Mortgage Loan (or portion thereof) subsequent to the date of purchase or other removal; (xviii) to pay to the applicable Mortgage Loan Seller or Responsible Repurchase Party, as the case may be, any amounts on deposit in the Collection Account that represent Monthly Payments due on the respective Mortgage Loans on or before the Cut-off Date or, in the case of a Replacement Mortgage Loan, on or before the date on which such Replacement Mortgage Loan was added to the Trust Fund; (xix) to transfer any Excess Liquidation Proceeds on deposit in the Collection Account to the Excess Liquidation Proceeds Account in accordance with Section 3.04(d); (xx) to withdraw any amount and pay to the Person entitled thereto any amount deposited in the Collection Account in error; and (xxi) to clear and terminate the Collection Account upon at the termination of this AgreementAgreement pursuant to Section 9.01; and If amounts on deposit in the Collection Account at any particular time (ix) to withdraw after withdrawing any portion of such amounts deposited in the Collection Account in error) are insufficient to satisfy all payments, reimbursements and remittances to be made therefrom as set forth in clauses (ii) through (xix) of the preceding paragraph, then the corresponding withdrawals from the Collection Account shall be made in the following priority and subject to the following rules: (x) if the payment, reimbursement or remittance is to be made from a specific source of funds, then such payment, reimbursement or remittance shall be made from that specific source of funds on a pro rata basis with any and all other payments, reimbursements and remittances to be made from such specific source of funds; and (y) if the payment, reimbursement or remittance can be made from any funds on deposit in the Collection Account, then (following any withdrawals made from the Collection Account in accordance with the immediately preceding clause (x) of this sentence) such payment, reimbursement or remittance shall be made from the general funds remaining on deposit in the Collection Account on a pro rata basis with any and all other payments, reimbursements or remittances to be made from such general funds; provided, however, that any reimbursements of Advances in respect of any particular Mortgage Loan or REO Property out of the Collection Account pursuant to any of clauses (ii), (v) and (vi) of the first paragraph of this Section 3.05(a)(I), and any payments of interest thereon out of the Collection Account pursuant to either of clauses (vii) and (viii) of the first paragraph of this Section 3.05(a)(I), shall be made (to the extent of their respective entitlements to such reimbursements and/or payments): first, to the Trustee; and second, pro rata, to the Master Servicer and the Special Servicer.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2011-C5), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2011-C5)

Permitted Withdrawals from the Collection Account. The Master Servicer may, from time to time, withdraw funds may make withdrawals from the Collection Account Account, on or prior to any Servicer Remittance Date, for the following purposes: (ia) to pay to the Sponsor amounts received in respect of any Defective Mortgage Loan purchased or substituted for by the Sponsor to the extent that the payment of any such amounts on the Servicer Remittance Date upon which the proceeds of such purchase are paid would make the total amount distributed in respect of any such Mortgage Loan on such Servicer Remittance Date greater than the Loan Repurchase Price or the Substitution Adjustment therefor; (b) to reimburse itself for Advances made pursuant to Section 6.03 (including amounts to reimburse the related Sub-Master Servicer for advances made pursuant to the applicable Sub-unreimbursed Delinquency Advances and unreimbursed Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) Advances with respect to those particular the Mortgage Loans for which it has made a Delinquency Advance or Servicing Advance, from late or deferred payments collected, collections other than timely Monthly Payments, Liquidation Proceeds, Insurance Proceeds and/or the Loan Repurchase Price or Substitution Adjustment of or relating to such Mortgage Loans; (ii) to pay itself the Servicing Fee; (iiic) to reimburse itself the Master Servicer for unreimbursed any Delinquency Advances and Servicing Advances determined in good faith to have become Nonrecoverable Advances, or such reimbursement to pay the related Sub-Servicer be made from any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awards; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi) to pay to itself (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account; (viid) to make deposits into withdraw any amount received from a Mortgagor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the Certificate Account Bankruptcy Code in the amounts and in the manner provided for hereinaccordance with a final, nonappealable order of a court having competent jurisdiction; (viiie) to make payments to itself or others pursuant to withdraw any provision of this Agreement, and to clear and terminate funds deposited in the Collection Account upon that were not required to be deposited therein; (f) to pay the termination Master Servicer the Servicing Compensation pursuant to Section 5.08 hereof to the extent not retained or paid; (g) to pay the Backup Servicer the Backup Servicing Fee pursuant to Section 5.08 hereof to the extent payments in respect of this Agreementthese amounts have not been previously retained or paid; (h) without duplication, and solely out of amounts which are payable to a former master servicer pursuant to Section 7.02(g), to pay to the Backup Servicer, the Indenture Trustee or any successor master servicer amounts paid by them in connection with the transfer of the Master Servicer’s servicing obligations pursuant to Article VII hereof and required under such Article VII to be borne by the Master Servicer; (i) to withdraw income on the Collection Account as provided in Section 5.02(d); and (ixj) to withdraw amounts deposited into the Collection Account in errorrespect of late fees, assumption fees and similar fees (other than Prepayment Charges). The Master Servicer shall keep and maintain a separate accounting for each Mortgage Loan for the purpose of accounting for withdrawals from the Collection Account pursuant to this Section 5.03. Furthermore, in the event that servicing has been transferred to the Backup Servicer, all reimbursements in respect of Servicer Advances and Delinquency Advances shall be made on a first in, first out priority basis (i.e. the longest outstanding reimbursable Servicer Advance or Delinquency Advance will be reimbursed first).

Appears in 2 contracts

Samples: Sale and Servicing Agreement (Accredited Home Lenders Inc Mortgage Loan Trust 2004-1), Sale and Servicing Agreement (Accredited Mortgage Loan Trust 2004-2)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to timetime in accordance with the provisions hereof, withdraw funds amounts from the Collection Account for the following purposes:purposes (without duplication): (i1) to reimburse itself for unreimbursed Monthly Advances made pursuant and Servicing Advances (other than with respect to REO Properties) that are approved by the Purchaser as being non-recoverable in accordance with Section 6.03 (including amounts 6.04; 2) to make payments to the Purchaser in the amounts, at the times and in the manner provided for in Section 6.01; 3) to reimburse the related Sub-Servicer itself for advances made pursuant to the applicable Sub-Servicing Agreement)Monthly Advances, the Servicer's and the Sub-Servicer's right to receive reimbursement reimburse itself pursuant to this subclause (i) Subsection 3 being limited to amounts received on particular the related Mortgage Loans Loan which represent Late Collections (net late payments of the Servicing Fees) principal and/or interest with respect to those particular Mortgage Loans; (ii) to pay itself the Servicing Fee; (iiiwhich any such Monthly Advance was made; 4) to reimburse itself for unreimbursed Servicing Advances, or Advances (other than with respect to pay the related Sub-Servicer any REO Properties) and for unreimbursed Servicing Monthly Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer reimburse itself pursuant to this subclause (iii) Subsection 4 with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Condemnation Proceeds, Insurance Proceeds and condemnation awards; (iv) such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to reimburse itself (the Mortgage Loan, it being understood that, in the case of such reimbursement, the Servicer's right thereto shall be prior to the rights of the Purchaser, except that, where a Seller or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable Servicer is required to it repurchase a Mortgage Loan pursuant to Section 5.01 or 5.16; (v) Sections 2.04, 3.04 and/or 7.02, the Servicer's right to reimburse itself (or such reimbursement shall be subsequent and subordinate to the related Sub-Servicer) for any Nonrecoverable Advances; (vi) payment to pay to itself (or the related Sub-Servicer) income earned on the investment Purchaser of funds deposited in the Collection Account; (vii) to make deposits into the Certificate Account in the amounts and in the manner provided for herein; (viii) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreement; and (ix) to withdraw amounts deposited in error.the

Appears in 2 contracts

Samples: Mortgage Loan Flow Purchase, Sale & Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-18a), Mortgage Loan Flow Purchase, Sale & Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003 24a)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes: (ia) to reimburse itself for Advances made pursuant to Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement), the Servicer's ’s and the related Sub-Servicer's ’s right to receive reimbursement pursuant to this subclause (ia) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage Loans; (iib) to pay itself the Servicing Fee; (iiic) to reimburse itself for unreimbursed Servicing Advances, or to pay the related Sub-Servicer any unreimbursed Servicing Advances, the Servicer's ’s right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iiic) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, Subsequent Recoveries and condemnation awards; (ivd) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (ve) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vif) to pay to itself (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account; (viig) to make deposits into the Certificate Account in the amounts and in the manner provided for herein; (viiih) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreement; and; (ixi) to withdraw amounts deposited in error; and (j) to reimburse itself (or the related Sub-Servicer) any amounts as set forth in Section 6.07.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Chase Mortgage Finance Trust Series 2007-S6), Pooling and Servicing Agreement (Chase Mortgage Finance Trust Series 2007-A3)

Permitted Withdrawals from the Collection Account. (a) The Master Servicer may, from time to time, withdraw funds may make withdrawals from the Collection Account only as described below (the order set forth below not constituting an order of priority for the following purposes:such withdrawals): (i) to reimburse itself remit to the Certificate Administrator for Advances made deposit in the Lower-Tier Distribution Account, the Interest Reserve Account and the Excess Liquidation Proceeds Reserve Account the amounts required to be deposited in such accounts pursuant to Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing AgreementSections 3.05(c), the Servicer's 3.23, 4.01(a)(i) and the Sub-Servicer's right to receive reimbursement pursuant to Section 4.06(a) of this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage LoansAgreement, respectively; (ii) to pay itself or reimburse the Servicing FeeMaster Servicer or the Trustee, (A) for Advances made thereby (other than Workout-Delayed Reimbursement Amounts) and any related Advance Interest Amounts (provided that the Trustee shall have priority with respect to such payment or reimbursement of any such Advances and any related Advance Interest Amounts), the Master Servicer’s right to reimburse any such Person pursuant to this clause (ii)(A) being limited to late collections of the particular item which was the subject of the related Advance, Penalty Charges, Insurance Proceeds and Liquidation Proceeds on or in respect of the particular Mortgage Loan or REO Property respecting which such Advance was made, if applicable; provided that (x) prior to the time any Advance is reimbursed, Advance Interest Amounts may be reimbursed solely from Penalty Charges collected on the related Mortgage Loan, and (y) at the time any Advance (other than Workout Delayed Reimbursement Amounts) is reimbursed, Advance Interest Amounts on such reimbursed Advance shall be payable first from Penalty Charges collected on the related Mortgage Loan, and, to the extent such Penalty Charges are insufficient, then from general collections on deposit in the Collection Account, (B) to the extent not reimbursed pursuant to Section 3.14 of this Agreement, for Advances and any related Advance Interest Amounts (or portion thereof) that have been deemed to be Nonrecoverable Advances or are not recovered from such recoveries in respect of the related Mortgage Loan or REO Property after a Final Recovery Determination and Advance Interest Amounts thereon, first, out of the principal portion of general collections on the Mortgage Loans and REO Properties, and second, to the extent the principal portion of general collections is insufficient and with respect to such excess only, subject to any election in its sole discretion to defer reimbursement thereof pursuant to Section 3.27 of this Agreement, out of other collections on the Mortgage Loans and REO Properties and, (C) for Workout-Delayed Reimbursement Amounts and Advance Interest Amounts thereon, first, out of the principal portion of the general collections on the Mortgage Loans and REO Properties, net of such amounts being reimbursed pursuant to (B) above and second, upon a determination by the Master Servicer or the Trustee, as applicable, that a Workout-Delayed Reimbursement Amount is a Nonrecoverable Advance, in the same manner as Nonrecoverable Advances may be reimbursed; (iii) to reimburse itself for unreimbursed Servicing Advancespay on or before each Master Servicer Remittance Date to the Master Servicer and the Special Servicer, or to pay the related Sub-Servicer any unreimbursed Servicing Advancesas applicable, as compensation, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iii) aggregate unpaid Servicing Fee with respect to any Mortgage Loans (to the extent not otherwise required to be applied against Prepayment Interest Shortfalls), and Special Servicing Compensation (if any), respectively, in respect of the immediately preceding Interest Accrual Period, to be paid, in the case of the Servicing Fee, from interest received on the related Mortgage Loan being limited and to related Liquidation Proceedspay from time to time to the Master Servicer in accordance with Section 3.07(b) of this Agreement any interest or investment income earned on funds deposited in the Collection Account and, Insurance Proceedsin the case of the Special Servicing Fee, and condemnation awardsfrom general collections; (iv) in accordance with Section 2.03 of this Agreement, to reimburse itself (the Trustee or the Special Servicer, out of general collections on the Mortgage Loans and related SubREO Properties (including with respect to the Non-ServicerServiced Trust Loans) for any unreimbursed expense reasonably incurred by the Trustee or the Depositor for Special Servicer in connection with the enforcement of a Mortgage Loan Seller’s obligations under Section 6(e) of the related Loan Purchase Agreement, together with interest thereon at the Advance Rate, but only to the extent that such expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16are not otherwise reimbursable; (v) to reimburse itself (or pay out of general collections on the Mortgage Loans and related Sub-ServicerREO Properties, for costs and expenses incurred by the Trust Fund with respect to the Mortgage Loans and related REO Properties pursuant to Sections 3.04(a) for any Nonrecoverable Advancesand 3.10(e) of this Agreement and to pay Liquidation Expenses out of related Liquidation Proceeds pursuant to Section 3.11 of this Agreement; (vi) to the extent not reimbursed or paid pursuant to any other clause of this Section 3.06, to reimburse or pay to itself (the Master Servicer, the Trustee, the Certificate Administrator, the Special Servicer, the Operating Advisor or the Depositor, as applicable, for unpaid Additional Trust Fund Expenses (other than Advance Interest Amounts), Trustee/Certificate Administrator Fees, unpaid Servicing Fees (but only if the Mortgage Loan has been liquidated or a Final Recovery Determination has been made with respect thereto), unpaid Special Servicing Compensation, unpaid Operating Advisor Fees, unpaid Operating Advisor Consulting Fees (but not with respect to Non-Serviced Trust Loans, and only to the extent such Operating Advisor Consulting Fee is actually received from the related Sub-ServicerMortgagor) income earned on and other unpaid items incurred by or owing to such Person pursuant to the investment second sentence of funds deposited Sections 3.07(c), 3.08(a), 3.08(b), 3.10, 3.12(c), 3.16(a), 6.03, 7.04, 8.05(a), 8.05(b), 8.05(d) or 11.07 of this Agreement, or any other provision of this Agreement pursuant to which such Person is entitled to reimbursement or payment from the Trust Fund, in each case only to the Collection Accountextent expressly reimbursable under such Section, it being acknowledged that this clause (vi) shall not be deemed to modify the substance of any such Section, including the provisions of such Section that set forth the extent to which one of the foregoing Persons is or is not entitled to payment or reimbursement; (vii) to make deposits into transfer to the Certificate Account Administrator for deposit in one or more separate, non-interest bearing accounts any amount reasonably determined by the amounts Certificate Administrator to be necessary to pay any applicable federal, state or local taxes imposed on either Trust REMIC under the circumstances and to the extent described in the manner provided for hereinSection 4.05 of this Agreement; (viii) to make payments withdraw any amount deposited into the Collection Account that was not required to itself or others pursuant to any provision of this Agreement, and be deposited therein; or (ix) to clear and terminate the Collection Account upon the termination pursuant to Section 9.01 of this Agreement; and. The Master Servicer shall also be entitled to make withdrawals from time to time, from the Collection Account of amounts necessary for the payments or reimbursement of amounts required to be paid to the Other Master Servicer, Other Special Servicer or Other Trustee, as applicable, by the holders of each Non-Serviced Trust Loan pursuant to each Non-Serviced Intercreditor Agreement. In the absence of manifest error, the Master Servicer may conclusively rely on the request for payments contemplated by the preceding sentence. The Master 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 pursuant to subclauses (ii)-(viii) above. The Master Servicer shall pay to each of the Special Servicer (or to third party contractors at the direction of the Special Servicer), the Operating Advisor, the Trustee and the Certificate Administrator, as applicable, from the applicable Collection Account, amounts permitted to be paid thereto from such account promptly upon receipt of a written statement of an officer of the Special Servicer, an officer of the Operating Advisor or a Responsible Officer of the Trustee or the Certificate Administrator, as the case may be, describing the item and amount to which the Special Servicer (or such third party contractor), the Operating Advisor, the Trustee or the Certificate Administrator, as the case may be, is entitled (unless such payment to the Special Servicer, the Operating Advisor, the Trustee or the Certificate Administrator, as the case may be, is clearly required pursuant to this Agreement, in which case a written statement is not required). The Master Servicer may rely conclusively on any such written statement and shall have no duty to recalculate the amounts stated therein. The parties seeking payment pursuant to this Section shall each keep and maintain a separate accounting for the purpose of justifying any request for withdrawal from each Collection Account, on a loan by loan basis. The Master Servicer shall pay to, subject to Section 3.01(h)(i), the Other Master Servicer, the Other Special Servicer, the Other Certificate Administrator or the Other Trustee, as applicable, from the Collection Account on the Master Servicer Remittance Date amounts permitted to be paid to the Other Master Servicer, the Other Special Servicer, the Other Certificate Administrator or the Other Trustee, as applicable, therefrom based upon an Officer’s Certificate received from the Other Master Servicer, the Other Special Servicer, the Other Certificate Administrator or the Other Trustee, as applicable, on the first Business Day following the immediately preceding Determination Date, describing the item and amount to which the Other Master Servicer, the Other Special Servicer, the Other Certificate Administrator or the Other Trustee, as applicable, is entitled. The Master Servicer may rely conclusively on any such certificate and shall have no duty to re-calculate the amounts stated therein. The Trustee, the Certificate Administrator, the Operating Advisor, the Depositor, the Special Servicer and the Master Servicer shall in all cases have a right prior to the Certificateholders to any funds on deposit in the Collection Account from time to time for the reimbursement or payment of the Servicing Fees (including investment income), Trustee/Certificate Administrator Fees, Special Servicing Compensation, Advances, Advance Interest Amounts, Operating Advisor Fees, Operating Advisor Consulting Fees (but only to the extent such Operating Advisor Consulting Fees are actually received from the related Mortgagor(s)) and their respective expenses hereunder (including without limitation Additional Trust Fund Expenses) to the extent such fees, indemnity amounts and expenses are to be reimbursed or paid from amounts on deposit in the Collection Account pursuant to this Agreement (and to have such amounts paid directly to third party contractors for any invoices submitted to the Trustee, the Master Servicer or the Special Servicer, as applicable). (ixb) The Certificate Administrator shall, upon receipt, deposit in the Lower-Tier Distribution Account, the Interest Reserve Account and the Excess Liquidation Proceeds Reserve Account any and all amounts received by the Certificate Administrator in accordance with Section 3.06(a)(i) of this Agreement. If, as of 3:00 p.m., New York City time, on any Master Servicer Remittance Date or on such other date as any amount referred to withdraw in the preceding sentence is required to be delivered hereunder, the Master Servicer shall not have delivered to the Certificate Administrator for deposit in the Lower-Tier Distribution Account, the Interest Reserve Account and the Excess Liquidation Proceeds Reserve Account the amounts required to be deposited therein pursuant to the provisions of this Agreement (including, without limitation, Section 3.06(a)(i) of this Agreement), then the Certificate Administrator shall, to the extent that a Responsible Officer of the Certificate Administrator has such knowledge, provide notice of such failure to the Master Servicer by facsimile transmission sent to telecopy No. (000) 000-0000 (or such alternative number provided by the Master Servicer to the Certificate Administrator in errorwriting) and by telephone at telephone No. (000) 000-0000 (or such alternative number provided by the Master Servicer to the Certificate Administrator in writing) as soon as possible, but in any event before 5:00 p.m., New York City time, on such day; provided, however, that the Master Servicer will pay the Certificate Administrator interest on such late payment at the Prime Rate until such late payment is received by the Certificate Administrator.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (GS Mortgage Securities Trust 2012-Gcj9), Pooling and Servicing Agreement (GS Mortgage Securities Trust 2012-Gcj9)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds Indenture Trustee shall make withdrawals from the Collection Account Account, on any Distribution Date, for the following purposes: (ia) to reimburse itself the Servicer for Advances made Liquidation Expenses theretofore incurred in respect of any Mortgage Loan in an amount not to exceed the amount of the sum of the related Insurance Proceeds and Liquidation Proceeds deposited in the Collection Account pursuant to Section 6.03 5.02(c)(v)-(vi); (including amounts b) to reimburse the related Sub-Servicer for advances made amounts expended by it pursuant to Section 5.04 in good faith in connection with the applicable Sub-Servicing Agreement)restoration of damaged property, in an amount not to exceed the Servicer's amount of the related Insurance Proceeds and the Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections Liquidation Proceeds (net of withdrawals pursuant to Section 5.03(a)) and amounts representing proceeds of other insurance policies covering the property subject to the related Mortgage deposited in the Collection Account pursuant to Section 5.02(c)(v)-(vi); (c) to pay to the Unaffiliated Seller amounts received in respect of any Defective Mortgage Loan purchased or substituted for by the Unaffiliated Seller to the extent that the distribution of any such amounts on the Distribution Date upon which the proceeds of such purchase are distributed would make the total amount distributed in respect of any such Mortgage Loan on such Distribution Date greater than the Loan Repurchase Price or the Substitution Adjustment therefor; (d) to reimburse the Servicer for unreimbursed Servicing Fees) Advances, without interest, with respect to those particular the Mortgage Loans for which it has made a Servicing Advance, from subsequent collections with respect to interest on such Mortgage Loans and from Liquidation Proceeds, Insurance Proceeds and/or the Loan Repurchase Price or Substitution Adjustment of or relating to such Mortgage Loans; (ii) to pay itself the Servicing Fee; (iiie) to reimburse itself the Servicer for unreimbursed Servicing any Periodic Advances determined in good faith to have become Nonrecoverable Advances, or such reimbursement to pay the related Sub-Servicer be made from any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awards; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi) to pay to itself (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account; (viif) to make deposits into withdraw any amount received from a Mortgagor that is recoverable and sought to be recovered as a voidable preference by a Indenture Trustee in bankruptcy pursuant to the Certificate Account Bankruptcy Code in the amounts and in the manner provided for hereinaccordance with a final, nonappealable order of a court having competent jurisdiction; (viiig) to make payments to itself or others pursuant to withdraw any provision of this Agreement, and to clear and terminate funds deposited in the Collection Account upon the termination of this Agreementthat were not required to be deposited therein; and (ixh) to withdraw amounts deposited in errorpay the Servicer the Servicing Compensation pursuant to Section 5.08 hereof to the extent not retained or paid. The Servicer shall keep and maintain a separate accounting for each Mortgage Loan for the purpose of accounting for withdrawals from the Collection Account pursuant to this Section 5.03.

Appears in 2 contracts

Samples: Sale and Servicing Agreement (Prudential Securities Secured Financing Corp), Sale and Servicing Agreement (American Business Financial Services Inc /De/)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds Indenture Trustee shall make withdrawals from the Collection Account Account, on any Distribution Date, for the following purposes: (ia) to reimburse itself the Servicer for Advances made Liquidation Expenses theretofore incurred in respect of any Mortgage Loan in an amount not to exceed the amount of the sum of the related Insurance Proceeds and Liquidation Proceeds deposited in the Collection Account pursuant to Section 6.03 5.02(c)(v)-(vi); (including amounts b) to reimburse the related Sub-Servicer for advances made amounts expended by it pursuant to Section 5.04 in good faith in connection with the applicable Sub-Servicing Agreement)restoration of damaged property, in an amount not to exceed the Servicer's amount of the related Insurance Proceeds and the Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections Liquidation Proceeds (net of withdrawals pursuant to clause (a) above) and amounts representing proceeds of other insurance policies covering the property subject to the related Mortgage deposited in the Collection Account pursuant to Section 5.02(c)(v)-(vi); (c) to pay to the Unaffiliated Seller amounts received in respect of any Deleted Mortgage Loan purchased or substituted for by the Unaffiliated Seller to the extent that the distribution to the Noteholders of any such amounts on the Distribution Date upon which the proceeds of such purchase are distributed to the Noteholders would make the total amount distributed in respect of any such Mortgage Loan on such Distribution Date greater than the Loan Repurchase Price or the Substitution Adjustment therefor; (d) to reimburse the Servicer for unreimbursed Servicing Fees) Advances, without interest, with respect to those particular the Mortgage Loans for which it has made a Servicing Advance, from subsequent collections with respect to interest on such Mortgage Loans and from Liquidation Proceeds, Insurance Proceeds and/or the Loan Repurchase Price or Substitution Adjustment of or relating to such Mortgage Loans; (iie) to pay itself reimburse the Servicing FeeServicer for any Periodic Advances, such reimbursement to be made from any collections in respect of the related Mortgage Loan with respect to which such Periodic Advance was made; (iiif) to reimburse itself for unreimbursed Servicing Advances, or withdraw any amount received from a Mortgagor that is recoverable and sought to pay the related Sub-Servicer any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments be recovered as a voidable preference by a trustee in bankruptcy pursuant to the Sub-Servicer pursuant to this subclause (iii) United States Bankruptcy Code in accordance with respect to any Mortgage Loan being limited to related Liquidation Proceedsa final, Insurance Proceeds, and condemnation awardsnonappealable order of a court having competent jurisdiction; (ivg) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16withdraw any Net Foreclosure Profits; (vh) to reimburse itself (or the related Sub-Servicer) for withdraw any Nonrecoverable Advances; (vi) to pay to itself (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account; (vii) Account that were not required to make deposits into the Certificate Account in the amounts and in the manner provided for herein; (viii) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreementbe deposited therein; and (ixi) to withdraw amounts deposited in errorpay the Servicer Servicing Compensation pursuant to Section 5.08 hereof to the extent not retained or paid. The Servicer shall keep and maintain a separate accounting for each Mortgage Loan for the purpose of accounting for withdrawals from the Collection Account pursuant to subclause (a).

