Permitted Withdrawals from the Custodial Account. The Seller may, from time to time, withdraw from the Custodial Account for the following purposes: (i) to make payments to the Purchaser in the amounts and in the manner provided for in Section 5.01; (ii) to reimburse itself for Monthly Advances, the Seller's right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing Fee) of principal and/or interest respecting which any such advance was made, it being understood that, in the case of such reimbursement, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan; (iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition Proceeds; (iv) to pay to itself as part of its servicing compensation: (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loan; (v) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determined; (vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) above; (vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof; (viii) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institution; and (ix) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 14 contracts
Samples: Seller's Purchase, Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-5ar), Seller's Purchase, Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-3xs), Seller's Purchase, Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-17xs)
Permitted Withdrawals from the Custodial Account. The Seller Master Servicer may, from time to timetime as provided herein, withdraw make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.10 that are attributable to the Mortgage Loans for the following purposes:
(i) to make payments to deposits into the Purchaser Certificate Account in the amounts and in the manner provided for in Section 5.014.01, such deposit to include interest collections on the Mortgage Loans at the Net Mortgage Rate [and net of amounts reimbursed therefrom];
(ii) to reimburse itself for Monthly Advancespay to itself, the Seller's right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on Company, the related Mortgage Loan which represent late collections (net of the related Servicing Fee) of principal and/or interest respecting which Seller or any such advance was madeother appropriate person, it being understood that, in as the case of such reimbursementmay be, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such each Mortgage LoanLoan that has previously been purchased, repurchased or replaced pursuant to Sections 2.02, 2.04 or 9.01 all amounts received thereon and not yet distributed as of the date of purchase, repurchase or substitution;
(iii) to reimburse itself or any Sub-Servicer for unreimbursed Servicing Advances and any unpaid Servicing Feesnot previously reimbursed, the SellerMaster Servicer's or any Sub-Servicer's right to reimburse itself reimbursement pursuant to this subclause clause (iii) being limited to amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such Advances were made and as further provided in Section 3.15;
(iv) to reimburse or pay itself, the Trustee or the Company for expenses incurred by or reimbursable to the Master Servicer, the Trustee or the Company pursuant to Sections 3.22, 6.03, 8.05, 10.01(c) or 10.01(g), except as otherwise provided in such Sections;
(v) to reimburse itself or any Sub-Servicer for costs and expenses incurred by or reimbursable to it relating to the prosecution of any claims pursuant to Section 3.13 that are in excess of the amounts so recovered;
(vi) to reimburse itself or any Sub-Servicer for unpaid Servicing Fees and unreimbursed Servicing Advances, the Master Servicer's or any Sub-Servicer's right to reimbursement pursuant to this clause (vi) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition Proceeds;
(iv) to pay to itself as part late recoveries of its servicing compensation: (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on payments for which such investments (all such amounts to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loan;
(v) to pay to itself with respect to each Mortgage Loan that has been repurchased advances were made pursuant to Section 3.03 all amounts received thereon 3.01 or Section 3.09 and not distributed as of the date on which the any other related Repurchase Price is determined;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) aboveLate Collections;
(vii) to transfer pay itself as servicing compensation (in addition to the Servicing Fee), on or after each Distribution Date, any interest or investment income earned on funds deposited in the Custodial Account for the period ending on such Distribution Date, subject to another Eligible Account in accordance with Section 4.09 hereof8.05;
(viii) to remove funds inadvertently placed in reimburse itself or any Sub-Servicer for any Advance previously made which itself has determined to be a Nonrecoverable Advance, provided that either (a) such Advance was made with respect to a delinquency that ultimately constituted an Excess Special Hazard Loss, Excess Fraud Loss, Excess Bankruptcy Loss or Extraordinary Loss, or (b) the Custodial Account by Certificate Principal Balances of the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionClass B Certificates have been reduced to zero; and
(ix) to clear and terminate the Custodial Account upon at the termination of this AgreementAgreement pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting records on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Custodial Account pursuant to such clauses (ii), (iii), (iv), (v), (vi), (vii) and (viii). In connection with clause (viii) above, the Trustee shall notify the Master Servicer if and when the Certificate Principal Balances of the Class B Certificates have been reduced to zero.
Appears in 11 contracts
Samples: Pooling and Servicing Agreement (Ab Mortgage Securities Corp), Pooling and Servicing Agreement (Homestar Mortgage Acceptance Corp), Pooling and Servicing Agreement (Option One Mortgage Acceptance Corp)
Permitted Withdrawals from the Custodial Account. The Seller Master Servicer may, from time to timetime as provided herein, withdraw make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.10 that are attributable to the Mortgage Loans for the following purposes:
(i) to make payments to deposits into the Purchaser Certificate Account in the amounts and in the manner provided for in Section 5.014.01, such deposit to include interest collections on the Mortgage Loans at the Net Mortgage Rate [and net of amounts reimbursed therefrom];
(ii) to reimburse itself for Monthly Advancespay to itself, the Seller's right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on Depositor, the related Mortgage Loan which represent late collections (net of the related Servicing Fee) of principal and/or interest respecting which Seller or any such advance was madeother appropriate person, it being understood that, in as the case of such reimbursementmay be, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such each Mortgage LoanLoan that has previously been purchased, repurchased or replaced pursuant to Sections 2.02, 2.04 or 9.01 all amounts received thereon and not yet distributed as of the date of purchase, repurchase or substitution;
(iii) to reimburse itself or any Sub-Servicer for unreimbursed Servicing Advances and any unpaid Servicing Feesnot previously reimbursed, the SellerMaster Servicer's or any Sub-Servicer's right to reimburse itself reimbursement pursuant to this subclause clause (iii) being limited to amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such Advances were made and as further provided in Section 3.15;
(iv) to reimburse or pay itself, the Trustee or the Depositor for expenses incurred by or reimbursable to the Master Servicer, the Trustee or the Depositor pursuant to Sections 3.22, 6.03, 8.05, 10.01(c) or 10.01(g), except as otherwise provided in such Sections;
(v) to reimburse itself or any Sub-Servicer for costs and expenses incurred by or reimbursable to it relating to the prosecution of any claims pursuant to Section 3.13 that are in excess of the amounts so recovered;
(vi) to reimburse itself or any Sub-Servicer for unpaid Servicing Fees and unreimbursed Servicing Advances, the Master Servicer's or any Sub-Servicer's right to reimbursement pursuant to this clause (vi) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition Proceeds;
(iv) to pay to itself as part late recoveries of its servicing compensation: (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on payments for which such investments (all such amounts to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loan;
(v) to pay to itself with respect to each Mortgage Loan that has been repurchased advances were made pursuant to Section 3.03 all amounts received thereon 3.01 or Section 3.09 and not distributed as of the date on which the any other related Repurchase Price is determined;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) aboveLate Collections;
(vii) to transfer pay itself as servicing compensation (in addition to the Servicing Fee), on or after each Distribution Date, any interest or investment income earned on funds deposited in the Custodial Account for the period ending on such Distribution Date, subject to another Eligible Account in accordance with Section 4.09 hereof8.05;
(viii) to remove funds inadvertently placed in reimburse itself or any Sub-Servicer for any Advance previously made which itself has determined to be a Nonrecoverable Advance, provided that either (a) such Advance was made with respect to a delinquency that ultimately constituted an Excess Special Hazard Loss, Excess Fraud Loss, Excess Bankruptcy Loss or Extraordinary Loss, or (b) the Custodial Account by Certificate Principal Balances of the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionClass B Certificates have been reduced to zero; and
(ix) to clear and terminate the Custodial Account upon at the termination of this AgreementAgreement pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting records on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Custodial Account pursuant to such clauses (ii), (iii), (iv), (v), (vi), (vii) and (viii). Reconciliations will be prepared by the Master Servicer for the related Collection Account within 30 calendar days after the bank statement cut-off date. All items requiring reconciliation will be resolved within 90 calendar days of their original identification. In connection with clause (viii) above, the Trustee shall notify the Master Servicer if and when the Certificate Principal Balances of the Class B Certificates have been reduced to zero.
Appears in 10 contracts
Samples: Pooling and Servicing Agreement (Opteum Mortgage Acceptance CORP), Pooling and Servicing Agreement (American Home Mortgage Assets LLC), Pooling and Servicing Agreement (MILA Mortgage Acceptance, Inc.)
Permitted Withdrawals from the Custodial Account. The Seller may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to make payments to the Purchaser in the amounts and in the manner provided for in Section 5.01;
(ii) to reimburse itself for Monthly Advances, the Seller's ’s right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing Fee) of principal and/or interest respecting which any such advance was made, it being understood that, in the case of such reimbursement, the Seller's ’s right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's ’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's ’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition Proceeds;
(iv) to pay to itself as part of its servicing compensation: (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loan;
(v) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determined;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viii) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's ’s banking institution; and
(ix) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 9 contracts
Samples: Pooling and Servicing Agreement (Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2006-Ar3), Seller’s Purchase, Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-12), Seller’s Purchase, Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-14ar)
Permitted Withdrawals from the Custodial Account. The Seller mayMaster Servicer shall, from time to timetime as provided herein, withdraw make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.02 that are attributable to the Home Equity Loans for the following purposes:
(ia) to make payments deposit in the Payment Account, on the Business Day prior to each Payment Date, an amount equal to the Purchaser Interest Collections and Principal Collections required to be distributed on such Payment Date and any payments or collections in the amounts and in nature of prepayment charges received during the manner provided for in Section 5.01related Collection Period;
(iib) prior to either an Amortization Event or the Collection Period during which the Revolving Period ends, to pay to the Seller, the amount of any Additional Balances as and when created during the related Collection Period, provided, that the aggregate amount so paid to the Seller in respect of Additional Balances at any time during any Collection Period shall not exceed the amount of Principal Collections theretofore received for such Collection Period;
(c) to the extent deposited to the Custodial Account, to reimburse itself or the related Subservicer for Monthly Advances, the Seller's right to reimburse itself previously unreimbursed expenses incurred in maintaining individual insurance policies pursuant to Section 3.04, or Liquidation Expenses paid pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this subclause Servicing Agreement (ii) to the extent not payable pursuant to Section 3.09), such withdrawal right being limited to amounts received on the related Mortgage Loan particular Home Equity Loans (other than any Repurchase Price in respect thereof) which represent late collections (net recoveries of the related Servicing Fee) of principal and/or interest respecting payments for which any such advance was advances were made, it being understood that, in or from related Liquidation Proceeds or the case proceeds of the purchase of such reimbursement, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Home Equity Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition Proceeds;
(ivd) to pay to itself out of each payment received on account of interest on a Home Equity Loan as part of its servicing compensation: contemplated by Section 3.09, an amount equal to the related Master Servicing Fee (ato the extent not retained pursuant to Section 3.02), and to pay to any Subservicer any Subservicing Fees not previously withheld by the Subservicer;
(e) any interest earned on funds or any investment earnings to the extent deposited in the Custodial Account net of to pay to itself as additional servicing compensation any losses interest or investment income earned on such investments funds deposited in the Custodial Account and Payment Account that it is entitled to withdraw pursuant to Sections 3.02(b) and 5.01;
(all such amounts to be withdrawn monthly not later than each Remittance Date), and (bf) to the extent not otherwise retaineddeposited in the Custodial Account, to pay to itself as additional servicing compensation any Foreclosure Profits (to the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loanextent permitted by law);
(vg) to pay to itself itself, a Subservicer or the Seller, or any other appropriate person, as the case may be, with respect to each Mortgage any Home Equity Loan or property acquired in respect thereof that has been repurchased pursuant purchased or otherwise transferred to Section 3.03 the Seller, the Master Servicer, the Limited Repurchase Right Holder or other entity, all amounts received thereon and not required to be distributed to Securityholders as of the date on which the related Purchase Price or Repurchase Price is determined;
(vih) to withdraw any other amount deposited in the Custodial Account that was not required to be deposited therein pursuant to Section 3.02;
(i) after the occurrence of an Amortization Event, to pay to the Seller, the Excluded Amount for each Group II Loan;
(j) to reimburse itself for unreimbursed Monthly Advances amounts expended by it (a) pursuant to Section 3.06 in good faith in connection with the restoration of property damaged by an Uninsured Cause, and Servicing Advances (b) in connection with the liquidation of a Home Equity Loan or disposition of an REO Property to the extent not fully otherwise reimbursed pursuant to Section 4.05(ii) or clause (iiic) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viii) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institution; and
(ixk) to clear reimburse itself or the REMIC Administrator for expenses incurred by and terminate reimbursable to it or the REMIC Administrator pursuant to Sections 3.07, 6.03 or otherwise, or Section 11.01 of the Indenture. Since, in connection with withdrawals pursuant to clauses (c), (d), (f) and (g), the Master Servicer's entitlement thereto is limited to collections or other recoveries on the related Home Equity Loan, the Master Servicer shall keep and maintain separate accounting, on a Home Equity Loan by Home Equity Loan basis, for the purpose of justifying any withdrawal from the Custodial Account upon the termination pursuant to such clauses. Notwithstanding any other provision of this Servicing Agreement, the Master Servicer shall be entitled to reimburse itself for any previously unreimbursed expenses incurred pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this Servicing Agreement that the Master Servicer determines to be otherwise nonrecoverable (except with respect to any Home Equity Loan as to which the Repurchase Price has been paid), by withdrawal from the Custodial Account of amounts on deposit therein attributable to the Home Equity Loans on any Business Day prior to the Payment Date succeeding the date of such determination.
Appears in 8 contracts
Samples: Servicing Agreement (RFMSII Series 2005-Hsa1 Trust), Servicing Agreement (Residential Funding Mortgage Securities Ii Inc), Servicing Agreement (Residential Funding Mortgage Securities Ii Inc)
Permitted Withdrawals from the Custodial Account. (a) The Seller Servicer may, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments and distributions to the Purchaser Owner in the amounts and in the manner provided for in Section 5.014.1;
(ii) to reimburse itself for Monthly AdvancesAdvances made by the Servicer from its own funds pursuant to Section 4.3, the Seller's Servicer’s right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing Fee) payments of principal and/or interest respecting which any such advance Monthly Advance was made, it being understood that, made and such other amounts as are collected by the Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan (or to amounts received on the Mortgage Loans as a whole in the case of event that such reimbursementMonthly Advance is made to pay a shortfall in a Monthly Payment made by a Mortgagor entitled to relief under the Servicemembers Civil Relief Act). Notwithstanding the foregoing, the Seller's right thereto shall be prior Servicer may reimburse itself for Monthly Advances from any funds in the Custodial Account if it has determined that such funds are Nonrecoverable Advances (as certified by the Servicer to the rights of Owner in an Officer’s Certificate) (or if all funds, with respect to the Purchaser, except that, where the Seller is required to repurchase a related Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent have previously been remitted to the payment Owner). Notwithstanding anything to the Purchaser of contrary contained herein, if the Repurchase Price pursuant to Servicer is Indymac and the Mortgage Loan for which such Section and all other amounts Advances were made was required to be paid repurchased by Indymac pursuant to the Purchaser with respect Master Mortgage Loan Purchase Agreement, the Servicer shall not be entitled to reimburse itself for such Mortgage LoanAdvances;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Primary Mortgage Insurance Proceeds and REO Disposition Other Insurance Proceeds; provided that the Servicer may reimburse itself from any funds in the Custodial Account for (a) Servicing Advances and Servicing Fees if all funds with respect to the related Mortgage Loan have previously been remitted to Owner and (b) Servicing Advances which it has determined are Nonrecoverable Advances (as certified by the Servicer to the Owner in an Officer’s Certificate). Notwithstanding anything to the contrary contained herein, if the Servicer is Indymac and the Mortgage Loan for which such Advances were made was required to be repurchased by Indymac pursuant to the Master Mortgage Loan Purchase Agreement, the Servicer shall not be entitled to reimburse itself for such Advances;
(iv) to pay reimburse any Master Servicer for Securitization for any unreimbursed Monthly Advances or Servicing Advances made by such Master Servicer, as applicable, the right to itself reimbursement pursuant to this subclause (iv) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as part of its servicing compensation: (a) any interest earned on funds may be collected by the Servicer from the Mortgagor or any investment earnings otherwise relating to the Mortgage Loan, it being understood that, in the Custodial Account net case of any losses on such investments reimbursement, such trustee’s right thereto shall be prior to the rights of the Servicer to reimbursement under (all such amounts to be withdrawn monthly not later than each Remittance Dateii) and (iii), and (b) prior to the extent not otherwise retained, rights of the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage LoanOwner under (i);
(v) to pay itself any Servicing Fee and other servicing compensation not paid to itself with respect to each Mortgage Loan that has been repurchased the Servicer pursuant to Section 3.03 all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determined5.3;
(vi) to reimburse pay to itself for unreimbursed Monthly Advances and Servicing Advances to any interest earned on funds deposited in the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) aboveCustodial Account;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viii) to remove funds inadvertently placed if there shall be amounts deposited in the Custodial Account by in error, including the Seller or for which amounts previously Servicing Fee and other servicing compensation not required to be deposited are returned unpaid by the related Mortgagor's banking institutiontherein, to withdraw such amounts; and
(ixviii) to clear and terminate the Custodial Account upon the termination of this AgreementAgreement in accordance with Article 8.
Appears in 7 contracts
Samples: Servicing Agreement (GSR Mortgage Loan Trust 2006-10f), Servicing Agreement (GSR Mortgage Loan Trust 2006-Oa1), Servicing Agreement (GSR Mortgage Loan Trust 2007-Ar2)
Permitted Withdrawals from the Custodial Account. The Seller may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to make payments to the Purchaser in the amounts and in the manner provided for in Section 5.01;
(ii) to reimburse itself for Monthly Advances, the Seller's ’s right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing FeeFees) of principal and/or interest respecting which any such advance was made, it being understood that, in the case of such reimbursement, the Seller's ’s right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.033.03 or Section 2.07, the Seller's ’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's ’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Proceeds and Insurance Proceeds and REO Disposition Proceedsin accordance with the relevant provisions of the FNMA or FHLMC Guides or as otherwise set forth in this Agreement or the Underwriting Guidelines;
(iv) to pay to itself as part of its servicing compensation: compensation (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retainedif previously deposited, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loan;
(v) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determined;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viiivii) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionSeller; and
(ixviii) to clear and terminate the Custodial Account upon the termination of this Agreement. The Seller shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Custodial Account pursuant to such subclauses (ii) - (v) above.
Appears in 7 contracts
Samples: Purchase Agreement (STARM Mortgage Loan Trust 2007-S1), Purchase Agreement (STARM Mortgage Loan Trust 2007-3), Purchase Agreement (Starm Mortgage Loan Trust 2007-2)
Permitted Withdrawals from the Custodial Account. The Seller may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to make payments distributions to the Purchaser in the amounts and in the manner provided for in Section 5.0111.14;
(ii) to reimburse itself for Monthly Advances, the Seller's right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing FeeFees) of principal and/or interest respecting which any such advance was mademade it being understood that, in the case of such reimbursement, the Seller's right thereto shall be prior to the rights of Purchaser, except that, where the Seller is required to repurchase a Mortgage 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 Mortgage Loans;
(iii) to reimburse itself for unreimbursed Servicing Advances, the Seller's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Seller from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of such reimbursement, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03Subsection 7.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section Subsection 7.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition ProceedsLoans;
(iv) to pay to (1) itself pursuant to Section 11.22 and Section 13 as part of its servicing compensation: compensation (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, Subservicing Fee portion of the Servicing Fee from that portion of any payment or recovery as to interest with respect on a particular Mortgage Loan, and (2) Terwin, pursuant to Section 13, the Servicing Strip portion of the Servicing Fee from that portion of any payment or recovery as to interest on a particular Mortgage Loan;
(v) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 Subsection 7.03 all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determined;
(vi) to reimburse itself the Seller for unreimbursed any Monthly Advances and Servicing Advances Advance previously made which the Seller has determined to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) abovebe a Nonrecoverable Monthly Advance;
(vii) to transfer funds pay, or to another Eligible Account reimburse the Seller for advances in accordance respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 4.09 hereof11.03(b), but only to the extent of amounts received in respect of the Mortgage Loans to which such expense is attributable;
(viii) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institution; and
(ix) to clear and terminate the Custodial Account upon on the termination of this Agreement. The Seller shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Custodial Account pursuant to such subclauses (ii) - (vii) above. The Seller shall provide written notification in the form of an Officers' Certificate to the Purchaser, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Custodial Account pursuant to subclause (vi) above.
Appears in 6 contracts
Samples: Master Mortgage Loan Purchase and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2006-A1), Master Mortgage Loan Purchase and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2006-Af1), Master Mortgage Loan Purchase and Servicing Agreement (Merrill Lynch Investors Trust, Series 2006-A2)
Permitted Withdrawals from the Custodial Account. The Seller Servicer may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to make payments to the Purchaser in the amounts and in the manner provided for in Section 5.01Subsection 11.17;
(ii) to reimburse itself for Monthly Advances, the Seller's Servicer’s right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections Late Collections (net of the related Servicing FeeFees) of principal and/or interest respecting which any such advance was made, it being understood that, in the case of such reimbursement, the Seller's Servicer’s right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Cash Liquidation, Liquidation Proceeds, Condemnation Proceeds, Primary Mortgage Insurance Proceeds and REO Disposition Other Insurance Proceeds;
(iv) to pay to itself as part of its servicing compensation: compensation (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, the Servicing Fee Fees from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loan;
(v) to pay to itself the Seller with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 Subsection 7.04 all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determined;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(iiSubsection 11.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 11.09 hereof;
(viii) to remove funds inadvertently placed make payments in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institution; andrespect of LPMI Fees due, if any;
(ix) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(x) to reimburse itself for any amounts deposited in the Custodial Account in error.