Appears in 2 contracts

Samples: Sale and Servicing Agreement (Bear Stearns Asset Backed Securities Inc), Sale and Servicing Agreement (Morgan Stanley Abs Capital I Inc)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes: (i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 2.04(b) or permitted to be so remitted pursuant to the first sentence of Section 2.04(d); (ii) to reimburse itself for Advances made pursuant to Section 6.03 (including amounts to reimburse and Servicing Advances; the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement reimburse itself pursuant to this subclause (iii) being limited to amounts received on particular the related Mortgage Loans Loan which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage Loans; (ii) to pay itself the Servicing FeeCollections, Condemnation Proceeds, Insurance Proceeds or Liquidation Proceeds; (iii) to reimburse itself for (A) unreimbursed Servicing Advances and for unreimbursed Advances to the extent that such amounts are deemed to be Nonrecoverable Advances, or to pay the related Sub-Servicer and (B) any unreimbursed unpaid Servicing Advances, the Servicer's right to receive reimbursement or make payments Fees to the Sub-Servicer pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related extent not recoverable from Liquidation Proceeds, Insurance Proceeds, and condemnation awardsProceeds or other amounts received with respect to the related Mortgage Loan under Section 2.05(ii); (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it any amounts paid pursuant to Section 5.01 or 5.162.03 (and not otherwise previously reimbursed); (v) to reimburse pay to itself as servicing compensation (in addition to the Servicing Fee) any interest earned or any investment earnings on funds in the related Sub-Servicer) for Collection Account net of any Nonrecoverable Advanceslosses on such investments (all such interest to be withdrawn monthly not later than each Servicer Remittance Date); (vi) to pay or reimburse itself for any amounts payable or paid pursuant to itself Section 4.03 (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Accountand not otherwise previously reimbursed); (vii) to make deposits into pay, or to reimburse the Certificate Account Servicer for advances in the amounts and respect of, expenses incurred in the manner provided for hereinconnection with any Mortgage Loan pursuant to Section 2.13; (viii) to make payments to itself or others pursuant to any provision of this Agreement, and withdraw amounts deposited in the Collection Account in error; and (ix) to clear and terminate the Collection Account upon the termination of this Agreement; and (ix) . The foregoing requirements for withdrawal from the Collection Account shall be exclusive. In the event the Servicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw amounts deposited in errorsuch amount from the Collection Account, any provision herein to the contrary notwithstanding. Upon request, the Servicer shall provide the Depositor and/or the Trustee with copies of reasonably acceptable invoices or other documentation relating to Advances and/or Servicing Advances that have been reimbursed from the Collection Account.

Appears in 2 contracts

Samples: Servicing Agreement (Morgan Stanley Abs Capital I Inc Trust Series 2004-Sd1), Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust, Series 2004-Sd2)

Permitted Withdrawals from the Collection Account. (a) The Master Servicer may, from time to time, withdraw funds may make withdrawals from the Collection Account only as described below (the order set forth below not constituting an order of priority for such withdrawals), subject to the following purposesapplication of Penalty Charges and Modification Fees in accordance with the related Co-Lender Agreement and Section 3.14 of this Agreement: (i) to reimburse itself remit to the Certificate Administrator for Advances made deposit in the Lower-Tier Distribution Account, the Interest Reserve Account, the Excess Interest Distribution Account and the Excess Liquidation Proceeds Reserve Account the amounts required to be deposited in such accounts pursuant to Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing AgreementSections 3.05(c), the Servicer's 3.05(e), 3.23, 4.01(a)(i) and the Sub-Servicer's right to receive reimbursement pursuant to Section 4.06(a) of this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage LoansAgreement, respectively; (ii) to pay itself or reimburse the Servicing FeeMaster Servicer or the Trustee, (A) for Advances made thereby with respect to Mortgage Loans that are not part of a Serviced Loan Combination (other than Workout-Delayed Reimbursement Amounts) and any related Advance Interest Amounts (provided that the Trustee shall have priority with respect to such payment or reimbursement of any such Advances and any related Advance Interest Amounts), the Master Servicer’s right to reimburse any such Person pursuant to this clause (ii)(A) being limited to late collections (including cure payments by related Serviced Companion Loan Holders) of the particular item which was the subject of the related Advance, Penalty Charges, Net Condemnation Proceeds, Net REO Proceeds, Net Insurance Proceeds and Net Liquidation Proceeds on or in respect of the particular Mortgage Loan or REO Property respecting which such Advance was made, if applicable (provided that (x) prior to the time any Advance is reimbursed, Advance Interest Amounts may be reimbursed solely from Penalty Charges and Modification Fees collected on the related Mortgage Loan, and (y) at the time any Advance (other than Workout Delayed Reimbursement Amounts) is reimbursed, Advance Interest Amounts on such reimbursed Advance shall be payable first from Penalty Charges and Modification Fees collected on the related Mortgage Loan, and, to the extent such Penalty Charges and Modification Fees are insufficient, then from general collections on deposit in the Collection Account), (B) for Advances made thereby with respect to Mortgage Loans that are part of a Serviced Loan Combination and any related Advance Interest Amounts (provided that the Trustee shall have priority with respect to such payment or reimbursement of any such Advances and any related Advance Interest Amounts), the Master Servicer’s right to reimburse any such person pursuant to this clause (ii)(B) being limited to Net Liquidation Proceeds on or in respect of the particular Mortgage Loan or REO Property respecting which such Advance was made, which Net Liquidation Proceeds were received in connection with any of the events described in clauses (iii), (iv) and (vii) of the definition of “Liquidation Event”, (C) to the extent not reimbursed pursuant to Section 3.14 of this Agreement, for Advances and any related Advance Interest Amounts (or portion thereof) that have been deemed to be Nonrecoverable Advances or are not recovered from recoveries in respect of the related Mortgage Loan, Serviced Loan Combination or REO Property after a Final Recovery Determination to the extent not recovered from the related Loan Combination Custodial Account and Advance Interest Amounts thereon, first, out of the principal portion of general collections on the Mortgage Loans and REO Properties, and second, to the extent the principal portion of general collections is insufficient and with respect to such excess only, subject to any election in its sole discretion to defer reimbursement thereof pursuant to Section 3.27 of this Agreement, out of other collections on the Mortgage Loans and REO Properties, and (D) for Workout-Delayed Reimbursement Amounts and Advance Interest Amounts thereon, first, out of the principal portion of the general collections on the Mortgage Loans and REO Properties, net of such amounts being reimbursed pursuant to clause (C) above, and second, upon a determination by the Master Servicer or the Trustee, as applicable, that a Workout-Delayed Reimbursement Amount is a Nonrecoverable Advance, in the same manner as Nonrecoverable Advances may be reimbursed (provided that with respect to each Mortgage Loan or REO Property that relates to a Serviced Loan Combination, such Workout-Delayed Reimbursement Amounts and Advance Interest Amounts thereon shall first be reimbursed pursuant to Section 3.06A(a)(ii) of this Agreement and, if not reimbursed pursuant thereto, shall be paid from the Collection Account as provided in this clause (ii)(D)); (iii) to reimburse itself for unreimbursed pay on or before each Master Servicer Remittance Date to the Master Servicer (who shall pay the holder of the Excess Servicing AdvancesFee Rights the portion of the Servicing Fee that represents Excess Servicing Fees in accordance with Section 3.12 of this Agreement) and the Special Servicer, as applicable, as compensation, the aggregate unpaid Servicing Fee with respect to Mortgage Loans (to the extent not otherwise required to be applied against Prepayment Interest Shortfalls) in respect of the immediately preceding Interest Accrual Period, and Special Servicing Compensation (if any) in respect of the immediately preceding Interest Accrual Period or Collection Period, as applicable, to be paid, in the case of the Servicing Fee, from interest received on the related Mortgage Loan, and to pay the related Sub-Servicer any unreimbursed Servicing Advances, the Servicer's right from time to receive reimbursement or make payments time to the Sub-Master Servicer in accordance with Section 3.07(b) of this Agreement any interest or investment income earned on funds deposited in the Collection Account and, in the case of the Special Servicing Fee, from general collections; provided, however, that in the case of any Mortgage Loan or REO Property related to a Serviced Loan Combination, (A) Servicing Fees may be paid out of the Collection Account pursuant to this subclause clause (iii) with only from the interest portion of Net Liquidation Proceeds on or in respect to any of such Mortgage Loan being limited or REO Property, which Net Liquidation Proceeds were received in connection with any of the events described in clauses (iii), (iv) and (vii) of the definition of “Liquidation Event” and (B) Special Servicing Compensation shall first be paid out of the related Loan Combination Custodial Account pursuant to Section 3.06A(a)(iii) of this Agreement and may be paid out of the Collection Account pursuant to this clause (iii) only if and to the extent that such Special Servicing Compensation has not been paid out of the related Liquidation Proceeds, Insurance Proceeds, and condemnation awardsLoan Combination Custodial Account pursuant to Section 3.06A(a)(iii) of this Agreement; (iv) in accordance with Section 2.03 of this Agreement, to reimburse itself (the Trustee or the Special Servicer, out of general collections on the Mortgage Loans and related Sub-ServicerREO Properties (including with respect to the Outside Serviced Trust Loans) for any unreimbursed expense reasonably incurred by the Trustee or the Depositor for Special Servicer in connection with the enforcement of a Mortgage Loan Seller’s obligations under Section 6(e) of the related Loan Purchase Agreement, together with interest thereon at the Advance Rate, but only to the extent that such expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16are not otherwise reimbursable; (v) to reimburse itself (or pay out of general collections on the Mortgage Loans and related Sub-ServicerREO Properties, for costs and expenses incurred by the Trust Fund with respect to the Mortgage Loans and related REO Properties pursuant to Sections 3.04(a) for any Nonrecoverable Advances; (viand 3.10(e) of this Agreement and to pay to itself (or the Liquidation Expenses out of related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account; (vii) to make deposits into the Certificate Account in the amounts and in the manner provided for herein; (viii) to make payments to itself or others Liquidation Proceeds pursuant to any provision Section 3.11 of this AgreementAgreement (provided that with respect to each Serviced Loan Combination, and to clear and terminate the Collection Account upon the termination of this Agreement; and (ix) to withdraw amounts deposited in error.such expenses shall first be reimbursed pursuant to

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2015-C27), Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2015-Gc27)

Permitted Withdrawals from the Collection Account. (a) The Master Servicer may, from time to time, withdraw funds may make withdrawals from the Collection Account only as described below (the order set forth below not constituting an order of priority for the following purposes:such withdrawals): (i) to reimburse itself remit to the Certificate Administrator for Advances made deposit in the Lower-Tier Distribution Account, the Interest Reserve Account, the Excess Interest Distribution Account, the Loan REMIC Residual Distribution Account and the Excess Liquidation Proceeds Reserve Account the amounts required to be deposited in such accounts pursuant to Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement4.01(a)(i), the Servicer's Section 4.01(k), Section 4.01(l), Section 4.06(a), Section 3.23 and the Sub-Servicer's right to receive reimbursement pursuant to Section 3.05(c) of this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage LoansAgreement, respectively; (ii) to pay itself or reimburse the Servicing FeeMaster Servicer or the Trustee, (A) for Advances made thereby with respect to Mortgage Loans that are not part of a Whole Loan (other than Workout-Delayed Reimbursement Amounts) and any related Advance Interest Amounts (provided that the Trustee shall have priority with respect to such payment or reimbursement of any such Advances and any related Advance Interest Amounts), the Master Servicer’s right to reimburse any such Person pursuant to this clause (ii)(A) being limited to late collections (including cure payments by related Companion Loan Holders) of the particular item which was the subject of the related Advance, Penalty Charges, Insurance Proceeds and Liquidation Proceeds on or in respect of the particular Mortgage Loan or REO Property respecting which such Advance was made, if applicable; provided that (x) prior to the time any Advance is reimbursed, Advance Interest Amounts may be reimbursed solely from Penalty Charges collected on the related Mortgage Loan, and (y) at the time any Advance (other than Workout Delayed Reimbursement Amounts) is reimbursed, Advance Interest Amounts on such reimbursed Advance shall be payable first from Penalty Charges collected on the related Mortgage Loan, and, to the extent such Penalty Charges are insufficient, then from general collections on deposit in the Collection Account, (B) to the extent not reimbursed pursuant to Section 3.14 of this Agreement, for Advances and any related Advance Interest Amounts (or portion thereof) that have been deemed to be Nonrecoverable Advances or are not recovered from such recoveries in respect of the related Mortgage Loan or REO Property after a Final Recovery Determination to the extent not recovered from the related Whole Loan Custodial Account and Advance Interest Amounts thereon, first, out of the principal portion of general collections on the Mortgage Loans and REO Properties, and second, to the extent the principal portion of general collections is insufficient and with respect to such excess only, subject to any election in its sole discretion to defer reimbursement thereof pursuant to Section 3.26 of this Agreement, out of other collections on the Mortgage Loans and REO Properties and, (C) for Workout-Delayed Reimbursement Amounts and Advance Interest Amounts thereon, first, out of the principal portion of the general collections on the Mortgage Loans and REO Properties, net of such amounts being reimbursed pursuant to (B) above and second, upon a determination by the Master Servicer or the Trustee, as applicable, that a Workout-Delayed Reimbursement Amount is a Nonrecoverable Advance, in the same manner as Nonrecoverable Advances may be reimbursed; (iii) to reimburse itself for unreimbursed pay on or before each Master Servicer Remittance Date to the Master Servicer and the Special Servicer, as applicable, as compensation, the aggregate unpaid Servicing AdvancesFee with respect to Mortgage Loans that are not part of a Whole Loan (to the extent not otherwise required to be applied against Prepayment Interest Shortfalls), or and Special Servicing Compensation (if any), respectively, in respect of the immediately preceding Interest Accrual Period, to be paid, in the case of the Servicing Fee, from interest received on the related Mortgage Loan and to pay from time to time to the Master Servicer in accordance with Section 3.07(b) of this Agreement any interest or investment income earned on funds deposited in the Collection Account and, in the case of the Special Servicing Fee, from general collections; provided that with respect to a Whole Loan, such Special Servicing Fee with respect to the related Sub-Servicer any unreimbursed Servicing AdvancesMortgage Loan, the Servicer's right related REO Property and such Whole Loan shall first be paid pursuant to receive reimbursement or make payments to Section 3.06A(a)(iii) of this Agreement and if not paid pursuant thereto, shall be paid from the Sub-Servicer Collection Account pursuant to this subclause clause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awards); (iv) in accordance with Section 2.03 of this Agreement, to reimburse itself (the Trustee, the Certificate Administrator or the Special Servicer, out of general collections on the Mortgage Loans and related Sub-Servicer) REO Properties for any unreimbursed expense reasonably incurred by the Trustee, the Certificate Administrator or the Depositor for Special Servicer in connection with the enforcement of a Mortgage Loan Seller’s obligations under Section 6(e) of the related Loan Purchase Agreement, together with interest thereon at the Advance Rate, but only to the extent that such expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16are not otherwise reimbursable; (v) to reimburse itself pay out of general collections on the Mortgage Loans and related REO Properties, for costs and expenses incurred by the Trust Fund with respect to the Mortgage Loans and related REO Properties pursuant to Section 3.04(a) and Section 3.10(e) of this Agreement and to pay Liquidation Expenses out of related Liquidation Proceeds pursuant to Section 3.11 of this Agreement (or provided that with respect to each Whole Loan, such expenses shall first be reimbursed pursuant to Section 3.06A(a)(iv) of this Agreement to the extent related Sub-Servicer) for any Nonrecoverable Advancesto such Whole Loan and if not reimbursed pursuant thereto, shall be paid from the Collection Account as provided in this clause (v)); (vi) to the extent not reimbursed or paid pursuant to any other clause of this Section 3.06, to reimburse or pay to itself (the Master Servicer, the Trustee, the Certificate Administrator, the Special Servicer, the Operating Advisor or the Depositor, as applicable, for unpaid Additional Trust Fund Expenses (other than Advance Interest Amounts), Trustee/Certificate Administrator Fees, unpaid Servicing Fees (but only if the Mortgage Loan has been liquidated or a Final Recovery Determination has been made with respect thereto), unpaid Special Servicing Compensation, unpaid Operating Advisor Fees, unpaid Operating Advisor Consulting Fees (but only to the extent such Operating Advisor Consulting Fee is actually received from the related Sub-ServicerMortgagor) income earned on and other unpaid items incurred by such Person pursuant to the investment second sentence of funds deposited Section 3.07(c), Section 3.08(a), Section 3.08(b), Section 3.10, Section 3.12(c), Section 3.16(a), Section 6.03, Section 7.04, Section 8.05(a), Section 8.05(b), Section 8.05(d) or Section 11.07 of this Agreement, or any other provision of this Agreement pursuant to which such Person is entitled to reimbursement or payment from the Trust Fund, in each case only to the extent expressly reimbursable under such Section, it being acknowledged that this clause (vi) shall not be deemed to modify the substance of any such Section, including the provisions of such Section that set forth the extent to which one of the foregoing Persons is or is not entitled to payment or reimbursement (provided that with respect to each Whole Loan, such expenses shall first be reimbursed pursuant to Section 3.06A(a)(v) of this Agreement to the extent related to such Whole Loan and if not reimbursed pursuant thereto, shall be paid from the Collection AccountAccount as provided in this clause (vi)); (vii) to make deposits into transfer to the Certificate Account Administrator for deposit in one or more separate, non-interest bearing accounts any amount reasonably determined by the amounts Certificate Administrator to be necessary to pay any applicable federal, state or local taxes imposed on any Trust REMIC under the circumstances and to the extent described in the manner provided for hereinSection 4.05 of this Agreement; (viii) to make payments withdraw any amount deposited into the Collection Account that was not required to itself or others pursuant to any provision of this Agreement, and be deposited therein; or (ix) to clear and terminate the Collection Account upon the termination pursuant to Section 9.01 of this Agreement; and. If and to the extent that the Master Servicer has reimbursed itself pursuant to clause (a)(vi) above for an expense with respect to a Whole Loan that represents the related Companion Loan’s allocable share of such cost or expense, the Master Servicer shall use efforts consistent with the Servicing Standard to collect such amounts out of collections on such Companion Loan and deposit all such amounts collected from or on behalf of the Companion Loan Holder into the Collection Account. The Master 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 pursuant to subclauses (ii)-(viii) above. The Master Servicer shall pay to each of the Special Servicer (or to third party contractors at the direction of the Special Servicer), the Operating Advisor, the Trustee and the Certificate Administrator, as applicable, from the applicable Collection Account, amounts permitted to be paid thereto from such account promptly upon receipt of a written statement of an officer of the Special Servicer, an officer of the Operating Advisor or a Responsible Officer of the Trustee or the Certificate Administrator, as the case may be, describing the item and amount to which the Special Servicer (or such third party contractor), the Operating Advisor, the Trustee or the Certificate Administrator, as the case may be, is entitled (unless such payment to the Special Servicer, the Operating Advisor, the Trustee or the Certificate Administrator, as the case may be, is clearly required pursuant to this Agreement, in which case a written statement is not required). The Master Servicer may rely conclusively on any such written statement and shall have no duty to recalculate the amounts stated therein. The parties seeking payment pursuant to this Section shall each keep and maintain a separate accounting for the purpose of justifying any request for withdrawal from each Collection Account, on a loan by loan basis. The Trustee, the Certificate Administrator, the Operating Advisor, the Depositor, the Special Servicer and the Master Servicer shall in all cases have a right prior to the Certificateholders to any funds on deposit in the Collection Account from time to time for the reimbursement or payment of the Servicing Fees (including investment income), Trustee/Certificate Administrator Fees, Special Servicing Compensation, Advances, Advance Interest Amounts, Operating Advisor Fees, Operating Advisor Consulting Fees (but only to the extent such Operating Advisor Consulting Fees are actually received from the related Mortgagor(s)) and their respective expenses hereunder (including without limitation Additional Trust Fund Expenses) to the extent such fees, indemnity amounts and expenses are to be reimbursed or paid from amounts on deposit in the Collection Account pursuant to this Agreement (and to have such amounts paid directly to third party contractors for any invoices submitted to the Trustee, the Master Servicer or the Special Servicer, as applicable). (ixb) The Certificate Administrator shall, upon receipt, deposit in the Lower-Tier Distribution Account, the Excess Interest Distribution Account, the Loan REMIC Residual Distribution Account, the Interest Reserve Account and the Excess Liquidation Proceeds Reserve Account any and all amounts received by the Certificate Administrator in accordance with Section 3.06(a)(i) of this Agreement. If, as of 3:00 p.m., New York City time, on any Master Servicer Remittance Date or on such other date as any amount referred to withdraw in the preceding sentence is required to be delivered hereunder, the Master Servicer shall not have delivered to the Certificate Administrator for deposit in the Lower-Tier Distribution Account, the Excess Interest Distribution Account, the Loan REMIC Residual Distribution Account, the Interest Reserve Account and the Excess Liquidation Proceeds Reserve Account the amounts required to be deposited therein pursuant to the provisions of this Agreement (including, without limitation, Section 3.06(a)(i) of this Agreement), then the Certificate Administrator shall, to the extent that a Responsible Officer of the Certificate Administrator has such knowledge, provide notice of such failure to the Master Servicer by facsimile transmission sent to telecopy No. (000) 000-0000 (or such alternative number provided by the Master Servicer to the Certificate Administrator in errorwriting) and by telephone at telephone No. (000) 000-0000 (or such alternative number provided by the Master Servicer to the Certificate Administrator in writing) as soon as possible, but in any event before 5:00 p.m., New York City time, on such day; provided, however, that the Master Servicer will pay the Certificate Administrator interest on such late payment at the prime rate until such late payment is received by the Certificate Administrator.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (GS Mortgage Securities Trust 2012-Gcj7), Pooling and Servicing Agreement (GS Mortgage Securities Trust 2012-Gcj7)

Permitted Withdrawals from the Collection Account. The Master Servicer may, from time to time, withdraw funds may make withdrawals from the Collection Account Account, on or prior to any Servicer Payment Date, for the following purposes: (ia) to pay to the Sponsor amounts received in respect of any Defective Mortgage Loan purchased or substituted for by the Sponsor to the extent that the payment of any such amounts on the Servicer Payment Date upon which the proceeds of such purchase are paid would make the total amount distributed in respect of any such Mortgage Loan on such Servicer Payment Date greater than the Loan Repurchase Price or the Substitution Adjustment therefor; (b) to reimburse itself for Advances made pursuant to Section 6.03 (including amounts to reimburse the related Sub-Master Servicer for advances made pursuant to the applicable Sub-unreimbursed Periodic Advances and unreimbursed Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) Advances with respect to those particular the Mortgage Loans for which it has made a Periodic Advance or Servicing Advance, from late or deferred payments collected, collections other than timely Monthly Payments, Liquidation Proceeds, Insurance Proceeds and/or the Loan Repurchase Price or Substitution Adjustment of or relating to such Mortgage Loans; (ii) to pay itself the Servicing Fee; (iiic) to reimburse itself the Master Servicer for unreimbursed any Periodic Advances and Servicing Advances determined in good faith to have become Nonrecoverable Advances, or such reimbursement to pay the related Sub-Servicer be made from any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awards; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi) to pay to itself (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account; (viid) to make deposits into withdraw any amount received from a Mortgagor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the Certificate Account Bankruptcy Code in the amounts and in the manner provided for hereinaccordance with a final, nonappealable order of a court having competent jurisdiction; (viiie) to make payments to itself or others pursuant to withdraw any provision of this Agreement, and to clear and terminate funds deposited in the Collection Account upon that were not required to be deposited therein; (f) to pay the termination Master Servicer the Servicing Compensation pursuant to Section 5.08 hereof to the extent not retained or paid; (g) to pay the Backup Servicer the Backup Servicing Fee pursuant to Section 5.08 hereof to the extent payments in respect of this Agreementthese amounts have not been previously retained or paid; (h) without duplication, and solely out of amounts which are payable to a former master servicer pursuant to Section 7.02(g), to pay to the Backup Servicer, the Indenture Trustee or any successor master servicer amounts paid by them in connection with the transfer of the Master Servicer’s servicing obligations pursuant to Article VII hereof and required under such Article VII to be borne by the Master Servicer; (i) to withdraw income on the Collection Account as provided in Section 5.02(d); and (ixj) to withdraw amounts deposited into the Collection Account in errorrespect of late fees, assumption fees and similar fees (other than Prepayment Charges). The Master Servicer shall keep and maintain a separate accounting for each Mortgage Loan for the purpose of accounting for withdrawals from the Collection Account pursuant to this Section 5.03. Furthermore, in the event that servicing has been transferred to the Backup Servicer, all reimbursements in respect of Servicer Advances and Periodic Advances shall be made on a first in, first out priority basis (i.e. the longest outstanding reimbursable Servicer Advance or Periodic Advance will be reimbursed first).

Appears in 2 contracts

Samples: Sale and Servicing Agreement (Accredited Mortgage Loan Trust 2003-2), Sale and Servicing Agreement (Accredited Mortgage Loan Trust 2003-3)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds Trustee shall make withdrawals from the Collection Account Account, on any Distribution Date, for the following purposes: (ia) to reimburse itself the Servicer for Advances made Liquidation Expenses theretofore incurred in respect of any Mortgage Loan in an amount not to exceed the amount of the sum of the related Insurance Proceeds and Liquidation Proceeds deposited in the Collection Account pursuant to Section 6.03 5.02(b)(v)-(vi); (including amounts b) to reimburse the related Sub-Servicer for advances made amounts expended by it pursuant to Section 5.04 in good faith in connection with the applicable Sub-Servicing Agreement)restoration of damaged property, in an amount not to exceed the Servicer's amount of the related Insurance Proceeds and the Sub-Servicer's right to receive reimbursement Liquidation Proceeds (net of withdrawals pursuant to this subclause clause (i) being limited above) and amounts representing proceeds of other insurance policies covering the property subject to the related Mortgage deposited in the Collection Account pursuant to Section 5.02(b)(v)-(vi); (c) to pay to the Seller amounts received in respect of any Defective Mortgage Loan purchased or substituted for by the Seller to the extent that the distribution of any such amounts on particular the Distribution Date upon which the proceeds of such purchase are distributed would make the total amount distributed in respect of any such Mortgage Loans which represent Late Collections Loan on such Distribution Date greater than the Loan Repurchase Price or the Substitution Adjustment therefor; (net of d) to reimburse the Servicer for unreimbursed Servicing Fees) Advances, without interest, with respect to those particular the Mortgage Loans for which it has made a Servicing Advance, from subsequent collections with respect to interest on such Mortgage Loans and from Liquidation Proceeds, Insurance Proceeds and/or the Loan Repurchase Price or Substitution Adjustment of or relating to such Mortgage Loans; (ii) to pay itself the Servicing Fee; (iiie) to reimburse itself the Servicer for unreimbursed Servicing any Periodic Advances determined in good faith to have become Nonrecoverable Advances, or such reimbursement to pay the related Sub-Servicer be made from any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awards; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi) to pay to itself (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account; (viif) to make deposits into withdraw any amount received from a Mortgagor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the Certificate Account United States Bankruptcy Code in the amounts and in the manner provided for hereinaccordance with a final, nonappealable order of a court having competent jurisdiction; (viiig) to make payments to itself or others pursuant to withdraw any provision of this Agreement, and to clear and terminate funds deposited in the Collection Account upon the termination of this Agreementthat were not required to be deposited therein; and (ixh) to withdraw amounts deposited in errorpay the Servicer Servicing Compensation pursuant to Section 5.08 hereof to the extent not retained or paid. The Servicer shall keep and maintain a separate accounting for each Mortgage Loan for the purpose of accounting for withdrawals from the Collection Account pursuant to subclause (a).

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp), Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp)

Permitted Withdrawals from the Collection Account. The Master Servicer may, from time to time, withdraw funds make withdrawals from the Collection Account for the following purposes, without duplication: (ia) to reimburse itself for any accrued unpaid Servicing Fees and for unreimbursed Periodic Advances made pursuant to Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-and Servicing Agreement), the Servicer's and the Sub-Advances. The Master Servicer's right to receive reimbursement pursuant to this subclause (i) being for unpaid Servicing Fees and unreimbursed Servicing Advances shall be limited to late collections on the related Mortgage Loan, including Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts received as may be collected by the Master Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan in respect of which such unreimbursed amounts are owed. The Master Servicer's right to reimbursement for unreimbursed Periodic Advances shall be limited to late collections of interest on particular any Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect Loan and to those particular Liquidation Proceeds and Insurance Proceeds on related Mortgage Loans; (ii) to pay itself the Servicing Fee; (iiib) to reimburse itself for unreimbursed any Periodic Advances or Servicing Advances determined in good faith to have become Nonrecoverable Advances, or such reimbursement to pay the related Sub-Servicer be made from any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awards; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi) to pay to itself (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account; (viic) to withdraw any amount received from a Mortgagor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction; (d) to withdraw any funds deposited in the Collection Account that were not required to be deposited therein; (e) to pay itself Servicing Compensation pursuant to Section 5.14 hereof to the extent not retained or paid pursuant to Section 5.03, 5.04 or 5.14; (f) to pay to the Seller with respect to each Mortgage Loan or property acquired in respect thereof that has been repurchased or replaced pursuant to Section 2.04 or 3.03 or to pay to itself with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 8.01 all amounts received thereon and not required to be distributed as of the date on which the related repurchase or purchase price or Principal Balance, as the case may be, was determined; (g) to pay to the Seller with respect to each Mortgage Loan the amount of interest accrued and unpaid on such Mortgage Loan on the Cut-off Date (with respect to the Initial Mortgage Loans) or Subsequent Cut-off Date (with respect to the Subsequent Mortgage Loans); (h) to make deposits into to the Certificate Account Accounts (which shall include the Trustee Fee) in the amounts and in the manner provided for herein; (viiii) to make payments pay itself any interest earned on or investment income earned with respect to funds in the Collection Account; (j) to reimburse itself or others the Company pursuant to any provision of this Agreement, and Section 11.01; and (k) to clear and terminate the Collection Account upon the termination of this Agreement; and (ix) to withdraw amounts deposited in error.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Southern Pacific Secured Assets Corp), Pooling and Servicing Agreement (Southern Pacific Secured Assets Corp)

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Permitted Withdrawals from the Collection Account. The Master Servicer may, from time to time, withdraw funds make withdrawals from the Collection Account for the following purposes, without duplication: (ia) to reimburse itself for any accrued unpaid Servicing Fees and for unreimbursed Periodic Advances made pursuant to Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-and Servicing Agreement), the Servicer's and the Sub-Advances. The Master Servicer's right to receive reimbursement pursuant to this subclause (i) being for unpaid Servicing Fees and unreimbursed Servicing Advances shall be limited to late collections on the related Mortgage Loan, including Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts received as may be collected by the Master Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan in respect of which such unreimbursed amounts are owed. The Master Servicer's right to reimbursement for unreimbursed Periodic Advances shall be limited to late collections on particular any Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect Loan and to those particular Liquidation Proceeds, Released Mortgage Property Proceeds and Insurance Proceeds on related Mortgage Loans; (ii) to pay itself the Servicing Fee; (iiib) to reimburse itself for unreimbursed any Periodic Advances or Servicing Advances determined in good faith to have become Nonrecoverable Advances, or such reimbursement to pay the related Sub-Servicer be made from any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awards; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi) to pay to itself (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account; (viic) to withdraw any amount received from a Mortgagor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction; (d) to withdraw any funds deposited in the Collection Account that were not required to be deposited therein; (e) to pay itself Servicing Compensation pursuant to Section 5.14 hereof to the extent not retained or paid pursuant to Section 5.03, 5.04 or 5.14; (f) to pay to the Seller with respect to each Mortgage Loan or property acquired in respect thereof that has been repurchased or replaced pursuant to Section 2.04 or 3.03 or to pay to itself with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 8.01 all amounts received thereon and not required to be distributed as of the date on which the related repurchase or purchase price or Principal Balance, as the case may be, was determined; (g) to pay to the Seller with respect to each Mortgage Loan the amount of interest accrued and unpaid on such Mortgage Loan on the Cut-off Date (with respect to the Initial Mortgage Loans) or Subsequent Cut-off Date (with respect to the Subsequent Mortgage Loans); (h) to make deposits into to the Certificate Account Accounts (which shall include the Trustee Fee) in the amounts and in the manner provided for herein; (viiii) to make payments pay itself any interest earned on or investment income earned with respect to funds in the Collection Account; (j) to reimburse itself or others the Company pursuant to any provision of this Agreement, and Section 11.01; and (k) to clear and terminate the Collection Account upon the termination of this Agreement; and (ix) to withdraw amounts deposited in error.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Southern Pacific Secured Assets Corp), Pooling and Servicing Agreement (Southern Pacific Secured Assets Corp)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes: (i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.04(b) or permitted to be so remitted pursuant to the first sentence of Section 3.04(d); (ii) to reimburse itself for Advances made pursuant to Section 6.03 (including amounts to reimburse and Servicing Advances; the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement reimburse itself pursuant to this subclause (iii) being limited to amounts received on particular the related Mortgage Loans Loan which represent Late Collections payments of (net of the a) principal and/or interest respecting which any such Advance was made or (b) Condemnation Proceeds, Insurance Proceeds or Liquidation Proceeds respecting which any such Servicing Fees) with respect to those particular Mortgage Loans; (ii) to pay itself the Servicing FeeAdvance was made; (iii) to reimburse itself for unreimbursed Servicing Advances, or any unpaid Servicing Fees and for unreimbursed Advances to pay the related Sub-Servicer any unreimbursed Servicing extent that such amounts are deemed to be Nonrecoverable Advances, the Servicer's right and to receive reimbursement or make payments reimburse itself for such amounts to the Sub-Servicer extent that such amounts are nonrecoverable from the disposition of REO Property pursuant to this subclause (iii) with respect to Section 3.03 or Section 3.13 hereof; provided, however, that any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, portion of Nonrecoverable Advances representing Fixed Retained Yield shall be reimbursable only from amounts constituting Fixed Retained Yield and condemnation awardsnot from the assets of the Trust Fund; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it any amounts paid pursuant to Section 5.01 or 5.163.03 (and not otherwise previously reimbursed); (v) to reimburse pay to itself as servicing compensation (a) any interest earned on funds in the Collection Account (all such interest to be withdrawn monthly not later than each Servicer Remittance Date) and (b) the Servicing Fee from that portion of any payment or recovery as to interest to a particular Mortgage Loan to the related Sub-Servicer) for any Nonrecoverable Advancesextent not retained pursuant to Section 3.04(ii); (vi) to pay reimburse itself for any amounts paid pursuant to itself Section 6.03 (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account;and not otherwise previously reimbursed); and (vii) to make deposits into the Certificate Account in the amounts and in the manner provided for herein; (viii) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreement; and (ix) . The foregoing requirements for withdrawal from the Collection Account shall be exclusive. In the event the Servicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw amounts deposited in errorsuch amount from the Collection Account, any provision herein to the contrary notwithstanding.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Asset Backed Funding Corp), Pooling and Servicing Agreement (Asset Backed Funding Corp)

Permitted Withdrawals from the Collection Account. (a) The Master Servicer may, from time to time, withdraw funds may make withdrawals from the Collection Account only as described below (the order set forth below not constituting an order of priority for the following purposes:such withdrawals): (i) to reimburse itself remit to the Certificate Administrator for Advances made deposit in the Lower-Tier Distribution Account, the Interest Reserve Account and the Excess Liquidation Proceeds Reserve Account the amounts required to be deposited in the Lower-Tier Distribution Account, the Excess Interest Distribution Account, the Interest Reserve Account and the Excess Liquidation Proceeds Reserve Account pursuant to Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement4.01(a)(i), the Servicer's Section 4.06(a) and the Sub-Servicer's right to receive reimbursement pursuant to Section 3.23 of this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage LoansAgreement, respectively; (ii) to pay itself or reimburse the Servicing FeeMaster Servicer or the Trustee, (A) for Advances made thereby with respect to Mortgage Loans that are not part of the Whole Loan (other than Workout-Delayed Reimbursement Amounts) and any related Advance Interest Amounts (provided that the Trustee shall have priority with respect to such payment or reimbursement of any such Advances and any related Advance Interest Amounts), the Master Servicer’s right to reimburse any such Person pursuant to this clause (ii)(A) being limited to late collections (including cure payments by the Companion Loan Holder) of the particular item which was the subject of the related Advance, Penalty Charges, Insurance Proceeds and Liquidation Proceeds on or in respect of the particular Mortgage Loan or REO Property respecting which such Advance was made, if applicable; provided that (x) prior to the time any Advance is reimbursed, Advance Interest Amounts may be reimbursed solely from Penalty Charges collected on the related Mortgage Loan, and (y) at the time any Advance (other than Workout Delayed Reimbursement Amounts) is reimbursed, Advance Interest Amounts on such reimbursed Advance shall be payable first from Penalty Charges collected on the related Mortgage Loan, and, to the extent such Penalty Charges are insufficient, then from general collections on deposit in the Collection Account, (B) to the extent not reimbursed pursuant to Section 3.14 of this Agreement, for Advances and any related Advance Interest Amounts (or portion thereof) that have been deemed to be Nonrecoverable Advances or are not recovered from such recoveries in respect of the related Mortgage Loan or REO Property after a Final Recovery Determination to the extent not recovered from the Whole Loan Custodial Account and Advance Interest Amounts thereon, first, out of the principal portion of general collections on the Mortgage Loans and REO Properties, and second, to the extent the principal portion of general collections is insufficient and with respect to such excess only, subject to any election in its sole discretion to defer reimbursement thereof pursuant to Section 3.26 of this Agreement, out of other collections on the Mortgage Loans and REO Properties and, (C) for Workout-Delayed Reimbursement Amounts and Advance Interest Amounts thereon, first, out of the principal portion of the general collections on the Mortgage Loans and REO Properties, net of such amounts being reimbursed pursuant to (B) above and second, upon a determination by the Master Servicer or the Trustee, as applicable, that a Workout-Delayed Reimbursement Amount is a Nonrecoverable Advance, in the same manner as Nonrecoverable Advances may be reimbursed; (iii) to reimburse itself for unreimbursed Servicing Advancespay on or before each Master Servicer Remittance Date to the Master Servicer and the Special Servicer, or to pay the related Sub-Servicer any unreimbursed Servicing Advancesas applicable, as compensation, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iii) aggregate unpaid Servicing Fee with respect to any Mortgage Loans that are not part of the Whole Loan (to the extent not otherwise required to be applied against Prepayment Interest Shortfalls), and Special Servicing Compensation (if any), respectively, in respect of the immediately preceding Interest Accrual Period, to be paid, in the case of the Servicing Fee, from interest received on the related Mortgage Loan being limited and to pay from time to time to the Master Servicer in accordance with Section 3.07(b) of this Agreement any interest or investment income earned on funds deposited in the Collection Account and, in the case of the Special Servicing Fee, from general collections; provided that with respect to the Whole Loan, such Special Servicing Fee with respect to the related Liquidation ProceedsMortgage Loan shall first be paid pursuant to Section 3.06A(a)(iii) of this Agreement and if not paid pursuant thereto, Insurance Proceeds, and condemnation awardsshall be paid from the Collection Account as provided in this clause (iii); (iv) in accordance with Section 2.03 of this Agreement, to reimburse itself (the Trustee, the Certificate Administrator or the Special Servicer, out of general collections on the Mortgage Loans and related Sub-Servicer) REO Properties for any unreimbursed expense reasonably incurred by the Trustee, the Certificate Administrator or the Depositor for Special Servicer in connection with the enforcement of a Mortgage Loan Seller’s obligations under Section 6(e) of the related Loan Purchase Agreement, together with interest thereon at the Advance Rate, but only to the extent that such expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16are not otherwise reimbursable; (v) to reimburse itself pay out of general collections on the Mortgage Loans and related REO Properties, for costs and expenses incurred by the Trust Fund with respect to the Mortgage Loans and related REO Properties pursuant to Section 3.04(a) and Section 3.10(e) of this Agreement and to pay Liquidation Expenses out of related Liquidation Proceeds pursuant to Section 3.11 of this Agreement (or provided that with respect to each Whole Loan, such expenses shall first be reimbursed pursuant to Section 3.06A(a)(iv) of this Agreement to the extent related Sub-Servicer) for any Nonrecoverable Advancesto the Whole Loan and if not reimbursed pursuant thereto, shall be paid from the Collection Account as provided in this clause (v)); (vi) to the extent not reimbursed or paid pursuant to any other clause of this Section 3.06, to reimburse or pay to itself (the Master Servicer, the Trustee, the Certificate Administrator, the Special Servicer, the Operating Advisor or the Depositor, as applicable, for unpaid Additional Trust Fund Expenses (other than Advance Interest Amounts), Certificate Administrator Fees, Trustee Fees, unpaid Servicing Fees (but only if the Mortgage Loan has been liquidated or a Final Recovery Determination has been made with respect thereto), unpaid Special Servicing Compensation, unpaid Operating Advisor Fees, unpaid Operating Advisor Consulting Fees (but only to the extent such Operating Advisor Consulting Fee is actually received from the related Sub-ServicerMortgagor) income earned on and other unpaid items incurred by such Person pursuant to the investment second sentence of funds deposited Section 3.07(c), Section 3.08(a), Section 3.08(b), Section 3.10, Section 3.12(c), Section 3.16(a), Section 6.03, Section 7.04, Section 8.05(a), Section 8.05(b), Section 8.05(d) or Section 11.07 of this Agreement, or any other provision of this Agreement pursuant to which such Person is entitled to reimbursement or payment from the Trust Fund, in each case only to the extent expressly reimbursable under such Section, it being acknowledged that this clause (vi) shall not be deemed to modify the substance of any such Section, including the provisions of such Section that set forth the extent to which one of the foregoing Persons is or is not entitled to payment or reimbursement (provided that with respect to each Whole Loan, such expenses shall first be reimbursed pursuant to Section 3.06A(a)(v) of this Agreement to the extent related to the Whole Loan and if not reimbursed pursuant thereto, shall be paid from the Collection AccountAccount as provided in this clause (vi)); (vii) to make deposits into transfer to the Certificate Account Administrator for deposit in one or more separate, non-interest bearing accounts any amount reasonably determined by the amounts Certificate Administrator to be necessary to pay any applicable federal, state or local taxes imposed on either Trust REMIC under the circumstances and to the extent described in the manner provided for hereinSection 4.05 of this Agreement; (viii) to make payments withdraw any amount deposited into the Collection Account that was not required to itself or others pursuant to any provision of this Agreement, and be deposited therein; or (ix) to clear and terminate the Collection Account upon the termination pursuant to Section 9.01 of this Agreement; and. If and to the extent that the Master Servicer has reimbursed itself pursuant to clauses (a)(ii) or (a)(vi) above for an expense with respect to the Whole Loan that represents the Companion Loan’s allocable share of such cost or expense, the Master Servicer shall use efforts consistent with the Servicing Standard to collect such amounts from the Companion Loan Holder and deposit all such amounts collected from or on behalf of the Companion Loan Holder into the Collection Account. The Master 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 pursuant to subclauses (ii)-(viii) above. The Master Servicer shall pay to each of the Special Servicer (or to third party contractors at the direction of the Special Servicer), the Operating Advisor, the Trustee and the Certificate Administrator, as applicable, from the applicable Collection Account, amounts permitted to be paid thereto from such account promptly upon receipt of a written statement of an officer of the Special Servicer, an officer of the Operating Advisor or a Responsible Officer of the Trustee or the Certificate Administrator, as the case may be, describing the item and amount to which the Special Servicer (or such third party contractor), the Operating Advisor, the Trustee or the Certificate Administrator, as the case may be, is entitled (unless such payment to the Special Servicer, the Operating Advisor, the Trustee or the Certificate Administrator, as the case may be, is clearly required pursuant to this Agreement, in which case a written statement is not required). The Master Servicer may rely conclusively on any such written statement and shall have no duty to recalculate the amounts stated therein. The parties seeking payment pursuant to this Section shall each keep and maintain a separate accounting for the purpose of justifying any request for withdrawal from each Collection Account, on a loan by loan basis. The Trustee, the Certificate Administrator, the Operating Advisor, the Depositor, the Special Servicer and the Master Servicer shall in all cases have a right prior to the Certificateholders to any funds on deposit in the Collection Account from time to time for the reimbursement or payment of the Servicing Fees (including investment income), Certificate Administrator Fees, Trustee Fees, Special Servicing Compensation, Advances, Advance Interest Amounts, Operating Advisor Fees, Operating Advisor Consulting Fees (but only to the extent such Operating Advisor Consulting Fees are actually received from the related Mortgagor(s)) and their respective expenses hereunder (including without limitation Additional Trust Fund Expenses) to the extent such fees, indemnity amounts and expenses are to be reimbursed or paid from amounts on deposit in the Collection Account pursuant to this Agreement (and to have such amounts paid directly to third party contractors for any invoices submitted to the Trustee, the Master Servicer or the Special Servicer, as applicable). (ixb) The Certificate Administrator shall, upon receipt, deposit in the Lower-Tier Distribution Account, the Interest Reserve Account and the Excess Liquidation Proceeds Reserve Account any and all amounts received by the Certificate Administrator in accordance with Section 3.06(a)(i) of this Agreement. If, as of 3:00 p.m., New York City time, on any Master Servicer Remittance Date or on such other date as any amount referred to withdraw in the foregoing clause (i) is required to be delivered hereunder, the Master Servicer shall not have delivered to the Certificate Administrator for deposit in the Lower-Tier Distribution Account, the Interest Reserve Account and the Excess Liquidation Proceeds Reserve Account the amounts required to be deposited therein pursuant to the provisions of this Agreement (including, without limitation, Section 3.06(a)(i) of this Agreement), then the Certificate Administrator shall, to the extent that a Responsible Officer of the Certificate Administrator has such knowledge, provide notice of such failure to the Master Servicer by facsimile transmission sent to telecopy No. (000) 000-0000 (or such alternative number provided by the Master Servicer to the Certificate Administrator in errorwriting) and by telephone at telephone No. (000) 000-0000 (or such alternative number provided by the Master Servicer to the Certificate Administrator in writing) as soon as possible, but in any event before 5:00 p.m., New York City time, on such day; provided, however, that the Master Servicer will pay the Certificate Administrator interest on such late payment at the prime rate until such late payment is received by the Certificate Administrator.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (GS Mortgage Securities Trust 2011-Gc5), Pooling and Servicing Agreement (GS Mortgage Securities Trust 2011-Gc5)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes: (ia) to reimburse itself for Advances made pursuant to Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement), the Servicer's and the related Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage Loans; (iib) to pay itself the Servicing Fee; (iiic) to reimburse itself for unreimbursed Servicing Advances, or to pay the related Sub-Servicer any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iiic) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, Subsequent Recoveries and condemnation awards; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi) to pay to itself (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account; (vii) to make deposits into the Certificate Account in the amounts and in the manner provided for herein; (viii) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreement; and (ix) to withdraw amounts deposited in error.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Chase Mortgage Finance Trust Series 2005-S1), Pooling and Servicing Agreement (Chase Mortgage Finance Trust Series 2005-A2)