Appears in 6 contracts
Samples: Mortgage Loan Purchase and Servicing Agreement (Sequoia Residential Funding Inc), Mortgage Loan Purchase and Servicing Agreement (CSMC Mortgage-Backed Trust 2007-2), Mortgage Loan Purchase and Servicing Agreement (CSMC Mortgage-Backed Trust 2007-3)
Permitted Withdrawals from the Custodial Account. The Seller Countrywide may, from time to time, withdraw funds from the Custodial Account for the following purposes:
(ia) to make payments to the Purchaser in the amounts and in the manner provided for in Section 5.01Sections 4.01 and 4.03 of this Agreement;
(iib) to reimburse itself for Monthly Advances, the SellerAdvances (Countrywide's right to reimburse itself pursuant to this subclause (ii) being reimbursement for Monthly Advances shall be limited to amounts received on the related Mortgage Loan (or to amounts received on the Mortgage Loans as a whole if the Monthly Advance is made due to a shortfall in a Monthly Payment made by a Mortgagor entitled to relief under the Relief Act) which represent late collections (Late Collections, net of the related Servicing Fee and LPMI Fee) of principal and/or interest respecting which any such advance was made, it being understood that, in the case of such reimbursement, the Sellerif applicable. Countrywide's right thereto to reimbursement hereunder shall be prior to the rights of the Purchaser, except that, where the Seller Countrywide is required to repurchase a Mortgage Loan, Loan pursuant to Section 3.033.03 or 3.04 of the Purchase Agreement, the SellerCountrywide's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loans. Notwithstanding the foregoing, Countrywide may reimburse itself for Monthly Advances from any funds in the Custodial Account if it has determined that such funds are nonrecoverable advances or if all funds, with respect to the related Mortgage Loan, have previously been remitted to the Purchaser);
(iiic) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the SellerFees (Countrywide's right to reimburse itself pursuant to this subclause (iii) reimbursement for Servicing Advances and/or Servicing Fees hereunder with respect to any Mortgage Loan being shall be limited to related proceeds from Cash Liquidation, Liquidation Proceeds, Condemnation Proceeds, PMI Proceeds, Government Insurance Proceeds and REO Disposition Other Insurance Proceeds; provided, however, that Countrywide may reimburse itself for Servicing Advances and Servicing Fees from any funds in the Custodial Account if all funds, with respect to the related Mortgage Loan, have previously been remitted to the Purchaser. Notwithstanding the foregoing, with respect to each Government Mortgage Loan, Countrywide shall not be entitled to reimbursement of any Servicing Advances that constitute losses and expenses for which an issuer of GNMA securities would be responsible, pursuant to Chapter 4 of the GNMA Handbook 5500.2, if such Government Mortgage Loan had been included in a GNMA security);
(ivd) to pay to itself as part of its servicing compensation: compensation (ai) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Date), and (bii) to the extent not otherwise retained, the Servicing Fee and the LPMI Fee, if applicable, from that portion of any payment or recovery as to of interest with respect to on a particular Mortgage Loan;
(ve) to pay to itself itself, with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 or 3.04 of the Purchase Agreement, all amounts received thereon and but not distributed as of the date on which the related Repurchase Price is determined;
(vif) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viii) to remove funds inadvertently placed any amounts deposited in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionin error; and
(ixg) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 5 contracts
Samples: Trust Agreement (BCAP LLC Trust 2007-Aa2), Trust Agreement (BCAP LLC Trust 2007-Aa4), Trust Agreement (BCAP LLC Trust 2007-Aa1)
Permitted Withdrawals from the Custodial Account. The Seller Servicer may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to To make payments to the Purchaser Owner in the amounts and in the manner provided for in Section 5.016.01;
(ii) to To reimburse itself for unreimbursed Monthly AdvancesAdvances from the related Monthly Payments collected from the Mortgagors or, to the Seller's extent an unreimbursed Monthly Advance is determined by the Servicer to be unrecoverable, from the Custodial Account;
(iii) To reimburse itself for unreimbursed Servicing Advances and for unreimbursed Servicing Fees, provided that with respect to any Mortgage Loan Servicer’s right to reimburse itself pursuant such reimbursement shall be limited, subject to this subclause (ii) being limited Section 4.13, to amounts received on the related Mortgage Loan which represent late collections (net of funds collected by Servicer from the related Servicing Fee) of principal and/or interest respecting which Mortgagor or any such advance was madePerson including, it being understood thatbut not limited to, Liquidation Proceeds, Condemnation Proceeds and Insurance Proceeds, and with respect to REO Property, funds received as rental or similar income. Servicer’s right to the reimbursement set forth in the case of such reimbursement, the Seller's right thereto preceding sentence shall be prior to the rights of the PurchaserOwner to such proceeds and amounts, except that, that where the Seller Servicer is required to repurchase a Mortgage Loan, Loan pursuant to Section 3.035(c) or (d) of the Purchase Agreement, the Seller's Servicer’s right to such reimbursement shall be subsequent to the rights of Owner to receive payment to from the Purchaser Custodial Account representing the repurchase price set forth in Section 5(c) or (d) of the Repurchase Price pursuant to such Section Purchase Agreement, as applicable, and representing all other amounts required to be paid to the Purchaser Owner with respect to such repurchased Mortgage Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition Proceeds;
(iv) to To pay to itself as part of its servicing compensation: (a) compensation any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage LoanAccount;
(v) to To pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 5(c) or (d) of the Purchase Agreement all related Monthly Payments and such other amounts received thereon and as may be collected by Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, provided that such Monthly Payments or other amounts have not been distributed as of the date on which the related Repurchase Price repurchase price is determined;
(vi) To refund to reimburse itself for unreimbursed Monthly Advances Servicer any amount deposited in the Custodial Account and Servicing Advances not required to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) above;be deposited therein; and
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viii) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institution; and
(ix) to To clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 5 contracts
Samples: Master Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-14ar), Master Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-12), Master Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-13)
Permitted Withdrawals from the Custodial Account. The Seller Servicer may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to make payments to the Purchaser Owner in the amounts and in the manner provided for in Section 5.015.01 after payments or reimbursements to the Servicer are made in accordance with this Agreement;
(ii) to reimburse itself for Monthly Advances, the Seller's right Servicing Advances and any advances of principal and interest made with respect to reimburse itself any Mortgage Loan or REO Property pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing Fee) of principal and/or interest respecting which any such advance was made, it being understood that, in the case of such reimbursement, the Seller's right thereto shall be prior Agreement and not previously reimbursed to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage LoanServicer;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition Proceeds;
(iv) to pay to itself as part of its servicing compensation: (a) compensation any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Date)) and to pay itself any accrued but unpaid Servicing Fees, and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment unpaid Boarding Fees or recovery as to interest Deboarding Fees with respect to a particular any Mortgage LoanLoan or REO Property, any other unpaid fees payable to the Servicer hereunder;
(iv) to reimburse itself for Nonrecoverable Servicing Advances made pursuant to this Agreement;
(v) to pay reimburse itself for any litigation expenses, including attorneys’ fees, relating to itself the Mortgage Loans in connection with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 all amounts received thereon and not distributed the performance of its duties as of the date on which the related Repurchase Price is determinedServicer;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances pay the premiums with respect to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) aboveany Lender Paid Mortgage Insurance Policy;
(vii) to transfer funds reimburse itself for expenses incurred or reimbursable to another Eligible Account in accordance with itself pursuant to Section 4.09 hereof7.01;
(viii) to remove funds inadvertently placed reimburse itself for any deposits made by mistake or in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionerror; and
(ix) to clear and terminate the Custodial Account upon the termination of this Agreement with the balance to be paid to the Owner. The foregoing requirements for withdrawal from the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, assumption fees and related Ancillary Income need not be deposited by the Servicer in the Custodial Account. Additionally, in the event that amounts on deposit in the Custodial Account are insufficient at any time to cover the payment of any servicing compensation or reimbursement of Servicing Advances or other amounts payable to the Servicer under this Agreement, the Owner shall promptly reimburse the Servicer for such deficient amounts upon receipt of an invoice for the same from the Servicer.
Appears in 5 contracts
Samples: Servicing Agreement (Altisource Residential Corp), Servicing Agreement (Altisource Residential Corp), Servicing Agreement (Altisource Residential Corp)
Permitted Withdrawals from the Custodial Account. The Seller may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to make payments distributions to the Purchaser in the amounts and in the manner provided for in Section 5.01Subsection 11.14;
(ii) to reimburse itself for Monthly unreimbursed Servicing Advances, the Seller's right to reimburse itself pursuant to this subclause (ii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts received on as may be collected by the related Seller from the Mortgagor or otherwise relating to the Mortgage Loan which represent late collections (net of the related Servicing Fee) of principal and/or interest respecting which any such advance was madeLoan, it being understood that, in the case of such reimbursement, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03Subsection 7.03 or 7.04, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section Subsection 7.03 or 7.04 and all other amounts required to be paid to the Purchaser with respect to such Mortgage LoanLoans;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's right pay to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition Proceeds;
(iv) to pay to itself Subsection 11.21 as part of its servicing compensation: compensation (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Distribution Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to on a particular Mortgage Loan;
(viv) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 Subsection 7.03 or Subsection 7.04 all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determined;
(viv) to pay, or to reimburse itself the Seller for unreimbursed Monthly Advances and Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Subsection 11.03(b), but only to the extent not fully reimbursed pursuant of amounts received in respect of the Mortgage Loans to Section 4.05(ii) or (iii) abovewhich such expense is attributable;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viii) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institution; and
(ixvi) to clear and terminate the Custodial Account upon on the termination of this Agreement;
(vii) to reimburse itself for Monthly Advances, the Seller's right to reimburse itself pursuant to this subclause (vii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing Fees) respecting which any such advance was made it being understood that, in the case of such reimbursement, the Seller's right thereto shall be prior to the rights of Purchaser, except that, where the Seller is required to repurchase a Mortgage 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 Mortgage Loans;
(viii) to reimburse the Seller for any Monthly Advance previously made which the Seller has determined to be a Nonrecoverable Monthly Advance; and
(ix) to withdraw any amount deposited therein in error. The Seller shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Custodial Account pursuant to such subclauses (ii), (iii), (iv) and (v) above.
Appears in 5 contracts
Samples: Reconstitution Agreement (Dsla 2007-Ar1), Reconstitution Agreement (HarborView 2006-13), Reconstitution Agreement (Dsla 2006-Ar2)
Permitted Withdrawals from the Custodial Account. The Seller Countrywide may, from time to time, withdraw funds from the Custodial Account for the following purposes:
(ia) to make payments to the Purchaser in the amounts and in the manner provided for in Section 5.01Sections 5.01 and 5.03;
(iib) to reimburse itself for Monthly Advances, the SellerAdvances (Countrywide's right to reimburse itself pursuant to this subclause (ii) being reimbursement for Monthly Advances shall be limited to amounts received on the related Mortgage Loan (or to amounts received on the Mortgage Loans as a whole if the Monthly Advance is made due to a shortfall in a Monthly Payment made by a Mortgagor entitled to relief under the Soldiers' and Sailors' Civil Relief Act of 1940) which represent late collections (Late Collections, net of the related Servicing Fee and LPMI Fee) of principal and/or interest respecting which any such advance was made, it being understood that, in the case of such reimbursement, the Sellerif applicable. Countrywide's right thereto to reimbursement hereunder shall be prior to the rights of the Purchaser, except that, where the Seller Countrywide is required to repurchase a Mortgage Loan, Loan pursuant to Sections 3.03 or 3.04 or Countrywide is required to remit a sum pursuant to the applicable provision of Section 3.034.17, the SellerCountrywide's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loans. Notwithstanding the foregoing, Countrywide may reimburse itself for Monthly Advances from any funds in the Custodial Account if it has determined that such funds are nonrecoverable advances or if all funds, with respect to the related Mortgage Loan, have previously been remitted to the Purchaser);
(iiic) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the SellerFees (Countrywide's right to reimburse itself pursuant to this subclause (iii) reimbursement for Servicing Advances and/or Servicing Fees hereunder with respect to any Mortgage Loan being shall be limited to related proceeds from Cash Liquidation, Liquidation Proceeds, Condemnation Proceeds, PMI Proceeds, Government Insurance Proceeds and REO Disposition Other Insurance Proceeds; provided, however, that Countrywide may reimburse itself for Servicing Advances and Servicing Fees from any funds in the Custodial Account if all funds, with respect to the related Mortgage Loan, have previously been remitted to the Purchaser. Notwithstanding the foregoing, with respect to each Government Mortgage Loan, Countrywide shall not be entitled to reimbursement of any Servicing Advances that constitute losses and expenses for which an issuer of GNMA securities would be responsible, pursuant to Chapter 4 of the GNMA Handbook 5500.2, if such Government Mortgage Loan had been included in a GNMA security);
(ivd) to pay to itself as part of its servicing compensation: compensation (ai) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Date), and (bii) to the extent not otherwise retained, the Servicing Fee and the LPMI Fee, if applicable, from that portion of any payment or recovery as to of interest with respect to on a particular Mortgage Loan;
(ve) to pay to itself itself, with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 or 3.04, all amounts received thereon and but not distributed as of the date on which the related Repurchase Price is determined;
(vif) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viii) to remove funds inadvertently placed any amounts deposited in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionin error; and
(ixg) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 5 contracts
Samples: Master Mortgage Loan Purchase and Servicing Agreement (Banc of America Funding 2006-D Trust), Assignment, Assumption and Recognition Agreement (Banc of America Funding Corp), Assignment, Assumption and Recognition Agreement (Banc of America Funding 2007-3 Trust)
Permitted Withdrawals from the Custodial Account. The Seller Servicer may, from time to time, withdraw funds from the Custodial Account for the following purposes:
(ia) to make payments to the Purchaser Seller in the amounts and in the manner provided for in Section 5.01Sections 6.1 and 6.3;
(iib) to reimburse itself for Monthly Advances, the SellerAdvances (Servicer's right to reimburse itself pursuant to this subclause (ii) being reimbursement for Monthly Advances shall be limited to amounts received on the related Mortgage Loan Loan) which represent late collections (Late Collections, net of the related Servicing Fee and LPMI Fee) of principal and/or interest respecting which any such advance was made, it being understood that, in the case of such reimbursement, the Sellerif applicable. Servicer's right thereto to reimbursement hereunder shall be prior to the rights of the PurchaserSeller. Notwithstanding the foregoing, except thatServicer may reimburse itself for Monthly Advances from any funds in the Custodial Account if it has determined that such funds are nonrecoverable advances or if all funds, where with respect to the Seller is required to repurchase a related Mortgage Loan, pursuant have previously been remitted to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iiic) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the SellerFees (Servicer's right to reimburse itself pursuant to this subclause (iii) reimbursement for Servicing Advances and/or Servicing Fees hereunder with respect to any Mortgage Loan being shall be limited to related proceeds from Cash Liquidation, Liquidation Proceeds, Condemnation Proceeds, PMI Proceeds, and Other Insurance Proceeds Proceeds; [provided, however, that Servicer may reimburse itself for Servicing Advances and REO Disposition ProceedsServicing Fees from any funds in the Custodial Account if all funds, with respect to the related Mortgage Loan, have previously been remitted to the Seller;
(ivd) to pay to itself as part of its servicing compensation: compensation (ai) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Date), and (bii) to the extent not otherwise retained, the Servicing Fee and the LPMI Fee, if applicable, from that portion of any payment or recovery as to of interest with respect to on a particular Mortgage Loan, and (iii) the Prepayment Interest Excess, if any;
(ve) to pay to itself itself, with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 3.3 or otherwise, all amounts received thereon and but not distributed as of the date on which the related Repurchase Price is determined;
(vif) to pay any amount required to be paid pursuant to Section 5.13 related to any REO Property, it being understood that, in the case of any such expenditure or withdrawal related to a particular REO Property, the amount of such expenditure or withdrawal from the Custodial Account shall be limited to amounts on deposit in the Custodial Account with respect to the related REO Property;
(g) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viii) to remove funds inadvertently placed any amounts deposited in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionin error; and
(ixh) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 4 contracts
Samples: Assignment, Assumption and Recognition Agreement (HSI Asset Securitization CORP Trust 2007-He1), Assignment, Assumption and Recognition Agreement (HSI Asset Securitization CORP Trust 2007-Nc1), Assignment, Assumption and Recognition Agreement (HSI Asset Securitization CORP Trust 2006-He2)
Permitted Withdrawals from the Custodial Account. The Seller Servicer may, from time to time, withdraw make withdrawals from the Custodial Account for the following purposes:
(i) to To make payments to the Purchaser Owner in the amounts and in the manner provided for in Section 5.016.01;
(ii) to To reimburse itself for each unreimbursed Monthly AdvancesAdvance from the related Monthly Payments collected from the Mortgagors or, to the Seller's extent an unreimbursed Monthly Advance is determined by the Servicer to be unrecoverable, from any funds in the Custodial Account;
(iii) To reimburse itself for unreimbursed Servicing Advances and for unreimbursed Servicing Fees, provided that with respect to any Mortgage Loan the Servicer’s right to reimburse itself pursuant such reimbursement shall be limited, subject to this subclause (ii) being limited Section 4.13, to amounts received on the related Mortgage Loan which represent late collections (net of funds collected by the related Servicing Fee) of principal and/or interest respecting which Servicer from the Mortgagor or any such advance was madeother Person including, it being understood thatbut not limited to, Liquidation Proceeds, Condemnation Proceeds and Insurance Proceeds, and with respect to REO Property, funds received as rental or similar income. The Servicer’s right to the reimbursement set forth in the case of such reimbursement, the Seller's right thereto preceding sentence shall be prior to the rights of the PurchaserOwner to such proceeds and amounts, except that, that where the Seller Servicer is required to repurchase a Mortgage Loan, Loan pursuant to Section 3.035(c) or (d) of the Purchase Agreement, the Seller's Servicer’s right to such reimbursement shall be subsequent to the rights of Owner to receive payment to from the Purchaser Custodial Account representing the repurchase price set forth in Section 5(c) or (d) of the Repurchase Price pursuant to such Section Purchase Agreement, as applicable, and representing all other amounts required to be paid to the Purchaser Owner with respect to such repurchased Mortgage Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition Proceeds;
(iv) to To pay to itself as part of its servicing compensation: (a) compensation any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage LoanAccount;
(v) to To pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 5(c) or (d) of the Purchase Agreement all related Monthly Payments and such other amounts received thereon and as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, provided that such Monthly Payments or other amounts have not been distributed as of the date on which the related Repurchase Price repurchase price is determined;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances To refund to the extent Servicer any amount deposited in the Custodial Account and not fully reimbursed pursuant required to Section 4.05(ii) or (iii) above;be deposited therein; and
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viii) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institution; and
(ix) to To clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 4 contracts
Samples: Master Servicing Agreement (Sequoia Mortgage Trust 2007-2), Master Servicing Agreement (Sequoia Mortgage Trust 2007-4), Master Servicing Agreement (Sequoia Mortgage Trust 2007-1)
Permitted Withdrawals from the Custodial Account. The Seller Company may, from time to timetime as provided herein, withdraw make withdrawals from the Custodial Account for the following purposes:
(i) to make payments to the Purchaser Owner in the amounts and in the manner provided for in Section 5.014.01;
(ii) to reimburse itself for Monthly Advances, the Seller's Company’s right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing Fee) payments of principal and/or interest respecting which any such advance was made, it being understood that, in the case of such reimbursement, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iii) to reimburse itself as to any Liquidated Mortgage Loan from related Liquidation Proceeds for unreimbursed Servicing Advances related Monthly Advances, Insured Expenses and any unpaid Servicing FeesLiquidation Expenses, the Seller's right and to reimburse itself pursuant to this subclause (iii) with respect to for any unpaid servicing compensation on such Liquidated Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition ProceedsLoan;
(iv) to reimburse itself as to any Mortgage Loan which became an REO Property, from related Liquidation Proceeds for related Insured Expenses and Liquidation Expenses;
(a) to pay to itself as part servicing compensation any interest in respect of its servicing compensation: (a) Partial Prepayments and any interest earned on or investment income with respect to funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, pay to itself as to each Mortgage Loan the Servicing Fee from that portion of any payment or recovery as Fee, and to interest with respect to a particular Mortgage Loanthe related Subservicer the Subservicing Fee;
(vvi) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 Sections 2.01(c), 2.02 and 2.04 all amounts received thereon and not required to be distributed as of the date on which the related Repurchase Price is determined;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) aboveOwner;
(vii) to transfer funds reimburse itself for any Nonrecoverable Monthly Advance or to another Eligible Account in accordance with Section 4.09 hereofreimburse itself for any Liquidation Expenses not previously recovered pursuant to subclauses (iii) and (iv) above;
(viii) to remove funds inadvertently placed in the Custodial Account reimburse itself for expenses incurred by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institution; andand reimbursable to it pursuant to Section 5.01;
(ix) to reimburse itself for any other expenses incurred and reimbursable to it pursuant to Section 3.12 or otherwise; and
(x) to clear and terminate the Custodial Account of all amounts on deposit therein attributable to the Mortgage Loans upon the termination of this Agreement.
Appears in 4 contracts
Samples: Sale and Servicing Agreement (GSR 2006-Ar2), Sale and Servicing Agreement (GSR Mortgage Loan Trust 2007-Ar1), Sale and Servicing Agreement (GSR Mortgage Loan Trust 2007-Oa1)
Permitted Withdrawals from the Custodial Account. The Seller may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to make payments to the Purchaser in the amounts and in the manner provided for in Section 5.01;
(ii) to reimburse itself for Monthly Advances, the Seller's right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing Fee) of principal and/or interest respecting which any such advance was made, it being understood that, in the case of such reimbursement, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Proceeds and Insurance Proceeds in accordance with the relevant provisions of the Xxxxxx Xxx Guides or as otherwise set forth in this Agreement, it being understood that for those Mortgage Loans in foreclosure, the Purchaser shall reimburse the Seller for Servicing Advances and Servicing Fees through the completion of foreclosure and disposition of the REO Disposition ProceedsProperty; such reimbursement shall be monthly after completion of foreclosure or deed-in-lieu proceedings;
(iv) to pay to itself as part of its servicing compensation: (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage LoanLoan and (c) all income and gain earned on the investment of funds deposited in the Custodial Account.”;
(v) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 all amounts received thereon and not distributed as of the date on which the related Repurchase Price repurchase price is determined;,
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viiivii) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionSeller; and
(ix) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 4 contracts
Samples: Mortgage Loan Purchase Agreement (J.P. Morgan Alternative Loan Trust 2007-S1), Mortgage Loan Purchase Agreement (J.P. Morgan Mortgage Trust 2006-S1), Mortgage Loan Purchase Agreement (J.P. Morgan Mortgage Trust 2006-S4)
Permitted Withdrawals from the Custodial Account. The Seller Servicer may, from time to time, withdraw make withdrawals from the Custodial Account for the following purposes:
(i) to make payments to the Purchaser Owner in the amounts and in the manner provided for in Section 5.01;
(ii) to reimburse itself for Monthly Advances, the Seller's Servicer’s right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing FeeFees) of principal and/or interest respecting which any such advance Monthly Advance was made, it being understood that, in the case of such reimbursement, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances and any Monthly Advances and unpaid Servicing Fees, the Seller's Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, and Insurance Proceeds and REO Disposition ProceedsProceeds related to such Mortgage Loan;
(iv) to pay to itself as part of its servicing compensation: compensation (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Date), ) and (b) any Servicing Fee to which the Servicer is entitled in accordance with the terms hereof to the extent not otherwise retained, the such Servicing Fee from that portion of any payment has not been paid to or recovery as to interest with respect to a particular Mortgage Loanretained by the Servicer;
(v) to pay to reimburse itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determinedfor any Nonrecoverable Advances;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account Qualified Depository in accordance with Section 4.09 hereof;
(viiivii) to remove funds inadvertently placed deposited in the Custodial Account in error by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionServicer; and
(ixviii) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 4 contracts
Samples: Servicing Agreement (Encore Credit Receivables Trust 2005-3), Servicing Agreement (Encore Credit Receivables Trust 2005-2), Pooling and Servicing Agreement (Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates, Series 2005-4)
Permitted Withdrawals from the Custodial Account. The Seller Company may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to make payments to the Purchaser in the amounts and in the manner provided for in Section 5.01;
(ii) to reimburse itself for Monthly Advances, the SellerCompany's right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing FeeFees) of principal and/or interest respecting which any such advance was made, it being understood that, in the case of such reimbursement, the SellerCompany's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller Company is required to repurchase a Mortgage Loan, pursuant to Section 3.033.03 or Section 3.04, the SellerCompany's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the SellerCompany's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Proceeds and Insurance Proceeds in accordance with the relevant provisions of the FNMA Guides or as otherwise set forth in this Agreement or the related Term Sheet, it being understood that for those Mortgage Loans in foreclosure, Company shall recover for Servicing Advances and Servicing Fees through the completion of foreclosure and disposition of the REO Disposition ProceedsProperty; such recovery shall be made upon liquidation of the REO Property;
(iv) to pay to itself as part of its servicing compensation: compensation (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loan;
(v) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 or Section 3.04 all amounts received thereon and not distributed as of the date on which the related Repurchase Price repurchase price is determined;,
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viiivii) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionCompany; and
(ix) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Prime Mortgage Trust 2006-2), Purchase, Warranties and Servicing Agreement (Prime Mortgage Trust 2007-1), Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-1)
Permitted Withdrawals from the Custodial Account. (a) The Seller Servicer may, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments and distributions to the Purchaser Owner in the amounts and in the manner provided for in Section 5.014.1;
(ii) to reimburse itself for Monthly AdvancesAdvances made by the Servicer from its own funds pursuant to Section 4.3, the SellerServicer's right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing Fee) payments of principal and/or interest respecting which any such advance Monthly Advance was made, it being understood that, made and such other amounts as are collected by the Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan (or to amounts received on the Mortgage Loans as a whole in the case of event that such reimbursementMonthly Advance is made to pay a shortfall in a Monthly Payment made by a Mortgagor entitled to relief under the Servicemembers Civil Relief Act). Notwithstanding the foregoing, the Seller's right thereto shall be prior Servicer may reimburse itself for Monthly Advances from any funds in the Custodial Account if it has determined that such funds are Nonrecoverable Advances (as certified by the Servicer to the rights of Owner in an Officer's Certificate) (or if all funds, with respect to the Purchaser, except that, where the Seller is required to repurchase a related Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent have previously been remitted to the payment Owner). Notwithstanding anything to the Purchaser of contrary contained herein, if the Repurchase Price pursuant to Servicer is Greenpoint and the Mortgage Loan for which such Section and all other amounts Advances were made was required to be paid repurchased by Greenpoint pursuant to the Purchaser with respect Master Mortgage Loan Purchase Agreement, the Servicer shall not be entitled to reimburse itself for such Mortgage LoanAdvances;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the SellerServicer's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Primary Mortgage Insurance Proceeds and REO Disposition Other Insurance Proceeds; provided that the Servicer may reimburse itself from any funds in the Custodial Account for (a) Servicing Advances and Servicing Fees if all funds with respect to the related Mortgage Loan have previously been remitted to Owner and (b) Servicing Advances which it has determined are Nonrecoverable Advances (as certified by the Servicer to the Owner in an Officer's Certificate). Notwithstanding anything to the contrary contained herein, if the Servicer is Greenpoint and the Mortgage Loan for which such Advances were made was required to be repurchased by Greenpoint pursuant to the Master Mortgage Loan Purchase Agreement, the Servicer shall not be entitled to reimburse itself for such Advances;
(iv) to pay reimburse any Master Servicer for Securitization for any unreimbursed Monthly Advances or Servicing Advances made by such Master Servicer, as applicable, the right to itself reimbursement pursuant to this subclause (iv) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as part of its servicing compensation: (a) any interest earned on funds may be collected by the Servicer from the Mortgagor or any investment earnings otherwise relating to the Mortgage Loan, it being understood that, in the Custodial Account net case of any losses on such investments reimbursement, such trustee's right thereto shall be prior to the rights of the Servicer to reimbursement under (all such amounts to be withdrawn monthly not later than each Remittance Dateii) and (iii), and (b) prior to the extent not otherwise retained, rights of the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage LoanOwner under (i);
(v) to pay itself any Servicing Fee and other servicing compensation not paid to itself with respect to each Mortgage Loan that has been repurchased the Servicer pursuant to Section 3.03 all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determined5.3;
(vi) to reimburse pay to itself for unreimbursed Monthly Advances and Servicing Advances to any interest earned on funds deposited in the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) aboveCustodial Account;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viii) to remove funds inadvertently placed if there shall be amounts deposited in the Custodial Account by in error, including the Seller or for which amounts previously Servicing Fee and other servicing compensation not required to be deposited are returned unpaid by the related Mortgagor's banking institutiontherein, to withdraw such amounts; and
(ixviii) to clear and terminate the Custodial Account upon the termination of this AgreementAgreement in accordance with Article 8.