Permitted Withdrawals from the Collection Account. (a) The Master Servicer may, from time to time, withdraw funds may make withdrawals from the Collection Account only as described below (the order set forth below not constituting an order of priority for such withdrawals), subject to the following purposesapplication of Penalty Charges, Assumption Fees and Modification Fees in accordance with Section 3.14 of this Agreement: (i) to reimburse itself remit to the Certificate Administrator for Advances made deposit in the Lower-Tier Distribution Account, the Interest Reserve Account, the Excess Interest Distribution Account and the Excess Liquidation Proceeds Reserve Account the amounts required to be deposited in such accounts pursuant to Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement4.01(a)(i), the Servicer's Section 3.05(d), Section 4.06(a) and the Sub-Servicer's right to receive reimbursement pursuant to Section 3.23 of this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage LoansAgreement, respectively; (ii) to pay itself or reimburse the Servicing FeeMaster Servicer or the Trustee, (A) for Advances made thereby with respect to Mortgage Loans that are not part of a Whole Loan (other than Workout-Delayed Reimbursement Amounts) and any related Advance Interest Amounts (provided that the Trustee shall have priority with respect to such payment or reimbursement of any such Advances and any related Advance Interest Amounts), the Master Servicer’s right to reimburse any such Person pursuant to this clause (ii)(A) being limited to late collections (including cure payments by related Companion Loan Holders) of the particular item which was the subject of the related Advance, Penalty Charges, Net Condemnation Proceeds, Net Insurance Proceeds, Net Liquidation Proceeds and Net REO Proceeds on or in respect of the particular Mortgage Loan or REO Property respecting which such Advance was made, if applicable; provided that (x) prior to the time any Advance is reimbursed, Advance Interest Amounts may be reimbursed solely from Penalty Charges collected on the related Mortgage Loan, and (y) at the time any Advance (other than Workout Delayed Reimbursement Amounts) is reimbursed, Advance Interest Amounts on such reimbursed Advance shall be payable first from Penalty Charges collected on the related Mortgage Loan, and, to the extent such Penalty Charges are insufficient, then from general collections on deposit in the Collection Account, (B) for Advances made thereby with respect to Mortgage Loans that are part of a Whole Loan and any related Advance Interest Amounts (provided that the Trustee shall have priority with respect to such payment or reimbursement of any such Advances and any related Advance Interest Amounts), the Master Servicer’s right to reimburse any such person pursuant to this clause (ii)(B) being limited to Net Liquidation Proceeds on or in respect of the particular Mortgage Loan or REO Property respecting which such Advance was made, which Net Liquidation Proceeds were received in connection with any of the events described in clauses (iii), (iv), (vii) and (viii) of the definition of “Liquidation Event”, (C) to the extent not reimbursed pursuant to Section 3.14 of this Agreement, for Advances and any related Advance Interest Amounts (or portion thereof) that have been deemed to be Nonrecoverable Advances or are not recovered from recoveries in respect of the related Mortgage Loan, Whole Loan or REO Property after a Final Recovery Determination to the extent not recovered from the related Whole Loan Custodial Account and Advance Interest Amounts thereon, first, out of the principal portion of general collections on the Mortgage Loans and REO Properties, and second, to the extent the principal portion of general collections is insufficient and with respect to such excess only, subject to any election in its sole discretion to defer reimbursement thereof pursuant to Section 3.26 of this Agreement, out of other collections on the Mortgage Loans and REO Properties, and (D) for Workout-Delayed Reimbursement Amounts and Advance Interest Amounts thereon, first, out of the principal portion of the general collections on the Mortgage Loans and REO Properties, net of such amounts being reimbursed pursuant to clause (C) above, and second, upon a determination by the Master Servicer or the Trustee, as applicable, that a Workout-Delayed Reimbursement Amount is a Nonrecoverable Advance, in the same manner as Nonrecoverable Advances may be reimbursed (provided that with respect to each Mortgage Loan or REO Property that relates to a Whole Loan, such Workout-Delayed Reimbursement Amounts and Advance Interest Amounts thereon shall first be reimbursed pursuant to Section 3.06A(a)(ii) of this Agreement and, if not reimbursed pursuant thereto, shall be paid from the Collection Account as provided in this clause (ii)(D)); (iii) to reimburse itself for unreimbursed pay on or before each Master Servicer Remittance Date to the Master Servicer as compensation, the aggregate unpaid Servicing AdvancesFee with respect to Mortgage Loans (to the extent not otherwise required to be applied against Prepayment Interest Shortfalls) that accrued through the end of the most recently ended Interest Accrual Period, or to be paid, in the case of each such Mortgage Loan, from interest received on the related Mortgage Loan, and to pay the related Sub-Servicer any unreimbursed Servicing Advances, the Servicer's right from time to receive reimbursement or make payments time to the Sub-Master Servicer in accordance with Section 3.07(b) of this Agreement any interest or investment income earned on funds deposited in the Collection Account; provided, however, that in the case of any Mortgage Loan or REO Property related to a Whole Loan, Servicing Fees may be paid out of the Collection Account pursuant to this subclause clause (iii) with only from the interest portion of Net Liquidation Proceeds on or in respect to any of such Mortgage Loan being limited to related or REO Property, which Net Liquidation ProceedsProceeds were received in connection with any of the events described in clauses (iii), Insurance Proceeds(iv), (vii) and condemnation awards(viii) of the definition of “Liquidation Event”; (iv) to reimburse itself pay on or before each Master Servicer Remittance Date to the Special Servicer unpaid Special Servicing Compensation earned with respect to the Mortgage Loans through the end of the most recently ended Prepayment Period (or, in the case of Special Servicing Fees, accrued with respect to the Specially Serviced Mortgage Loans through the end of the most recently ended Interest Accrual Period); provided, however, that in the case of any Mortgage Loan or REO Mortgage Loan related to a Whole Loan, such Special Servicing Compensation shall first be paid out of the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it Whole Loan Custodial Account pursuant to Section 5.01 or 5.163.06A(a)(iii) of this Agreement and may be paid out of the Collection Account pursuant to this clause (iv) only if and to the extent that such Special Servicing Compensation has not been paid out of the related Whole Loan Custodial Account pursuant to Section 3.06A(a)(iii) of this Agreement; (v) in accordance with Section 2.03 of this Agreement, to reimburse itself (the Trustee or the Special Servicer, out of general collections on the Mortgage Loans and related Sub-Servicer) REO Properties for any Nonrecoverable Advancesunreimbursed expense reasonably incurred by the Trustee or the Special Servicer in connection with the enforcement of a Mortgage Loan Seller’s obligations under Section 6(e) of the related Loan Purchase Agreement, together with interest thereon at the Advance Rate, but only to the extent that such expenses are not otherwise reimbursable; (vi) to pay to itself (or the related Sub-Servicer) income earned out of general collections on the investment Mortgage Loans and related REO Properties, for costs and expenses incurred by the Trust Fund with respect to the Mortgage Loans and related REO Properties pursuant to Section 3.04(a) and Section 3.10(e) of funds deposited in this Agreement and to pay Liquidation Expenses out of related Liquidation Proceeds pursuant to Section 3.11 of this Agreement (provided that with respect to each Whole Loan, such expenses shall first be reimbursed pursuant to Section 3.06A(a)(iv) of this Agreement to the extent related to such Whole Loan and if not reimbursed pursuant thereto, shall be paid from the Collection AccountAccount as provided in this clause (vi)); (vii) to make deposits into the extent not reimbursed or paid pursuant to any other clause of this Section 3.06, to reimburse or pay the Master Servicer, the Trustee, the Certificate Administrator, the Special Servicer, the Operating Advisor or the Depositor, as applicable, for unpaid Additional Trust Fund Expenses (other than Advance Interest Amounts), Trustee/Certificate Administrator Fees, unpaid Servicing Fees with respect to a Mortgage Loan (but only if the related Mortgage Loan has been liquidated or a Final Recovery Determination has been made with respect thereto), unpaid Operating Advisor Fees, unpaid Operating Advisor Consulting Fees (but only to the extent such Operating Advisor Consulting Fee is actually received from the related Mortgagor) and other unpaid items incurred by or owing to such Person pursuant to the second sentence of Section 3.07(c), Section 3.08(a), Section 3.08(b), Section 3.10, the second sentence of Section 3.12(a), the third sentence of Section 3.12(c), Section 3.16(a), Section 6.03, Section 7.04, Section 8.05(a), Section 8.05(b), Section 8.05(d) or Section 11.07 of this Agreement, or any other provision of this Agreement pursuant to which such Person is entitled to reimbursement or payment from the Trust Fund, in each case only to the extent expressly reimbursable under such Section and to the extent related to the Mortgage Pool, it being acknowledged that this clause (vii) shall not be deemed to modify the substance of any such Section, including the provisions of such Section that set forth the extent to which one of the foregoing Persons is or is not entitled to payment or reimbursement (provided that with respect to each Mortgage Loan that is part of a Whole Loan, such expenses shall first be reimbursed pursuant to Section 3.06A(a)(v) of this Agreement to the extent related to such Whole Loan and, if not reimbursed pursuant thereto, shall be paid from the Collection Account as provided in the amounts and in the manner provided for hereinthis clause (vii)); (viii) to make payments transfer to itself the Certificate Administrator for deposit in one or others pursuant more separate, non-interest bearing accounts any amount reasonably determined by the Certificate Administrator to be necessary to pay any provision applicable federal, state or local taxes imposed on any Trust REMIC under the circumstances and to the extent described in Section 4.05 of this Agreement; (ix) to make such payments and reimbursements out of Penalty Charges, Assumption Fees and Modification Fees on deposit in the Collection Account as are contemplated by Section 3.14 of this Agreement; (x) to withdraw any amount deposited into the Collection Account that was not required to be deposited therein; or (xi) to clear and terminate the Collection Account upon the termination pursuant to Section 9.01 of this Agreement; and. If and to the extent that the Master Servicer has reimbursed or made payment to itself or any other Person pursuant to any clause of the prior paragraph above for any cost, expense, indemnity, or Property Advance or Advance Interest Amount thereon with respect to a Whole Loan that represents the related Companion Loan’s allocable share of such cost, expense, indemnity, or Property Advance or Advance Interest Amount thereon, the Master Servicer shall use efforts consistent with the Servicing Standard to collect such amounts out of collections on such Companion Loan (or, if and to the extent permitted under the related Intercreditor Agreement, from the related Companion Loan Holder) and deposit all such amounts (collectively, with respect to such Companion Loan, the “Trust Reimbursement Axxxxx Xx.0”) collected from or on behalf of the related Companion Loan Holder into the Collection Account. The Master 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 pursuant to clauses (i) - (x) of the second preceding paragraph. The Master Servicer shall pay to each of the Special Servicer (or to third party contractors at the direction of the Special Servicer), the Operating Advisor, the Trustee and the Certificate Administrator, as applicable, from the applicable Collection Account, amounts permitted to be paid thereto from such account promptly upon receipt of a written statement of an officer of the Special Servicer, an officer of the Operating Advisor or a Responsible Officer of the Trustee or the Certificate Administrator, as the case may be, describing the item and amount to which the Special Servicer (or such third party contractor), the Operating Advisor, the Trustee or the Certificate Administrator, as the case may be, is entitled (unless such payment to the Special Servicer, the Operating Advisor, the Trustee or the Certificate Administrator, as the case may be, is clearly required pursuant to this Agreement, in which case a written statement is not required). The Master Servicer may rely conclusively on any such written statement and shall have no duty to recalculate the amounts stated therein. The parties seeking payment pursuant to this Section shall each keep and maintain a separate accounting for the purpose of justifying any request for withdrawal from each Collection Account, on a loan-by-loan basis. The Trustee, the Certificate Administrator, the Operating Advisor, the Depositor, the Special Servicer and the Master Servicer shall in all cases have a right prior to the Certificateholders to any funds on deposit in the Collection Account from time to time for the reimbursement or payment of the Servicing Fees (including investment income), Trustee/Certificate Administrator Fees, Special Servicing Compensation, Advances, Advance Interest Amounts, Operating Advisor Fees, Operating Advisor Consulting Fees (but only to the extent such Operating Advisor Consulting Fees are actually received from the related Mortgagor(s)) and their respective expenses hereunder (including without limitation Additional Trust Fund Expenses) to the extent such fees, indemnity amounts and expenses are to be reimbursed or paid from amounts on deposit in the Collection Account pursuant to this Agreement (and to have such amounts paid directly to third party contractors for any invoices submitted to the Trustee, the Master Servicer or the Special Servicer, as applicable). (ixb) The Certificate Administrator shall, upon receipt, deposit in the Lower-Tier Distribution Account, the Excess Interest Distribution Account, the Interest Reserve Account and the Excess Liquidation Proceeds Reserve Account any and all amounts received by the Certificate Administrator in accordance with Section 3.06(a)(i) of this Agreement. If, as of 3:00 p.m., New York City time, on any Master Servicer Remittance Date or on such other date as any amount referred to withdraw in the preceding sentence is required to be delivered hereunder, the Master Servicer shall not have delivered to the Certificate Administrator for deposit in the Lower-Tier Distribution Account, the Excess Interest Distribution Account, the Interest Reserve Account and the Excess Liquidation Proceeds Reserve Account the amounts required to be deposited therein pursuant to the provisions of this Agreement (including, without limitation, Section 3.06(a)(i) of this Agreement), then the Certificate Administrator shall, to the extent that a Responsible Officer of the Certificate Administrator has such knowledge, provide notice of such failure to the Master Servicer by facsimile transmission sent to telecopy No. (000) 000-0000 (or such alternative number provided by the Master Servicer to the Certificate Administrator in errorwriting) and by telephone at telephone No. (000) 000-0000 (or such alternative number provided by the Master Servicer to the Certificate Administrator in writing) as soon as possible, but in any event before 5:00 p.m., New York City time, on such day; provided, however, that the Master Servicer will pay the Certificate Administrator interest on such late payment at the prime rate until such late payment is received by the Certificate Administrator.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2012-Gc8), Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2012-Gc8)

Permitted Withdrawals from the Collection Account. (a) The Master Servicer may, from time to time, withdraw funds may make withdrawals from the Collection Account only as described below (the order set forth below not constituting an order of priority for such withdrawals), subject to the following purposesapplication of Penalty Charges and Modification Fees in accordance with Section 3.14 of this Agreement: (i) to reimburse itself remit to the Certificate Administrator for Advances made deposit in the Lower-Tier Distribution Account, the Interest Reserve Account and the Excess Liquidation Proceeds Reserve Account the amounts required to be deposited in such accounts pursuant to Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing AgreementSections 3.05(c), the Servicer's 3.23, 4.01(a)(i) and the Sub-Servicer's right to receive reimbursement pursuant to Section 4.06(a) of this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage LoansAgreement, respectively; (ii) to pay itself or reimburse the Servicing FeeMaster Servicer or the Trustee, (A) for Advances made thereby with respect to Mortgage Loans (other than Workout-Delayed Reimbursement Amounts) and any related Advance Interest Amounts (provided that the Trustee shall have priority with respect to such payment or reimbursement of any such Advances and any related Advance Interest Amounts), the Master Servicer’s right to reimburse any such Person pursuant to this clause (ii)(A) being limited to late collections of the particular item which was the subject of the related Advance, Penalty Charges, Condemnation Proceeds, REO Proceeds, Insurance Proceeds and Liquidation Proceeds on or in respect of the particular Mortgage Loan or REO Property respecting which such Advance was made, if applicable; provided that (x) prior to the time any Advance is reimbursed, Advance Interest Amounts may be reimbursed solely from Penalty Charges collected on the related Mortgage Loan, and (y) at the time any Advance (other than Workout Delayed Reimbursement Amounts) is reimbursed, Advance Interest Amounts on such reimbursed Advance shall be payable first from Penalty Charges collected on the related Mortgage Loan and, to the extent such Penalty Charges are insufficient, then from general collections on deposit in the Collection Account, (B) to the extent not reimbursed pursuant to Section 3.14 of this Agreement, for Advances and any related Advance Interest Amounts (or portion thereof) that have been deemed to be Nonrecoverable Advances or are not recovered from recoveries in respect of the related Mortgage Loan and Advance Interest Amounts thereon, first, out of the principal portion of general collections on the Mortgage Loans and REO Properties, and second, to the extent the principal portion of general collections is insufficient and with respect to such excess only, subject to any election in its sole discretion to defer reimbursement thereof pursuant to Section 3.27 of this Agreement, out of other collections on the Mortgage Loans and REO Properties, and (C) for Workout-Delayed Reimbursement Amounts and Advance Interest Amounts thereon, first, out of the principal portion of the general collections on the Mortgage Loans and REO Properties, net of such amounts being reimbursed pursuant to clause (B) above, and second, upon a determination by the Master Servicer or the Trustee, as applicable, that a Workout-Delayed Reimbursement Amount is a Nonrecoverable Advance, in the same manner as Nonrecoverable Advances may be reimbursed; (iii) to reimburse itself for unreimbursed Servicing Advancespay on or before each Master Servicer Remittance Date to the Master Servicer and the Special Servicer, or to pay the related Sub-Servicer any unreimbursed Servicing Advancesas applicable, as compensation, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iii) aggregate unpaid Servicing Fee with respect to any Mortgage Loans (to the extent not otherwise required to be applied against Prepayment Interest Shortfalls), and Special Servicing Compensation (if any), respectively, in respect of the immediately preceding Interest Accrual Period, to be paid, in the case of the Servicing Fee, from interest received on the related Mortgage Loan being limited and to related Liquidation Proceedspay from time to time to the Master Servicer in accordance with Section 3.07(b) of this Agreement any interest or investment income earned on funds deposited in the Collection Account and, Insurance Proceedsin the case of the Special Servicing Fee, and condemnation awardsfrom general collections; (iv) in accordance with Section 2.03 of this Agreement, to reimburse itself (the Trustee or the Special Servicer, out of general collections on the Mortgage Loans and related Sub-Servicer) REO Properties for any unreimbursed expense reasonably incurred by the Trustee or the Depositor for Special Servicer in connection with the enforcement of a Mortgage Loan Seller’s obligations under Section 6(e) of the related Loan Purchase Agreement, together with interest thereon at the Advance Rate, but only to the extent that such expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16are not otherwise reimbursable; (v) to reimburse itself (or pay out of general collections on the Mortgage Loans and related Sub-ServicerREO Properties, for costs and expenses incurred by the Trust Fund with respect to the Mortgage Loans and related REO Properties pursuant to Sections 3.04(a) for any Nonrecoverable Advancesand 3.10(e) of this Agreement and to pay Liquidation Expenses out of related Liquidation Proceeds pursuant to Section 3.11 of this Agreement; (vi) to the extent not reimbursed or paid pursuant to any other clause of this Section 3.06, to reimburse or pay to itself (the Master Servicer, the Trustee, the Certificate Administrator, the Special Servicer, the Operating Advisor or the Depositor, as applicable, for unpaid Additional Trust Fund Expenses (other than Advance Interest Amounts), unpaid Trustee/Certificate Administrator Fees, unpaid Servicing Fees (but only if the Mortgage Loan has been liquidated or a Final Recovery Determination has been made with respect thereto), unpaid Special Servicing Compensation, unpaid Operating Advisor Fees, unpaid Operating Advisor Consulting Fees (but only to the extent such Operating Advisor Consulting Fee is actually received from the related Sub-ServicerMortgagor) income earned on and other unpaid items incurred by or owing to such Person pursuant to the investment second sentence of funds deposited Sections 3.07(c), 3.08(a), 3.08(b), 3.10, 3.12(c), 3.16(a), 6.03, 7.04, 8.05(a), 8.05(b), 8.05(d) or 11.07 of this Agreement, or any other provision of this Agreement pursuant to which such Person is entitled to reimbursement or payment from the Trust Fund, in each case only to the Collection Accountextent expressly reimbursable under such Section, it being acknowledged that this clause (vi) shall not be deemed to modify the substance of any such Section, including the provisions of such Section that set forth the extent to which one of the foregoing Persons is or is not entitled to payment or reimbursement; (vii) to make deposits into transfer to the Certificate Account Administrator for deposit in one or more separate, non-interest bearing accounts any amount reasonably determined by the amounts Certificate Administrator to be necessary to pay any applicable federal, state or local taxes imposed on either Trust REMIC under the circumstances and to the extent described in the manner provided for hereinSection 4.05 of this Agreement; (viii) to make such payments to itself or others pursuant to any provision and reimbursements out of Penalty Charges and Modification Fees on deposit in such Custodial Account as are contemplated by Section 3.14 of this Agreement, and ; (ix) to withdraw any amount deposited into the Collection Account that was not required to be deposited therein; or (x) to clear and terminate the Collection Account upon the termination pursuant to Section 9.01 of this Agreement; and. The Master 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 pursuant to subclauses (i)-(ix) above. The Master Servicer shall pay to each of the Special Servicer (or to third party contractors at the direction of the Special Servicer), the Operating Advisor, the Trustee and the Certificate Administrator, as applicable, from the applicable Collection Account, amounts permitted to be paid thereto from such account promptly upon receipt of a written statement of an officer of the Special Servicer, an officer of the Operating Advisor or a Responsible Officer of the Trustee or the Certificate Administrator, as the case may be, describing the item and amount to which the Special Servicer (or such third party contractor), the Operating Advisor, the Trustee or the Certificate Administrator, as the case may be, is entitled (unless such payment to the Special Servicer, the Operating Advisor, the Trustee or the Certificate Administrator, as the case may be, is clearly required pursuant to this Agreement, in which case a written statement is not required). The Master Servicer may rely conclusively on any such written statement and shall have no duty to recalculate the amounts stated therein. The parties seeking payment pursuant to this Section shall each keep and maintain a separate accounting for the purpose of justifying any request for withdrawal from each Collection Account, on a loan by loan basis. The Trustee, the Certificate Administrator, the Operating Advisor, the Depositor, the Special Servicer and the Master Servicer shall in all cases have a right prior to the Certificateholders to any funds on deposit in the Collection Account from time to time for the reimbursement or payment of the Servicing Fees (including investment income), Trustee/Certificate Administrator Fees, Special Servicing Compensation, Advances, Advance Interest Amounts, Operating Advisor Fees, Operating Advisor Consulting Fees (but only to the extent such Operating Advisor Consulting Fees are actually received from the related Mortgagor(s)) and their respective expenses hereunder (including without limitation Additional Trust Fund Expenses) to the extent such fees, indemnity amounts and expenses are to be reimbursed or paid from amounts on deposit in the Collection Account pursuant to this Agreement (and to have such amounts paid directly to third party contractors for any invoices submitted to the Trustee, the Master Servicer or the Special Servicer, as applicable). (ixb) The Certificate Administrator shall, upon receipt, deposit in the Lower-Tier Distribution Account, the Interest Reserve Account and the Excess Liquidation Proceeds Reserve Account any and all amounts received by the Certificate Administrator in accordance with Section 3.06(a)(i) of this Agreement. If, as of 3:00 p.m., New York City time, on any Master Servicer Remittance Date or on such other date as any amount referred to withdraw in the preceding sentence is required to be delivered hereunder, the Master Servicer shall not have delivered to the Certificate Administrator for deposit in the Lower-Tier Distribution Account, the Interest Reserve Account and the Excess Liquidation Proceeds Reserve Account the amounts required to be deposited therein pursuant to the provisions of this Agreement (including, without limitation, Section 3.06(a)(i) of this Agreement), then the Certificate Administrator shall, to the extent that a Responsible Officer of the Certificate Administrator has such knowledge, provide notice of such failure to the Master Servicer by fax transmission sent to telecopy No. (000) 000-0000 (or such alternative number provided by the Master Servicer to the Certificate Administrator in errorwriting) and by telephone at telephone No. (000) 000-0000 (or such alternative number provided by the Master Servicer to the Certificate Administrator in writing) as soon as possible, but in any event before 5:00 p.m., New York City time, on such day; provided, however, that the Master Servicer will pay the Certificate Administrator interest on such late payment at the Prime Rate until such late payment is received by the Certificate Administrator.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (GS Mortgage Securities Trust 2013-Gcj12), Pooling and Servicing Agreement (GS Mortgage Securities Trust 2013-Gcj12)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to timetime in accordance with the provisions hereof, withdraw funds amounts from the Collection Account for the following purposes:purposes (without duplication): (i1) to reimburse itself for unreimbursed Monthly Advances made pursuant and Servicing Advances (other than with respect to REO Properties) that are approved by the Purchaser as being non-recoverable in accordance with Section 6.03 6.04; (including amounts 2) to make payments to the Purchaser in the amounts, at the times and in the manner provided for in Section 6.01; to reimburse the related Sub-Servicer itself for advances made pursuant to the applicable Sub-Servicing Agreement)Monthly Advances, the Servicer's and the Sub-Servicer's right to receive reimbursement reimburse itself pursuant to this subclause (i) Subsection 3 being limited to amounts received on particular the related Mortgage Loans Loan which represent Late Collections (net late payments of the Servicing Fees) principal and/or interest with respect to those particular which any such Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer's right thereto shall be prior to the rights of the Purchaser, except that, where a Seller or the Servicer is required to repurchase a Mortgage LoansLoan pursuant to Sections 2.04, 3.04 and/or 7.02 the Servicer's right to such reimbursement shall be subsequent and subordinate to the payment to the Purchaser of the applicable Repurchase Price pursuant to such section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan; (ii) to pay itself the Servicing Fee; (iii3) to reimburse itself for unreimbursed Servicing Advances, or Advances (other than with respect to pay the related Sub-Servicer any REO Properties) and for unreimbursed Servicing Monthly Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer reimburse itself pursuant to this subclause (iii) Subsection 4 with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Condemnation Proceeds, Insurance Proceeds and condemnation awardssuch other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of such reimbursement, the Servicer's right thereto shall be prior to the rights of the Purchaser, except that, where a Seller or the Servicer is required to repurchase a Mortgage Loan pursuant to Sections 2.04, 3.04 and/or 7.02, the Servicer's right to such reimbursement shall be subsequent and subordinate to the payment to the Purchaser of the applicable Repurchase Price and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan; (iv4) to reimburse itself (or pay to itself, solely out of the related Sub-Servicer) or interest portion of the Depositor for expenses incurred by and recoverable by or reimbursable Monthly Payment actually received with respect to it pursuant a Mortgage Loan during the period ending on the most recent Determination Date, the Servicing Fee with respect to Section 5.01 or 5.16such Mortgage Loan; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi5) to pay to itself as additional servicing compensation (or the related Sub-Servicera) income any interest earned on the investment of funds deposited in the Collection AccountAccount (all such interest to be withdrawn monthly not later than each Remittance Date) and (b) any prepayment penalties or premiums relating to any Principal Prepayments; provided that no such amounts shall be payable as servicing compensation to the extent they relate to a Mortgage Loan with respect to which a default, breach, violation, or event of acceleration exists or would exist but for the lapse of time, the giving of notice, or both; (vii6) to make deposits into pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Sections 2.04, 3.04 and/or 7.02 all amounts received thereon and not distributed as of the Certificate Account in date on which the related Repurchase Price is determined (except to the extent that such amounts and in constitute part of the manner provided for hereinRepurchase Price to be remitted to the Purchaser); (viii7) to make payments to itself or others pursuant to remove any provision of this Agreement, and amounts deposited into the Collection Account in error; and (8) to clear and terminate the Collection Account upon the termination of this Agreement; and (ix) , with any funds contained therein to withdraw amounts deposited be distributed in erroraccordance with the terms of this Agreement. The Servicer shall keep and maintain a separate, detailed accounting, on a Mortgage Loan-by-Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to this Section 5.05.