Appears in 4 contracts
Samples: Trust Agreement (Gsaa Home Equity Trust 2004-6), Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-1), Master Servicing and Trust Agreement (Gsaa Home Equity Trust 2004-8)
Permitted Withdrawals from the Custodial Account. The Seller may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to make payments distributions to the Purchaser in the amounts and in the manner provided for in Section 5.01Subsection 11.14;
(ii) to reimburse itself for Monthly unreimbursed Servicing Advances, the Seller's ’s right to reimburse itself pursuant to this subclause (ii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts received on as may be collected by the related Seller from the Mortgagor or otherwise relating to the Mortgage Loan which represent late collections (net of the related Servicing Fee) of principal and/or interest respecting which any such advance was madeLoan, it being understood that, in the case of such reimbursement, the Seller's ’s right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03Subsection 7.03 or Subsection 7.04, the Seller's ’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section Subsection 7.03 or Subsection 7.04 and all other amounts required to be paid to the Purchaser with respect to such Mortgage LoanLoans;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's right pay to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition Proceeds;
(iv) to pay to itself Subsection 11.21 as part of its servicing compensation: compensation (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Distribution Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to on a particular Mortgage Loan;
(viv) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 Subsection 7.03 or Subsection 7.04 all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determined;
(viv) to pay, or to reimburse itself the Seller for unreimbursed Monthly Advances and Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Subsection 11.03(b), but only to the extent not fully reimbursed pursuant of amounts received in respect of the Mortgage Loans to Section 4.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viii) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionsuch expense is attributable; and
(ixvi) to clear and terminate the Custodial Account upon on the termination of this Agreement. The Seller shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Custodial Account pursuant to such subclauses (ii), (iii), (iv) and (v) above.
Appears in 3 contracts
Samples: Reconstitution Agreement (HarborView 2006-13), Reconstitution Agreement (Dsla 2006-Ar2), Master Mortgage Loan Purchase and Interim Servicing Agreement (Dsla Mortgage Loan Trust 2006-Ar1)
Permitted Withdrawals from the Custodial Account. The Seller Master Servicer may, from time to timetime as provided herein, withdraw make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.10 that are attributable to the Mortgage Loans for the following purposes:
(i) to make payments to deposits into the Purchaser Certificate Account in the amounts and in the manner provided for in Section 5.014.01, such deposit to include interest collections on the Mortgage Loans at the Net Mortgage Rate [and net of amounts reimbursed therefrom];
(ii) to reimburse itself for Monthly Advancespay to itself, the Seller's right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on Company, the related Mortgage Loan which represent late collections (net of the related Servicing Fee) of principal and/or interest respecting which Seller or any such advance was madeother appropriate person, it being understood that, in as the case of such reimbursementmay be, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such each Mortgage LoanLoan that has previously been purchased, repurchased or replaced pursuant to Sections 2.02, 2.04 or 9.01 all amounts received thereon and not yet distributed as of the date of purchase, repurchase or substitution;
(iii) to reimburse itself or any Sub-Servicer for unreimbursed Servicing Advances and any unpaid Servicing Feesnot previously reimbursed, the SellerMaster Servicer's or any Sub-Servicer's right to reimburse itself reimbursement pursuant to this subclause clause (iii) being limited to amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such Advances were made and as further provided in Section 3.15;
(iv) to reimburse or pay itself, the Trustee or the Company for expenses incurred by or reimbursable to the Master Servicer, the Trustee or the Company pursuant to Sections 3.22, 6.03, 8.05, 10.01(c) or 10.01(g), except as otherwise provided in such Sections;
(v) to reimburse itself or any Sub-Servicer for costs and expenses incurred by or reimbursable to it relating to the prosecution of any claims pursuant to Section 3.13 that are in excess of the amounts so recovered;
(vi) to reimburse itself or any Sub-Servicer for unpaid Servicing Fees and unreimbursed Servicing Advances, the Master Servicer's or any Sub-Servicer's right to reimbursement pursuant to this clause (vi) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition Proceeds;
(iv) to pay to itself as part late recoveries of its servicing compensation: (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on payments for which such investments (all such amounts to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loan;
(v) to pay to itself with respect to each Mortgage Loan that has been repurchased advances were made pursuant to Section 3.03 all amounts received thereon 3.01 or Section 3.09 and not distributed as of the date on which the any other related Repurchase Price is determined;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) aboveLate Collections;
(vii) to transfer pay itself as servicing compensation (in addition to the Servicing Fee), on or after each Distribution Date, any interest or investment income earned on funds deposited in the Custodial Account for the period ending on such Distribution Date, subject to another Eligible Account in accordance with Section 4.09 hereof8.05;
(viii) to remove funds inadvertently placed in the Custodial Account by the Seller reimburse itself or any Sub-Servicer for any Advance previously made which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionitself has determined to be a Nonrecoverable Advance, provided that such Advance was made with respect to a delinquency that ultimately constituted an Excess Special Hazard Loss, Excess Fraud Loss, Excess Bankruptcy Loss or Extraordinary Loss; and
(ix) to clear and terminate the Custodial Account upon at the termination of this AgreementAgreement pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting records on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Custodial Account pursuant to such clauses (ii), (iii), (iv), (v), (vi), (vii) and (viii).
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Option One Mortgage Acceptance Corp), Pooling and Servicing Agreement (WMC Secured Assets Corp), Pooling and Servicing Agreement (Namco Securities Corp)
Permitted Withdrawals from the Custodial Account. The Seller Servicer may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to make payments distributions to the Purchaser in the amounts and in the manner provided for in Section 5.0111.14;
(ii) to reimburse itself for Monthly Advances, the Seller's Servicer’s right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing FeeFees) of principal and/or interest respecting which any such advance was mademade it being understood that, in the case of such reimbursement, the Servicer’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 7.04, the Servicer’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to Subsection 7.04, and all other amounts required to be paid to the Purchaser with respect to such Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Borrower or otherwise relating to the Loan, it being understood that, in the case of such reimbursement, the Seller's Servicer’s right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.037.04, the Seller's Servicer’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section 7.04 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition ProceedsLoans;
(iv) to pay to itself pursuant to Section 11.22 as part of its servicing compensation: compensation (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Distribution Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to on a particular Mortgage LoanLoan and (c) any Prepayment Interest Excess to the extent set forth in Section 11.22;
(v) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 7.04 all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determined;
(vi) to reimburse itself the Servicer for unreimbursed any Monthly Advances and Servicing Advances Advance previously made which the Servicer has determined to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) abovebe a Nonrecoverable Monthly Advance;
(vii) to transfer funds pay, or to another Eligible Account reimburse the Servicer for advances in accordance respect of, expenses incurred in connection with any Loan pursuant to Section 4.09 hereof11.03(b), but only to the extent of amounts received in respect of the Loans to which such expense is attributable;
(viii) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institution; and
(ix) to clear and terminate the Custodial Account upon on the termination of this Agreement; and
(ix) to reimburse the Servicer for funds deposited in the Custodial Account in error. The Servicer shall keep and maintain separate accounting, on a Loan by Loan basis, for the purpose of justifying any withdrawal from the Custodial Account pursuant to such subclauses (ii) - (vii) above. The Servicer shall provide written notification in the form of an Officers’ Certificate to the Purchaser, on or prior to the next succeeding Distribution Date, upon making any withdrawals from the Custodial Account pursuant to subclause (vi) above.
Appears in 3 contracts
Samples: Loan Purchase and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2007-1), Master Loan Purchase and Servicing Agreement (MASTR Alternative Loan Trust 2006-2), Master Loan Purchase and Servicing Agreement (MASTR Alternative Loan Trust 2006-3)
Permitted Withdrawals from the Custodial Account. (a) The Seller may, Servicer may from time to time, withdraw time make withdrawals from the Custodial Account for the following purposes:
(i) to make payments pay itself (to the Purchaser extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.10, that portion of any payment of interest that equals the Servicing Fee for the period with respect to which such interest payment was made, and, as additional servicing compensation, those other amounts and in the manner provided for set forth in Section 5.013.10;
(ii) to reimburse itself the Servicer or an Advance Financing Person for Monthly Advances, (A) any unreimbursed Advances to the Seller's right to reimburse itself pursuant to this subclause (ii) being limited to extent of amounts received on the related Mortgage Loan which represent late collections recoveries of payments of principal and/or interest (net of the related Servicing FeeFees), Liquidation Proceeds and Insurance Proceeds on the Mortgage Loans with respect to which such Advances were made in accordance with the provisions of Section 5.01; and (B) any unreimbursed Advances with respect to the final liquidation of a Mortgage Loan that are Nonrecoverable Advances, but only to the extent that late recoveries of payments of principal and/or interest respecting which any such advance was madeinterest, it being understood that, in the case of such reimbursement, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section Liquidation Proceeds and all other amounts required to be paid to the Purchaser Insurance Proceeds received with respect to such Mortgage LoanLoan are insufficient to reimburse the Servicer or an Advance Financing Person for such unreimbursed Advances or (C) subject to Section 4.02(b), any unreimbursed Advances to the extent of Amounts Held For Future Distribution funds held in the Custodial Account that were not included in the Available Distribution Amount for the preceding Distribution Date;
(iii) to reimburse itself the Servicer or an Advance Financing Person for unreimbursed Servicing Advances and any Nonrecoverable Advances;
(iv) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(v) to pay the Servicer any unpaid Servicing FeesFees and to reimburse it or any Advance Financing Person for any unreimbursed Servicing Advances, provided, however, that the SellerServicer's or such Advance Financing Person's right to reimburse itself reimbursement for Servicing Advances pursuant to this subclause (iiiv) with respect to any Mortgage Loan being shall be limited to related proceeds from amounts received on particular Mortgage Loan(s) (including, for this purpose, late recoveries of payments of principal and/or interest, Liquidation Proceeds, Condemnation Insurance Proceeds, Insurance Proceeds condemnation proceeds and REO Disposition Proceedspurchase and repurchase proceeds) that represent late recoveries of the payments for which such Servicing Advances were made;
(ivvi) to pay to itself as part of its servicing compensation: (a) any interest earned on funds the Seller or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loan;
(v) to pay to itself Depositor with respect to each Mortgage Loan or property acquired in respect thereof that has been repurchased purchased pursuant to Section 3.03 2.02, 2.03 or 3.24, all amounts received thereon and not distributed as of the date on which taken into account in determining the related Repurchase Price is determined;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) aboveStated Principal Balance of such repurchased Mortgage Loan;
(vii) to transfer funds pay any expenses recoverable by the Servicer pursuant to another Eligible Account in accordance with Section 4.09 hereof7.04;
(viii) to remove funds inadvertently placed withdraw any amount deposited in the Custodial Account by the Seller or for which amounts previously and not required to be deposited are returned unpaid by the related Mortgagor's banking institutiontherein; and
(ix) to clear and terminate the Custodial Account upon the termination of this AgreementAgreement pursuant to Section 10.01 hereof. In addition, no later than 3:00 p.m. Eastern time on the Remittance Date, the Servicer shall withdraw from the Custodial Account and remit to the Trustee (a) all amounts deposited in the Custodial Account as of the close of business on the last day of the related Due Period (net of charges against or withdrawals from the Custodial Account pursuant to this Section 4.02), plus (b) all Advances, if any, which the Servicer is obligated to make pursuant to Section 5.01, minus (c) any amounts attributable to Principal Prepayments, Liquidation Proceeds, Insurance Proceeds or condemnation proceeds received after the applicable Prepayment Period, which amounts shall be remitted on the following Remittance Date, together with any Compensating Interest required to be deposited in the Custodial Account in connection with such Principal Prepayment in accordance with Section 5.02, and minus (d) any amounts attributable to Scheduled Payments collected but due on a Due Date or Due Dates subsequent to the first day of the month in which such Remittance Date occurs, which amounts shall be remitted on the Remittance Date next succeeding the Due Date related to such Scheduled Payment. 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 Custodial Account pursuant to subclauses (i), (ii), (iv), (v) and (vi) above. Prior to making any withdrawal from a Custodial Account pursuant to subclause (iii), the Servicer shall deliver to the Trustee an Officer's Certificate of a Authorized Servicer Representative indicating the amount of any previous Advance or Servicing Advance determined by the Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loan(s), and their respective portions of such Nonrecoverable Advance.
(b) Notwithstanding the foregoing, any Amounts Held For Future Distribution withdrawn by the Servicer as permitted in Section 4.02(a)(ii) in reimbursement of Advances previously made by the Servicer shall be appropriately reflected in the Servicer's records and replaced by the Servicer by deposit in the Custodial Account, no later than the close of business on any future Remittance Date on which the funds on deposit in the Custodial Account shall be less than the amount required to be remitted to the Trust on such Remittance Date; provided, however that if the rating of the Servicer (including any Successor Servicer) is less than "BBB", the Servicer shall be required to replace such funds by deposit to the Distribution Account, no later than the close of business on the Remittance Date immediately following the Due Period or Prepayment Period for which such amounts relate.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (NAAC Alternative Loan Trust, Series 2005 - AR1), Pooling and Servicing Agreement (NAAC Alternative Loan Trust, Series 2004-Ar4), Pooling and Servicing Agreement (NAAC Alternative Loan Trust, Series 2004-Ar3)
Permitted Withdrawals from the Custodial Account. The Seller may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to make payments to the Purchaser in the amounts and in the manner provided for in Section 5.01;
(ii) to reimburse itself for Monthly Advances, the Seller's right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing Fee) of principal and/or interest respecting which any such advance was made, it being understood that, in the case of such reimbursement, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Proceeds and Insurance Proceeds and REO Disposition Proceedsin accordance with the relevant provisions of the FNMA Guides or as otherwise set forth in this Agreement;
(iv) to pay to itself as part of its servicing compensation: (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loan;
(v) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determined;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viii) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institution; and
(ix) to clear and terminate the Custodial Account upon the termination of this Agreement.Section
Appears in 3 contracts
Samples: Mortgage Loan Purchase Agreement (Banc of America Funding 2006-6 Trust), Mortgage Loan Purchase Agreement (Banc of America Funding 2006-5 Trust), Mortgage Loan Purchase, Warranties and Servicing Agreement (Banc of America Funding 2006-5 Trust)
Permitted Withdrawals from the Custodial Account. The Seller Servicer may, from time to time, withdraw make withdrawals from the Custodial Account for the following purposes:
(i) to make payments to the Purchaser Owner in the amounts and in the manner provided for in Section 5.01;
(ii) to reimburse itself for Monthly Advances, the Seller's Servicer’s right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing FeeFees) of principal and/or interest respecting which any such advance Monthly Advance was made, it being understood that, in the case of such reimbursement, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing FeesMonthly Advances, the Seller's Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, and Insurance Proceeds and REO Disposition ProceedsProceeds related to such Mortgage Loan;
(iv) to pay to itself as part of its servicing compensation: compensation (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Date), ) and (b) any Servicing Fee to which the Servicer is entitled in accordance with the terms hereof to the extent not otherwise retained, the such Servicing Fee from that portion of any payment has not been paid to or recovery as to interest with respect to a particular Mortgage Loanretained by the Servicer;
(v) to pay to reimburse itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determinedfor any Nonrecoverable Advances;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account Qualified Depository in accordance with Section 4.09 hereof;
(viiivii) to remove funds inadvertently placed deposited in the Custodial Account in error by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionServicer; and
(ixviii) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 3 contracts
Samples: Reconstitution Agreement (HarborView 2007-2), Reconstitution Agreement (HarborView 2007-7), Servicing Agreement (Harborview 2006-Bu1)
Permitted Withdrawals from the Custodial Account. The Seller may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to make payments distributions to the Purchaser in the amounts and in the manner provided for in Section 5.0111.14;
(ii) to reimburse itself for Monthly Advances, the Seller's ’s right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing FeeFees) of principal and/or interest respecting which any such advance was mademade it being understood that, in the case of such reimbursement, 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 Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances, the Seller’s right to reimburse itself pursuant to this subclause (iii) with respect to any Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Seller from the Borrower or otherwise relating to the Loan, it being understood that, in the case of such reimbursement, the Seller's ’s right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.037.03, the Seller's ’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section 7.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition ProceedsLoans;
(iv) to pay to itself pursuant to Section 11.22 as part of its servicing compensation: compensation (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Distribution Date), ) and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to on a particular Mortgage Loan;
(v) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 7.03 all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determined;
(vi) to reimburse itself the Seller for unreimbursed any Monthly Advances and Servicing Advances Advance previously made which the Seller has determined to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) abovebe a Nonrecoverable Monthly Advance;
(vii) to transfer funds pay, or to another Eligible Account reimburse the Seller for advances in accordance respect of, expenses incurred in connection with any Loan pursuant to Section 4.09 hereof11.03(b), but only to the extent of amounts received in respect of the Loans to which such expense is attributable;
(viii) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institution; and
(ix) to clear and terminate the Custodial Account upon on the termination of this Agreement; and
(ix) to reimburse the Seller for funds deposited in the Custodial Account in error. The Seller shall keep and maintain separate accounting, on a Loan by Loan basis, for the purpose of justifying any withdrawal from the Custodial Account pursuant to such subclauses (ii) - (vii) above. The Seller shall provide written notification in the form of an Officers’ Certificate to the Purchaser, on or prior to the next succeeding Distribution Date, upon making any withdrawals from the Custodial Account pursuant to subclause (vi) above.
Appears in 3 contracts
Samples: Loan Purchase and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2006-Oa2), Loan Purchase and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2007-3), Master Loan Purchase and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2007-1)
Permitted Withdrawals from the Custodial Account. The Seller may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to make payments distributions to the Purchaser in the amounts and in the manner provided for in Section 5.018.15;
(ii) to reimburse itself for Monthly unreimbursed Servicing Fees, Servicing Advances and all P&I Advances, the Seller's right to reimburse itself pursuant to this subclause (ii) with respect to Servicing Advances on any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts received on as may be collected by the related Seller from the Mortgagor or otherwise relating to the Mortgage Loan which represent late collections (net of the related Servicing Fee) of principal and/or interest respecting which any such advance was madeLoan, it being understood that, in the case of such reimbursement, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.037.03 or 7.04, the SellerSeller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price repurchase price pursuant to such Section 7.03 or 7.04, as the case may be, and all other amounts required to be paid to the Purchaser with respect to such Mortgage LoanLoans.;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition Proceeds;
(iv) to pay to itself as part of its servicing compensation: compensation (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Distribution Date), ) and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to on a particular Mortgage Loan;
(viv) to pay to itself with respect to each Mortgage Mortgage Loan that has been repurchased pursuant to Section 3.03 7.03 or 7.04 all amounts received thereon and not distributed as of the date on which the related Repurchase Price repurchase price is determined;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viii) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institution; : and
(ixv) to clear and terminate the Custodial Account upon the termination of this Agreementwithdraw amounts deposited in error.
Appears in 3 contracts
Samples: Mortgage Loan Purchase and Servicing Agreement (Citicorp Mortgage Securities Inc), Mortgage Loan Purchase and Servicing Agreement (Citicorp Mortgage Securities Trust, Series 2007-6), Mortgage Loan Purchase and Servicing Agreement (CMALT (CitiMortgage Alternative Loan Trust), Series 2007-A7)
Permitted Withdrawals from the Custodial Account. (a) The Seller may, Servicer may from time to time, withdraw time make withdrawals from the Custodial Account for the following purposes:
(i) to make payments pay itself (to the Purchaser extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.10, that portion of any payment of interest that equals the Servicing Fee for the period with respect to which such interest payment was made, and, as additional servicing compensation, those other amounts and in the manner provided for set forth in Section 5.013.10;
(ii) to reimburse itself the Servicer or an Advance Financing Person for Monthly Advances, (A) any unreimbursed Advances to the Seller's right to reimburse itself pursuant to this subclause (ii) being limited to extent of amounts received on the related Mortgage Loan which represent late collections recoveries of payments of principal and/or interest (net of the related Servicing FeeFees), Liquidation Proceeds and Insurance Proceeds on the Mortgage Loans with respect to which such Advances were made in accordance with the provisions of Section 5.01; and (B) any unreimbursed Advances with respect to the final liquidation of a Mortgage Loan that are Nonrecoverable Advances, but only to the extent that late recoveries of payments of principal and/or interest respecting which any such advance was madeinterest, it being understood that, in the case of such reimbursement, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section Liquidation Proceeds and all other amounts required to be paid to the Purchaser Insurance Proceeds received with respect to such Mortgage LoanLoan are insufficient to reimburse the Servicer or an Advance Financing Person for such unreimbursed Advances or (C) subject to Section 3.27(b), any unreimbursed Advances to the extent of Amounts Held For Future Distribution funds held in the Custodial Account relating to the Mortgage Loans that were not included in the Available Distribution Amount for the preceding Distribution Date;
(iii) to reimburse itself or an Advance Financing Person for unreimbursed Servicing Advances and any Nonrecoverable Advances;
(iv) to reimburse itself from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(v) to pay itself any unpaid Servicing Fees, the Seller's right Fees and to reimburse itself or any Advance Financing Person for any unreimbursed Servicing Advances, provided, however, that the Servicer’s or such Advance Financing Person’s right to reimbursement for Servicing Advances pursuant to this subclause (iiiv) with respect to any Mortgage Loan being shall be limited to related proceeds from amounts received on particular Mortgage Loan(s) (including, for this purpose, late recoveries of payments of principal and/or interest, Liquidation Proceeds, Condemnation Insurance Proceeds, Insurance Proceeds condemnation proceeds and REO Disposition Proceedspurchase and repurchase proceeds) that represent late recoveries of the payments for which such Servicing Advances were made;
(ivvi) to pay to itself as part of its servicing compensation: (a) any interest earned on funds the Seller or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loan;
(v) to pay to itself Depositor with respect to each Mortgage Loan or property acquired in respect thereof that has been repurchased purchased pursuant to Section 3.03 2.02, 2.03 or 3.24, all amounts received thereon and not distributed as of the date on which taken into account in determining the related Repurchase Price is determined;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) aboveStated Principal Balance of such repurchased Mortgage Loan;
(vii) to transfer funds pay any expenses recoverable by pursuant to another Eligible Account in accordance with Section 4.09 hereof7.04;
(viii) to remove funds inadvertently placed withdraw any amount deposited in the Custodial Account by relating to the Seller or for which amounts previously Mortgage Loans and not required to be deposited are returned unpaid by the related Mortgagor's banking institutiontherein; and
(ix) to clear and terminate the Custodial Account relating to the Mortgage Loans upon the termination of this AgreementAgreement pursuant to Section 10.01 hereof. In addition, no later than noon Eastern time on the Remittance Date, the Servicer shall withdraw from the Custodial Account and remit to the Securities Administrator (a) all amounts deposited in the Custodial Account as of the close of business on the last day of the related Due Period (net of charges against or withdrawals from the Custodial Account pursuant to this Section 3.27(a)), plus (b) all Advances, if any, which the Servicer is obligated to make pursuant to Section 5.01, minus (c) any amounts attributable to Principal Prepayments, Liquidation Proceeds, Insurance Proceeds or condemnation proceeds received after the applicable Prepayment Period, which amounts shall be remitted on the following Remittance Date, together with any Compensating Interest required to be deposited in the Custodial Account in connection with such Principal Prepayment in accordance with Section 5.02, and minus (d) any amounts attributable to Scheduled Payments collected but due on a Due Date or Due Dates subsequent to the first day of the month in which such Remittance Date occurs, which amounts shall be remitted on the Remittance Date next succeeding the Due Date related to such Scheduled Payment. With respect to any remittance received by the Securities Administrator after the Business Day on which such payment was due, the Securities Administrator shall send written notice thereof to the Servicer. The Servicer shall pay to the Securities Administrator interest on any such late payment by the Servicer at an annual rate equal to Prime Rate (as defined in The Wall Street Journal) plus one percentage point, but in no event greater than the maximum amount permitted by applicable law. Such interest shall be paid by the Servicer to the Securities Administrator on the date such late payment is made and shall cover the period commencing with the day following the Business Day on which such payment was due and ending with the Business Day on which such payment is made, both inclusive. The payment by the Servicer of any such interest, or the failure of the Securities Administrator to notify the Servicer of such interest, shall not be deemed an extension of time for payment or a waiver of any Servicer Default by the Servicer. 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 Custodial Account pursuant to subclauses (i), (ii), (iv), (v) and (vi) above. Prior to making any withdrawal from the Custodial Account relating to the Mortgage Loans pursuant to subclause (iii), the Servicer shall deliver to the Master Servicer an Officer’s Certificate of a Authorized Servicer Representative indicating the amount of any previous Advance or Servicing Advance determined by the Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loan(s), and their respective portions of such Nonrecoverable Advance.
(b) Notwithstanding the foregoing, any Amounts Held For Future Distribution withdrawn by the Servicer as permitted in Section 3.27(a)(ii) in reimbursement of Advances previously made by the Servicer shall be appropriately reflected in the Servicer’s records and replaced by the Servicer by deposit in the Custodial Account, no later than the close of business on any future Remittance Date on which the funds on deposit in the related Custodial Account shall be less than the amount required to be remitted to the Trust on such Remittance Date; provided, however that if the rating of the Servicer (including any Successor Servicer) is less than “BBB”, the Servicer shall be required to replace such funds by deposit to the Distribution Account, no later than the close of business on the Remittance Date immediately following the Due Period or Prepayment Period for which such amounts relate. The amount at any time credited to the Custodial Account may be invested by the Servicer in Permitted Investments.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-Ar3), Pooling and Servicing Agreement (Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-Ar4), Pooling and Servicing Agreement (Nomura Asset Acceptance Corp. Series 2005-Ar5)
Permitted Withdrawals from the Custodial Account. The Seller mayMaster Servicer shall, from time to timetime as provided herein, withdraw make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.02 that are attributable to the Home Equity Loans for the following purposes:
(ia) to make payments deposit in the Payment Account, on the Business Day prior to each Payment Date, an amount equal to the Purchaser Interest Collections and Principal Collections required to be distributed on such Payment Date and any payments or collections in the amounts and in nature of prepayment charges received during the manner provided for in Section 5.01related Collection Period;
(iib) prior to either an Amortization Event or the Collection Period during which the Revolving Period ends, to pay to the Seller, the amount of any Additional Balances as and when created during the related Collection Period, provided, that the aggregate amount so paid to the Seller in respect of Additional Balances at any time during any Collection Period shall not exceed the amount of Principal Collections theretofore received for such Collection Period;
(c) to the extent deposited to the Custodial Account, to reimburse itself or the related Subservicer for Monthly Advances, the Seller's right to reimburse itself previously unreimbursed expenses incurred in maintaining individual insurance policies pursuant to Section 3.04, or Liquidation Expenses paid pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this subclause Servicing Agreement (ii) to the extent not payable pursuant to Section 3.09), such withdrawal right being limited to amounts received on the related Mortgage Loan particular Home Equity Loans (other than any Repurchase Price in respect thereof) which represent late collections (net recoveries of the related Servicing Fee) of principal and/or interest respecting payments for which any such advance was advances were made, it being understood that, in or from related Liquidation Proceeds or the case proceeds of the purchase of such reimbursement, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Home Equity Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition Proceeds;
(ivd) to pay to itself out of each payment received on account of interest on a Home Equity Loan as part of its servicing compensation: contemplated by Section 3.09, an amount equal to the related Master Servicing Fee (ato the extent not retained pursuant to Section 3.02), and to pay to any Subservicer any Subservicing Fees not previously withheld by the Subservicer;
(e) any interest earned on funds or any investment earnings to the extent deposited in the Custodial Account net of to pay to itself as additional servicing compensation any losses interest or investment income earned on such investments funds deposited in the Custodial Account and Payment Account that it is entitled to withdraw pursuant to Sections 3.02(b) and 5.01;
(all such amounts to be withdrawn monthly not later than each Remittance Date), and (bf) to the extent not otherwise retaineddeposited in the Custodial Account, to pay to itself as additional servicing compensation any Foreclosure Profits (to the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loanextent permitted by law);
(vg) to pay to itself itself, a Subservicer or the Seller, or any other appropriate person, as the case may be, with respect to each Mortgage any Home Equity Loan or property acquired in respect thereof that has been repurchased pursuant purchased or otherwise transferred to Section 3.03 the Seller, the Master Servicer, the Limited Repurchase Right Holder or other entity, all amounts received thereon and not required to be distributed to Securityholders as of the date on which the related Purchase Price or Repurchase Price is determined;
(vih) to withdraw any other amount deposited in the Custodial Account that was not required to be deposited therein pursuant to Section 3.02;
(i) after the occurrence of an Amortization Event, to pay to the Seller, the Excluded Amount for each Home Equity Loan; and
(j) to reimburse itself for unreimbursed Monthly Advances amounts expended by it (a) pursuant to Section 3.06 in good faith in connection with the restoration of property damaged by an Uninsured Cause, and Servicing Advances (b) in connection with the liquidation of a Home Equity Loan or disposition of an REO Property to the extent not fully otherwise reimbursed pursuant to Section 4.05(ii) or clause (iiic) above;
. Since, in connection with withdrawals pursuant to clauses (viic), (d), (f) and (g), the Master Servicer's entitlement thereto is limited to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viii) to remove funds inadvertently placed in collections or other recoveries on the related Home Equity Loan, the Master Servicer shall keep and maintain separate accounting, on a Home Equity Loan by Home Equity Loan basis, for the purpose of justifying any withdrawal from the Custodial Account pursuant to such clauses. Notwithstanding any other provision of this Servicing Agreement, the Master Servicer shall be entitled to reimburse itself for any previously unreimbursed expenses incurred pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this Servicing Agreement that the Master Servicer determines to be otherwise nonrecoverable (except with respect to any Home Equity Loan as to which the Repurchase Price has been paid), by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institution; and
(ix) to clear and terminate withdrawal from the Custodial Account upon of amounts on deposit therein attributable to the termination Home Equity Loans on any Business Day prior to the Payment Date succeeding the date of this Agreementsuch determination.
Appears in 3 contracts
Samples: Servicing Agreement (Home Equity Loan Trust 2006-Hsa4), Servicing Agreement (Home Equity Loan Trust 2006-Hsa3), Servicing Agreement (Home Equity Loan Trust 2006-Hsa5)
Permitted Withdrawals from the Custodial Account. The Seller Servicer may, from time to time, withdraw make withdrawals from the Custodial Account for the following purposes:
(i) to make payments to the Purchaser Owner in the amounts and in the manner provided for in Section 5.01;
(ii) to reimburse itself for Monthly Advances, the SellerServicer's right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing FeeFees) of principal and/or interest respecting which any such advance Monthly Advance was made, it being understood that, in the case of such reimbursement, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances and any Monthly Advances and unpaid Servicing Fees, the SellerServicer's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, and Insurance Proceeds and REO Disposition ProceedsProceeds related to such Mortgage Loan;
(iv) to pay to itself as part of its servicing compensation: compensation (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Date), ) and (b) any Servicing Fee to which the Servicer is entitled in accordance with the terms hereof to the extent not otherwise retained, the such Servicing Fee from that portion of any payment has not been paid to or recovery as to interest with respect to a particular Mortgage Loanretained by the Servicer;
(v) to pay to reimburse itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determinedfor any Nonrecoverable Advances;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account Qualified Depository in accordance with Section 4.09 hereof;
(viiivii) to remove funds inadvertently placed deposited in the Custodial Account in error by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionServicer; and
(ixviii) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Opteum Mortgage Acceptance Corp Asset Backed Pass-Through Certificates, 2005-2), Pooling and Servicing Agreement (Opteum Mortgage Acceptance Corp Asset Backed Pass-Through Certificates, 2005-1), Servicing Agreement (Encore Credit Receivables Trust 2005-1)
Permitted Withdrawals from the Custodial Account. The Seller Company may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to make payments to the Purchaser in the amounts and in the manner provided for in Section 5.01;
(ii) to reimburse itself for Monthly Advances, the Seller's Company’s right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing FeeFees) of principal and/or interest respecting which any such advance was made, made it being understood that, in the case of such reimbursement, the Seller's Company’s right thereto shall be prior to the rights of the Purchaser, except that, where the Seller Company is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's Company’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage LoanLoans;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing FeesFee, the Seller's Company’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Cash Liquidation, Liquidation Proceeds, Condemnation Proceeds, Primary Insurance Proceeds and REO Disposition Other Insurance Proceeds;
(iv) to pay to itself as part of its servicing compensation: compensation (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loan;
(v) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 all amounts received thereon and not distributed as of the date on which the related Repurchase Price repurchase price is determined;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viii) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institution; and
(ixvi) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 3 contracts
Samples: Mortgage Loan Purchase and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2007-3), Mortgage Loan Purchase and Servicing Agreement (MASTR Alternative Loan Trust 2007-1), Mortgage Loan Purchase and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2006-Oa2)
Permitted Withdrawals from the Custodial Account. The Seller may, from time to time, withdraw from the related Custodial Account for the following purposes:
(i) to make payments distributions to the Purchaser in the amounts and in the manner provided for in Section 5.01Subsection 11.14;
(ii) to reimburse itself for Monthly unreimbursed Servicing Advances, the Seller's ’s right to reimburse itself pursuant to this subclause (ii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts received on as may be collected by the related Seller from the Mortgagor or otherwise relating to the Mortgage Loan which represent late collections (net of the related Servicing Fee) of principal and/or interest respecting which any such advance was madeLoan, it being understood that, in the case of such reimbursement, the Seller's ’s right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03Subsection 7.03, the Seller's ’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section Subsection 7.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage LoanLoans;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's right pay to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition Proceeds;
(iv) to pay to itself Subsection 11.21 as part of its servicing compensation: compensation (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Distribution Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage LoanFee;
(viv) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 Subsection 7.03 all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determined;
(v) to pay, or to reimburse the Seller for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Subsection 11.03(b), but only to the extent of amounts received in respect of the Mortgage Loans to which such expense is attributable;
(vi) to reimburse itself for unreimbursed Monthly Advances and Advances, the Seller’s right to reimburse itself pursuant to this subclause (vi) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing Advances Fees) respecting which any such advance was made it being understood that, in the case of such reimbursement, the Seller’s right thereto shall be prior to the extent not fully reimbursed rights of Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 4.05(ii) or (iii) aboveSubsection 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 Mortgage Loans;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viii) to remove funds inadvertently placed in the Custodial Account by reimburse the Seller or for any Monthly Advance previously made which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionSeller has determined to be a Nonrecoverable Monthly Advance; and
(ixviii) to clear and terminate the Custodial Account upon on the termination of this Agreement. The Seller shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Custodial Account pursuant to such subclauses (ii) - (vii) above. The Seller shall provide written notification in the form of an Officers’ Certificate to the Purchaser, on or prior to the next succeeding Distribution Date, upon making any withdrawals from the Custodial Account pursuant to subclause (vii) above.
Appears in 3 contracts
Samples: Master Mortgage Loan Purchase and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Oa2), Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Sd3), Master Mortgage Loan Purchase and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2006-Ar5)
Permitted Withdrawals from the Custodial Account. The Seller Servicer may, from time to time, withdraw make withdrawals from the Custodial Account for the following purposes:
(i) to make payments to the Purchaser Owner in the amounts and in the manner provided for in Section 5.01;
(ii) to reimburse itself for Monthly Advances, the SellerServicer's right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing FeeFees) of principal and/or interest respecting which any such advance was made, it being understood that, in the case of such reimbursement, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing FeesMonthly Advances, the SellerServicer's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Proceeds and Insurance Proceeds and REO Disposition Proceedsreceived after the Cut-off Date related to such Mortgage Loan; provided, however, the Servicer must provide documentation to the Master Servicer supporting Servicing Advances related to Liquidation Proceeds prior to withdrawing such amounts from the Custodial Account;
(iv) to pay to itself as part of its servicing compensation: compensation (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Date), ) and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as attributable to interest with respect to on a particular Mortgage Loan;
(v) to pay to reimburse itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determinedfor any Nonrecoverable Advances;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances transfer funds to the extent not fully reimbursed pursuant to another Qualified Depository in accordance with Section 4.05(ii) or (iii) above4.09 hereof;
(vii) to transfer funds to another Eligible Account reimburse itself as provided in accordance with Section 4.09 8.03 hereof;
(viii) to remove funds inadvertently placed in the Custodial Account in error by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionServicer; and
(ix) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns ARM Trust 2007-4), Servicing Agreement (Prime Mortgage Trust 2007-1), Pooling and Servicing Agreement (Prime Mortgage Trust 2007-2)
Permitted Withdrawals from the Custodial Account. The Seller Company may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to make payments to the Purchaser in the amounts and in the manner provided for in Section 5.01;
(ii) to reimburse itself for Monthly Advances, the SellerCompany's right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing FeeFees) of principal and/or interest respecting which any such advance was made, it being understood that, in the case of such reimbursement, the SellerCompany's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller Company is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the SellerCompany's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing FeesFees(or REO administration fees described in Section 4.13), the SellerCompany's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Proceeds and Insurance Proceeds and in accordance with the relevant provisions of the Xxxxxx Xxx Guides or as otherwise set forth in this Agreement; any recovery shall be made upon liquidation of the REO Disposition ProceedsProperty;
(iv) to pay to itself as part of its servicing compensation: compensation (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loan;
(v) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 all amounts received thereon and not distributed as of the date on which the related Repurchase Price repurchase price is determined;,
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viiivii) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institution; and
(ix) to clear and terminate the Custodial Account upon the termination of this Agreement.Company;
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-Ac2), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-Ac5), Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-2, Mortgage Pass-Through Certificates, Series 2006-2)
Permitted Withdrawals from the Custodial Account. The Seller Company may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to make payments to the Purchaser in the amounts and in the manner provided for in Section 5.01;
(ii) to reimburse itself for Monthly Advances, the SellerCompany's right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing FeeFees) of principal and/or interest respecting which any such advance was made, it being understood that, in the case of such reimbursement, the SellerCompany's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller Company is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the SellerCompany's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing FeesFees(or REO administration fees described in Section 4.13), the SellerCompany's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Proceeds and Insurance Proceeds and in accordance with the relevant provisions of the Fxxxxx Mxx Guides or as otherwise set forth in this Agreement; any recovery shall be made upon liquidation of the REO Disposition ProceedsProperty;
(iv) to pay to itself as part of its servicing compensation: compensation (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loan;
(v) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 all amounts received thereon and not distributed as of the date on which the related Repurchase Price repurchase price is determined;,
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viiivii) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionCompany; and
(ix) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Prime Mortgage Trust 2007-2), Pooling and Servicing Agreement (Prime Mortgage Trust 2006-Cl1), Pooling and Servicing Agreement (Prime Mortgage Trust 2007-3)
Permitted Withdrawals from the Custodial Account. The Seller may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to make payments to the Purchaser in the amounts and in the manner provided for in Section 5.0111.17;
(ii) to reimburse itself for Monthly Advances, the Seller's right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan (or to amounts received on the Mortgage Loans as a whole in the event that said Monthly Advance is made due to a shortfall in a Monthly Payment made by a Mortgagor entitled to relief under the Soldiers' and Sailors' Civil Relief Act of 1940) which represent late collections Late Collections (net of the related Servicing FeeFees) of principal and/or interest respecting which any such advance was made, made it being understood that, in the case of such reimbursement, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.037.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section section and all other amounts required to be paid to the Purchaser with respect to such Mortgage LoanLoans; provided that the Seller may reimburse itself from any funds in the Custodial Account for Monthly Advances which it has determined are nonrecoverable advances or if all funds with respect to the related Mortgage Loan have previously been remitted to the Purchaser;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds (or to amounts received on the Mortgage Loans only in the event that said Monthly Advance is made due to a shortfall in a Monthly Payment made by a Mortgagor entitled to relief under the Soldiers' and Sailors' Civil Relief Act of 1940) from Cash Liquidation, Liquidation Proceeds, Condemnation Proceeds, Primary Mortgage Insurance Proceeds and REO Disposition Other Insurance Proceeds; provided that the Seller may reimburse itself from any funds in the Custodial Account for Servicing Advances and Servicing Fees if all funds with respect to the related Mortgage Loan have previously been remitted to the Purchaser;
(iv) to pay to itself as part of its servicing compensation: compensation (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, the Servicing Fee Fees from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loan;
(v) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 7.03 all amounts received thereon and not distributed as of the date on which the related Repurchase Price repurchase price is determined;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viii) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institution; and
(ix) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vii) to reimburse the Seller for any Monthly Advance previously made which the Seller has determined to be a nonrecoverable Monthly Advance; and
(viii) to reimburse itself for any amounts deposited in the Custodial Account in error.
Appears in 3 contracts
Samples: Master Mortgage Loan Purchase and Servicing Agreement (HarborView 2006-11), Master Mortgage Loan Purchase and Servicing Agreement (HarborView 2006-12), Servicing Agreement (Zuni 2006-Oa1)
Permitted Withdrawals from the Custodial Account. The Seller Servicer may, from time to time, withdraw funds from the Custodial Account for the following purposes:
(ia) to make payments to the Purchaser Seller in the amounts and in the manner provided for in Section 5.01Sections 6.1 and 6.3;
(iib) to reimburse itself for Monthly Advances, the SellerAdvances (Servicer's right to reimburse itself pursuant to this subclause (ii) being reimbursement for Monthly Advances shall be limited to amounts received on the related Mortgage Loan which represent late collections (Late Collections, net of the related Servicing Fee and LPMI Fee) of principal and/or interest respecting which any such advance was made, it being understood that, in the case of such reimbursement, the Sellerif applicable. Servicer's right thereto to reimbursement hereunder shall be prior to the rights of the PurchaserSeller. Notwithstanding the foregoing, except thatServicer may reimburse itself for Monthly Advances from any funds in the Custodial Account if it has determined that such funds are Nonrecoverable Advances or if all funds, where with respect to the Seller is required to repurchase a related Mortgage Loan, pursuant have previously been remitted to Section 3.03, the Seller's right ; provided, however, that the Servicer shall notify the Seller at least five (5) Business Days prior to such reimbursement shall that such reimbursement will be subsequent to taken from any funds in the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage LoanCustodial Account;
(iiic) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the SellerFees (Servicer's right to reimburse itself pursuant to this subclause (iii) reimbursement for Servicing Advances and/or Servicing Fees hereunder with respect to any Mortgage Loan being shall be limited to related proceeds from Cash Liquidation, Liquidation Proceeds, Condemnation Proceeds, PMI Proceeds, and Other Insurance Proceeds Proceeds; provided, however, that Servicer may reimburse itself for Servicing Advances and REO Disposition ProceedsServicing Fees from any funds in the Custodial Account if all funds, with respect to the related Mortgage Loan, have previously been remitted to the Seller;
(ivd) to pay to itself as part of its servicing compensation: compensation (ai) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Date), and (bii) to the extent not otherwise retained, the Servicing Fee and the LPMI Fee, if applicable, from that portion of any payment or recovery as to of interest with respect to on a particular Mortgage Loan, and (iii) the Prepayment Interest Excess, if any;
(ve) to pay to itself itself, with respect to each Mortgage Loan the Servicing Rights that has been repurchased pursuant to Section 3.03 all amounts received thereon and not distributed 3.3 or otherwise, the Premium with respect to such repurchased Mortgage Loan subject to the applicable timeframe as of the date on which the related Repurchase Price is determinedset forth in this Agreement;
(vif) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viii) to remove funds inadvertently placed any amounts deposited in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionin error; and
(ixg) to clear and terminate the Custodial Account upon the termination of this Agreement. Notwithstanding anything herein to the contrary, no Monthly Advance or Servicing Advance shall be required to be made hereunder if such Monthly Advance or Servicing Advance would, if made, constitute a Nonrecoverable Advance. The determination by the Servicer that it has made a Nonrecoverable Advance or that any proposed Monthly Advance or Servicing Advance would constitute a Nonrecoverable Advance shall be evidenced by an Officers’ Certificate of the Servicer, delivered to the Seller which details the reasons for such determination.