Appears in 2 contracts

Samples: Mortgage Loan Flow Purchase, Sale & Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates, Series 2004-14), Mortgage Loan Flow Purchase, Sale & Servicing Agreement (Structured Asset Sec Mort Pass Thru Cert Ser 2002-21a)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds may make withdrawals from the Collection Account Account, on or prior to any Servicer Remittance Date, for the following purposes: (ia) to pay to the Sponsor amounts received in respect of any Defective Mortgage Loan purchased or substituted for by the Sponsor to the extent that the payment of any such amounts on the Servicer Remittance Date upon which the proceeds of such purchase are paid would make the total amount distributed in respect of any such Mortgage Loan on such Servicer Remittance Date greater than the Loan Repurchase Price or the Substitution Adjustment therefor; (b) to reimburse itself for Advances made pursuant to Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-unreimbursed Delinquency Advances and unreimbursed Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) Advances with respect to those particular the Mortgage Loans for which it has made a Delinquency Advance or Servicing Advance, from late or deferred payments collected, collections other than timely Monthly Payments, Liquidation Proceeds, Insurance Proceeds and/or the Loan Repurchase Price or Substitution Adjustment of or relating to such Mortgage Loans; (ii) to pay itself the Servicing Fee; (iiic) to reimburse itself the Servicer for unreimbursed any Delinquency Advances and Servicing Advances determined in good faith to have become Nonrecoverable Advances, or such reimbursement to pay the related Sub-Servicer be made from any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awards; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi) to pay to itself (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account; (viid) to make deposits into withdraw any amount received from a Mortgagor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the Certificate Account Bankruptcy Code in the amounts and in the manner provided for hereinaccordance with a final, nonappealable order of a court having competent jurisdiction; (viiie) to make payments to itself or others pursuant to withdraw any provision of this Agreement, and to clear and terminate funds deposited in the Collection Account upon that were not required to be deposited therein; (f) to pay the termination Servicer the Servicing Compensation pursuant to Section 5.08 hereof to the extent not retained or paid; (g) [Reserved] (h) without duplication, and solely out of this Agreementamounts which are payable to a former servicer pursuant to Section 7.02(g), to pay to the Indenture Trustee or any successor servicer amounts paid by them in connection with the transfer of the Servicer’s servicing obligations pursuant to Article VII hereof and required under such Article VII to be borne by the Servicer; (i) to withdraw income on the Collection Account as provided in Section 5.02(d); and (ixj) to withdraw amounts deposited into the Collection Account in errorrespect of late fees, assumption fees and similar fees (other than Prepayment Charges). The Servicer shall keep and maintain a separate accounting for each Mortgage Loan for the purpose of accounting for withdrawals from the Collection Account pursuant to this Section 5.03.

Appears in 2 contracts

Samples: Sale and Servicing Agreement (Accredited Mortgage Loan REIT Trust), Sale and Servicing Agreement (Accredited Mortgage Loan REIT Trust)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes: (i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Sections 3.09; (ii) to reimburse itself for Advances made pursuant to Section 6.03 (including amounts a) Advances; the Servicer’s right to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement itself pursuant to this subclause (iii) being limited to amounts received on particular the related Mortgage Loans Loan which represent Late Collections payments of (net a) principal and/or interest respecting which any such Advance was made or (b) Condemnation Proceeds, Insurance Proceeds or Liquidation Proceeds respecting which any such Servicing Advance was made or (b) any unreimbursed Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution Date (provided, however, any funds so applied will be replaced by the Servicer by deposit in the Collection Account no later than one Business Day prior to the Distribution Date on which such funds are required to be distributed) and to reimburse itself for any unreimbursed Advances and Servicing Fees) Advances made in connection with respect to those particular the modification of a Mortgage Loans; (ii) to pay itself the Servicing FeeLoan; (iii) to reimburse itself for unreimbursed Servicing Advances, or to pay the related Sub-Servicer any unpaid Servicing Fees and for unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments Advances to the Sub-Servicer extent that such amounts are deemed to be Nonrecoverable Advances (including those deemed to be Nonrecoverable Advances at the time a Mortgage Loan is modified), and to reimburse itself for such amounts to the extent that such amounts are nonrecoverable from the disposition of REO Property pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awardsSection 3.19 hereof; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it any amounts paid pursuant to Section 5.01 or 5.163.19 (and not otherwise previously reimbursed); (v) to reimburse pay to itself as servicing compensation (a) any interest earned on funds in the Collection Account (all such interest to be withdrawn monthly not later than each Servicer Remittance Date) and (b) the Servicing Fee from that portion of any payment or recovery as to interest to a particular Mortgage Loan to the related Sub-Servicer) for any Nonrecoverable Advancesextent not retained pursuant to Section 3.09(ii); (vi) to pay or reimburse itself for any amounts payable or paid pursuant to itself Section 6.03 (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account;and not otherwise previously reimbursed); and (vii) to make deposits into the Certificate Account in the amounts and in the manner provided for herein; (viii) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreement; and (ix) . The foregoing requirements for withdrawal from the Collection Account shall be exclusive. In the event the Servicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw amounts deposited in errorsuch amount from the Collection Account, any provision herein to the contrary notwithstanding.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (C-Bass 2007-Cb1 Trust), Pooling and Servicing Agreement (C-Bass 2007-Cb1 Trust)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes: (ia) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.04(b) or permitted to be so remitted pursuant to the first sentence of Section 3.04(d); (b) to reimburse itself for Advances made pursuant to Section 6.03 (including amounts to reimburse and Servicing Advances; provided that the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement reimburse itself pursuant to this subclause (ib) being is limited to amounts received on particular the related Mortgage Loans Loan which represent Late Collections payments of (net of the i) principal and/or interest respecting which any such Advance was made or (ii) Condemnation Proceeds, Insurance Proceeds or Liquidation Proceeds respecting which any such Servicing Fees) with respect to those particular Mortgage LoansAdvance was made; (ii) to pay itself the Servicing Fee; (iiic) to reimburse itself for unreimbursed Servicing Advances, or any unpaid Servicing Fees and for unreimbursed Advances to pay the related Sub-Servicer any unreimbursed Servicing extent that such amounts are deemed to be Nonrecoverable Advances, the Servicer's right and to receive reimbursement or make payments reimburse itself for such amounts to the Sub-Servicer extent that such amounts are nonrecoverable from the disposition of REO Property pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awardsSection 3.03 or Section 3.13 hereof; (ivd) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it any amounts paid pursuant to Section 5.01 or 5.163.03 (and not otherwise previously reimbursed); (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vie) to pay to itself as servicing compensation (or the related Sub-Servicera) income any interest earned on the investment of funds deposited in the Collection AccountAccount (all such interest to be withdrawn monthly not later than each Servicer Remittance Date) and (b) the Servicing Fee from that portion of any payment or recovery as to interest to a particular Mortgage Loan to the extent not retained pursuant to Section 3.04(a)(ii); (viif) to make deposits into the Certificate Account in the reimburse itself for any amounts paid pursuant to Section 6.03 (and in the manner provided for herein;not otherwise previously reimbursed); and (viiig) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreement; and (ix) . The foregoing requirements for withdrawal from the Collection Account shall be exclusive. In the event the Servicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw amounts deposited in errorsuch amount from the Collection Account, any provision herein to the contrary notwithstanding.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Residential Asset Funding Corp), Pooling and Servicing Agreement (Residential Asset Funding Corp)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to timetime in accordance with the provisions hereof, withdraw funds amounts from the Collection Account for the following purposes:purposes (without duplication): (i1) to reimburse itself for unreimbursed Monthly Advances made pursuant and Servicing Advances that the Servicer has determined to be Non-Recoverable Advances as provided in Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage Loans6.04; (ii2) to pay itself make payments to the Servicing FeePurchaser or the Trustee as assignee of the Purchaser in the amounts, at the times and in the manner provided for in Section 6.01; (iii3) [reserved]; (4) to reimburse itself for unreimbursed Servicing Advances, or to pay the related Sub-Servicer any Advances and for unreimbursed Servicing Monthly Advances, the Servicer's ’s right to receive reimbursement or make payments to the Sub-Servicer reimburse itself pursuant to this subclause Subsection (iii4) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Condemnation Proceeds, Insurance Proceeds and condemnation awardssuch other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Purchaser, except that, where a Seller or the Servicer is required to repurchase (or substitute a Qualified Substitute Mortgage Loan for) a Mortgage Loan pursuant to Sections 2.04 and/or 7.02, the Servicer’s right to such reimbursement shall be subsequent and subordinate to the payment to the Purchaser of the applicable Repurchase Price (or delivery of a Qualified Substitute Mortgage Loan) and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi5) to pay to itself (or the related Sub-Servicer) income as additional servicing compensation any interest earned on the investment of funds deposited in the Collection AccountAccount (all such interest to be withdrawn monthly not later than each Remittance Date); provided that no such amounts shall be payable as servicing compensation to the extent they relate to a Mortgage Loan with respect to which a default, breach, violation, or event of acceleration exists or would exist but for the lapse of time, the giving of notice, or both; (vii6) to make deposits into pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Sections 2.04 and/or 7.02 all amounts received thereon and not distributed as of the Certificate Account in date on which the related Repurchase Price is determined (except to the extent that such amounts and in constitute part of the manner provided for hereinRepurchase Price to be remitted to the Securities Administrator on behalf of the Trustee as assignee of the Purchaser); (viii7) to make payments to itself or others pursuant to remove any provision of this Agreement, and amounts deposited into the Collection Account in error; and (8) to clear and terminate the Collection Account in the event a new Collection Account has been established, or upon the termination of this Agreement; and (ix) , with any funds contained therein to withdraw amounts deposited be distributed in erroraccordance with the terms of this Agreement. The Servicer shall keep and maintain a separate, detailed accounting, on a Mortgage Loan-by-Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to this Section.

Appears in 2 contracts

Samples: Mortgage Loan Purchase and Servicing Agreement (PHH Alternative Mortgage Trust, Series 2007-3), Mortgage Loan Purchase and Servicing Agreement (PHH Alternative Mortgage Trust, Series 2007-2)

Permitted Withdrawals from the Collection Account. The Master Servicer may, from time to time, withdraw funds may make withdrawals from the Collection Account Account, on or prior to any Servicer Payment Date, for the following purposes: (ia) to pay to the Sponsor amounts received in respect of any Defective Mortgage Loan purchased or substituted for by the Sponsor to the extent that the payment of any such amounts on the Servicer Payment Date upon which the proceeds of such purchase are paid would make the total amount distributed in respect of any such Mortgage Loan on such Servicer Payment Date greater than the Loan Repurchase Price or the Substitution Adjustment therefor; (b) to reimburse itself for Advances made pursuant to Section 6.03 (including amounts to reimburse the related Sub-Master Servicer for advances made pursuant to the applicable Sub-unreimbursed Periodic Advances and unreimbursed Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) Advances with respect to those particular the Mortgage Loans for which it has made a Periodic Advance or Servicing Advance, from late or deferred payments collected, collections other than timely Monthly Payments, Liquidation Proceeds, Insurance Proceeds and/or the Loan Repurchase Price or Substitution Adjustment of or relating to such Mortgage Loans; (ii) to pay itself the Servicing Fee; (iiic) to reimburse itself the Master Servicer for unreimbursed any Periodic Advances and Servicing Advances determined in good faith to have become Nonrecoverable Advances, or such reimbursement to pay the related Sub-Servicer be made from any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awards; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi) to pay to itself (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account; (viid) to make deposits into withdraw any amount received from a Mortgagor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the Certificate Account Bankruptcy Code in the amounts and in the manner provided for hereinaccordance with a final, nonappealable order of a court having competent jurisdiction; (viiie) to make payments to itself or others pursuant to withdraw any provision of this Agreement, and to clear and terminate funds deposited in the Collection Account upon that were not required to be deposited therein; (f) to pay the termination Master Servicer the Servicing Compensation pursuant to Section 5.08 hereof to the extent not retained or paid; (g) to pay the Backup Servicer the Backup Servicing Fee pursuant to Section 5.08 hereof to the extent payments in respect of this Agreementthese amounts have not been previously retained or paid; (h) without duplication, and solely out of amounts which are payable to a former master servicer pursuant to Section 7.02(g), to pay to the Backup Servicer, the Indenture Trustee or any successor master servicer amounts paid by them in connection with the transfer of the Master Servicer's servicing obligations pursuant to Article VII hereof and required under such Article VII to be borne by the Master Servicer; (i) to withdraw income on the Collection Account as provided in Section 5.02(d); and (ixj) to withdraw amounts deposited into the Collection Account in errorrespect of late fees, assumption fees and similar fees (other than Prepayment Charges). The Master Servicer shall keep and maintain a separate accounting for each Mortgage Loan for the purpose of accounting for withdrawals from the Collection Account pursuant to this Section 5.03.

Appears in 2 contracts

Samples: Sale and Servicing Agreement (Accredited Home Lenders Inc), Sale and Servicing Agreement (Accredited Home Lenders Inc)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to timetime in accordance with the provisions hereof, withdraw funds amounts from the Collection Account for the following purposes:purposes (without duplication): (i1) to reimburse itself for unreimbursed Monthly Advances made pursuant and Servicing Advances (other than with respect to REO Properties) that are approved by the Purchaser as being non-recoverable in accordance with Section 6.03 (including amounts 6.04; 2) to make payments to the Purchaser in the amounts, at the times and in the manner provided for in Section 6.01; 3) to reimburse the related Sub-Servicer itself for advances made pursuant to the applicable Sub-Servicing Agreement)Monthly Advances, the Servicer's and the Sub-Servicer's right to receive reimbursement reimburse itself pursuant to this subclause (i) Subsection 3 being limited to amounts received on particular the related Mortgage Loans Loan which represent Late Collections (net late payments of the Servicing Fees) principal and/or interest with respect to those particular Mortgage Loans; (ii) to pay itself the Servicing Fee; (iiiwhich any such Monthly Advance was made; 4) to reimburse itself for unreimbursed Servicing Advances, or Advances (other than with respect to pay the related Sub-Servicer any REO Properties) and for unreimbursed Servicing Monthly Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer reimburse itself pursuant to this subclause (iii) Subsection 4 with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Condemnation Proceeds, Insurance Proceeds and condemnation awards; (iv) such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to reimburse itself (the Mortgage Loan, it being understood that, in the case of such reimbursement, the Servicer's right thereto shall be prior to the rights of the Purchaser, except that, where a Seller or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable Servicer is required to it repurchase a Mortgage Loan pursuant to Section 5.01 or 5.16Sections 2.04, 3.04 and/or 7.02, the Servicer's right to such reimbursement shall be subsequent and subordinate to the payment to the Purchaser of the applicable Repurchase Price and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi) to pay to itself (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account; (vii) to make deposits into the Certificate Account in the amounts and in the manner provided for herein; (viii) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreement; and (ix) to withdraw amounts deposited in error.

Appears in 2 contracts

Samples: Servicing Agreement (Structured Asset Sec Mort Pass THR Cert Series 2001-21a), Mortgage Loan Purchase, Sale & Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Cer Se 2002-1a)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes: (i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 2.04(b) or permitted to be so remitted pursuant to the first sentence of Section 2.04(d); (ii) to reimburse itself for Advances made pursuant to Section 6.03 (including amounts to reimburse and Servicing Advances; the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement reimburse itself pursuant to this subclause (iii) being limited to amounts received on particular the related Mortgage Loans Loan which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage Loans; (ii) to pay itself the Servicing FeeCollections, Condemnation Proceeds, Insurance Proceeds or Liquidation Proceeds; (iii) to reimburse itself for (A) unreimbursed Servicing Advances and for unreimbursed Advances to the extent that such amounts are deemed to be Nonrecoverable Advances, or to pay the related Sub-Servicer and (B) any unreimbursed unpaid Servicing Advances, the Servicer's right to receive reimbursement or make payments Fees to the Sub-Servicer pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related extent not recoverable from Liquidation Proceeds, Insurance Proceeds, and condemnation awardsProceeds or other amounts received with respect to the related Mortgage Loan under Section 2.05(ii); (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it any amounts paid pursuant to Section 5.01 or 5.162.03 (and not otherwise previously reimbursed); (v) to reimburse pay to itself as servicing compensation (or in addition to the related Sub-ServicerServicing Fee) for any Nonrecoverable Advancesinterest earned on funds in the Collection Account (all such interest to be withdrawn monthly not later than each Servicer Remittance Date); (vi) to pay or reimburse itself for any amounts payable or paid pursuant to itself Section 4.03 (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Accountand not otherwise previously reimbursed); (vii) to make deposits into pay, or to reimburse the Certificate Account Servicer for advances in the amounts and respect of, expenses incurred in the manner provided for hereinconnection with any Mortgage Loan pursuant to Section 2.13; (viii) to make payments to itself or others pursuant to any provision of this Agreement, and withdraw amounts deposited in the Collection Account in error; and (ix) to clear and terminate the Collection Account upon the termination of this Agreement; and (ix) . The foregoing requirements for withdrawal from the Collection Account shall be exclusive. In the event the Servicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw amounts deposited in errorsuch amount from the Collection Account, any provision herein to the contrary notwithstanding. Upon request, the Servicer shall provide the Depositor and/or the Trustee with copies of reasonably acceptable invoices or other documentation relating to Advances and/or Servicing Advances that have been reimbursed from the Collection Account.

Appears in 2 contracts

Samples: Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust, Series 2004-Sd2), Servicing Agreement (Morgan Stanley Abs Capital I Inc Trust Series 2004-Sd1)

Permitted Withdrawals from the Collection Account. The Master Servicer may, from time to time, withdraw funds may make withdrawals from the Collection Account only as described below (the order set forth below not constituting an order of priority for the following purposes:such withdrawals): (i) to reimburse itself remit to the Trustee, for Advances made deposit in the REMIC I Distribution Account, the amounts required to be deposited in the REMIC I Distribution Account pursuant to Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage Loans3.7; (ii) to pay itself or reimburse the Servicing FeeFiscal Agent, the Trustee, the Master Servicer and the Special Servicers (in that order) for Advances and for the portion of the Advance Interest Amount related to such Advances being reimbursed (to the extent that such portion of such Advance Interest Amount exceeds Default Interest retained by the Master Servicer, the Special Servicers, the Trustee or the Fiscal Agent, as the case may be); provided, however, the right of the Master Servicer, the Trustee, the Fiscal Agent or a Special Servicer to reimburse themselves pursuant to this clause (ii) being limited to either (x) any collections on or in respect of the particular Mortgage Loan or REO Property respecting which each such Advance was made, or (y) any other amounts in the Collection Account in the event that such Advances have been deemed to be Nonrecoverable Advances or are not recovered from recoveries in respect of the related Mortgage Loan or REO Property after a Final Recovery Determination; provided further, however, that, in the case of the Xxxxxxxx Xxxxx Loan, amounts recoverable with respect to Property Advances and related Advance Interest Amounts pursuant to clauses (x) and (y) shall be limited to the Trust Fund's proportionate share (taking into account the outstanding principal amount of the Additional Xxxxxxxx Xxxxx Note, if any); (iii) to reimburse itself for unreimbursed pay on or before each Remittance Date to the Master Servicer and each Special Servicer, as applicable, as compensation, the unpaid Servicing AdvancesFee and Special Servicing Fee, or respectively, to be paid, in the case of the Servicing Fee, from interest received on the related Mortgage Loans, and to pay from time to time, to the related Sub-Master Servicer any unreimbursed interest or investment income earned on funds deposited in the Collection Account, and to pay to the Master Servicer or each Special Servicer, as applicable, any other amounts constituting Servicing Advances, Compensation payable thereto (it being understood that any Special Servicing Fee with respect to the Servicer's right to receive reimbursement or make Group 1 Mortgage Loan will be payable first from payments to the Sub-Servicer Xxxxxx B Note and then from the Trust Fund); (iv) to pay on or before each Distribution Date to the Depositor, the Mortgage Loan Seller, a purchaser of any Specially Serviced Mortgage Loan or REO Property pursuant to Section 3.20, the Master Servicer or a Special Servicer, as the case may be, with respect to each Mortgage Loan or REO Property that has previously been purchased or repurchased by it pursuant to Section 2.3(d), 2.3(e), Section 3.20 or Section 9.1, all amounts received thereon during the related Collection Period and subsequent to the effective date of such purchase or repurchase. (v) to the extent not reimbursed or paid pursuant to any other clause of this subclause Section 3.7, to reimburse or pay the Master Servicer, each Special Servicer, the Trustee, the Depositor and the Fiscal Agent for unpaid items incurred by or on behalf of such Person pursuant to Section 3.12, Section 3.14(c), Section 3.19(a), (iiib) and (c), Section 3.20(a), 6.3, 7.4, 8.5(d) or Section 10.7, or any other provision of this Agreement pursuant to which such Person is entitled to reimbursement or payment from the Trust Fund, in each case only to the extent reimbursable under such Section, it being acknowledged that this clause (v) shall not be deemed to modify the substance of any such Section, including the provisions of such Section that set forth the extent to which one of the foregoing Persons is or is not entitled to payment or reimbursement; (vi) to deposit in one or more separate, non-interest bearing accounts any amount reasonably determined by the Trustee to be necessary to pay any applicable federal, state or local taxes imposed on REMIC I, REMIC II and REMIC III under the circumstances and to the extent described in Section 4.7; (vii) to withdraw any amount deposited into the Collection Account that was not required to be deposited therein or that is expressly payable therefrom (without duplication); (viii) to pay or reimburse the Fiscal Agent, the Trustee and the Master Servicer (in that order) for P&I Advances (without interest) made with respect to any Mortgage Loan being limited on any Determination Date to the extent that all or a portion of the payment of principal of or interest on such Mortgage Loan as to which such P&I Advance was made is collected on or prior to the related Liquidation Proceeds, Insurance Proceeds, and condemnation awardsRemittance Date; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (viix) to pay on or before each Remittance Date to itself (or the related Sub-Servicer) income earned on Trustee for deposit into the investment of funds deposited in REMIC I Distribution Account an amount equal to the Collection Account;Trustee Fee; or (viix) to make deposits into the Certificate Account in the amounts and in the manner provided for herein; (viii) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreement; and (ix) pursuant to withdraw amounts deposited in errorSection 9.1.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Commercial Mortgage Acceptance Corp), Pooling and Servicing Agreement (Commercial Mortgage Acceptance Corp)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to timetime in accordance with the provisions hereof, withdraw funds amounts from the Collection Account for the following purposes:purposes (without duplication): (i1) to reimburse itself for unreimbursed Monthly Advances made pursuant and Servicing Advances that the Servicer has determined to be Non-Recoverable Advances as provided in Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage Loans5.04; (ii2) to pay itself make payments to the Servicing FeeOwner in the amounts, at the times and in the manner provided for in Section 5.01; (iii3) to reimburse itself for unreimbursed Servicing Advances, or to pay the related Sub-Servicer any Advances and for unreimbursed Servicing Monthly Advances, the ServicerServicer 's right to receive reimbursement or make payments to the Sub-Servicer reimburse itself pursuant to this subclause Subsection (iii3) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Condemnation Proceeds, Insurance Proceeds and condemnation awardssuch other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of such reimbursement, the Servicer 's right thereto shall be prior to the rights of the Owner; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi4) to pay to itself (or the related Sub-Servicer) income as additional servicing compensation any interest earned on the investment of funds deposited in the Collection AccountAccount (all such interest to be withdrawn monthly not later than each Remittance Date), any Foreclosure Profits and any prepayment penalties or premiums relating to any Principal Prepayments; provided that no such amounts shall be payable as servicing compensation to the extent they relate to a Mortgage Loan with respect to which a default, breach, violation, or event of acceleration exists or would exist but for the lapse of time, the giving of notice, or both; (vii5) to make deposits into pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 6.02 all amounts received thereon and not distributed as of the Certificate Account in date on which the related Repurchase Price is determined (except to the extent that such amounts and in constitute part of the manner provided for hereinRepurchase Price to be remitted to the Owner); (viii6) to make payments to itself or others pursuant to remove any provision of this Agreement, and amounts deposited into the Collection Account in error; (7) to clear and terminate the Collection Account in the event a new Collection Account has been established, or upon the termination of this Agreement, with any funds contained therein to be distributed in accordance with the terms of this Agreement; and (ix) to withdraw amounts deposited in error.

Appears in 1 contract

Samples: Mortgage Loan Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2005-A9)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to timetime in accordance with the provisions hereof, withdraw funds amounts from the Collection Account for the following purposes:purposes (without duplication): (i1) to reimburse itself for unreimbursed Monthly Advances made pursuant and Servicing Advances that the Servicer has determined to be Non-Recoverable Advances as provided in Section 6.03 6.04; (including amounts 2) to make payments to the Purchaser in the amounts, at the times and in the manner provided for in Section 6.01; (3) to reimburse the related Sub-Servicer itself for advances made pursuant to the applicable Sub-Servicing Agreement)Monthly Advances, the Servicer's and the Sub-Servicer's right to receive reimbursement reimburse itself pursuant to this subclause Subsection (i3) being limited to amounts received on particular the related Mortgage Loans Loan which represent Late Collections (net late payments of the Servicing Fees) principal and/or interest with respect to those particular Mortgage Loanswhich any such Monthly Advance was made; (ii) to pay itself the Servicing Fee; (iii4) to reimburse itself for unreimbursed Servicing Advances, or to pay the related Sub-Servicer any Advances and for unreimbursed Servicing Monthly Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer reimburse itself pursuant to this subclause Subsection (iii4) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Condemnation Proceeds, -51- Insurance Proceeds and condemnation awardssuch other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of such reimbursement, the Servicer's right thereto shall be prior to the rights of the Purchaser, except that, where a Seller or the Servicer is required to repurchase (or substitute a Qualified Substitute Mortgage Loan for) a Mortgage Loan pursuant to Sections 2.04, 3.04 and/or 7.02, the Servicer's right to such reimbursement shall be subsequent and subordinate to the payment to the Purchaser of the applicable Repurchase Price (or delivery of a Qualified Substitute Mortgage Loan) and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi5) to pay to itself (or the related Sub-Servicer) income as additional servicing compensation any interest earned on the investment of funds deposited in the Collection AccountAccount (all such interest to be withdrawn monthly not later than each Remittance Date), and any prepayment penalties or premiums relating to any Principal Prepayments; provided that no such amounts shall be payable as servicing compensation to the extent they relate to a Mortgage Loan with respect to which a default, breach, violation, or event of acceleration exists or would exist but for the lapse of time, the giving of notice, or both; (vii6) to make deposits into pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Sections 2.04, 3.04 and/or 7.02 all amounts received thereon and not distributed as of the Certificate Account in date on which the related Repurchase Price is determined (except to the extent that such amounts and in constitute part of the manner provided for hereinRepurchase Price to be remitted to the Purchaser); (viii7) to make payments to itself or others pursuant to remove any provision of this Agreement, and amounts deposited into the Collection Account in error; and (8) to clear and terminate the Collection Account upon the termination of this Agreement; and (ix) , with any funds contained therein to withdraw amounts be distributed in accordance with the terms of this Agreement. The Servicer shall keep and maintain a separate, detailed accounting, on a Mortgage Loan-by-Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to this Section. All funds required to be deposited in errorthe Collection Account shall be held in trust for the Purchaser until withdrawn in accordance with this Section 5.05.

Appears in 1 contract

Samples: Mortgage Loan Flow Purchase, Sale & Servicing Agreement (Sunset Financial Resources Inc)

Permitted Withdrawals from the Collection Account. The Master Servicer may, from time to time, withdraw funds may make withdrawals from the Collection Account Account, on or prior to any Servicer Payment Date, for the following purposes: (ia) to pay to the [Sponsor] [Depositor] amounts received in respect of any Defective Mortgage Loan purchased or substituted for by the [Sponsor] [Depositor] to the extent that the payment of any such amounts on the Servicer Payment Date upon which the proceeds of such purchase are paid would make the total amount distributed in respect of any such Mortgage Loan on such Servicer Payment Date greater than the Loan Repurchase Price or the Substitution Adjustment therefor; (b) to reimburse itself for Advances made pursuant to Section 6.03 (including amounts to reimburse the related Sub-Master Servicer for advances made pursuant to the applicable Sub-unreimbursed Periodic Advances and unreimbursed Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) Advances with respect to those particular the Mortgage Loans for which it has made a Periodic Advance or Servicing Advance, from late or deferred payments collected, collections other than timely Monthly Payments, Liquidation Proceeds, Insurance Proceeds and/or the Loan Repurchase Price or Substitution Adjustment of or relating to such Mortgage Loans; (ii) to pay itself the Servicing Fee; (iiic) to reimburse itself the Master Servicer for unreimbursed any Periodic Advances and Servicing Advances determined in good faith to have become Nonrecoverable Advances, or such reimbursement to pay the related Sub-Servicer be made from any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awards; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi) to pay to itself (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account; (viid) to make deposits into withdraw any amount received from a Mortgagor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the Certificate Account Bankruptcy Code in the amounts and in the manner provided for hereinaccordance with a final, nonappealable order of a court having competent jurisdiction; (viiie) to make payments to itself or others pursuant to withdraw any provision of this Agreement, and to clear and terminate funds deposited in the Collection Account upon that were not required to be deposited therein; (f) to pay the termination Master Servicer the Servicing Compensation pursuant to Section 5.08 hereof to the extent not retained or paid; (g) to pay the Backup Servicer the Backup Servicing Fee pursuant to Section 5.08 hereof to the extent payments in respect of this Agreementthese amounts have not been previously retained or paid; (h) without duplication, and solely out of amounts which are payable to a former master servicer pursuant to Section 7.02(g), to pay to the Backup Servicer, the Indenture Trustee or any successor master servicer amounts paid by them in connection with the transfer of the Master Servicer's servicing obligations pursuant to Article VII hereof and required under such Article VII to be borne by the Master Servicer; (i) to withdraw income on the Collection Account as provided in Section 5.02(d); and (ixj) to withdraw amounts deposited into the Collection Account in errorrespect of late fees, assumption fees and similar fees (other than Prepayment Charges). The Master Servicer shall keep and maintain a separate accounting for each Mortgage Loan for the purpose of accounting for withdrawals from the Collection Account pursuant to this Section 5.03.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Accredited Home Lenders Inc)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes: (i) to reimburse itself remit to the Trustee for Advances made deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 6.03 (including amounts 3.04(b) or permitted to reimburse the related Sub-Servicer for advances made be so remitted pursuant to the applicable Sub-Servicing Agreementfirst sentence of Section 3.04(d), the Servicer's and the Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage Loans; (ii) to pay reimburse itself for (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances, and (c) any unreimbursed Advances, the Servicing FeeServicer's right to reimburse itself pursuant to this subclause (ii) being limited to any Late Collections, Liquidation Proceeds, and Insurance Proceeds received on the related Mortgage Loan that represent payments of principal and/or interest respecting which any such fee was incurred or advance was made; (iii) to reimburse itself for any unpaid Servicing Fees or unreimbursed Advances or Servicing Advances with respect to the final liquidation of a Mortgage Loan that are Nonrecoverable Advances, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer for such unpaid Servicing Fees, unreimbursed Advances and unreimbursed Servicing Advances, or to pay the related Sub-Servicer any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awards; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it any amounts paid pursuant to Section 5.01 3.03 or 5.163.13(b) (and not otherwise previously reimbursed); (v) to reimburse pay to itself as servicing compensation (a) any interest earned on funds in the Collection Account (all such interest to be withdrawn monthly not later than each Servicer Remittance Date) and (b) the Servicing Fee from that portion of any payment or recovery as to interest to a particular Mortgage Loan to the related Sub-Servicer) for any Nonrecoverable Advancesextent not retained pursuant to Section 3.04(a)(ii); (vi) to pay reimburse the Servicer for any Advance or Servicing Advance previously made which the Servicer has determined to itself (or be a Nonrecoverable Advance in accordance with the related Sub-Servicer) income earned on the investment provisions of funds deposited in the Collection AccountSection 4.04; (vii) to make deposits into reimburse the Certificate Account in Servicer for expenses incurred by or reimbursable to the amounts and in the manner provided for hereinServicer pursuant to Section 6.03; (viii) to make payments remit to itself the Trustee any amounts that the Trustee is permitted to be paid or others reimbursed from the assets of the Trust pursuant to any provision the terms of this Agreement, and including the terms of Section 8.05 of this Agreement or to itself or the Depositor any amounts that the Servicer or the Depositor is permitted to be paid or reimbursed from the assets of the Trust pursuant to the terms of Section 3.26; (ix) to transfer funds in the Collection Account maintained at a particular depository to the Collection Account maintained at a different depository, pursuant to Section 3.09; and (x) to clear and terminate the Collection Account upon the termination of this Agreement; and (ix) . The foregoing requirements for withdrawal from the Collection Account shall be exclusive. In the event the Servicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw amounts deposited in errorsuch amount from the Collection Account, any provision herein to the contrary notwithstanding.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Finan as Sec Cp SDVW Hm Eq Ln Tr 2001-2 as Bk Cer Ser 2001-2)

Permitted Withdrawals from the Collection Account. (a) The Master Servicer may, from time to time, withdraw funds make withdrawals from the Collection Account for any of the following purposes:purposes and solely from the sources specified (the order set forth below not constituting an order of priority for such withdrawals): (i) to reimburse itself for Advances made pursuant to Section 6.03 (including amounts to reimburse the related Sub-remit on each Master Servicer for advances made pursuant Remittance Date to the applicable Sub-Servicing Agreement), Indenture Trustee for deposit in the Servicer's and Bond Account under the Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of Indenture the Servicing Fees) with respect to those particular Mortgage LoansMaster Servicer Remittance Amount for each Master Servicer Remittance Date; (ii) to pay itself reimburse the Fiscal Agent, the Indenture Trustee and itself, in that order for unreimbursed P&I Xxxxxxxx xx xxxxided in Section 6.01(b), the Master Servicer's right to reimburse itself, the Indenture Trustee and the Fiscal Agent pursuant to this clause (ii) with respect to any P&I Advance (other than Nonrecoverable Advances, which are reimbursable pursuant to clause (vii) below) being limited to amounts that represent Late Collections of interest (net of the related Master Servicing FeeFees) and principal received in respect of the particular Mortgage Loan or REO Property as to which such P&I Advance was made; (iii) to reimburse pay to itself for unreimbursed earned and unpaid Master Servicing Advances, or to pay the related Sub-Servicer any unreimbursed Servicing AdvancesFees in respect of each Mortgage Loan and REO Loan and, the Master Servicer's right to receive reimbursement or make payments to the Sub-Servicer payment pursuant to this subclause clause (iii) with respect to any Mortgage Loan or REO Loan being limited to related amounts received on or in respect of such Mortgage Loan (whether in the form of payments, Liquidation Proceeds, Proceeds or Insurance Proceeds) or such REO Loan (whether in the form of REO Revenues, and condemnation awardsLiquidation Proceeds or Insurance Proceeds) that are allocable as a recovery of interest thereon; (iv) to reimburse itself (or pay to the related Sub-Servicer) or Special Servicer earned and unpaid Special Servicing Fees in respect of each Specially Serviced Mortgage Loan and REO Loan at the Depositor for expenses incurred by time and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16in the manner specified in this Agreement; (v) to reimburse itself (or pay the related Sub-Servicer) for any Nonrecoverable AdvancesSpecial Servicer earned and unpaid Workout Fees and Liquidation Fees to which it is entitled pursuant to, and from the sources contemplated by, the second and third paragraphs of Section 3.11(c); (vi) to pay reimburse the Fiscal Agent, the Indenture Trustee, itself and Special Servicer, in that order (to itself the extent such reimbursement is made under subclause (or B) below), for any unreimbursed Servicing Advances, the Indenture Trustee, Master Servicer and Special Servicer's respective rights to reimbursement pursuant to this clause (vi) with respect to any Servicing Advance being limited to (A) payments made by the related Sub-ServicerBorrower that are allocable to cover the item in respect of which such Servicing Advance was made, and (B) income earned on Liquidation Proceeds, Insurance Proceeds and, if applicable, REO Revenues received in respect of the investment of funds deposited in the Collection Accountparticular Mortgage Loan or REO Property as to which such Servicing Advance was made; (vii) to make deposits into reimburse the Certificate Account Fiscal Agent, the Indenture Trustee, itself and the Special Servicer, in the amounts and in the manner provided that order, for hereinany unreimbursed Advances that have been or are determined to be Nonrecoverable Advances; (viii) to make payments pay the Fiscal Agent, the Indenture Trustee, itself and the Special Servicer, in that order, any Advance Interest due and owing thereto, the Indenture Trustee, Master Servicer and Special Servicer's right to payment pursuant to this clause (viii) being limited to Default Interest collected in respect of the Mortgage Loan or REO Loan as to which the related Advances were made; (ix) at or following such time as it reimburses the Fiscal Agent, the Indenture Trustee, itself or others the Special Servicer for any unreimbursed Advance pursuant to clause (ii), (vi) or (vii) above or otherwise, and insofar as payment has not already been made pursuant to clause (viii) above, to pay the Fiscal Agent, the Indenture Trustee, itself and the Special Servicer, in that order, any provision related Advance Interest accrued and payable thereon; (x) [reserved] (xi) to pay itself, additional servicing compensation in accordance with Section 3.11(b); (xii) to pay itself, the Special Servicer, the Company, the Manager, the Owner Trustee, the Indenture Trustee, the Fiscal Agent or any of their respective directors, officers, employees, agents and Control Persons, as the case may be, any amounts payable to any such Person pursuant to Section 4.03, 5.03 or 7.03(b) of this Agreement, Section 7.2 or 11.5 of the Owner Trust Agreement, Section 5.04(a)(2) of the Indenture, Section 2(c) of the Management Agreement; (xiii) to pay for (A) the advice of counsel contemplated by Section 3.17(a)(iii), (B) the cost of the Opinions of Counsel contemplated by Sections 3.09(b), 3.16(a) and 9.02(a), (C) the cost of an Opinion of Counsel contemplated by the Indenture or the Owner Trust Agreement in connection with any amendment thereof or to this Agreement or the Loan Sale Agreement that protects or is in furtherance of the rights and interests of the Owner Trust, the holders of the Owner Trust Certificates or the Bonds, (D) the cost of recording this Agreement in accordance with Section 9.02(a), (E) to pay any and all federal, state and local taxes imposed on the Owner Trust or on any of the income, assets or transactions thereof, together with all incidental costs and expenses, and any and all expenses relating to tax audits, to the extent that none of the Owner Trustee, the Indenture Trustee, the Master Servicer or the Special Servicer is liable therefor pursuant hereto or pursuant to the Owner Trust Agreement or the Indenture, (F) any amounts payable in respect of taxes pursuant to Section 9.03 of the Indenture and (G) any other costs, expenses and liabilities (exclusive of Administrative Expenses and of Extraordinary Expenses not specified in this subclause (G)) that are required to be borne by the Owner Trust in accordance with applicable law or the terms of this Agreement, the Management Agreement, the Loan Sale Agreement, the Indenture or the Owner Trust Agreement (including the cost of opinions of and advice from counsel required to be obtained in connection with the performance of the duties of the Indenture Trustee or the Owner Trustee under the Indenture and the Owner Trust Agreement); (xiv) to pay itself, the Special Servicer, the Seller, the Majority Holder of the Controlling Class, the Majority Holder of the Owner Trust Certificates or any other Person, as the case may be, with respect to each Mortgage Loan, if any, previously purchased or substituted for by such Person pursuant to this Agreement, all amounts related to the periods after the date of such purchase or substitution received thereon subsequent to the date of purchase or substitution; (xv) to pay the Manager, the Owner Trustee and the Indenture Trustee earned and unpaid Management Fees, Owner Trustee Fees and Indenture Trustee Fees; and (xvi) to clear and terminate the Collection Account upon at the termination of this Agreement; andAgreement pursuant to Section 8.01. The Master Servicer shall keep and maintain separate accounting records, on a loan-by-loan and property-by-property basis when appropriate, in connection with any withdrawal from the Collection Account pursuant to clauses (ii) through (xvi) above. (ixb) Once per month, the Master Servicer shall pay to withdraw the Indenture Trustee, the Fiscal Agent and the Special Servicer from the Collection Account amounts deposited in errorpermitted to be paid to it therefrom promptly upon receipt of a certificate of a Responsible Officer of the Trustee, an officer of the Fiscal Agent and a Servicing Officer of the Special Servicer describing the item and amount to which the Special Servicer is entitled. The Master Servicer may rely conclusively on any such certificate and shall have no duty to re-calculate the amounts stated therein. The Special Servicer shall keep and maintain separate accounting for each Specially Serviced Mortgage Loan and REO Property, on a loan-by-loan and property-by-property basis, for the purpose of justifying any request for withdrawal from the Collection Account.

Appears in 1 contract

Samples: Servicing Agreement (Imh Assets Corp Impac CMB Trust 1998 C1 Col Mor Bond 1998 C1)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds may make withdrawals from the Collection Account Account, on or prior to any Servicer Distribution Date, for the following purposes: (ia) to reimburse itself the Servicer for Advances made Liquidation Expenses theretofore incurred in respect of any Mortgage Loan in an amount not to exceed the amount of the sum of the related Insurance Proceeds and Liquidation Proceeds deposited in the Collection Account pursuant to Section 6.03 5.02(c)(v)-(vi); (including amounts b) to reimburse the related Sub-Servicer for advances made amounts expended by it pursuant to Section 5.04 in good faith in connection with the applicable Sub-Servicing Agreement)restoration of damaged property, in an amount not to exceed the Servicer's amount of the related Insurance Proceeds and the Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections Liquidation Proceeds (net of withdrawals pursuant to Section 5.03(a)) and amounts representing proceeds of other insurance policies covering the property subject to the related Mortgage deposited in the Collection Account pursuant to Section 5.02(c)(v)-(vi); (c) to pay to the Depositor amounts received in respect of any Defective Mortgage Loan purchased or substituted for by the Depositor to the extent that the distribution of any such amounts on the Servicer Distribution Date upon which the proceeds of such purchase are distributed would make the total amount distributed in respect of any such Mortgage Loan on such Servicer Distribution Date greater than the Loan Repurchase Price or the Substitution Adjustment therefor; (d) to reimburse the Servicer for unreimbursed Servicing Fees) Advances, without interest, with respect to those particular the Mortgage Loans for which it has made a Servicing Advance, from subsequent collections with respect to interest on such Mortgage Loans and from Liquidation Proceeds, Insurance Proceeds and/or the Loan Repurchase Price or Substitution Adjustment of or relating to such Mortgage Loans; (ii) to pay itself the Servicing Fee; (iiie) to reimburse itself the Servicer for unreimbursed Servicing any Periodic Advances determined in good faith to have become Nonrecoverable Advances, or such reimbursement to pay the related Sub-Servicer be made from any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awards; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi) to pay to itself (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account; (viif) to make deposits into withdraw any amount received from a Mortgagor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the Certificate Account Bankruptcy Code in the amounts and in the manner provided for hereinaccordance with a final, nonappealable order of a court having competent jurisdiction; (viiig) to make payments to itself or others pursuant to withdraw any provision of this Agreement, and to clear and terminate funds deposited in the Collection Account upon the termination of this Agreementthat were not required to be deposited therein; and (ixh) to withdraw amounts deposited in errorpay the Servicer the Servicing Compensation pursuant to Section 5.08 hereof to the extent not retained or paid. The Servicer shall keep and maintain a separate accounting for each Mortgage Loan for the purpose of accounting for withdrawals from the Collection Account pursuant to this Section 5.03.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Prudential Securities Secured Financing Corp)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds Trustee shall make withdrawals from the Collection Account Account, on any Distribution Date, for the following purposes: (ia) to reimburse itself the Servicer for Advances made Liquidation Expenses theretofore incurred in respect of any Mortgage Loan in an amount not to exceed the amount of the sum of the related Insurance Proceeds and Liquidation Proceeds deposited in the Collection Account pursuant to Section 6.03 5.02(c)(v)-(vi); (including amounts b) to reimburse the related Sub-Servicer for advances made amounts expended by it pursuant to Section 5.04 in good faith in connection with the applicable Sub-Servicing Agreement)restoration of damaged property, in an amount not to exceed the Servicer's amount of the related Insurance Proceeds and the Sub-Servicer's right to receive reimbursement Liquidation Proceeds (net of withdrawals pursuant to this subclause clause (i) being limited above) and amounts representing proceeds of other insurance policies covering the property subject to the related Mortgage deposited in the Collection Account pursuant to Section 5.02(c)(v)-(vi); (c) to pay to the Depositor amounts received in respect of any Defective Mortgage Loan purchased or substituted for by the Depositor to the extent that the distribution of any such amounts on particular the Distribution Date upon which the proceeds of such purchase are distributed would make the total amount distributed in respect of any such Mortgage Loans which represent Late Collections Loan on such Distribution Date greater than the Loan Repurchase Price or the Substitution Adjustment therefor; (net of d) to reimburse the Servicer for unreimbursed Servicing Fees) Advances, without interest, with respect to those particular the Mortgage Loans for which it has made a Servicing Advance, from subsequent collections with respect to interest on such Mortgage Loans and from Liquidation Proceeds, Insurance Proceeds and/or the Loan Repurchase Price or Substitution Adjustment of or relating to such Mortgage Loans; (ii) to pay itself the Servicing Fee; (iiie) to reimburse itself the Servicer for unreimbursed Servicing any Periodic Advances determined in good faith to have become Nonrecoverable Advances, or such reimbursement to pay the related Sub-Servicer be made from any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awards; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi) to pay to itself (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account; (viif) to make deposits into withdraw any amount received from a Mortgagor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the Certificate Account United States Bankruptcy Code in the amounts and in the manner provided for hereinaccordance with a final, nonappealable order of a court having competent jurisdiction; (viiig) to make payments to itself or others pursuant to withdraw any provision of this Agreement, and to clear and terminate funds deposited in the Collection Account upon the termination of this Agreementthat were not required to be deposited therein; and (ixh) to withdraw amounts deposited in errorpay the Servicer Servicing Compensation pursuant to Section 5.08 hereof to the extent not retained or paid. The Servicer shall keep and maintain a separate accounting for each Mortgage Loan for the purpose of accounting for withdrawals from the Collection Account pursuant to subclause (a).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes: (i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.04(b) or permitted to be so remitted pursuant to the first sentence of Section 3.04(d); (ii) to reimburse itself for Advances advances of Servicer funds made pursuant to Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement)3.01, 3.03 or 4.07, the Servicer's and the Sub-Servicer's right to receive reimbursement reimburse itself pursuant to this subclause (iii) being limited to amounts received on particular the related Mortgage Loans Loan which represent Late Collections (net payments of the Servicing Fees) with respect to those particular Mortgage Loans; (ii) to pay itself the Servicing Feeprincipal and/or interest respecting which any such advance was made; (iii) to reimburse itself for unreimbursed Servicing Advances, or any unpaid Servicing Fees and for unreimbursed advances of Servicer funds made pursuant to pay Section 4.07 to the related Sub-Servicer any unreimbursed Servicing extent that such amounts are deemed to be Nonrecoverable Advances, the Servicer's right and to receive reimbursement or make payments reimburse itself for such amounts to the Sub-Servicer extent that such amounts are nonrecoverable from the disposition of REO Property pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awardsSection 3.03 or Section 3.13 hereof; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it any amounts paid pursuant to Section 5.01 or 5.163.03 (and not otherwise previously reimbursed); (v) to reimburse pay to itself as servicing compensation (a) any interest earned on funds in the Collection Account (all such interest to be withdrawn monthly not later than each Servicer Remittance Date) and (b) the Servicing Fee from that portion of any payment or recovery as to interest to a particular Mortgage Loan to the related Sub-Servicer) for any Nonrecoverable Advancesextent not retained pursuant to Section 3.04(ii); (vi) to pay to itself (or the related Sub-Servicer) income earned on PMI Insurer the investment of funds deposited in the Collection Account;PMI Fee; and (vii) to make deposits into the Certificate Account in the amounts and in the manner provided for herein; (viii) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreement; and (ix) . The foregoing requirements for withdrawal from the Collection Account shall be exclusive. In the event the Servicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw amounts deposited in errorsuch amount from the Collection Account, any provision herein to the contrary notwithstanding.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Asset Backed Funding Corp)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes: (i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Sections 3.04(b) and 3.04(d); (ii) to reimburse itself for Advances made pursuant to Section 6.03 (including amounts to reimburse and Servicing Advances; the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement reimburse itself pursuant to this subclause (iii) being limited to amounts received on particular the related Mortgage Loans Loan which represent Late Collections payments of (net of the a) principal and/or interest respecting which any such Advance was made or (b) Condemnation Proceeds, Insurance Proceeds or Liquidation Proceeds respecting which any such Servicing Fees) with respect to those particular Mortgage Loans; (ii) to pay itself the Servicing FeeAdvance was made; (iii) to reimburse itself for unreimbursed Servicing Advances, or to pay the related Sub-Servicer any unpaid Servicing Fees and for unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments Advances to the Sub-Servicer extent that such amounts are deemed to be Nonrecoverable Advances (including those deemed to be Nonrecoverable Advances at the time a Mortgage Loan is modified), and to reimburse itself for such amounts to the extent that such amounts are nonrecoverable from the disposition of REO Property pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awardsSection 3.03 or Section 3.13 hereof; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it any amounts paid pursuant to Section 5.01 or 5.163.03 (and not otherwise previously reimbursed); (v) to reimburse pay to itself as servicing compensation (a) any interest earned on funds in the Collection Account (all such interest to be withdrawn monthly not later than each Servicer Remittance Date) and (b) the Servicing Fee from that portion of any payment or recovery as to interest to a particular Mortgage Loan to the related Sub-Servicer) for any Nonrecoverable Advancesextent not retained pursuant to Section 3.04(ii); (vi) to pay or reimburse itself for any amounts payable or paid pursuant to itself Section 6.03 (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Accountand not otherwise previously reimbursed); (vii) to make deposits into the Certificate Account in the amounts and in the manner provided for herein; (viii) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreement; and (ixviii) to withdraw reimburse itself for 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 (viii) shall be deposited in errorthe Collection Account by the Servicer on the next succeeding Distribution Date that such funds are to be distributed to Certificateholders. The foregoing requirements for withdrawal from the Collection Account shall be exclusive. In the event the Servicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (C-Bass Mortgage Loan Asset-Backed Certificates Series 2005-Cb1)