Appears in 3 contracts
Samples: Mortgage Loan Servicing Rights Purchase and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Ar3), Mortgage Loan Servicing Rights Purchase and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Ar2), Mortgage Loan Servicing Rights Purchase and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Ar1)
Permitted Withdrawals from the Custodial Account. The Seller Company may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to make payments to the Purchaser in the amounts and in the manner provided for in Section 5.01;
(ii) to reimburse itself for Monthly Advances, the SellerCompany's right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing FeeFees) of principal and/or interest respecting which any such advance was made, it being understood that, in the case of such reimbursement, the SellerCompany's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller Company is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the SellerCompany's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing FeesFees(or REO administration fees described in Section 4.13), the SellerCompany's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Proceeds and Insurance Proceeds and in accordance with the relevant provisions of the Xxxxxx Xxx Guides or as otherwise set forth in this Agreement; any recovery shall be made upon liquidation of the REO Disposition ProceedsProperty;
(iv) to pay to itself as part of its servicing compensation: compensation (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loan;
(v) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 all amounts received thereon and not distributed as of the date on which the related Repurchase Price repurchase price is determined;,
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viiivii) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionCompany; and
(ix) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2007-3), Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-7), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-Ac4)
Permitted Withdrawals from the Custodial Account. The Seller Servicer may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to make payments distributions to the Purchaser in the amounts and in the manner provided for in Section 5.01Subsection 11.14;
(ii) to reimburse itself for Monthly Advances, the SellerServicer's right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing FeeFees) of principal and/or interest respecting which any such advance was made, made it being understood that, in the case of such reimbursement, the SellerServicer's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller Servicer is required to repurchase a Mortgage Loan, pursuant to Section 3.03Subsection 7.03 or 7.04, the SellerServicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section Subsection 7.03 or 7.04, and all other amounts required to be paid to the Purchaser with respect to such Mortgage LoanLoans;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing FeesAdvances, the SellerServicer's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition Proceedssuch 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 the Servicer is required to repurchase a Mortgage Loan, pursuant to Subsection 7.03 or 7.04, the Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to Subsection 7.03 or 7.04 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loans;
(iv) to pay to itself pursuant to Subsection 11.22 as part of its servicing compensation: compensation (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Distribution Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to on a particular Mortgage Loan;
(v) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 Subsection 7.03 or Subsection 7.04 all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determined;
(vi) to reimburse itself the Servicer for unreimbursed any Monthly Advances and Servicing Advances Advance previously made which the Servicer has determined to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) abovebe a Nonrecoverable Monthly Advance;
(vii) to transfer funds pay, or to another Eligible Account reimburse the Servicer for advances in accordance respect of, expenses incurred in connection with Section 4.09 hereofany Mortgage Loan pursuant to Subsection 11.03(b), but only to the extent of amounts received in respect of the Mortgage Loans to which such expense is attributable;
(viii) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institution; and
(ix) to clear and terminate the Custodial Account upon on the termination of this Agreement. 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 Custodial Account pursuant to such subclauses (ii) - (vii) above. The Servicer shall provide written notification in the form of an Officers' Certificate to the Purchaser, on or prior to the next succeeding Distribution Date, upon making any withdrawals from the Custodial Account pursuant to subclause (vi) above.
Appears in 3 contracts
Samples: Reconstituted Servicing Agreement (Harborview 2006-7), Reconstituted Servicing Agreement (HarborView 2007-5), Reconstituted Servicing Agreement (HarborView 2007-2)
Permitted Withdrawals from the Custodial Account. The Seller Master Servicer may, from time to timetime as provided herein, withdraw make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.10 that are attributable to the Mortgage Loans for the following purposes:
(i) to make payments to deposits into the Purchaser Certificate Account in the amounts and in the manner provided for in Section 5.014.01, such deposit to include interest collections on the Mortgage Loans at the Net Mortgage Rate [and net of amounts reimbursed therefrom];
(ii) to reimburse itself for Monthly Advancespay to itself, the Seller's right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on Depositor, the related Mortgage Loan which represent late collections (net of the related Servicing Fee) of principal and/or interest respecting which Seller or any such advance was madeother appropriate person, it being understood that, in as the case of such reimbursementmay be, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such each Mortgage LoanLoan that has previously been purchased, repurchased or replaced pursuant to Sections 2.02, 2.04 or 9.01 all amounts received thereon and not yet distributed as of the date of purchase, repurchase or substitution;
(iii) to reimburse itself or any Sub-Servicer for unreimbursed Servicing Advances and any unpaid Servicing Feesnot previously reimbursed, the SellerMaster Servicer's or any Sub-Servicer's right to reimburse itself reimbursement pursuant to this subclause clause (iii) being limited to amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such Advances were made and as further provided in Section 3.15;
(iv) to reimburse or pay itself, the Trustee or the Depositor for expenses incurred by or reimbursable to the Master Servicer, the Trustee or the Depositor pursuant to Sections 3.22, 6.03, 8.05, 10.01(c) or 10.01(g), except as otherwise provided in such Sections;
(v) to reimburse itself or any Sub-Servicer for costs and expenses incurred by or reimbursable to it relating to the prosecution of any claims pursuant to Section 3.13 that are in excess of the amounts so recovered;
(vi) to reimburse itself or any Sub-Servicer for unpaid Servicing Fees and unreimbursed Servicing Advances, the Master Servicer's or any Sub-Servicer's right to reimbursement pursuant to this clause (vi) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition Proceeds;
(iv) to pay to itself as part late recoveries of its servicing compensation: (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on payments for which such investments (all such amounts to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loan;
(v) to pay to itself with respect to each Mortgage Loan that has been repurchased advances were made pursuant to Section 3.03 all amounts received thereon 3.01 or Section 3.09 and not distributed as of the date on which the any other related Repurchase Price is determined;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) aboveLate Collections;
(vii) to transfer pay itself as servicing compensation (in addition to the Servicing Fee), on or after each Distribution Date, any interest or investment income earned on funds deposited in the Custodial Account for the period ending on such Distribution Date, subject to another Eligible Account in accordance with Section 4.09 hereof8.05;
(viii) to remove funds inadvertently placed in reimburse itself or any Sub-Servicer for any Advance previously made which itself has determined to be a Nonrecoverable Advance, provided that either (a) such Advance was made with respect to a delinquency that ultimately constituted an Excess Special Hazard Loss, Excess Fraud Loss, Excess Bankruptcy Loss or Extraordinary Loss, or (b) the Custodial Account by Certificate Principal Balances of the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionClass B Certificates have been reduced to zero; and
(ix) to clear and terminate the Custodial Account upon at the termination of this AgreementAgreement pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting records on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Custodial Account pursuant to such clauses (ii), (iii), (iv), (v), (vi), (vii) and (viii). In connection with clause (viii) above, the Trustee shall notify the Master Servicer if and when the Certificate Principal Balances of the Class B Certificates have been reduced to zero.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (MortgageIT Securities Corp.), Pooling and Servicing Agreement (MortgageIT Securities Corp.), Pooling and Servicing Agreement (MortgageIT Securities Corp.)
Permitted Withdrawals from the Custodial Account. The Seller may, from time to time, withdraw from the related Custodial Account for the following purposes:
(i) to make payments distributions to the Purchaser in the amounts and in the manner provided for in Section 5.01Subsection 11.14;
(ii) to reimburse itself for Monthly unreimbursed Servicing Advances, the Seller's right to reimburse itself pursuant to this subclause (ii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts received on as may be collected by the related Seller from the Mortgagor or otherwise relating to the Mortgage Loan which represent late collections (net of the related Servicing Fee) of principal and/or interest respecting which any such advance was madeLoan, it being understood that, in the case of such reimbursement, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03Subsection 7.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section Subsection 7.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage LoanLoans;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's right pay to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition Proceeds;
(iv) to pay to itself Subsection 11.21 as part of its servicing compensation: compensation (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Distribution Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to on a particular Mortgage Loan;
(viv) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 Subsection 7.03 all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determined;
(viv) to pay, or to reimburse itself the Seller for unreimbursed Monthly Advances and Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Subsection 11.03(b), but only to the extent not fully reimbursed pursuant of amounts received in respect of the Mortgage Loans to Section 4.05(ii) or (iii) abovewhich such expense is attributable;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viii) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institution; and
(ixvi) to clear and terminate the Custodial Account upon on the termination of this Agreement;
(vii) to reimburse itself for Monthly Advances, the Seller's right to reimburse itself pursuant to this subclause (vii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing Fees) respecting which any such advance was made it being understood that, in the case of such reimbursement, the Seller's right thereto shall be prior to the rights of Purchaser, except that, where the Seller is required to repurchase a Mortgage 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 Mortgage Loans; and
(viii) to reimburse the Seller for any Monthly Advance previously made which the Seller has determined to be a Nonrecoverable Monthly Advance.
(ix) to reimburse the Seller for funds deposited in a custodial account in error. The Seller shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Custodial Account pursuant to such subclauses (ii) - ( ix) above. The Seller shall provide written notification in the form of an Officers' Certificate to the Purchaser, on or prior to the next succeeding Distribution Date, upon making any withdrawals from the Custodial Account pursuant to subclause (viii) above.
Appears in 3 contracts
Samples: Master Mortgage Loan Purchase and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2005-22), Master Servicing and Trust Agreement (GSAA Home Equity Trust 2007-2), Master Mortgage Loan Purchase and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2005-23)
Permitted Withdrawals from the Custodial Account. The Seller may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to make payments distributions to the Purchaser in the amounts and in the manner provided for in Section 5.0111.14;
(ii) to reimburse itself for Monthly Advances, the Seller's ’s right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing FeeFees) of principal and/or interest respecting which any such advance was mademade it being understood that, in the case of such reimbursement, the Seller’s right thereto shall be prior to the rights of Purchaser, except that, where the Seller is required to repurchase a Mortgage 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 Mortgage Loans;
(iii) to reimburse itself for unreimbursed Servicing Advances, the Seller’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Seller from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of such reimbursement, the Seller's ’s right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.037.03, the Seller's ’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section 7.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition ProceedsLoans;
(iv) to pay to itself pursuant to Section 11.22 as part of its servicing compensation: compensation (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Distribution Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to on a particular Mortgage Loan;
(v) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 7.03 all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determined;
(vi) to reimburse itself the Seller for unreimbursed any Monthly Advances and Servicing Advances Advance previously made which the Seller has determined to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) abovebe a Nonrecoverable Monthly Advance;
(vii) to transfer funds pay, or to another Eligible Account reimburse the Seller for advances in accordance respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 4.09 hereof11.03(b), but only to the extent of amounts received in respect of the Mortgage Loans to which such expense is attributable;
(viii) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institution; and
(ix) to clear and terminate the Custodial Account upon on the termination of this Agreement. The Seller shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Custodial Account pursuant to such subclauses (ii) - (vii) above. The Seller shall provide written notification in the form of an Officers’ Certificate to the Purchaser, on or prior to the next succeeding Distribution Date, upon making any withdrawals from the Custodial Account pursuant to subclause (vi) above.
Appears in 2 contracts
Samples: Master Mortgage Loan Purchase and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-10), Master Mortgage Loan Purchase and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-6)
Permitted Withdrawals from the Custodial Account. The Seller Servicer may, from time to time, withdraw make withdrawals from the Custodial Account for the following purposes:
(i) to make payments to the Purchaser Owner in the amounts and in the manner provided for in Section 5.01;
(ii) to reimburse itself for Monthly Advances, the SellerServicer's right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing FeeFees) of principal and/or interest respecting which any such advance was made, it being understood that, in the case of such reimbursement, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing FeesMonthly Advances, the SellerServicer's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Proceeds and Insurance Proceeds and REO Disposition Proceedsreceived after the related Servicing Transfer Date related to such Mortgage Loan;
(iv) to pay to itself as part of its servicing compensation: compensation (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Date), ) and (b) to the extent not otherwise retained, the any payable Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage LoanFee;
(v) to pay to reimburse itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determinedfor any Nonrecoverable Advances;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances transfer funds to the extent not fully reimbursed pursuant to another Qualified Depository in accordance with Section 4.05(ii) or (iii) above4.09 hereof;
(vii) to transfer funds to another Eligible Account reimburse itself as provided in accordance with Section 4.09 8.03 hereof;
(viii) to remove funds inadvertently placed in the Custodial Account in error by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionServicer; and
(ix) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-1), Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-2, Mortgage Pass-Through Certificates, Series 2006-2)
Permitted Withdrawals from the Custodial Account. The Seller may, Servicer may from time to time, withdraw time make withdrawals from the Custodial Account for the following purposes:
(i) to make payments pay to itself (to the Purchaser extent not previously retained by it) the servicing compensation to which it is entitled pursuant to Section 3.15, and to pay to itself, as additional servicing compensation, (A) earnings on or investment income with respect to funds in or credited to the amounts Custodial Account and in the manner provided for in Section 5.01(B) any Excess Liquidation Proceeds;
(ii) to reimburse itself for unreimbursed Monthly AdvancesAdvances made by it, the Seller's such right to reimburse itself of reimbursement pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net Loan(s) in respect of the related Servicing Fee) of principal and/or interest respecting which any such advance Monthly Advance was made, it being understood that, in the case of such reimbursement, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's right Nonrecoverable Advance previously made by it;
(iv) to reimburse itself for (a) unreimbursed Servicing Advances, such right to reimbursement pursuant to this subclause clause (iiia) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition Proceeds;
(iv) to pay to itself as part of its servicing compensation: (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses amounts received on such investments (all Mortgage Loan(s) which represent late recoveries of the payments for which such amounts advances were made pursuant to be withdrawn monthly not later than each Remittance Date), Section 3.01 or Section 3.09 and (b) to the extent not otherwise retained, the for unpaid Servicing Fee from that portion of any payment or recovery Fees as to interest with respect to a particular Mortgage Loanprovided in Section 3.12 hereof;
(v) to pay to itself the purchaser, with respect to each related Mortgage Loan or property acquired in respect thereof that has been repurchased purchased pursuant to Section 3.03 2.02, 2.04 or 3.12, all amounts received thereon and not distributed as of after the date on which the related Repurchase Price is determinedof such purchase;
(vi) to reimburse itself or the Seller for unreimbursed Monthly Advances expenses incurred by any of them and Servicing Advances to the extent not fully reimbursed reimbursable pursuant to Section 4.05(ii) or (iii) above6.03 hereof;
(vii) to transfer funds withdraw any amount deposited in such Custodial Account and not required to another Eligible Account in accordance with Section 4.09 hereofbe deposited therein;
(viii) on or prior to remove funds inadvertently placed the Remittance Date, to withdraw an amount equal to the portion of the related Available Distribution Amount on deposit therein and the Trustee Fee with respect to the Mortgage Loans for such Distribution Date and remit such amount to the Trustee for deposit in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionCertificate Account; and
(ix) to clear and terminate the such Custodial Account upon the termination of this AgreementAgreement pursuant to Section 9.01 hereof. 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 related Custodial Account pursuant to such subclauses (i), (ii), (iv) and (v). Prior to making any withdrawal from a Custodial Account pursuant to subclause (iii), the Servicer shall deliver to the Trustee an Officer's Certificate of a Servicing Officer indicating the amount of any previous Monthly Advance determined by the Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Gmac Mortgage Loan Trust 1999-J2), Pooling and Servicing Agreement (Gmac Mortgage Loan Trust 1999-J1)
Permitted Withdrawals from the Custodial Account. The Seller Company may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to make payments to the Purchaser Holder in the amounts and in the manner provided for in Section 5.01;
(ii) to reimburse itself for Monthly Advances, the SellerCompany's right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing FeeFees) of principal and/or interest respecting which any such advance was made, made it being understood that, in the case of such reimbursement, the SellerCompany's right thereto shall be prior to the rights of the Purchaser, Holder except that, where the Seller is Company has made a monthly advance when it was required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances, Monthly Advances and any unpaid Servicing FeesFee, the SellerCompany's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Cash Liquidation, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition other Insurance Proceeds;
(iv) to pay to itself as part of its servicing compensation: compensation (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loan;
(v) to pay reimburse itself for unreimbursed Servicing Advances and Monthly Advances to itself with respect the extent that the Company has determined that such advances will not be recoverable from proceeds or payments on the related Mortgage Loan, any such reimbursement to be evidenced by an Officer's Certificate delivered to each Mortgage Loan that has been repurchased pursuant to Section 3.03 all amounts received thereon and not distributed as Holder detailing the basis of the date on which the related Repurchase Price is determinedsuch determination;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to provided in Section 4.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viii) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institution7.01; and
(ixvii) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 2 contracts
Samples: Master Repurchase Agreement (Starnet Financial Inc), Master Repurchase Agreement (Austin Funding Com Corp)
Permitted Withdrawals from the Custodial Account. The Seller Countrywide may, from time to time, withdraw funds from the Custodial Account for the following purposes:
(ia) to make payments to the Purchaser in the amounts and in the manner provided for in Section 5.01Sections 4.01 and 4.03 of this Agreement;
(iib) to reimburse itself for Monthly Advances, the SellerAdvances (Countrywide's right to reimburse itself pursuant to this subclause (ii) being reimbursement for Monthly Advances shall be limited to amounts received on the related Mortgage Loan (or to amounts received on the Mortgage Loans as a whole if the Monthly Advance is made due to a shortfall in a Monthly Payment made by a Mortgagor entitled to relief under the Soldiers' and Sailors' Civil Relief Act of 1940) which represent late collections (Late Collections, net of the related Servicing Fee and the LPMI Fee) of principal and/or interest respecting which any such advance was made, it being understood that, in the case of such reimbursement, the Sellerif applicable. Countrywide's right thereto to reimbursement hereunder shall be prior to the rights of the Purchaser, except that, where the Seller Countrywide is required to repurchase a Mortgage Loan, Loan pursuant to Section 3.033.03 or 3.04 of the Purchase Agreement, the SellerCountrywide's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loans. Notwithstanding the foregoing, Countrywide may reimburse itself for Monthly Advances from any funds in the Custodial Account if it has determined that such funds are nonrecoverable advances or if all funds, with respect to the related Mortgage Loan;, have previously been remitted to the Purchaser).
(iiic) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the SellerFees (Countrywide's right to reimburse itself pursuant to this subclause (iii) reimbursement for Servicing Advances and/or Servicing Fees hereunder with respect to any Mortgage Loan being shall be limited to related proceeds from Cash Liquidation, Liquidation Proceeds, Condemnation Proceeds, Insurance PMI Proceeds and REO Disposition Other Insurance Proceeds; provided, however, that Countrywide may reimburse itself for Servicing Advances and Servicing Fees from any funds in the Custodial Account if all funds, with respect to the related Mortgage Loan, have previously been remitted to the Purchaser;
(ivd) to pay to itself as part of its servicing compensation: compensation (ai) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Date), and (bii) to the extent not otherwise retained, the Servicing Fee and the LPMI Fee, if applicable, from that portion of any payment or recovery as to of interest with respect to on a particular Mortgage Loan;
(ve) to pay to itself itself, with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 or 3.04 of the Purchase Agreement, all amounts received thereon and but not distributed as of the date on which the related Repurchase Price is determined;
(vif) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viii) to remove funds inadvertently placed any amounts deposited in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionin error; and
(ixg) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 2 contracts
Samples: Assignment, Assumption and Recognition Agreement (HSI Asset Loan Obligation Trust 2006-2), Assignment, Assumption and Recognition Agreement (HSI Asset Loan Obligation Trust 2007-Ar1)
Permitted Withdrawals from the Custodial Account. The Seller Company may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to make payments distributions to the Purchaser Servicing Rights Owner in the amounts and in the manner provided for in Section 5.01Subsection 11.14;
(ii) to reimburse itself for Monthly unreimbursed Servicing Advances, the SellerCompany's right to reimburse itself pursuant to this subclause (ii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts received on as may be collected by the related Company from the Mortgagor or otherwise relating to the Mortgage Loan which represent late collections (net of the related Servicing Fee) of principal and/or interest respecting which any such advance was madeLoan, it being understood that, in the case of such reimbursement, the SellerCompany's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller Company is required to repurchase a Mortgage Loan, pursuant to Section 3.03Subsection 7.03, the SellerCompany's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section Subsection 7.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage LoanLoans;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's right pay to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition Proceeds;
(iv) to pay to itself Subsection 11.21 as part of its servicing compensation: compensation (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Distribution Date), and (b) to the extent not otherwise retained, the Interim Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage LoanFee;
(viv) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 Subsection 7.03, all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determined;
(v) to pay, or to reimburse the Company for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Subsection 11.03(b), but only to the extent of amounts received in respect of the Mortgage Loans to which such expense is attributable;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed any expenses that are reimbursable pursuant to Section 4.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viii) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionSubsection 11.03; and
(ixvii) to clear and terminate the Custodial Account upon on the termination of this Agreement. The Company shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Custodial Account pursuant to such subclauses (ii), (iv), (v) and (vi) above. The Company shall provide written notification in the form of an Officers' Certificate to the Purchaser, on or prior to the next succeeding Distribution Date, upon making any withdrawals from the Custodial Account pursuant to subclause (v) above.
Appears in 2 contracts
Samples: Trust Agreement (GSAA Home Equity 2005-12), Pooling and Servicing Agreement (Gsaa Home Equity Trust 2004-5)
Permitted Withdrawals from the Custodial Account. The Seller Company may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to make payments distributions to the Purchaser Servicing Rights Owner in the amounts and in the manner provided for in Section 5.01Subsection 11.14;
(ii) to reimburse itself for Monthly unreimbursed Servicing Advances, the SellerCompany's right to reimburse itself pursuant to this subclause (ii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts received on as may be collected by the related Company from the Mortgagor or otherwise relating to the Mortgage Loan which represent late collections (net of the related Servicing Fee) of principal and/or interest respecting which any such advance was madeLoan, it being understood that, in the case of such reimbursement, the SellerCompany's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller Company is Exh. 5-7 required to repurchase a Mortgage Loan, pursuant to Section 3.03Subsection 7.03, the SellerCompany's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section Subsection 7.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage LoanLoans;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's right pay to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition Proceeds;
(iv) to pay to itself Subsection 11.21 as part of its servicing compensation: compensation (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Distribution Date), and (b) to the extent not otherwise retained, the Interim Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage LoanFee;
(viv) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 Subsection 7.03, all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determined;
(v) to pay, or to reimburse the Company for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Subsection 11.03(b), but only to the extent of amounts received in respect of the Mortgage Loans to which such expense is attributable;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed any expenses that are reimbursable pursuant to Section 4.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viii) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionSubsection 11.03; and
(ixvii) to clear and terminate the Custodial Account upon on the termination of this Agreement. The Company shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Custodial Account pursuant to such subclauses (ii), (iv), (v) and (vi) above. The Company shall provide written notification in the form of an Officers' Certificate to the Purchaser, on or prior to the next succeeding Distribution Date, upon making any withdrawals from the Custodial Account pursuant to subclause (v) above.