Permitted Withdrawals from the Collection Account. The Servicer Subject to the order of priorities set forth in Subsection 11.03(c), the Seller may, from time to time, withdraw funds from the Collection Account for the following purposes: (i) to reimburse itself for Advances made premiums paid under the FHA Insurance Contract, to the extent that the Seller has received Impound Payments with respect thereto; (ii) to pay to itself pursuant to Section 6.03 Subsection 11.18 as servicing compensation (including a) any interest earned on funds in the Collection Account (all such interest to be withdrawn monthly not later than each Distribution Date); (b) the Servicing Fee from that portion of any payment or recovery as to interest on a particular Loan; and (c) any payments in the nature of late payment charges and assumption fees and other charges, to the extent permitted by Subsection 11.18; (iii) to pay to itself with respect to each Loan that has been repurchased pursuant to Subsection 7.03 or Subsection 11.03 all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determined; (iv) to reimburse the related Sub-Servicer itself for advances made pursuant to the applicable Sub-Servicing Agreement)Monthly Advances, the Servicer's and the Sub-ServicerSeller's right to receive reimbursement reimburse itself pursuant to this subclause (iiv) being limited to amounts received on particular Mortgage Loans the related Loan which represent Late Collections late collections including related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Seller, from the Obligor or otherwise relating to the Mortgage Loan), it being understood that, in the case of such reimbursement, (net i) the Seller's right thereto shall be prior to the rights of Purchaser, except that, where the Seller is required to repurchase a Loan, pursuant to Subsection 7.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Servicing Fees) Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to those particular Mortgage such Loans; , and (ii) the Seller shall not be permitted to pay reimburse itself pursuant to this subclause (iv) from any amounts transferred into the Servicing Fee;Collection Account from the Spread Account pursuant to Subsection 11.16(c); 62 (iiiv) to reimburse itself for unreimbursed Servicing Advances, or to pay the related Sub-Servicer any unreimbursed Servicing Advances, the ServicerSeller's right to receive reimbursement or make payments to the Sub-Servicer reimburse itself pursuant to this subclause (iiiv) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Condemnation Proceeds, Insurance Proceeds and condemnation awards; such other amounts as may be collected by the Seller from the Obligor or otherwise relating to the Loan, it being understood that, in the case of such reimbursement, (ivi) the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Loan, pursuant to Subsection 7.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to Subsection 7.03 and all other amounts required to be paid to the Purchaser with respect to such Loans, and (ii) the Seller shall not be permitted to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; this subclause (v) from any amounts transferred into the Collection Account from the Spread Account pursuant to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable AdvancesSubsection 11.16(c); (vi) to pay reimburse the Seller for any Monthly Advance or Servicing Advance previously made which the Seller has determined to be a Nonrecoverable Advance; provided that, the Seller shall not be permitted to reimburse itself pursuant to this subclause (or the related Sub-Servicervi) income earned on the investment of funds deposited in from any amounts transferred into the Collection AccountAccount from the Spread Account pursuant to Subsection 11.16(c); (vii) to make deposits into distributions to the Certificate Account in Purchaser of all amounts distributable to the amounts and Purchaser pursuant to this Agreement in the manner provided for hereinin Subsection 11.09, such amounts allocated first to interest at the Pass-Through Rate and then to principal; (viii) to make payments pay into the Spread Account certain amounts representing a portion of or all of the Excess Yield, to itself or others the extent required pursuant to any provision of this Agreement, and Subsection 11.16; and (ix) to clear and terminate the Collection Account upon on the termination of this Agreement; and (ix) to withdraw amounts deposited in error.

Appears in 1 contract

Samples: Master Loan Purchase and Servicing Agreement (Mego Mortgage Corp)

Permitted Withdrawals from the Collection Account. The Master Servicer may, is hereby authorized from time to time, withdraw funds time to make withdrawals from the Collection Account for the following purposes: (ia) on each Master Servicer Remittance Date, to deposit the amount required by Section 5.03 hereof for the related Payment Date into the Trustee Collection Account; (b) on each Master Servicer Remittance Date prior to the end of the related Managed Amortization Period, Principal Collections with respect to Mortgage Loans assigned to Group I shall be applied toward the purchase from the Seller of Additional Balances to be assigned to Group I; provided, that the aggregate amount so paid to the Seller in respect of Additional Balances at any time during any related Collection Period shall not exceed the amount of Principal Collections for Mortgage Loans assigned to Group I received during such Collection Period; (c) to the extent deposited into the Collection Account, to reimburse itself or the related Subservicer for Advances made previously unreimbursed expenses incurred in maintaining insurance policies pursuant to Section 6.03 (including amounts 3.05, for Liquidation Expenses paid pursuant to reimburse the related Sub-Servicer Section 3.08 or for advances made expenses otherwise reimbursable pursuant to the applicable Sub-Servicing terms of this Agreement (including expenses incurred in connection with a bankruptcy filing by a Mortgagor) to the extent not payable pursuant to Section 3.08 (other than expenses incurred by the Master Servicer pursuant to Sections 6.03, 6.06 and 6.07 of this Agreement), the Servicer's and the Sub-Servicer's ; such withdrawal right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net in respect of the Servicing Fees) with Mortgage Loans, other than any Repurchase Price in respect to those particular thereof, that represent late recoveries of the payments for which such advances were made, or from Liquidation Proceeds or the proceeds of the purchase of such Mortgage Loans; (iid) to pay to itself out of each payment received in respect of interest on a Mortgage Loan as contemplated by clause (b) of the last paragraph of Section 3.08, an amount equal to the Servicing Fee, to the extent not retained pursuant to Section 5.02; (iiie) to reimburse itself for unreimbursed Servicing Advances, or to pay the related Sub-Servicer any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iii) Seller, with respect to any Mortgage Loan being limited or Mortgaged Property that has been purchased or otherwise transferred to the Seller, all amounts received thereon that are not required to be distributed to the Securityholders as of the date on which the related Liquidation Proceeds, Insurance Proceeds, and condemnation awards;Repurchase Price is determined; and (ivf) to reimburse itself (or withdraw any other amount deposited into the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable Collection Account that was not required to it be deposited therein pursuant to Section 5.01 or 5.16; (v) to reimburse itself (or 5.02. On each Master Servicer Remittance Date, the related Sub-Servicer) for any Nonrecoverable Advances; (vi) to pay to itself (or the related Sub-Servicer) income earned on the investment of funds deposited in Master Servicer shall transfer from the Collection Account; (vii) Account to the Trustee Collection Account the amount necessary for the Indenture Trustee to make deposits into the Certificate Account in the amounts and in the manner provided for herein; (viii) to make payments to itself or others required distributions pursuant to Section 3.05 of the Indenture. The Master Servicer shall keep and maintain separate accounting on a loan-by-loan basis for the purpose of justifying any withdrawal from the Collection Account pursuant to the foregoing paragraphs. Notwithstanding any other provision of this Agreement, and the Master Servicer shall be entitled to clear and terminate reimburse itself for any previously unreimbursed expenses relating to a Mortgage Loan incurred pursuant to Section 3.08 or otherwise reimbursable pursuant to the terms of this Agreement that the Master Servicer determines to be otherwise nonrecoverable, except with respect to any Mortgage Loan as to which the Purchase Price or Repurchase Price shall have been paid, by withdrawal from the Collection Account upon Account, on any Business Day prior to the termination Payment Date succeeding the date of this Agreement; and (ix) such determination, of amounts on deposit therein attributable to withdraw amounts deposited in errorthe Mortgage Loan.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Irwin Home Equity Loan Trust 2005-1)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds shall make withdrawals from the Collection Account only for the following purposes: (i) to reimburse itself make payments in the amounts and in the manner provided for Advances made pursuant to in Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage Loans5.01; (ii) to pay itself the Servicing Fee[Reserved;] (iii) to reimburse itself Servicer for unreimbursed Servicing Advances, or to pay the related Sub-Servicer any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related excess Liquidation Proceeds, Condemnation Proceeds and Insurance ProceedsProceeds (after application of all such amounts to principal, interest on late fees on the related Mortgage Loan) received after the Cut-off Date related to such Mortgage Loan. Upon written notice from the Owner or the Lender from time to time, the Servicer will provide the Owner and condemnation awardsLender with copies of invoices, bills and other documentation relating to Servicing Advances that are to be reimbursed from the Collection Account, in a form that would permit the Owner or Lender to fully recover any amounts due pursuant to any insurance policies. In no instance shall Servicing Advances related to a Mortgage Loan be reimbursed from payments or proceeds of any other Mortgage Loan; (iv) to reimburse itself (or pay interest earned on the related Sub-balance in the Collection Account to the Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (v) to reimburse itself (or the related Sub-Servicer) Servicer for any Nonrecoverable AdvancesAdvances made by it; (vi) to pay transfer funds to itself (or the related Sub-Servicer) income earned on the investment of funds deposited another Qualified Depository in the Collection Accountaccordance with Section 4.09 hereof; (vii) to make deposits into remove funds inadvertently placed in the Certificate Collection Account in error by the amounts and in the manner provided for herein;Servicer; and (viii) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreement; and (ix) to withdraw amounts deposited in error.

Appears in 1 contract

Samples: Servicing Agreement (American Business Financial Services Inc /De/)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds may make withdrawals from the Collection Account only as described below (the order set forth below not constituting an order of priority for the following purposes:such withdrawals): (i) to reimburse itself remit to the Trustee, for Advances made deposit in the Distribution Account, the amounts required to be deposited in the Distribution Account pursuant to Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage Loans4.6; (ii) to pay or reimburse the Servicer, the Trustee [or the Fiscal Agent] for Advances, the right of the Servicer, the Trustee [or the Fiscal Agent] to reimburse itself pursuant to this clause (ii) being limited to either (x) any collections on or in respect of the Servicing Feeparticular Mortgage Loan or REO Property respecting which each such Advance was made, or (y) any other amounts in the Collection Account in the event that such Advances have been deemed to be Nonrecoverable Advances or are not recovered from recoveries in respect of the related Mortgage Loan or REO Property after a Final Recovery Determination; (iii) to reimburse itself for unreimbursed Servicing Advances, or pay to pay the related Sub-Servicer any unreimbursed Servicing AdvancesServicer, the Servicer's right to receive reimbursement Trustee [or make payments to the Sub-Servicer pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awardsFiscal Agent] the Advance Interest Amount; (iv) to reimburse itself pay on or before each Remittance Date to the Servicer and the Special Servicer, as applicable, as compensation, the unpaid Servicing Fee and Special Servicing Fee, respectively, in respect of the related Distribution Date (in each case, reduced up to the amount of any Prepayment Interest Shortfalls with respect to such Distribution Date, in accordance with Section 3.25), to be paid, in the case of the Servicing Fee, from interest received on the related Mortgage Loans, and to pay from time to time, to the Servicer any interest or investment income earned on funds deposited in the Collection Account, and to pay to the Servicer as additional Servicing Compensation any Prepayment Interest Surplus received in the preceding Collection Period and to pay to the Servicer or the related Sub-Special Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16, as applicable, any other amounts constituting Servicing Compensation; (v) to reimburse itself (pay on or before each Distribution Date to the Depositor, the Mortgage Loan Seller or the purchaser of any Specially Serviced Mortgage Loan or REO Property, as the case may be, with respect to each Mortgage Loan or REO Property that has previously been purchased or repurchased by it pursuant to Section 2.3(d), 2.3(e), Section 3.18 or Section 9.1, all amounts received thereon during the related Sub-Servicer) for any Nonrecoverable AdvancesCollection Period and subsequent to the date as of which the amount required to effect such purchase or repurchase was determined; (vi) to the extent not reimbursed or paid pursuant to any other clause of this Section 3.6, to reimburse or pay the Servicer, the Special Servicer, the Trustee, the Depositor [and/or the Fiscal Agent] for unpaid items incurred by or on behalf of such Person pursuant to itself the second sentence of Section 3.7(c), Section 3.8(a), Section 3.10, Section 3.12(d), Section 3.17(a), (b) and (c), Section 3.18(a), 6.3, 7.4, 8.5(d), 9.1(d) or Section 10.7, or any other provision of this Agreement pursuant to which such Person is entitled to reimbursement or payment from the related Sub-ServicerTrust Fund, in each case only to the extent reimbursable under such Section, it being acknowledged that this clause (vi) income earned on shall not be deemed to modify the investment substance of funds deposited in any such Section, including the Collection Accountprovisions of such Section that set forth the extent to which one of the foregoing Persons is or is not entitled to payment or reimbursement; (vii) to make deposits into deposit in one or more separate, non-interest bearing accounts any amount reasonably determined by the Certificate Account Trustee to be necessary to pay any applicable federal, state or local taxes imposed on the Lower-Tier REMIC under the circumstances and to the extent described in the amounts and in the manner provided for hereinSection 4.5; (viii) to make payments withdraw any amount deposited into the Collection Account that was not required to itself or others pursuant to any provision of this Agreement, and be deposited therein; and (ix) to clear and terminate the Collection Account pursuant to Section 9. 1. 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 pursuant to subclauses (ii) - (viii) above. The Servicer shall pay to the Trustee or the Special Servicer from the Collection Account (to the extent permitted by clauses (i)-(viii) above) amounts permitted to be paid to the Trustee or the Special Servicer therefrom, promptly upon receipt of a certificate of a Responsible Officer of the termination Trustee or a Servicing Officer of the Special Servicer, as applicable, describing the item and amount to which the Trustee or the Special Servicer is entitled. The Servicer may rely conclusively on any such certificate and shall have no duty to recalculate the amounts stated therein. The Trustee, the Special Servicer and the Servicer shall in all cases have a right prior to the Certificateholders to any funds on deposit in the Collection Account from time to time for the reimbursement or payment of Servicing Compensation, Advances (subject to the limitation set forth in Section 3.6(ii)) and their respective expenses (including Advance Interest Amounts) hereunder to the extent such expenses are to be reimbursed or paid from amounts on deposit in the Collection Account pursuant to this Agreement; and (ix) to withdraw amounts deposited in error.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Commercial Mortgage Acceptance Corp)

Permitted Withdrawals from the Collection Account. The Master Servicer may, is hereby authorized from time to time, withdraw funds time to make withdrawals from the Collection Account for the following purposes: (ia) on each Master Servicer Remittance Date, to deposit the amount required by Section 5.03 hereof for the related Payment Date into the Trustee Collection Account; (b) on each Master Servicer Remittance Date prior to the end of the Managed Amortization Period for Group I, Principal Collections with respect to Mortgage Loans assigned to Group I shall be applied toward the purchase from the Seller of Additional Balances to be assigned to Group I; provided, that the aggregate amount so paid to the Seller in respect of Additional Balances at any time during any related Collection Period shall not exceed the amount of Principal Collections for Mortgage Loans assigned to Group I received during such Collection Period; (c) to the extent deposited into the Collection Account, to reimburse itself or the related Subservicer for Advances made previously unreimbursed expenses incurred in maintaining insurance policies pursuant to Section 6.03 (including amounts 3.05, for Liquidation Expenses paid pursuant to reimburse the related Sub-Servicer Section 3.08 or for advances made expenses otherwise reimbursable pursuant to the applicable Sub-Servicing terms of this Agreement to the extent not payable pursuant to Section 3.08 (other than expenses incurred by the Master Servicer pursuant to Sections 6.03, 6.06 and 6.07 of this Agreement), the Servicer's and the Sub-Servicer's ; such withdrawal right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net in respect of the Servicing Fees) with Mortgage Loans, other than any Repurchase Price in respect to those particular thereof, that represent late recoveries of the payments for which such advances were made, or from Liquidation Proceeds or the proceeds of the purchase of such Mortgage Loans; (iid) to pay to itself out of each payment received in respect of interest on a Mortgage Loan as contemplated by clause (b) of the last paragraph of Section 3.08, an amount equal to the Servicing Fee, to the extent not retained pursuant to Section 5.02; (iiie) to reimburse itself for unreimbursed Servicing Advances, or to pay the related Sub-Servicer any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iii) Seller or the Depositor, as applicable, with respect to any Mortgage Loan being limited or Mortgaged Property that has been purchased or otherwise transferred to the Seller or the Depositor, all amounts received thereon that are not required to be distributed to the Securityholders as of the date on which the related Liquidation Proceeds, Insurance Proceeds, and condemnation awards;Purchase Price or Repurchase Price is determined; and (ivf) to reimburse itself (or withdraw any other amount deposited into the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable Collection Account that was not required to it be deposited therein pursuant to Section 5.01 or 5.16; (v) to reimburse itself (or 5.02. On each Master Servicer Remittance Date, the related Sub-Servicer) for any Nonrecoverable Advances; (vi) to pay to itself (or the related Sub-Servicer) income earned on the investment of funds deposited in Master Servicer shall transfer from the Collection Account; (vii) Account to the Trustee Collection Account the amount necessary for the Indenture Trustee to make deposits into the Certificate Account in the amounts and in the manner provided for herein; (viii) to make payments to itself or others required distributions pursuant to Section 3.05(a) and (b) of the Indenture. The Master Servicer shall keep and maintain separate accounting on a loan-by-loan basis for the purpose of justifying any withdrawal from the Collection Account pursuant to the foregoing paragraphs. Notwithstanding any other provision of this Agreement, and the Master Servicer shall be entitled to clear and terminate reimburse itself for any previously unreimbursed expenses relating to a Mortgage Loan incurred pursuant to Section 3.08 or otherwise reimbursable pursuant to the terms of this Agreement that the Master Servicer determines to be otherwise nonrecoverable, except with respect to any Mortgage Loan as to which the Purchase Price or Repurchase Price shall have been paid, by withdrawal from the Collection Account upon Account, on any Business Day prior to the termination Payment Date succeeding the date of this Agreement; and (ix) such determination, of amounts on deposit therein attributable to withdraw amounts deposited in errorthe Mortgage Loan.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes: (i) to reimburse itself remit to the Trustee for Advances made deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 6.03 (including amounts 3.04(b) or permitted to reimburse the related Sub-Servicer for advances made be so remitted pursuant to the applicable Sub-Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement pursuant to this subclause first sentence of Section 3.04(d) or clause (iii) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage Loansfirst sentence of the second paragraph of Section 4.07(b); (ii) to pay reimburse itself for (a) Advances and Servicing Advances to the extent of amounts received on the related Mortgage Loan which represent payments of (x) principal and/or interest respecting which any such Advance was made or (y) Condemnation Proceeds, Insurance Proceeds or Liquidation Proceeds respecting which any such Servicing FeeAdvance was made; or (b) any unreimbursed Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution Date (provided, however, any funds so applied will be replaced by the Servicer by deposit in the Collection Account no later than one Business Day prior to the Distribution Date on which such funds are required to be distributed) and to reimburse itself for Advances and Servicing Advances made in connection with the modification of a Mortgage Loan where (x) such advance is added to the unpaid principal balance or (y) a portion of the unpaid principal balance of the Mortgage Loan is forgiven; (iii) to reimburse itself for unreimbursed Servicing Advances, or any unpaid Servicing Fees and for unreimbursed Advances to pay the extent that such amounts are deemed to be Nonrecoverable Advances and to reimburse itself for such amounts to the extent that such amounts are nonrecoverable from the disposition of the related SubREO Property or have been written-Servicer any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer off pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awardsSection 3.13 hereof; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it any amounts paid pursuant to Section 5.01 or 5.163.03 (and not otherwise previously reimbursed); (v) to reimburse pay to itself as servicing compensation (a) any interest earned on funds in the Collection Account (all such interest to be withdrawn monthly not later than each Servicer Remittance Date) and (b) the Servicing Fee from that portion of any payment or recovery as to interest to a particular Mortgage Loan to the related Sub-Servicer) for any Nonrecoverable Advancesextent not retained pursuant to Section 3.04(ii); (vi) to pay or reimburse itself for any amounts payable or paid pursuant to Section 6.03 (and not otherwise previously reimbursed) and to reimburse itself (or the related Sub-Servicer) income earned on the investment of funds deposited as set forth in the Collection Account;Section 9.01(c); and (vii) to make deposits into the Certificate Account in the amounts and in the manner provided for herein; (viii) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreement; and (ix) . The foregoing requirements for withdrawal from the Collection Account shall be exclusive. In the event the Servicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw amounts deposited in errorsuch amount from the Collection Account, any provision herein to the contrary notwithstanding.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (C-Bass Mortgage Loan Asset-Backed Certificates, Series 2005-Cb3)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes: (i) to reimburse itself remit to the Trustee for Advances made deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 6.03 (including amounts 3.04(b) or permitted to reimburse the related Sub-Servicer for advances made be so remitted pursuant to the applicable Sub-Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement pursuant to this subclause first sentence of Section 3.04(d) or clause (iii) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage Loansfirst sentence of the second paragraph of Section 4.07(b); (ii) to pay reimburse itself for (a) Advances and Servicing Advances to the extent of amounts received on the related Mortgage Loan which represent payments of (x) principal and/or interest respecting which any such Advance was made or (y) Condemnation Proceeds, Insurance Proceeds or Liquidation Proceeds respecting which any such Servicing FeeAdvance was made; or (b) any unreimbursed Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution Date (provided, however, any funds so applied will be replaced by the Servicer by deposit in the Collection Account no later than one Business Day prior to the Distribution Date on which such funds are required to be distributed); (iii) to reimburse itself for unreimbursed Servicing Advances, or any unpaid Servicing Fees and for unreimbursed Advances to pay the extent that such amounts are deemed to be Nonrecoverable Advances and to reimburse itself for such amounts to the extent that such amounts are nonrecoverable from the disposition of the related SubREO Property or have been written-Servicer any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer off pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awardsSection 3.13 hereof; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it any amounts paid pursuant to Section 5.01 or 5.163.03 (and not otherwise previously reimbursed); (v) to reimburse pay to itself as servicing compensation (a) any interest earned on funds in the Collection Account (all such interest to be withdrawn monthly not later than each Servicer Remittance Date) and (b) the Servicing Fee from that portion of any payment or recovery as to interest to a particular Mortgage Loan to the related Sub-Servicer) for any Nonrecoverable Advancesextent not retained pursuant to Section 3.04(ii); (vi) to pay or reimburse itself for any amounts payable or paid pursuant to Section 6.03 (and not otherwise previously reimbursed) and to reimburse itself (or the related Sub-Servicer) income earned on the investment of funds deposited as set forth in the Collection Account;Section 9.01(c); and (vii) to make deposits into the Certificate Account in the amounts and in the manner provided for herein; (viii) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreement; and (ix) . The foregoing requirements for withdrawal from the Collection Account shall be exclusive. In the event the Servicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw amounts deposited in errorsuch amount from the Collection Account, any provision herein to the contrary notwithstanding.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (C-Bass 2004-Cb8 Trust)