Appears in 2 contracts
Samples: Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-3), Master Servicing and Trust Agreement (GSAA Home Equity Trust 2006-19)
Permitted Withdrawals from the Custodial Account. The Seller may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to make payments distributions to the Purchaser in the amounts and in the manner provided for in Section 5.01Subsection 11.14;
(ii) to reimburse itself for Monthly Advances, the Seller's ’s right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing FeeFees) of principal and/or interest respecting which any such advance was mademade it being understood that, in the case of such reimbursement, the Seller’s right thereto shall be prior to the rights of Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, 7.04 or 7.05, 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, 7.04 or 7.05, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loans;
(iii) to reimburse itself for unreimbursed Servicing Advances, the Seller’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Seller from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of such reimbursement, the Seller's ’s right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, Loan pursuant to Section 3.03Subsection 7.03, 7.04 or 7.05, the Seller's ’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section Subsection 7.03, 7.04 or 7.05 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition ProceedsLoans;
(iv) to pay to itself pursuant to Subsection 11.22 as part of its servicing compensation: compensation (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Distribution Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to on a particular Mortgage Loan;
(v) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 Subsection 7.03, 7.04 or 7.05 all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determined;
(vi) to reimburse itself for unreimbursed any Monthly Advances and Servicing Advances Advance previously made which the Seller has determined to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) abovebe a Nonrecoverable Monthly Advance;
(vii) to transfer funds pay, or to another Eligible Account reimburse itself for advances in accordance respect of, expenses incurred in connection with Section 4.09 hereof;
(viii) any Mortgage Loan pursuant to remove funds inadvertently placed Subsection 11.03(b), but only to the extent of amounts received in respect of the Custodial Account by the Seller or for Mortgage Loans to which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionsuch expense is attributable; and
(ixviii) to clear and terminate the Custodial Account upon on the termination of this Agreement. The Seller shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Custodial Account pursuant to such subclauses (ii) - (vii) above. In addition, any amounts deposited into the REO Account by the Seller in respect of REO Properties shall be accounted for on a REO Property by REO Property basis. The Seller shall provide written notification in the form of an Officers’ Certificate to the Purchaser, on or prior to the next succeeding Distribution Date, upon making any withdrawals from the Custodial Account pursuant to subclause (vi) above.
Appears in 2 contracts
Samples: Master Mortgage Loan Purchase and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-Ar1), Master Mortgage Loan Purchase and Servicing Agreement (Citigroup Mortgage Loan Trust 2006-Ar6)
Permitted Withdrawals from the Custodial Account. The Seller Company may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to make payments to the Purchaser in the amounts and in the manner provided for in Section 5.01;
(ii) to reimburse itself for Monthly Advances, the SellerCompany's right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing FeeFees) of principal and/or interest respecting which any such advance was made, it being understood that, in the case of such reimbursement, the SellerCompany's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller Company is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the SellerCompany's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing FeesFees(or REO administration fees described in Section 4.13), the SellerCompany's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Proceeds and Insurance Proceeds and in accordance with the relevant provisions of the Xxxxxx Xxx Guides or as otherwise set forth in this Agreement; any recovery shall be made upon liquidation of the REO Disposition ProceedsProperty;
(iv) to pay to itself as part of its servicing compensation: compensation (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loan;
(v) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 all amounts received thereon and not distributed as of the date on which the related Repurchase Price repurchase price is determined;,
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viiivii) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institution; and
(ix) to clear and terminate the Custodial Account upon the termination of this Agreement.Company;
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-2, Mortgage Pass-Through Certificates, Series 2006-2), Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-7)
Permitted Withdrawals from the Custodial Account. The Seller may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to make payments to the Purchaser in the amounts and in the manner provided for in Section 5.0111.17;
(ii) to reimburse itself for Monthly Advances, the Seller's right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan (or to amounts received on the Mortgage Loans as a whole in the event that said Monthly Advance is made due to a shortfall in a Monthly Payment made by a Mortgagor entitled to relief under the Servicemembers Civil Relief Act) which represent late collections Late Collections (net of the related Servicing FeeFees) of principal and/or interest respecting which any such advance was made, made it being understood that, in the case of such reimbursement, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.037.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section section and all other amounts required to be paid to the Purchaser with respect to such Mortgage LoanLoans; provided that the Seller may reimburse itself from any funds in the Custodial Account for Monthly Advances which it has determined are nonrecoverable advances or if all funds with respect to the related Mortgage Loan have previously been remitted to the Purchaser;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds (or to amounts received on the Mortgage Loans only in the event that said Monthly Advance is made due to a shortfall in a Monthly Payment made by a Mortgagor entitled to relief under the Servicemembers Civil Relief Act) from Cash Liquidation, Liquidation Proceeds, Condemnation Proceeds, Primary Mortgage Insurance Proceeds and REO Disposition Other Insurance Proceeds; provided that the Seller may reimburse itself from any funds in the Custodial Account for Servicing Advances and Servicing Fees if all funds with respect to the related Mortgage Loan have previously been remitted to the Purchaser;
(iv) to pay to itself as part of its servicing compensation: compensation (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, the Servicing Fee Fees, from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loan;
(v) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 7.03 all amounts received thereon and not distributed as of the date on which the related Repurchase Price repurchase price is determined;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viii) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institution; and
(ix) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vii) to reimburse the Seller for any Monthly Advance previously made which the Seller has determined to be a nonrecoverable Monthly Advance;
(viii) to withdraw and remit to the applicable insurer the Lender PMI Rate for any Lender PMI Mortgage Loan; and
(ix) to reimburse itself for any amounts deposited in the Custodial Account in error.
Appears in 2 contracts
Samples: Master Mortgage Loan Purchase and Servicing Agreement, Master Mortgage Loan Purchase and Servicing Agreement (Washington Mutual Mortgage Pass-Through Certificates, WMALT Series 2006-Ar1)
Permitted Withdrawals from the Custodial Account. (a) The Seller may, Servicer may from time to time, withdraw time make withdrawals from the Custodial Account for the following purposes:
(i) to make payments pay itself (to the Purchaser extent not previously paid to or withheld by it), as servicing compensation in accordance with Section 3.10, that portion of any payment of interest that equals the Servicing Fee for the period with respect to which such interest payment was made, and, as additional servicing compensation, those other amounts and in the manner provided for set forth in Section 5.013.10;
(ii) to reimburse itself or an Advance Financing Person for Monthly Advances, (A) any unreimbursed Advances to the Seller's right to reimburse itself pursuant to this subclause (ii) being limited to extent of amounts received on the related Mortgage Loan which represent late collections recoveries of payments of principal and/or interest (net of the related Servicing FeeFees), Liquidation Proceeds and Insurance Proceeds on the Mortgage Loans with respect to which such Advances were made in accordance with the provisions of Section 5.01; and (B) any unreimbursed Advances with respect to the final liquidation of a Mortgage Loan that are Nonrecoverable Advances, but only to the extent that late recoveries of payments of principal and/or interest respecting which any such advance was madeinterest, it being understood that, in the case of such reimbursement, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section Liquidation Proceeds and all other amounts required to be paid to the Purchaser Insurance Proceeds received with respect to such Mortgage LoanLoan are insufficient to reimburse the Servicer or an Advance Financing Person for such unreimbursed Advances or (C) subject to Section 3.27(b), any unreimbursed Advances to the extent of Amounts Held For Future Distribution funds held in the Custodial Account relating to the Mortgage Loans that were not included in the Available Distribution Amount for the preceding Distribution Date;
(iii) to reimburse itself or an Advance Financing Person for unreimbursed Servicing Advances and any Nonrecoverable Advances;
(iv) to reimburse itself from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(v) to pay itself any unpaid Servicing Fees, including any unpaid Servicing Fees to the Seller's right extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to any Liquidated Loan, and to reimburse itself or any Advance Financing Person for any unreimbursed Servicing Advances, provided, however, that the Servicer’s or such Advance Financing Person’s right to reimbursement for Servicing Advances pursuant to this subclause (iiiv) with respect to any Mortgage Loan being shall be limited to related proceeds from amounts received on particular Mortgage Loan(s) (including, for this purpose, late recoveries of payments of principal and/or interest, Liquidation Proceeds, Condemnation Insurance Proceeds, Insurance Proceeds condemnation proceeds and REO Disposition Proceedspurchase and repurchase proceeds) that represent late recoveries of the payments for which such Servicing Advances were made;
(ivvi) to pay to itself as part of its servicing compensation: (a) any interest earned on funds the Sponsor or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loan;
(v) to pay to itself Depositor with respect to each Mortgage Loan or property acquired in respect thereof that has been repurchased purchased pursuant to Section 3.03 2.02, 2.03 or 3.24, all amounts received thereon and not distributed as of the date on which taken into account in determining the related Repurchase Price is determined;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) aboveStated Principal Balance of such repurchased Mortgage Loan;
(vii) to transfer funds pay any expenses reimbursable pursuant to another Eligible Account in accordance with Section 4.09 hereof7.04;
(viii) to remove funds inadvertently placed withdraw any amount deposited in the Custodial Account by the Seller or for which amounts previously and not required to be deposited are returned unpaid by the related Mortgagor's banking institutiontherein; and
(ix) to clear and terminate the Custodial Account upon the termination of this AgreementAgreement pursuant to Section 10.01 hereof. In addition, no later than 3:00 p.m. Eastern time on the Remittance Date, the Servicer shall withdraw from the Custodial Account and remit to the Securities Administrator (a) all amounts deposited in the Custodial Account as of the close of business on the last day of the related Due Period (net of charges against or withdrawals from the Custodial Account pursuant to this Section 3.27(a)), plus (b) all Advances, if any, which the Servicer is obligated to make pursuant to Section 5.01, minus (c) any amounts attributable to Principal Prepayments, Liquidation Proceeds, Insurance Proceeds or condemnation proceeds received after the applicable Prepayment Period, which amounts shall be remitted on the following Remittance Date, together with any Compensating Interest required to be deposited in the Custodial Account in connection with such Principal Prepayment in accordance with Section 5.02, and minus (d) any amounts attributable to Scheduled Payments collected but due on a Due Date or Due Dates subsequent to the first day of the month in which such Remittance Date occurs, which amounts shall be remitted on the Remittance Date next succeeding the Due Date related to such Scheduled Payment. With respect to any remittance received by the Securities Administrator after the Business Day on which such payment was due, the Securities Administrator shall send written notice thereof to the Servicer. The Servicer shall pay to the Securities Administrator interest on any such late payment by the Servicer at an annual rate equal to Prime Rate (as defined in The Wall Street Journal) plus one percentage point, but in no event greater than the maximum amount permitted by applicable law. Such interest shall be paid by the Servicer to the Securities Administrator on the date such late payment is made and shall cover the period commencing with the day following the Business Day on which such payment was due and ending with the Business Day on which such payment is made, both inclusive. The payment by the Servicer of any such interest, or the failure of the Securities Administrator to notify the Servicer of such interest, shall not be deemed an extension of time for payment or a waiver of any Servicer Default by the Servicer. 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 Custodial Account pursuant to subclauses (i), (ii), (iv), (v) and (vi) above. Prior to making any withdrawal from the Custodial Account pursuant to subclause (iii), the Servicer shall deliver to the Master Servicer an Officer’s Certificate of an Authorized Servicer Representative indicating the amount of any previous Advance or Servicing Advance determined by the Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loan(s), and their respective portions of such Nonrecoverable Advance.
(b) Notwithstanding the foregoing, any Amounts Held For Future Distribution withdrawn by the Servicer as permitted in Section 3.27(a)(ii) in reimbursement of Advances previously made by the Servicer shall be appropriately reflected in the Servicer’s records and replaced by the Servicer by deposit in the Custodial Account, no later than the close of business on the Remittance Date immediately following the Due Period or Prepayment Period for which such amounts relate. The Securities Administrator will notify the Servicer and the Master Servicer by the close of business on the Business Day prior to the Distribution Date in the event that the amount remitted by the Servicer to the Securities Administrator on such date is less than the Advances required to be made by the Servicer for the related Distribution Date.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-He1), Pooling and Servicing Agreement (Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-He2)
Permitted Withdrawals from the Custodial Account. (a) The Seller Servicer may, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments and distributions to the Purchaser Owner in the amounts and in the manner provided for in Section 5.014.1;
(ii) to reimburse itself for Monthly AdvancesAdvances made by the Servicer from its own funds pursuant to Section 4.3, the SellerServicer's right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing Fee) payments of principal and/or interest respecting which any such advance Monthly Advance was made, it being understood that, made and such other amounts as are collected by the Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan (or to amounts received on the Mortgage Loans as a whole in the case of event that such reimbursementMonthly Advance is made to pay a shortfall in a Monthly Payment made by a Mortgagor entitled to relief under the Servicemembers Civil Relief Act). Notwithstanding the foregoing, the Seller's right thereto shall be prior Servicer may reimburse itself for Monthly Advances from any funds in the Custodial Account if it has determined that such funds are Nonrecoverable Advances (as certified by the Servicer to the rights of Owner in an Officer's Certificate) (or if all funds, with respect to the Purchaser, except that, where the Seller is required to repurchase a related Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent have previously been remitted to the payment Owner). Notwithstanding anything to the Purchaser of contrary contained herein, if the Repurchase Price pursuant to Servicer is Indymac and the Mortgage Loan for which such Section and all other amounts Advances were made was required to be paid repurchased by Indymac pursuant to the Purchaser with respect Master Mortgage Loan Purchase Agreement, the Servicer shall not be entitled to reimburse itself for such Mortgage LoanAdvances;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the SellerServicer's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Primary Mortgage Insurance Proceeds and REO Disposition Other Insurance Proceeds; provided that the Servicer may reimburse itself from any funds in the Custodial Account for (a) Servicing Advances and Servicing Fees if all funds with respect to the related Mortgage Loan have previously been remitted to Owner and (b) Servicing Advances which it has determined are Nonrecoverable Advances (as certified by the Servicer to the Owner in an Officer's Certificate). Notwithstanding anything to the contrary contained herein, if the Servicer is Indymac and the Mortgage Loan for which such Advances were made was required to be repurchased by Indymac pursuant to the Master Mortgage Loan Purchase Agreement, the Servicer shall not be entitled to reimburse itself for such Advances;
(iv) to pay reimburse any Master Servicer for Securitization for any unreimbursed Monthly Advances or Servicing Advances made by such Master Servicer, as applicable, the right to itself reimbursement pursuant to this subclause (iv) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as part of its servicing compensation: (a) any interest earned on funds may be collected by the Servicer from the Mortgagor or any investment earnings otherwise relating to the Mortgage Loan, it being understood that, in the Custodial Account net case of any losses on such investments reimbursement, such trustee's right thereto shall be prior to the rights of the Servicer to reimbursement under (all such amounts to be withdrawn monthly not later than each Remittance Dateii) and (iii), and (b) prior to the extent not otherwise retained, rights of the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage LoanOwner under (i);
(v) to pay itself any Servicing Fee and other servicing compensation not paid to itself with respect to each Mortgage Loan that has been repurchased the Servicer pursuant to Section 3.03 all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determined5.3;
(vi) to reimburse pay to itself for unreimbursed Monthly Advances and Servicing Advances to any interest earned on funds deposited in the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) aboveCustodial Account;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viii) to remove funds inadvertently placed if there shall be amounts deposited in the Custodial Account by in error, including the Seller or for which amounts previously Servicing Fee and other servicing compensation not required to be deposited are returned unpaid by the related Mortgagor's banking institutiontherein, to withdraw such amounts; and
(ixviii) to clear and terminate the Custodial Account upon the termination of this AgreementAgreement in accordance with Article 8.
Appears in 2 contracts
Samples: Trust Agreement (GSAA Home Equity Trust 2005-4), Master Servicing and Trust Agreement (GSAA Home Equity Trust 2006-17)
Permitted Withdrawals from the Custodial Account. The Seller Countrywide may, from time to time, withdraw funds from the Custodial Account for the following purposes:
(ia) to make payments to the Purchaser in the amounts and in the manner provided for in Section 5.01;
(iib) to reimburse itself for Monthly Advances, the Seller's right to reimburse itself pursuant to this subclause Advances (ii) being Countrywide’s reimbursement for Monthly Advances shall be limited to amounts received on the related Mortgage Loan (or to amounts received on the Mortgage Loans as a whole if the Monthly Advance is made due to a shortfall in a Monthly Payment made by a Mortgagor entitled to relief under the Soldiers’ and Sailors’ Civil Relief Act of 1940) which represent late collections (Late Collections, net of the related Servicing Fee and LPMI Fee) of principal and/or interest respecting which any such advance was made, it being understood that, in the case of such reimbursement, the Seller's if applicable. Countrywide’s right thereto to reimbursement hereunder shall be prior to the rights of the Purchaser, except that, where the Seller Countrywide is required to repurchase a Mortgage Loan, Loan pursuant to Section 3.033.03 or 3.04, the Seller's Countrywide’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section repurchase price and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loans. Notwithstanding the foregoing, Countrywide may reimburse itself for Monthly Advances from any funds in the Custodial Account if it has determined that such funds are nonrecoverable advances or if all funds, with respect to the related Mortgage Loan, have previously been remitted to Purchaser);
(iiic) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's right to reimburse itself pursuant to this subclause Fees (iii) Countrywide’s reimbursement for Servicing Advances and/or Servicing Fees hereunder with respect to any Mortgage Loan being shall be limited to related proceeds from Cash Liquidation, Liquidation Proceeds, Condemnation Proceeds, Insurance PMI Proceeds and REO Disposition Other Insurance Proceeds; provided, however, that Countrywide may reimburse itself for Servicing Advances and Servicing Fees from any funds in the Custodial Account if all funds, with respect to the related Mortgage Loan, have previously been remitted to Purchaser;
(ivd) to pay to itself as part of its servicing compensation: compensation (ai) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Date), and (bii) to the extent not otherwise retained, the Servicing Fee and the LPMI Fee, if applicable, from that portion of any payment or recovery as to of interest with respect to on a particular Mortgage Loan;
(ve) to pay to itself itself, with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 or 3.04, all amounts received thereon and but not distributed as of the date on which the related Repurchase Price repurchase price is determined;
(vif) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viii) to remove funds inadvertently placed any amounts deposited in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionin error; and
(ixg) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 2 contracts
Samples: Mortgage Loan Purchase and Servicing Agreement (Sequoia Mortgage Trust 2006-1), Mortgage Loan Purchase and Servicing Agreement (Sequoia Residential Funding Inc)
Permitted Withdrawals from the Custodial Account. The Seller may, from time to time, withdraw from the related Custodial Account for the following purposes:
(i) to make payments distributions to the Purchaser in the amounts and in the manner provided for in Section 5.01Subsection 11.14;
(ii) to reimburse itself for Monthly unreimbursed Servicing Advances, the Seller's ’s right to reimburse itself pursuant to this subclause (ii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts received on as may be collected by the related Seller from the Mortgagor or otherwise relating to the Mortgage Loan which represent late collections (net of the related Servicing Fee) of principal and/or interest respecting which any such advance was madeLoan, it being understood that, in the case of such reimbursement, the Seller's ’s right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03Subsection 7.03, the Seller's ’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section Subsection 7.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage LoanLoans;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's right pay to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition Proceeds;
(iv) to pay to itself Subsection 11.21 as part of its servicing compensation: compensation (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Distribution Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to on a particular Mortgage Loan;
(viv) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 Subsection 7.03 all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determined;
(v) to pay, or to reimburse the Seller for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Subsection 11.03(b), but only to the extent of amounts received in respect of the Mortgage Loans to which such expense is attributable;
(vi) to reimburse itself for unreimbursed Monthly Advances and Advances, the Seller’s right to reimburse itself pursuant to this subclause (vi) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing Advances Fees) respecting which any such advance was made it being understood that, in the case of such reimbursement, the Seller’s right thereto shall be prior to the extent not fully reimbursed rights of Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 4.05(ii) or (iii) aboveSubsection 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 Mortgage Loans;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viii) to remove funds inadvertently placed in the Custodial Account by reimburse the Seller or for any Monthly Advance previously made which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionSeller has determined to be a Nonrecoverable Monthly Advance; and
(ixviii) to clear and terminate the Custodial Account upon on the termination of this Agreement. The Seller shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Custodial Account pursuant to such subclauses (ii) - (vii) above. The Seller shall provide written notification in the form of an Officers’ Certificate to the Purchaser, on or prior to the next succeeding Distribution Date, upon making any withdrawals from the Custodial Account pursuant to subclause (vii) above.
Appears in 2 contracts
Samples: Assignment, Assumption and Recognition Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-He1), Master Mortgage Loan Purchase and Servicing Agreement (Deutsche Alt-a Securities Inc)
Permitted Withdrawals from the Custodial Account. The Seller Company may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to make payments to the Purchaser in the amounts and in the manner provided for in Section 5.01;
(ii) to reimburse itself for Monthly Advances, the SellerCompany's right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing FeeFees) of principal and/or interest respecting which any such advance was made, it being understood that, in the case of such reimbursement, the SellerCompany's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller Company is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the SellerCompany's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing FeesFees (or REO administration fees described in Section 4.13), the SellerCompany's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Proceeds and Insurance Proceeds and in accordance with the relevant provisions of the Fxxxxx Mxx Guides or as otherwise set forth in this Agreement; any recovery shall be made upon liquidation of the REO Disposition ProceedsProperty;
(iv) to pay to itself as part of its servicing compensation: compensation (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loan;
(v) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determined;,
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viiivii) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institution; and
(ix) to clear and terminate the Custodial Account upon the termination of this Agreement.Company;
Appears in 2 contracts
Samples: Purchase, Warranties and Servicing Agreement (Prime Mortgage Trust 2007-1), Pooling and Servicing Agreement (Prime Mortgage Trust 2007-3)
Permitted Withdrawals from the Custodial Account. The Seller may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to make payments distributions to the Purchaser in the amounts and in the manner provided for in Section 5.01Subsection 11.14;
(ii) to reimburse itself for Monthly Advances, the Seller's ’s right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing FeeFees) of principal and/or interest respecting which any such advance was mademade it being understood that, in the case of such reimbursement, the Seller’s right thereto shall be prior to the rights of Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, 7.04 or 7.05, 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, 7.04 or 7.05, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loans;
(iii) to reimburse itself for unreimbursed Servicing Advances, the Seller’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Seller from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of such reimbursement, the Seller's ’s right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, Loan pursuant to Section 3.03Subsection 7.03, 7.04 or 7.05, the Seller's ’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section Subsection 7.03, 7.04 or 7.05 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition ProceedsLoans;
(iv) to pay to itself pursuant to Subsection 11.22 as part of its servicing compensation: compensation (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Distribution Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to on a particular Mortgage Loan;
(v) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 Subsection 7.03, 7.04 or 7.05 all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determined;
(vi) to reimburse itself for unreimbursed any Monthly Advances and Servicing Advances Advance previously made which the Seller has determined to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) abovebe a Nonrecoverable Monthly Advance;
(vii) to transfer funds pay, or to another Eligible Account reimburse itself for advances in accordance respect of, expenses incurred in connection with Section 4.09 hereofany Mortgage Loan pursuant to Subsection 11.03(b), but only to the extent of amounts received in respect of the Mortgage Loans to which such expense is attributable;
(viii) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institution; and
(ix) to clear and terminate the Custodial Account upon on the termination of this Agreement. The Seller shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Custodial Account pursuant to such subclauses (ii) - (vii) above. The Seller shall provide written notification in the form of an Officers’ Certificate to the Purchaser, on or prior to the next succeeding Distribution Date, upon making any withdrawals from the Custodial Account pursuant to subclause (vi) above.
Appears in 2 contracts
Samples: Master Mortgage Loan Purchase and Servicing Agreement (Citigroup Mortgage Loan Trust 2006-Ar7), Master Mortgage Loan Purchase and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-Ar4)
Permitted Withdrawals from the Custodial Account. The Seller Master Servicer may, from time to timetime as provided herein, withdraw make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.10 that are attributable to the Mortgage Loans for the following purposes:
(i) to make payments to deposits into the Purchaser Security Account in the amounts and in the manner provided for in Section 5.014.01;
(ii) to reimburse itself for Monthly Advancespay to itself, the Seller's right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on , the related Mortgage Loan which represent late collections (net of the related Servicing Fee) of principal and/or interest respecting which Seller or any such advance was madeother appropriate person, it being understood that, in as the case of such reimbursementmay be, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such each Mortgage LoanLoan that has previously been purchased or repurchased pursuant to Sections 2.02, 2.04 or 9.01 all amounts received thereon and not yet distributed as of the date of purchase or repurchase;
(iii) to reimburse itself or any Sub-Servicer for unreimbursed Servicing Advances and any unpaid Servicing Feesnot previously reimbursed, the SellerMaster Servicer's or any Sub-Servicer's right to reimburse itself reimbursement pursuant to this subclause clause (iii) being limited to amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans or REO Property with respect to which such Advances were made and as further provided in Section 3.15;
(iv) to reimburse itself, the Trustee or the Seller for expenses incurred by or reimbursable to the Master Servicer, the Trustee or the Seller pursuant to Sections 3.22, 6.03 or 10.01(c), except as otherwise provided in such Sections;
(v) to reimburse itself or any Sub-Servicer for costs and expenses incurred by or reimbursable to it relating to the prosecution of any claims pursuant to Sections 3.13 or 3.25 that are in excess of the amounts so recovered;
(vi) to reimburse itself or any Sub-Servicer for unpaid Servicing Fees and unreimbursed Servicing Advances, the Master Servicer's or any Sub-Servicer's right to reimbursement pursuant to this clause (vi) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition Proceeds;
(iv) to pay to itself as part late recoveries of its servicing compensation: (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on payments for which such investments (all such amounts to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loan;
(v) to pay to itself with respect to each Mortgage Loan that has been repurchased advances were made pursuant to Section 3.03 all amounts received thereon 3.01 or Section 3.09 and not distributed as of the date on which the any other related Repurchase Price is determined;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) aboveLate Collections;
(vii) to transfer pay itself as servicing compensation (in addition to the Servicing Fee), on or after each Distribution Date, any interest or investment income earned on funds deposited in the Custodial Account for the period ending on such Distribution Date, subject to another Eligible Account in accordance with Section 4.09 hereof8.05 and 3.23;
(viii) to remove funds inadvertently placed in reimburse itself or any Sub-Servicer for any Advance previously made which the Custodial Account by Master Servicer has determined to be a Nonrecoverable Advance, provided that either (a) such Advance was made with respect to a delinquency that ultimately constituted an Excess Special Hazard Loss, Excess Fraud Loss, Excess Bankruptcy Loss or Extraordinary Loss or (b) the Seller or for which amounts previously deposited are returned unpaid by Security Principal Balances of the related Mortgagor's banking institutionSubordinate Securities have been reduced to zero; and
(ix) to clear and terminate the Custodial Account upon at the termination of this AgreementAgreement pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting records on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Custodial Account pursuant to such clauses (ii), (iii), (iv), (vi), (vii) and (viii). In connection with clause (viii) above, the Trustee shall notify the Master Servicer in writing if and when the Security Principal Balances of the Subordinate Securities have been reduced to zero.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Financial Asset Securitization Inc), Pooling and Servicing Agreement (Financial Asset Securitization Inc)
Permitted Withdrawals from the Custodial Account. (a) The Seller may, Servicer may from time to time, withdraw time make withdrawals from the Custodial Account for the following purposes:
(i) to make payments the extent not previously retained to pay to itself the servicing compensation to which it is entitled pursuant to Section 4.14, and earnings on or investment income with respect to funds in or credited to the Purchaser in the amounts and in the manner provided for in Section 5.01Custodial Account as additional servicing compensation;
(ii) to reimburse itself for Monthly Advancesthe extent not previously retained by the Servicer, the Seller's right to reimburse itself the Servicer for unreimbursed Advances and Servicing Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the related any Mortgage Loan which represent late collections (net in respect of the related Servicing Fee) of principal and/or interest respecting which any such advance Advance or Servicing Advance was made, it being understood that, in the case of such reimbursement, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iii) to reimburse itself the Servicer for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition ProceedsNonrecoverable Advance previously made;
(iv) to pay to itself as part of its servicing compensation: (a) any interest earned on funds or any investment earnings in reimburse the Custodial Account net of any losses on such investments (all such amounts to be withdrawn monthly not later than each Remittance Date), and (b) to Servicer for Insured Expenses from the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loanrelated Insurance Proceeds;
(v) to reimburse the Servicer for unpaid Servicing Fees as provided in Section 4.11 hereof;
(vi) to pay to itself the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been repurchased purchased pursuant to Section 3.03 this Agreement, all amounts received thereon and not distributed as of after the date on which the related Repurchase Price is determined;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) aboveof such purchase;
(vii) to transfer funds to another Eligible Account reimburse the Servicer, the Seller, the Issuer or the Depositor for expenses incurred by any of them and reimbursable in accordance with Section 4.09 the terms hereof;
(viii) to remove funds inadvertently placed withdraw any amount deposited in the Custodial Account and not required to be deposited therein;
(ix) on or prior to each Servicer Remittance Date, to withdraw an amount equal to the amount then on deposit in the Custodial Account with respect to the related Distribution Date (minus any withdrawals permitted to be made by the Seller or Servicer pursuant to this Section 4.08 and amounts permitted to be retained in the Custodial Account for which amounts previously deposited are returned unpaid remittance on subsequent Servicer Remittance Dates) and remit such amount to the Master Servicer for deposit in the Collection Account; provided that with respect to any remittance received by the related Mortgagor's banking institutionMaster Servicer after the Business Day on which such payment was due, the Servicer shall pay to the Master Servicer interest on any such late payment at the Prime Rate, adjusted as of the date of each change, plus three percentage points, but in no event shall such interest be greater than the maximum amount permitted by applicable law, from and including the date on which such remittance was due to and including the date on which such remittance was paid; and
(ixx) to clear and terminate the Custodial Account upon the termination of this AgreementAgreement pursuant to Section 10.01 hereof.
(b) 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 Custodial Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Custodial Account pursuant to subclause (iii), the Servicer shall deliver to the Master Servicer an Officer’s Certificate of a Servicing Officer indicating the amount of any previous Advance determined by the Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loan(s), and their respective portions of such Nonrecoverable Advance.
Appears in 2 contracts
Samples: Transfer and Servicing Agreement (HMB Acceptance Corp.), Transfer and Servicing Agreement (Aegis Asset Backed Securities Corp)
Permitted Withdrawals from the Custodial Account. The Seller Countrywide may, from time to time, withdraw funds from the Custodial Account for the following purposes:
(ia) to make payments to the Purchaser in the amounts and in the manner provided for in Section 5.01Sections 5.01 and 5.03;
(iib) to reimburse itself for Monthly Advances, the Seller's right to reimburse itself pursuant to this subclause Advances (ii) being Countrywide’s reimbursement for Monthly Advances shall be limited to amounts received on the related Mortgage Loan (or to amounts received on the Mortgage Loans as a whole if the Monthly Advance is made due to a shortfall in a Monthly Payment made by a Mortgagor entitled to relief under the Servicemembers’ Civil Relief Act) which represent late collections (Late Collections, net of the related Servicing Fee and LPMI Fee) of principal and/or interest respecting which any such advance was made, it being understood that, in the case of such reimbursement, the Seller's if applicable. Countrywide’s right thereto to reimbursement hereunder shall be prior to the rights of the Purchaser. Notwithstanding the foregoing, except thatCountrywide may reimburse itself for Monthly Advances from any funds in the Custodial Account if it has determined that such funds are nonrecoverable advances or if all funds, where with respect to the Seller is required to repurchase a related Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent have previously been remitted to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage LoanPurchaser);
(iiic) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's right to reimburse itself pursuant to this subclause Fees (iii) Countrywide’s reimbursement for Servicing Advances and/or Servicing Fees hereunder with respect to any Mortgage Loan being shall be limited to related proceeds from Cash Liquidation, Liquidation Proceeds, Condemnation Proceeds, PMI Proceeds, Government Insurance Proceeds and REO Disposition Other Insurance Proceeds; provided, however, that Countrywide may reimburse itself for Servicing Advances and Servicing Fees from any funds in the Custodial Account if all funds, with respect to the related Mortgage Loan, have previously been remitted to the Purchaser. Notwithstanding the foregoing, with respect to each Government Mortgage Loan, Countrywide shall not be entitled to reimbursement of any Servicing Advances that constitute losses and expenses for which an issuer of GNMA securities would be responsible, pursuant to Chapter 4 of the GNMA Handbook 5500.2, if such Government Mortgage Loan had been included in a GNMA security);
(ivd) to pay to itself as part of its servicing compensation: compensation (ai) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Date), and (bii) to the extent not otherwise retained, the Servicing Fee and the LPMI Fee, if applicable, from that portion of any payment or recovery as to of interest with respect to on a particular Mortgage Loan;
(v) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determined;
(vie) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viii) to remove funds inadvertently placed any amounts deposited in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionin error; and
(ixf) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, Countrywide will provide the Purchaser with copies of invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.
Appears in 2 contracts
Samples: Servicing Agreement (Thornburg Mortgage Securities Trust 2006-1), Servicing Agreement (J.P. Morgan Mortgage Trust 2006-A1)
Permitted Withdrawals from the Custodial Account. (a) The Seller may, Servicer may from time to time, withdraw time make withdrawals from the Custodial Account relating to the Mortgage Loans for the following purposes:
(i) to make payments pay itself (to the Purchaser extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.10, that portion of any payment of interest that equals the Servicing Fee for the period with respect to which such interest payment was made, and, as additional servicing compensation, those other amounts and in the manner provided for set forth in Section 5.013.10;
(ii) to reimburse itself the Servicer or an Advance Financing Person for Monthly Advances, (A) any unreimbursed Advances to the Seller's right to reimburse itself pursuant to this subclause (ii) being limited to extent of amounts received on the related Mortgage Loan which represent late collections recoveries of payments of principal and/or interest (net of the related Servicing FeeFees), Liquidation Proceeds and Insurance Proceeds on the Mortgage Loans with respect to which such Advances were made in accordance with the provisions of Section 5.01; and (B) any unreimbursed Advances with respect to the final liquidation of a Mortgage Loan that are Nonrecoverable Advances, but only to the extent that late recoveries of payments of principal and/or interest respecting which any such advance was madeinterest, it being understood that, in the case of such reimbursement, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section Liquidation Proceeds and all other amounts required to be paid to the Purchaser Insurance Proceeds received with respect to such Mortgage LoanLoan are insufficient to reimburse the Servicer or an Advance Financing Person for such unreimbursed Advances or (C) subject to Section 4.02(b), any unreimbursed Advances to the extent of Amounts Held For Future Distribution funds held in the Custodial Account relating to the Mortgage Loans that were not included in the Available Distribution Amount for the preceding Distribution Date;
(iii) to reimburse itself the Servicer or an Advance Financing Person for unreimbursed Servicing Advances and any Nonrecoverable Advances;
(iv) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(v) to pay the Servicer any unpaid Servicing FeesFees and to reimburse it or any Advance Financing Person for any unreimbursed Servicing Advances, provided, however, that the SellerServicer's or such Advance Financing Person's right to reimburse itself reimbursement for Servicing Advances pursuant to this subclause (iiiv) with respect to any Mortgage Loan being shall be limited to related proceeds from amounts received on particular Mortgage Loan(s) (including, for this purpose, late recoveries of payments of principal and/or interest, Liquidation Proceeds, Condemnation Insurance Proceeds, Insurance Proceeds condemnation proceeds and REO Disposition Proceedspurchase and repurchase proceeds) that represent late recoveries of the payments for which such Servicing Advances were made;
(ivvi) to pay to itself as part of its servicing compensation: (a) any interest earned on funds the Seller or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loan;
(v) to pay to itself Depositor with respect to each Mortgage Loan or property acquired in respect thereof that has been repurchased purchased pursuant to Section 3.03 2.02, 2.03 or 3.24, all amounts received thereon and not distributed as of the date on which taken into account in determining the related Repurchase Price is determined;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) aboveStated Principal Balance of such repurchased Mortgage Loan;
(vii) to transfer funds pay any expenses recoverable by the Servicer pursuant to another Eligible Account in accordance with Section 4.09 hereof7.04;
(viii) to remove funds inadvertently placed withdraw any amount deposited in the Custodial Account by relating to the Seller or for which amounts previously Mortgage Loans and not required to be deposited are returned unpaid by the related Mortgagor's banking institutiontherein; and
(ix) to clear and terminate the Custodial Account relating to the Mortgage Loans upon the termination of this AgreementAgreement pursuant to Section 10.01 hereof. In addition, no later than 3:00 p.m. Eastern time on the Remittance Date, the Servicer shall withdraw from the related Custodial Account and remit to the Trustee (a) all amounts deposited in the related Custodial Account as of the close of business on the last day of the related Due Period (net of charges against or withdrawals from the related Custodial Account pursuant to this Section 4.02), plus (b) all Advances, if any, which the Servicer is obligated to make pursuant to Section 5.01, minus (c) any amounts attributable to Principal Prepayments, Liquidation Proceeds, Insurance Proceeds or condemnation proceeds received after the applicable Prepayment Period, which amounts shall be remitted on the following Remittance Date, together with any Compensating Interest required to be deposited in the related Custodial Account in connection with such Principal Prepayment in accordance with Section 5.02, and minus (d) any amounts attributable to Scheduled Payments collected but due on a Due Date or Due Dates subsequent to the first day of the month in which such Remittance Date occurs, which amounts shall be remitted on the Remittance Date next succeeding the Due Date related to such Scheduled Payment. With respect to any remittance received by the Trustee after the Business Day on which such payment was due, the Trustee shall send written notice thereof to the Servicer. The Servicer shall pay to the Trustee interest on any such late payment by the Servicer at an annual rate equal to Prime Rate (as defined in The Wall Street Journal) plus one percentage point, but in no event greater than the maximum amount permitted by applicable law. Such interest shall be paid by the Servicer to the Trustee on the date such late payment is made and shall cover the period commencing with the day following the Business Day on which such payment was due and ending with the Business Day on which such payment is made, both inclusive. The payment by the Servicer of any such interest, or the failure of the Trustee to notify the Servicer of such interest, shall not be deemed an extension of time for payment or a waiver of any Servicer Default by the Servicer. 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 Custodial Account pursuant to subclauses (i), (ii), (iv), (v) and (vi) above. Prior to making any withdrawal from the Custodial Account relating to the Mortgage Loans pursuant to subclause (iii), the Servicer shall deliver to the Trustee an Officer's Certificate of a Authorized Servicer Representative indicating the amount of any previous Advance or Servicing Advance determined by the Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loan(s), and their respective portions of such Nonrecoverable Advance.
(b) Notwithstanding the foregoing, any Amounts Held For Future Distribution withdrawn by the Servicer as permitted in Section 4.02(a)(ii) in reimbursement of Advances previously made by the Servicer shall be appropriately reflected in the Servicer's records and replaced by the Servicer by deposit in the related Custodial Account, no later than the close of business on any future Remittance Date on which the funds on deposit in the related Custodial Account shall be less than the amount required to be remitted to the Trust on such Remittance Date; provided, however that if the rating of the Servicer (including any Successor Servicer) is less than "BBB", the Servicer shall be required to replace such funds by deposit to the Distribution Account, no later than the close of business on the Remittance Date immediately following the Due Period or Prepayment Period for which such amounts relate.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Nomura Home Equity Loan, Inc.), Pooling and Servicing Agreement (Nomura Asset Acceptance Corp)
Permitted Withdrawals from the Custodial Account. The Seller mayMaster Servicer shall, from time to timetime as provided herein, withdraw make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.02 that are attributable to the Home Equity Loans for the following purposes:
(ia) to make payments deposit in the Payment Account, on the Business Day prior to each Payment Date, an amount equal to the Purchaser Interest Collections and Principal Collections required to be distributed on such Payment Date and any payments or collections in the amounts and in nature of prepayment charges received during the manner provided for in Section 5.01related Collection Period;
(iib) prior to either an Amortization Event or the Collection Period during which the Revolving Period ends, to pay to the Seller, the amount of any Additional Balances as and when created during the related Collection Period, provided, that the aggregate amount so paid to the Seller in respect of Additional Balances at any time during any Collection Period shall not exceed the amount of Principal Collections theretofore received for such Collection Period;
(c) to the extent deposited to the Custodial Account, to reimburse itself or the related Subservicer for Monthly Advances, the Seller's right to reimburse itself previously unreimbursed expenses incurred in maintaining individual insurance policies pursuant to Section 3.04, or Liquidation Expenses paid pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this subclause Servicing Agreement (ii) to the extent not payable pursuant to Section 3.09), such withdrawal right being limited to amounts received on the related Mortgage Loan particular Home Equity Loans (other than any Repurchase Price in respect thereof) which represent late collections (net recoveries of the related Servicing Fee) of principal and/or interest respecting payments for which any such advance was advances were made, it being understood that, in or from related Liquidation Proceeds or the case proceeds of the purchase of such reimbursement, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Home Equity Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition Proceeds;
(ivd) to pay to itself out of each payment received on account of interest on a Home Equity Loan as part of its servicing compensation: contemplated by Section 3.09, an amount equal to the related Master Servicing Fee (ato the extent not retained pursuant to Section 3.02), and to pay to any Subservicer any Subservicing Fees not previously withheld by the Subservicer;
(e) any interest earned on funds or any investment earnings to the extent deposited in the Custodial Account net of to pay to itself as additional servicing compensation any losses interest or investment income earned on such investments funds deposited in the Custodial Account and Payment Account that it is entitled to withdraw pursuant to Sections 3.02(b) and 5.01;
(all such amounts to be withdrawn monthly not later than each Remittance Date), and (bf) to the extent not otherwise retaineddeposited in the Custodial Account, to pay to itself as additional servicing compensation any Foreclosure Profits (to the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loanextent permitted by law);
(vg) to pay to itself itself, a Subservicer or the Seller, or any other appropriate person, as the case may be, with respect to each Mortgage any Home Equity Loan or property acquired in respect thereof that has been repurchased pursuant purchased or otherwise transferred to Section 3.03 the Seller, the Master Servicer or other entity, all amounts received thereon and not required to be distributed to Securityholders as of the date on which the related Purchase Price or Repurchase Price is determined;
(vih) to withdraw any other amount deposited in the Custodial Account that was not required to be deposited therein pursuant to Section 3.02;
(i) after the occurrence of an Amortization Event, to pay to the Seller, the Excluded Amount for each Group II Loan;
(j) to reimburse itself for unreimbursed Monthly Advances amounts expended by it (a) pursuant to Section 3.06 in good faith in connection with the restoration of property damaged by an Uninsured Cause, and Servicing Advances (b) in connection with the liquidation of a Home Equity Loan or disposition of an REO Property to the extent not fully otherwise reimbursed pursuant to Section 4.05(ii) or clause (iiic) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viii) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institution; and
(ixk) to clear reimburse itself or the REMIC Administrator for expenses incurred by and terminate reimbursable to it or the REMIC Administrator pursuant to Sections 3.07, 6.03 or otherwise, or Section 11.01 of the Indenture. Since, in connection with withdrawals pursuant to clauses (c), (d), (f) and (g), the Master Servicer's entitlement thereto is limited to collections or other recoveries on the related Home Equity Loan, the Master Servicer shall keep and maintain separate accounting, on a Home Equity Loan by Home Equity Loan basis, for the purpose of justifying any withdrawal from the Custodial Account upon the termination pursuant to such clauses. Notwithstanding any other provision of this Servicing Agreement, the Master Servicer shall be entitled to reimburse itself for any previously unreimbursed expenses incurred pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this Servicing Agreement that the Master Servicer determines to be otherwise nonrecoverable (except with respect to any Home Equity Loan as to which the Repurchase Price has been paid), by withdrawal from the Custodial Account of amounts on deposit therein attributable to the Home Equity Loans on any Business Day prior to the Payment Date succeeding the date of such determination.
Appears in 2 contracts
Samples: Servicing Agreement (Residential Funding Mortgage Securities Ii Inc), Servicing Agreement (Residential Funding Mortgage Securities Ii Inc)
Permitted Withdrawals from the Custodial Account. The Seller Countrywide may, from time to time, withdraw funds from the Custodial Account for the following purposes:
(ia) to make payments to the Purchaser in the amounts and in the manner provided for in Section 5.01Sections 5.01 and 5.03;
(iib) to reimburse itself for Monthly Advances, the Seller's right to reimburse itself pursuant to this subclause Advances (ii) being Countrywide’s reimbursement for Monthly Advances shall be limited to amounts received on the related Mortgage Loan (or to amounts received on the Mortgage Loans as a whole if the Monthly Advance is made due to a shortfall in a Monthly Payment made by a Mortgagor entitled to relief under the Servicemembers Relief Act) which represent late collections (Late Collections, net of the related Servicing Fee) of principal and/or interest respecting which any such advance was made, it being understood that, in the case of such reimbursement, the Seller's . Countrywide’s right thereto to reimbursement hereunder shall be prior to the rights of the Purchaser, except that, where the Seller Countrywide is required to repurchase a Mortgage Loan, Loan pursuant to Section 3.033.03 or 3.04, the Seller's Countrywide’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loans. Notwithstanding the foregoing, Countrywide may reimburse itself for Monthly Advances from any funds in the Custodial Account if it has determined that such funds are nonrecoverable advances or if all funds, with respect to the related Mortgage Loan, have previously been remitted to the Purchaser);
(iiic) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's right to reimburse itself pursuant to this subclause Fees (iii) Countrywide’s reimbursement for Servicing Advances and/or Servicing Fees hereunder with respect to any Mortgage Loan being shall be limited to related proceeds from Cash Liquidation, Liquidation Proceeds, Condemnation Proceeds, and Other Insurance Proceeds Proceeds; provided, however, that Countrywide may reimburse itself for Servicing Advances and REO Disposition ProceedsServicing Fees from any funds in the Custodial Account if all funds, with respect to the related Mortgage Loan, have previously been remitted to the Purchaser;
(ivd) to pay itself any Prepayment Interest Excess amounts;
(e) to pay to itself as part of its servicing compensation: compensation (ai) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Date), and (bii) to the extent not otherwise retained, the Servicing Fee Fee, from that portion of any payment or recovery as to of interest with respect to on a particular Mortgage Loan;
(vf) to pay to itself itself, with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 or 3.04, all amounts received thereon and but not distributed as of the date on which the related Repurchase Price is determined;
(vig) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viii) to remove funds inadvertently placed any amounts deposited in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionin error; and
(ixh) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, Countrywide will provide the Purchaser with copies of invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.