Permitted Withdrawals from the Collection Account. (a) The Master Servicer may, from time to time, withdraw funds may make withdrawals from the Collection Account of amounts on deposit therein attributable to the related Mortgage Loans for (without duplication) the following purposespurposes in the following order of priority: (i) to reimburse itself for Advances made pursuant recoup any amount deposited in the Collection Account and not required to Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage Loansbe deposited therein; (ii) on each Remittance Date, to pay itself to the Servicing FeeMortgage Loan Seller amounts representing Prepayment Premiums paid by Mortgagors; (iii) on each Remittance Date, to reimburse itself deposit into the Payment Account pursuant to Section 4.04 of this Servicing Agreement, an amount equal to the Indenture Trustee Fee for unreimbursed Servicing Advances, or to pay the related Sub-Servicer any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awardsPayment Date; (iv) to reimburse itself (or on each Remittance Date, from amounts representing payments by a Mortgagor of interest on the related Sub-Servicer) Mortgage Loan or Liquidation Proceeds, Excess Insurance Proceeds and Excess Condemnation Proceeds with respect to a Mortgage Loan, to pay to itself the Depositor for expenses incurred by and recoverable by or reimbursable Master Servicer Fee (net of any portion of the Master Servicer Fee which is used to it offset Prepayment Interest Shortfalls pursuant to Section 5.01 or 5.164.12 of this Servicing Agreement); (v) to reimburse itself (or the Fiscal Agent, the Indenture Trustee, and itself, in that order, for xxxxxxxxxxxx X&X Advances from collections on the related Sub-ServicerMortgage Loans, together with interest at the Advance Rate pursuant to Sections 4.05 and 7.02 of this Servicing Agreement, the right to withdraw amounts pursuant to this subclause (iv) for being limited to amounts on deposit in the Collection Account in respect of Liquidation Proceeds, Excess Insurance Proceeds and Excess Condemnation Proceeds with respect to the Mortgaged Properties securing the Mortgage Loans with respect to which such xxxxxxxxxxxx X&X Advances were made, and any Nonrecoverable Advancesother amounts received on the related Mortgage Loan that represent late recoveries of payments with respect to which such P&I Advances were made; (vi) to pay reimburse the Fiscal Agent, the Indenture Trustee and itself, in that order, for unreimbursed Property Protection Advances incurred in connection with a Mortgage Loan or Mortgaged Property, together with interest at the Advance Rate pursuant to itself Sections 4.05 and 7.02 of this Servicing Agreement, the right to withdraw amounts pursuant to this subclause (or v) being limited to amounts on deposit in such Collection Account in respect of Liquidation Proceeds, Excess Insurance Proceeds and Excess Condemnation Proceeds with respect to the Mortgaged Properties with respect to which such unreimbursed Property Protection Advances were made, and any other amounts received on the related Sub-Servicer) income earned on the investment Mortgage Loan that represent late recoveries of funds deposited in the Collection Accountpayments with respect to which such Property Protection Advances were made; (vii) on each Remittance Date, to make deposits into pay to the Certificate Account in Special Servicer the amounts Special Servicing Fee, and in from time to time, to pay to the manner provided for hereinSpecial Servicer the Disposition Fee and the Workout Fee; (viii) on each Remittance Date, to make payments reimburse, the Fiscal Agent, the Indenture Trustee and itself, in that order, for accrued and unpaid interest at the Advance Rate on any unreimbursed Advances pursuant to itself Sections 4.05 and 7.02 of this Servicing Agreement made with respect to any Mortgage Loan from any amounts on deposit in the Collection Account, to the extent not otherwise offset by default interest collected on the related Mortgage Loan; (ix) on each Remittance Date, to reimburse the Fiscal Agent, the Indenture Trustee and itself, in that order, from any amounts on deposit in the Collection Account for (A) any unreimbursed Nonrecoverable Advance for which a Nonrecoverable Advance Certificate has been previously delivered or others (B) any unreimbursed Property Protection Advance for which a Nonrecoverable Advance Certificate has been previously issued an expense the payment or reimbursement of which is not an obligation of the related Mortgagor under the terms of the related Mortgage Loan Documents, in each case, together with interest at the Advance Rate pursuant to Sections 4.05 and 7.02 of this Servicing Agreement; (x) to the extent not reimbursed or paid pursuant to any provision other clause of this Section 4.03(a) of this Servicing Agreement, to reimburse or pay each Servicer, the Indenture Trustee, the Fiscal Agent and/or the Issuer for unpaid items incurred by or on behalf of such Person under this Servicing Agreement pursuant to which such Person is entitled to reimbursement or payment from the assets of the Trust; (xi) on each Remittance Date, to pay itself any investment income on amounts on deposit in such Collection Account to which it is entitled pursuant to Section 4.02(b) of this Servicing Agreement; (xii) on each Remittance Date, to make remittances to the Indenture Trustee and the Fiscal Agent pursuant to Section 4.04 of this Servicing Agreement; (xiii) to clear and terminate the such Collection Account upon the termination of this Servicing Agreement; and (ixxiv) to withdraw make any other withdrawals permitted by the Indenture. (b) The Master 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 and determining any shortfall or overpayment of any amounts due from or on behalf of any Mortgagor or Mortgaged Property. On each Remittance Date, the Master Servicer shall pay to the Mortgage Loan Seller from the Collection Account all amounts representing Prepayment Premiums, in the manner directed by the Mortgage Loan Seller. The Master Servicer shall pay to the Indenture Trustee, the Fiscal Agent or the Special Servicer from the Collection Account (to the extent permitted by clause (a) above) amounts (other than amounts paid pursuant to Section 4.04) permitted to be paid to the Indenture Trustee, the Fiscal Agent or the Special Servicer therefrom, promptly upon receipt of a certificate of a Responsible Officer of the Indenture Trustee or the Fiscal Agent, or a Servicing Officer of the Special Servicer, as applicable, describing the item and amount to which the Indenture Trustee, the Fiscal Agent or the Special Servicer is entitled. The Servicer may rely conclusively on any such certificate and shall have no duty to recalculate the amounts stated therein. (c) The Indenture Trustee, the Fiscal Agent, the Special Servicer and the Master Servicer shall in all cases have a right prior to the Bondholders to any funds on deposit in the Collection Account from time to time for the reimbursement or payment of compensation, Advances with interest thereon at the Advance Rate and their respective expenses hereunder to the extent such items are to be reimbursed or paid from amounts on deposit in the Collection Account pursuant to this Servicing Agreement; and the Mortgage Loan Seller shall in all cases have a right prior to the Bondholders to any Prepayment Premiums deposited into the Collection Account. (d) Notwithstanding any other provisions contained herein to the contrary, the reimbursement of any Advances, together with interest thereon at the Advance Rate, shall be made in errorthe following order: first, to the Fiscal Agent, second, to the Indenture Trustee, and third, to the Master Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Collateralized Mortgage Bonds Series 1999 1)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes: (i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.04(b) or permitted to be so remitted pursuant to the first sentence of Section 3.04(d) or clause (i) of first sentence of the second paragraph of Section 4.07(b); (ii) to reimburse itself for Advances made pursuant to Section 6.03 (including amounts to reimburse and Servicing Advances; the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement reimburse itself pursuant to this subclause (iii) being limited to amounts received on particular the related Mortgage Loans Loan which represent Late Collections payments of (net of a) principal and/or interest respecting which any such Advance was made or (b) Condemnation Proceeds, Insurance Proceeds or Liquidation Proceeds respecting which any such Servicing Advance was made or from amounts held from time to time in the Servicing Fees) with respect Collection Account to those particular Mortgage Loans; (ii) the extent such amounts are not then required to pay itself the Servicing Feebe distributed; (iii) to reimburse itself for unreimbursed Servicing Advances, or any unpaid Servicing Fees and for unreimbursed Advances to pay the related Sub-Servicer any unreimbursed Servicing extent that such amounts are deemed to be Nonrecoverable Advances, the Servicer's right and to receive reimbursement or make payments reimburse itself for such amounts to the Sub-Servicer extent that such amounts are nonrecoverable from the disposition of REO Property pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awardsSection 3.03 or Section 3.13 hereof; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it any amounts paid pursuant to Section 5.01 or 5.163.03 (and not otherwise previously reimbursed); (v) to reimburse pay to itself as servicing compensation (a) any interest earned on funds in the Collection Account (all such interest to be withdrawn monthly not later than each Servicer Remittance Date) and (b) the Servicing Fee from that portion of any payment or recovery as to interest to a particular Mortgage Loan to the related Sub-Servicer) for any Nonrecoverable Advancesextent not retained pursuant to Section 3.04(ii); (vi) to pay or reimburse itself for any amounts payable or paid pursuant to Section 3.26 or Section 6.03 (and not otherwise previously reimbursed) and to reimburse itself (or the related Sub-Servicer) income earned on the investment of funds deposited as set forth in the Collection Account;Section 9.01(c); and (vii) to make deposits into the Certificate Account in the amounts and in the manner provided for herein; (viii) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreement; and (ix) . The foregoing requirements for withdrawal from the Collection Account shall be exclusive. In the event the Servicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw amounts deposited in errorsuch amount from the Collection Account, any provision herein to the contrary notwithstanding.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds from that portion of the Collection Account relating to a particular Mortgage Pool for the following purposes: (ia) to reimburse itself for Advances made pursuant to Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement), the Servicer's and the related Sub-Servicer's right to receive reimbursement pursuant to this subclause (ia) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage Loans; (iib) to pay itself the Servicing FeeFee relating to such Mortgage Pool; (iiic) to reimburse itself for unreimbursed Servicing Advances, or to pay the related Sub-Servicer any unreimbursed Servicing Advances, relating to such Mortgage Pool, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iiic) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, Subsequent Recoveries and condemnation awards; (ivd) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it with respect to such Mortgage Pool pursuant to Section 5.01 or 5.16; (ve) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable AdvancesAdvances relating to such Mortgage Pool; (vif) to pay to itself (or the related Sub-Servicer) income earned on the investment of funds relating to such Mortgage Pool deposited in the Collection Account; (viig) to make deposits into that portion of the Certificate Account relating to such Mortgage Pool in the amounts and in the manner provided for herein; (viiih) to make payments relating to such Mortgage Pool to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreement; and (ixi) to withdraw amounts deposited in error.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chase Mortgage Finance Trust Series 2007-A1)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes: (ia) to reimburse itself for Advances made pursuant to Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement), the Servicer's and the related Sub-Servicer's right to receive reimbursement pursuant to this subclause this (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage Loans; (iib) to pay itself the Servicing Fee; (iiic) to reimburse itself for unreimbursed Servicing Advances, or to pay the related Sub-Servicer any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iiic) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, Subsequent Recoveries and condemnation awards; (ivd) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (ve) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vif) to pay to itself (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account; (viig) to make deposits into the Certificate Account in the amounts and in the manner provided for herein; (viiih) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreement; and (ixi) to withdraw amounts deposited in error.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chase Mortgage Finance Trust Series 2006-S1)

Permitted Withdrawals from the Collection Account. The (a) Servicer mayshall remit any Principal Prepayments in accordance with Section 6.01(a). (b) Subject to clause (a) above and Subsection 3.01(b), from time to timeServicer shall, withdraw funds on each Remittance Date and as directed by the Company, make withdrawals from the related Collection Account for any of the following purposespurposes in the following order of priority: (i) to reimburse itself for Advances made pursuant refund to Section 6.03 (including any Mortgagor any funds determined to be in excess of the amounts to reimburse required under the terms of the related Sub-Servicer for advances made pursuant Commercial Mortgage, and to the applicable Sub-Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to withdraw any other amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage Loansdeposited in error; (ii) to pay itself the Servicing Fee; (iii) to reimburse itself for unreimbursed unpaid Servicing AdvancesFees, or to pay the related Sub-Servicer any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer reimburse itself pursuant to this subclause clause (iiiii) with respect to any Commercial Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds and condemnation awardsREO Revenues; (iii) to reimburse Servicer for any Servicing Advances made by Servicer, the Servicer's right to reimbursement under this clause with respect to any Commercial Mortgage being limited to related Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds and REO Revenues. (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor pay Servicer for costs and expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 5.07(b) or 5.16(c), the Servicer's right to reimbursement under this clause with respect to any Commercial Mortgage being limited to related Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds and REO Revenues; (v) to reimburse itself Servicer for Nonrecoverable Servicing Advances, provided that Servicer submits to The Company at least two (or 2) Business Days prior to the related Sub-Servicer) for any Remittance Date on Officer's Certificate of Servicer certifying the amount of such Nonrecoverable AdvancesServicing Advances and the reasons why such Advances are deemed nonrecoverable; (vi) to pay to itself (or the related Sub-Servicer) income earned Servicer 50% of any late charges collected on the investment of funds deposited in the Collection Accounta Commercial Mortgage; (vii) to make deposits into pay the Certificate Account in Company the amounts and in the manner provided for herein;Available Distribution Amount pursuant to Section 6.01(b); and (viii) if applicable, to make payments transfer the amounts related to itself a Commercial Mortgage to a successor servicer or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon at the termination of this Agreement; and. If Servicer shall deposit in the related Collection Account any amount not required to be deposited therein, it may, at any time, withdraw such amount from such Collection Account, any provision herein to the contrary notwithstanding. (ixc) Servicer shall keep and maintain separate accounting records, on a Commercial Mortgage by Commercial Mortgage basis, for the purpose of justifying any withdrawal from the related Collector Account. If Servicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw amounts deposited in errorsuch amount from such Collection Account, any provision herein to the contrary notwithstanding.

Appears in 1 contract

Samples: Servicing Agreement (Imperial Credit Commercial Holdings Inc)

Permitted Withdrawals from the Collection Account. The Master Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes: (i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.04(b) or permitted to be so remitted pursuant to the first sentence of Section 3.04(d); (ii) to reimburse itself for (a) any unreimbursed Advances made pursuant to Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to extent of amounts received on particular Mortgage Loans which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds on Mortgage Loans with respect to those particular which such Advances were made in accordance with the provisions of Section 4.07; (b) any unreimbursed Advances with respect to the final liquidation of a Mortgage Loans; Loan that are Nonrecoverable Advances, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer for such unreimbursed Advances; or (iic) subject to pay itself Section 4.07(b), any unreimbursed Advances to the Servicing Feeextent of funds held in the Collection Account for future distribution that were not included in Available Funds for the preceding Distribution Date; (iii) to reimburse itself for unreimbursed (a) any unpaid Servicing AdvancesFees, or to pay the related Sub-Servicer (b) any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iii) Advances with respect to each Mortgage Loan, but only to the extent of any Mortgage Loan being limited to related Late Collections, Liquidation Proceeds, Insurance ProceedsProceeds and condemnation proceeds received with respect to such Mortgage Loan, and condemnation awards;(c) any Servicing Advances with respect to the final liquidation of a Mortgage Loan that are Nonrecoverable Advances, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer for Servicing Advances (iv) to reimburse itself (for any amounts paid or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.163.03 (and not otherwise previously reimbursed); (v) to reimburse pay to itself as servicing compensation (a) any interest earned on funds in the Collection Account (all such interest to be withdrawn monthly not later than each Servicer Remittance Date) and (b) the Servicing Fee from that portion of any payment or recovery as to interest to a particular Mortgage Loan to the related Sub-Servicer) for any Nonrecoverable Advancesextent not retained pursuant to Section 3.04(ii); (vi) to pay or reimburse itself for any amounts payable or paid pursuant to itself Section 6.03 (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account;and not otherwise previously reimbursed); and (vii) to make deposits into the Certificate Account in the amounts and in the manner provided for herein; (viii) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreement; and (ix) . The foregoing requirements for withdrawal from the Collection Account shall be exclusive. In the event the Master Servicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw amounts deposited in errorsuch amount from the Collection Account, any provision herein to the contrary notwithstanding.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Asset Backed Funding Corp Abfc Asst BCKD Cert Ser 2002-Opt1)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to timetime in accordance with the provisions hereof, withdraw funds amounts from the Collection Account for the following purposes: purposes (i) to reimburse itself for Advances made pursuant to Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage Loans; (ii) to pay itself the Servicing Fee; (iii) without duplication): to reimburse itself for unreimbursed Servicing AdvancesAdvances that the Servicer has determined to be Non-Recoverable Advances as provided in Section 6.04; to make payments to the Purchaser in the amounts, or at the times and in the manner provided for in Section 6.01; to pay reimburse itself for the related Sub-amount of any Credit Line Advances made by Servicer any and not timely reimbursed by the Purchaser in accordance with Section 5.01(c) hereof. to reimburse itself for unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer reimburse itself pursuant to this subclause Subsection (iiid) with respect to any Mortgage Revolving Credit Loan being limited to related Liquidation Proceeds, Insurance Condemnation Proceeds, Insurance Proceeds and condemnation awards; (iv) such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to reimburse itself the Revolving Credit Loan, it being understood that, in the case of such reimbursement, the Servicer's right thereto shall be prior to the rights of the Purchaser, except that, where a Seller or the Servicer is required to repurchase (or the related Sub-Servicersubstitute a Qualified Substitute Revolving Credit Loan for) or the Depositor for expenses incurred by and recoverable by or reimbursable to it a Revolving Credit Loan pursuant to Section 5.01 or 5.16; (v) Sections 2.04, 3.04 and/or 7.02, the Servicer's right to reimburse itself such reimbursement shall be subsequent and subordinate to the payment to the Purchaser of the applicable Repurchase Price (or delivery of a Qualified Substitute Revolving Credit Loan) and all other amounts required to be paid to the related Sub-Servicer) for any Nonrecoverable Advances; (vi) Purchaser with respect to such Revolving Credit Loan; to pay to itself, solely out of the interest portion of the Monthly Payment due and actually received with respect to a Revolving Credit Loan during the period ending on the most recent Determination Date, the Servicing Fee with respect to such Revolving Credit Loan; to pay to itself as additional servicing compensation (or the related Sub-Servicera) income any interest earned on the investment of funds deposited in the Collection Account; Account (viiall such interest to be withdrawn monthly not later than each Remittance Date) and (b) any prepayment penalties or premiums relating to make deposits any principal prepayments; provided that no such amounts shall be payable as servicing compensation to the extent they relate to a Revolving Credit Loan with respect to which a default, breach, violation or event of acceleration exists or would exist but for the lapse of time, the giving of notice, or both; to pay to itself with respect to each Revolving Credit Loan that has been repurchased pursuant to Sections 2.04, 3.04 and/or 7.02 all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determined (except to the extent that such amounts constitute part of the Repurchase Price to be remitted to the Purchaser); to reimburse itself, without duplication, for the amount of any premiums paid with respect to Purchaser-Paid Mortgage Insurance pursuant to Section 5.06; to remove any amounts deposited into the Certificate Collection Account in the amounts and in the manner provided for herein; (viii) to make payments to itself or others pursuant to any provision of this Agreement, error; and to clear and terminate the Collection Account upon the termination of this Agreement; and (ix) , with any funds contained therein to withdraw amounts deposited be distributed in erroraccordance with the terms of this Agreement.

Appears in 1 contract

Samples: Purchase, Sale & Servicing Agreement (E Loan Inc)

Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds may make withdrawals from the Collection Account Account, on or prior to any Servicer Payment Date, for the following purposes: (ia) to reimburse itself the Servicer for Advances made Liquidation Expenses theretofore incurred in respect of any Mortgage Loan in an amount not to exceed the amount of the sum of the related Insurance Proceeds and Liquidation Proceeds deposited in the Collection Account pursuant to Section 6.03 5.02(c)(v)-(vi); (including amounts b) to reimburse the related Sub-Servicer for advances made amounts expended by it pursuant to Section 5.04 in good faith in connection with the applicable Sub-Servicing Agreement)restoration of damaged property, in an amount not to exceed the Servicer's amount of the related Insurance Proceeds and the Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections Liquidation Proceeds (net of withdrawals pursuant to Section 5.03(a)) and amounts representing proceeds of other insurance policies covering the property subject to the related Mortgage deposited in the Collection Account pursuant to Section 5.02(c)(v)-(vi); (a) to pay to the Unaffiliated Seller amounts received in respect of any Defective Mortgage Loan purchased or substituted for by the Unaffiliated Seller to the extent that the payment of any such amounts on the Servicer Payment Date upon which the proceeds of such purchase are paid would make the total amount distributed in respect of any such Mortgage Loan on such Servicer Payment Date greater than the Loan Repurchase Price or the Substitution Adjustment therefor; (b) to reimburse the Servicer for unreimbursed Servicing Fees) Advances, without interest, with respect to those particular the Mortgage Loans for which it has made a Servicing Advance, from subsequent collections with respect to interest on such Mortgage Loans and from Liquidation Proceeds, Insurance Proceeds and/or the Loan Repurchase Price or Substitution Adjustment of or relating to such Mortgage Loans; (ii) to pay itself the Servicing Fee; (iiic) to reimburse itself the Servicer for unreimbursed Servicing any Periodic Advances determined in good faith to have become Nonrecoverable Advances, or such reimbursement to pay the related Sub-Servicer be made from any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awards; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi) to pay to itself (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account; (viid) to make deposits into withdraw any amount received from a Mortgagor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the Certificate Account Bankruptcy Code in the amounts and in the manner provided for hereinaccordance with a final, nonappealable order of a court having competent jurisdiction; (viiie) to make payments to itself or others pursuant to withdraw any provision of this Agreement, and to clear and terminate funds deposited in the Collection Account upon the termination of this Agreementthat were not required to be deposited therein; and (ixf) to withdraw amounts deposited in errorpay the Servicer the Servicing Compensation pursuant to Section 5.08 hereof to the extent not retained or paid. The Servicer shall keep and maintain a separate accounting for each Mortgage Loan for the purpose of accounting for withdrawals from the Collection Account pursuant to this Section 5.03.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Prudential Securities Secured Financing Corp)

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