Appears in 2 contracts
Samples: Master Mortgage Loan Purchase and Servicing Agreement, Master Mortgage Loan Purchase and Servicing Agreement (Jpmac 2006-Cw1)
Permitted Withdrawals from the Custodial Account. The Seller Servicer may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to make payments to the Purchaser in the amounts and in the manner provided for in Section 5.01;
(ii) to reimburse itself for Monthly Advances, the SellerServicer's right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing Fee) of principal and/or interest respecting which any such advance was made, it being understood that, in the case of such reimbursement, the SellerServicer's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03Sections 3.04, 3.05 or 6.02, the SellerServicer's right to such reimbursement shall be subsequent to the Seller's payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the SellerServicer's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Proceeds and Insurance Proceeds or otherwise relating to the Mortgage Loan in accordance with the relevant provisions of the Xxxxxx Xxx Guides or as otherwise set forth in this Agreement, it being understood (A) that for those Mortgage Loans in foreclosure, the Purchaser shall reimburse the Servicer for Servicing Advances and Servicing Fees through the completion of foreclosure and disposition of the REO Disposition ProceedsProperty; such reimbursement shall be monthly after completion of foreclosure or deed-in-lieu proceedings and (B) in the case of any such reimbursement, the Servicer's right thereto shall be prior to the rights of Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan pursuant to Section 3.04, 3.05 or 6.02, the Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such sections and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iv) to pay to itself as part of its servicing compensation: (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Date), and Date),and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to of interest with respect to a particular Mortgage Loan, net of any amount required to compensate the Purchaser for Prepayment Interest Shortfalls;
(v) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 3.04, 3.05 or 6.02, all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determined;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(vii) to reimburse itself for expenses incurred to the extent reimbursable pursuant to Section 8.01;
(viii) to pay any amount required to be paid pursuant to Section 4.16 related to any REO Property, it being understood that, in the case of any such expenditure or withdrawal related to a particular REO Property, the amount of such expenditure or withdrawal from the Custodial Account shall be limited to amounts on deposit in the Custodial Account with respect to the related REO Property;
(ix) to reimburse itself for any Monthly Advances, Servicing Advances or REO expenses after liquidation of the Mortgaged Property to the extent not otherwise reimbursed above;
(x) to reimburse the trustee for any Pass-Through Transfer for any unreimbursed Monthly Advances or Servicing Advances made by the Trustee, as applicable, the right to reimbursement pursuant to this subclause (viii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, proceeds of REO Dispositions, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of such reimbursement, such trustee's right thereto shall be prior to the rights of the Servicer to reimbursement under (ii) and (iii), and prior to the rights of the Purchaser under (i);
(xi) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionServicer; and
(ixxii) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 2 contracts
Samples: Seller's Purchase, Warranties and Servicing Agreement (Gs Mortgage Securities Corp), Seller's Purchase, Warranties and Servicing Agreement (Gs Mortgage Securities Corp)
Permitted Withdrawals from the Custodial Account. The Seller Servicer may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to make payments to the Purchaser in the amounts and in the manner provided for in Section 5.01;
(ii) to reimburse itself for Monthly Advances, the SellerServicer's right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing FeeFees) of principal and/or interest respecting which any such advance was made, it being understood that, in the case of such reimbursement, the SellerServicer's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller Company is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the SellerServicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the SellerServicer's right to reimburse itself pursuant to this subclause (iii) with respect to any defaulted Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Proceeds and Insurance Proceeds in accordance with the relevant provisions of the Fxxxxx Mxx Guides or as otherwise set forth in this Agreement and REO Disposition Proceedsonly to the extent that the aggregate of Liquidation Proceeds and Insurance Proceeds with respect to such Mortgage Loan, after any reimbursement to the Servicer, exceeds the outstanding Stated Principal Balance of such Mortgage Loan plus accrued and unpaid interest thereon at the related Mortgage Rate less the Servicing Fee Rate to but not including the date of payment (in any event, the aggregate amount of servicing compensation received by a Subservicer and the Servicer with respect to any defaulted Monthly Payment shall not exceed the applicable Servicing Fee);
(iv) to pay to itself as part of its servicing compensation: compensation (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loan;
(v) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 all amounts received thereon and not distributed as of the date on which the related Repurchase Price repurchase price is determined;,
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viiivii) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institution; and
(ix) to clear and terminate the Custodial Account upon the termination of this Agreement.Servicer;
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Ac4), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Ac4)
Permitted Withdrawals from the Custodial Account. The Seller may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to make payments to the Purchaser in the amounts and in the manner provided for in Section 5.01;
(ii) to reimburse itself for Monthly Advances, the Seller's ’s right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing Fee) of principal and/or interest respecting which any such advance was made, it being understood that, in the case of such reimbursement, the Seller's ’s right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's ’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's ’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Proceeds and Insurance Proceeds and REO Disposition Proceedsin accordance with the relevant provisions of the FNMA Guides or as otherwise set forth in this Agreement;
(iv) to pay to itself as part of its servicing compensation: (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loan;
(v) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 or Section 3.04 all amounts received thereon and not distributed as of the date on which the related Repurchase Price repurchase price is determined;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viiivii) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionSeller; and
(ixviii) to clear and terminate the Custodial Account upon the termination of this Agreement. The Seller shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Custodial Account.
Appears in 2 contracts
Samples: Mortgage Loan Purchase, Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-1f), Mortgage Loan Purchase, Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-2f)
Permitted Withdrawals from the Custodial Account. The Seller mayServicer may (and, with respect to clauses (e) and (g) below, shall), from time to time, withdraw direct the Trustee to make, and the Trustee shall make, to the extent required or authorized hereunder, withdrawals from the Custodial Account for the following purposes:
(ia) to make payments pay to the Purchaser Servicer from funds on deposit in the amounts and Custodial Account earnings on or investment income with respect to funds in the manner provided for Custodial Account less losses referred to in Section 5.013.07(iv);
(iib) to reimburse itself the Servicer for Monthly Advancesadvances made pursuant to Sections 3.01, the Seller's 3.08, 3.10, 3.11, 3.13, 5.01 and 5.02 hereof, such right to reimburse itself of reimbursement pursuant to this subclause (iib) being limited to amounts received in respect of the particular Mortgage Loan (including, for this purpose, Insurance Proceeds, Liquidation Proceeds, amounts representing proceeds of other insurance policies, if any, covering the related Mortgaged Property, rental and other income from REO Property and proceeds of any purchase or repurchase of the related Mortgage Loan);
(c) to reimburse the Servicer for any Nonrecoverable Advances made in respect of any Mortgage Loan, provided, however, that reimbursements in respect of Group U-1 Mortgage Loans may only reimbursed from amounts collected on the Group U-1 Mortgage Loans, reimbursements in respect of Group U-2 Mortgage Loans may only reimbursed from amounts collected on the Group U-2 Mortgage Loans, reimbursements in respect of the Class V Mortgage Loans may only reimbursed from amounts collected with respect to the Class V Mortgage Loans, reimbursements in respect of the Class W Mortgage Loans may only reimbursed from amounts collected with respect to the Class W Mortgage Loans, reimbursements in respect of the Class Y Mortgage Loans may only reimbursed from amounts collected with respect to the Class Y Mortgage Loans and reimbursements in respect of Class AR5 Mortgage Loans may only reimbursed from amounts collected on the Class AR5 Mortgage Loans;
(d) to reimburse the Servicer from Liquidation Proceeds for Liquidation Expenses and, to the extent that Liquidation Proceeds after such reimbursement are in excess of the Principal Balance of the related Mortgage Loan which represent late collections (net of together with accrued and unpaid interest thereon at a rate equal to the related Servicing Fee) of principal and/or interest respecting which any such advance was madeNet Mortgage Rate, it being understood thatClass AR5 Net Mortgage Rate, in the case Class U Net Mortgage rate or Class W Net Mortgage Rate, as applicable, to pay out of such reimbursement, excess the Seller's right thereto shall be prior amount of any unpaid servicing compensation to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's right to reimburse itself pursuant to this subclause (iii) Servicer with respect to any Mortgage Loan being limited Loan, which may include any unpaid servicing compensation to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition Proceedsa Sub-Servicer (for disbursement in accordance with Section 3.16 hereof);
(ive) to pay to itself the Seller or the Servicer, as part of its servicing compensation: (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts to be withdrawn monthly not later than each Remittance Date)case may be, and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loan;
(v) to pay to itself with respect to each Mortgage Loan or property acquired in respect thereof that has been repurchased purchased pursuant to Section 3.03 Sections 2.01, 2.02, 2.03, 2.04 or 3.12 hereof all amounts received thereon and not distributed as taken into account in determining the Purchase Price of the date on which the related Repurchase Price is determinedsuch repurchased Mortgage Loan;
(vif) to reimburse itself the Servicer or the Depositor for unreimbursed Monthly Advances expenses incurred by and Servicing Advances reimbursable to the extent not fully reimbursed Servicer or the Depositor pursuant to Section 4.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 7.03 hereof;
(viiig) to remove funds inadvertently placed withdraw any amount deposited in the Custodial Account by the Seller or for which amounts previously pursuant to Section 3.07 and not required to be deposited are returned unpaid by the related Mortgagor's banking institutiontherein; and
(ixh) to clear and terminate the Custodial Account upon the termination of this AgreementAgreement pursuant to Section 10.01 hereof. 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 Custodial Account pursuant to such subclauses (b), (c), (d) and (e). On or prior to the Business Day preceding each Distribution Date after payment of items (a) through (h) above, the Servicer shall withdraw from the Custodial Account and remit to the Trustee, in immediately available funds, and the Trustee, upon receipt thereof, shall deposit in the Certificate Account, an amount equal to the Available Distribution Amount for such Distribution Date.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Wamu Mortgage Pass Through Certificates Series 2002-S4), Pooling and Servicing Agreement (CSFB Mortgage Backed Pass Through Certs Ser 2002 Ar17)
Permitted Withdrawals from the Custodial Account. The Seller Servicer may, from time to time, withdraw make withdrawals from the Custodial Account for the following purposes:
(i) to make payments to the Purchaser Owner in the amounts and in the manner provided for in Section 5.01;
(ii) to reimburse itself for Monthly Advances, the SellerServicer's right to reimburse itself pursuant to this subclause (ii) being limited to (1) amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing FeeFees) of principal and/or interest respecting which any such advance was mademade and (2) to the extent of Amounts Held for Future Distributions; provided, it being understood thathowever, any such Amounts Held For Future Distribution so applied to reimburse the Servicer shall be replaced by the Servicer by deposit in the case Custodial Account, no later than the close of business on the Remittance Date immediately preceding the Distribution Date on which such reimbursement, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts funds are required to be paid distributed pursuant to this Agreement and only to the Purchaser with respect extent there are not funds otherwise available in the Custodial Account to make a required distribution on such Mortgage LoanDistribution Date;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing FeesMonthly Advances, the SellerServicer's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from (1) Liquidation Proceeds, Condemnation Proceeds, Proceeds and Insurance Proceeds received after the Cut-off Date related to such Mortgage Loan; provided, however, the Servicer must provide documentation to the Master Servicer supporting Servicing Advances related to Liquidation Proceeds prior to withdrawing such amounts from the Custodial Account and REO Disposition Proceeds(2) to the extent of Amounts Held for Future Distributions; provided, however, any such Amounts Held For Future Distribution so applied to reimburse the Servicer shall be replaced by the Servicer by deposit in the Custodial Account, no later than the close of business on the Remittance Date immediately preceding the Distribution Date on which such funds are required to be distributed pursuant to this Agreement and only to the extent there are not funds otherwise available in the Custodial Account to make a required distribution on such Distribution Date;
(iv) to pay to itself as part of its servicing compensation: compensation (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Date), ) and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as attributable to interest with respect to on a particular Mortgage Loan;
(v) to pay to reimburse itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determinedfor any Nonrecoverable Advances;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances transfer funds to the extent not fully reimbursed pursuant to another Qualified Depository in accordance with Section 4.05(ii) or (iii) above4.09 hereof;
(vii) to transfer funds to another Eligible Account reimburse itself as provided in accordance with Section 4.09 8.03 hereof;
(viii) to remove funds inadvertently placed in the Custodial Account in error by the Seller Servicer;
(ix) to reimburse itself for any unreimbursed Monthly Advance or Servicing Advance made with respect to a Mortgage Loan for which amounts previously deposited a Servicing Modification was made and any unreimbursed Capitalization Reimbursement Amount, in each case only to the extent of any principal funds for any loan group related to such Mortgage Loans that are returned unpaid by on deposit in the related Mortgagor's banking institutionCustodial Account; and
(ixx) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns ARM Trust 2007-5), Pooling and Servicing Agreement (Prime Mortgage Trust 2007-3)
Permitted Withdrawals from the Custodial Account. The Seller may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to make payments to the Purchaser in the amounts and in the manner provided for in Section 5.01;
(ii) to reimburse itself for Monthly Advances, the Seller's right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing Fee) of principal and/or interest respecting which any such advance was made, it being understood that, in the case of such reimbursement, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Proceeds and Insurance Proceeds in accordance with the relevant provisions of the XXXXXX XXX Guides or as otherwise set forth in this Agreement, it being understood that for those Mortgage Loans in foreclosure, the Purchaser shall reimburse the Seller for Servicing Advances and Servicing Fees through the completion of foreclosure and disposition of the REO Disposition ProceedsProperty; such reimbursement shall be monthly after completion of foreclosure or deed-in-lieu proceedings;
(iv) to pay to itself as part of its servicing compensation: (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loan;
(v) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 all amounts received thereon and not distributed as of the date on which the related Repurchase Price repurchase price is determined;,
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viiivii) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionSeller; and
(ix) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 2 contracts
Samples: Mortgage Loan Purchase Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2005-11h), Mortgage Loan Purchase Agreement (Structured Asset Securities Corp)
Permitted Withdrawals from the Custodial Account. The Seller Servicer may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to make payments to the Purchaser Owner in the amounts and in the manner provided for in Section 5.01;
(ii) to reimburse itself for Monthly Advances, the SellerServicer's right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing Fee) of principal and/or interest respecting which any such advance was made, it being understood that, in the case of such reimbursement, the SellerServicer's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage LoanOwner;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the SellerServicer's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Proceeds and Insurance Proceeds in accordance with the relevant provisions of the Xxxxxx Mae Guide or as otherwise set forth in this Agreement, it being understood that for those Mortgage Loans in foreclosure, the Owner shall reimburse the Servicer for Servicing Advances and Servicing Fees through the completion of foreclosure and disposition of the REO Disposition ProceedsProperty; such reimbursement shall be monthly after completion of foreclosure or deed-in-lieu proceedings;
(iv) to reimburse itself for unreimbursed Servicing Advances and Monthly Advances, to the extent that such amounts are nonrecoverable by the Servicer pursuant to subclause (ii) or (iii) above by netting the unreimbursed Servicing Advances from the monthly remittance, on the determination period following the liquidation disposition;
(v) to pay to itself as part of its servicing compensation: (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage LoanLoan and (c) all income and gain earned on the investment of funds deposited in the Custodial Account;
(vvi) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 all amounts received thereon and not distributed as of the date on which the related Repurchase Price repurchase price is determined;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) above;,
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viii) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionServicer; and
(ix) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 2 contracts
Samples: Flow Servicing Agreement (J.P. Morgan Mortgage Trust 2006-S4), Flow Servicing Agreement (J.P. Morgan Alternative Loan Trust 2006-A7)
Permitted Withdrawals from the Custodial Account. The Seller Interim Servicer may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to make payments distributions to the Purchaser in the amounts and in the manner provided for in Section 5.01Subsection 11.14;
(ii) to reimburse itself for Monthly unreimbursed Servicing Advances, the Seller's right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing Fee) of principal and/or interest respecting which any such advance was made, it being understood that, in the case of such reimbursement, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the SellerInterim Servicer's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to (1) during the Interim Servicing period related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition Proceedssuch other amounts as may be collected by the Interim Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, and (2) on the Servicing Transfer Date from all funds in the Custodial Account, it being understood that, in the case of such reimbursement, the Interim Servicer's right thereto shall be prior to the rights of the Purchaser, except that, where the Company is required to repurchase a Mortgage Loan, pursuant to Subsection 7.06, the Interim Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the repurchase price pursuant to Subsection 7.06 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loans;
(iviii) to pay to itself pursuant to Subsection 11.22 as part of its servicing compensation: compensation (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Distribution Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to on a particular Mortgage Loan;
(viv) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 Subsection 7.06, all amounts received thereon and not distributed as of the date on which the related Repurchase Price repurchase price is determined;
(viv) to pay, or to reimburse itself the Interim Servicer for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 4.05(ii) or (iii) aboveSubsection 11.03(b);
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viii) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institution; and
(ixvi) to clear and terminate the Custodial Account upon on the termination of this Agreement; and
(vii) to withdraw funds deposited in error. The Interim Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Custodial Account pursuant to such subclauses (ii), (iii), (v), (vi) and (vii) above. The Interim Servicer shall provide written notification in the form of an Officers' Certificate to the Purchaser, on or prior to the next succeeding Distribution Date, upon making any withdrawals from the Custodial Account pursuant to subclause (iv) above.
Appears in 2 contracts
Samples: Mortgage Loan Purchase and Interim Servicing Agreement (Asset Backed Securities CORP Home Equity Loan Trust, Series AMQ 2007-He2), Mortgage Loan Purchase and Interim Servicing Agreement (Asset Backed Securities CORP Home Equity Loan Trust, Series AMQ 2007-He2)
Permitted Withdrawals from the Custodial Account. The Seller Company may, from time to timetime as provided herein, withdraw make withdrawals from the Custodial Account for the following purposes:
(i) to make payments to the Purchaser Owner in the amounts and in the manner provided for in Section 5.014.01;
(ii) to reimburse itself for Monthly Advances, the SellerCompany's right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing Fee) payments of principal and/or interest respecting which any such advance was made, it being understood that, in the case of such reimbursement, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iii) to reimburse itself as to any Liquidated Mortgage Loan from related Liquidation Proceeds for unreimbursed Servicing Advances related Monthly Advances, Insured Expenses and any unpaid Servicing FeesLiquidation Expenses, the Seller's right and to reimburse itself pursuant to this subclause (iii) with respect to for any unpaid servicing compensation on such Liquidated Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition ProceedsLoan;
(iv) to reimburse itself as to any Mortgage Loan which became an REO Property, from related Liquidation Proceeds for related Insured Expenses and Liquidation Expenses;
(a) to pay to itself as part servicing compensation any interest in respect of its servicing compensation: (a) Partial Prepayments and any interest earned on or investment income with respect to funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, pay to itself as to each Mortgage Loan the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage LoanFee;
(vvi) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 Sections 2.02 and 2.04 all amounts received thereon and not required to be distributed as of the date on which the related Repurchase Price is determined;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) aboveOwner;
(vii) to transfer funds reimburse itself for any Nonrecoverable Monthly Advance or to another Eligible Account in accordance with Section 4.09 hereofreimburse itself for any Liquidation Expenses not previously recovered pursuant to subclauses (iii) and (iv) above;
(viii) to remove funds inadvertently placed in the Custodial Account reimburse itself for expenses incurred by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institution; andand reimbursable to it pursuant to Section 5.01;
(ix) to reimburse itself for any other expenses incurred and reimbursable to it pursuant to Section 3.12 or otherwise; and
(x) to clear and terminate the Custodial Account of all amounts on deposit therein attributable to the Mortgage Loans upon the termination of this Agreement.
Appears in 2 contracts
Samples: Sale and Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-Oar3), Sale and Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-Oar4)
Permitted Withdrawals from the Custodial Account. The Seller Company may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to make payments to the Purchaser in the amounts and in the manner provided for in Section 5.01;
(ii) to reimburse itself for Monthly Advances, the SellerCompany's right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing FeeFees) of principal and/or interest respecting which any such advance was made, it being understood that, in the case of such reimbursement, the SellerCompany's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller Company is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the SellerCompany's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing FeesFees(or REO administration fees described in Section 4.13), the SellerCompany's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Proceeds and Insurance Proceeds and in accordance with the relevant provisions of the Fxxxxx Mxx Guides or as otherwise set forth in this Agreement; any recovery shall be made upon liquidation of the REO Disposition ProceedsProperty;
(iv) to pay to itself as part of its servicing compensation: compensation (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loan;
(v) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 all amounts received thereon and not distributed as of the date on which the related Repurchase Price repurchase price is determined;,
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viiivii) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institution; and
(ix) to clear and terminate the Custodial Account upon the termination of this Agreement.Company;
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-Ac6), Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-1)
Permitted Withdrawals from the Custodial Account. The Seller Master Servicer may, from time to timetime as provided herein, withdraw make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3. 10 that are attributable to the Mortgage Loans for the following purposes:
(i) to make payments to deposits into the Purchaser Certificate Account in the amounts and in the manner provided for in Section 5.014.01, such deposit to include interest collections on the Mortgage Loans at the Net Mortgage Rate [and net of amounts reimbursed therefrom];
(ii) to reimburse itself for Monthly Advancespay to itself, the Seller's right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on Depositor, the related Mortgage Loan which represent late collections (net of the related Servicing Fee) of principal and/or interest respecting which Sponsor or any such advance was madeother appropriate person, it being understood that, in as the case of such reimbursementmay be, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such each Mortgage LoanLoan that has previously been purchased, repurchased or replaced pursuant to Sections 2.02, 2.04 or 9.01 all amounts received thereon and not yet distributed as of the date of purchase, repurchase or substitution;
(iii) to reimburse itself or any Sub-Servicer for unreimbursed Servicing Advances and any unpaid Servicing Feesnot previously reimbursed, the SellerMaster Servicer's or any Sub-Servicer's right to reimburse itself reimbursement pursuant to this subclause clause (iii) being limited to amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such Advances were made and as further provided in Section 3.15;
(iv) to reimburse or pay itself, the Trustee or the Depositor for expenses incurred by or reimbursable to the Master Servicer, the Trustee or the Depositor pursuant to Sections 3.22, 6.03, 8.05, 10.01(c) or 10.01(g), except as otherwise provided in such Sections;
(v) to reimburse itself or any Sub-Servicer for costs and expenses incurred by or reimbursable to it relating to the prosecution of any claims pursuant to Section 3.13 that are in excess of the amounts so recovered;
(vi) to reimburse itself or any Sub-Servicer for unpaid Servicing Fees and unreimbursed Servicing Advances, the Master Servicer's or any Sub-Servicer's right to reimbursement pursuant to this clause (vi) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition Proceeds;
(iv) to pay to itself as part late recoveries of its servicing compensation: (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on payments for which such investments (all such amounts to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loan;
(v) to pay to itself with respect to each Mortgage Loan that has been repurchased advances were made pursuant to Section 3.03 all amounts received thereon 3.01 or Section 3.09 and not distributed as of the date on which the any other related Repurchase Price is determined;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) aboveLate Collections;
(vii) to transfer pay itself as servicing compensation (in addition to the Servicing Fee), on or after each Distribution Date, any interest or investment income earned on funds deposited in the Custodial Account for the period ending on such Distribution Date, subject to another Eligible Account in accordance with Section 4.09 hereof8.05;
(viii) to remove funds inadvertently placed in the Custodial Account by the Seller reimburse itself or any Sub-Servicer for any Advance previously made which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionitself has determined to be a Nonrecoverable Advance, provided that such Advance was made with respect to a delinquency that ultimately constituted an Excess Special Hazard Loss, Excess Fraud Loss, Excess Bankruptcy Loss or Extraordinary Loss; and
(ix) and to clear and terminate the Custodial Account upon at the termination of this AgreementAgreement pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting records on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Custodial Account pursuant to such clauses (ii), (iii), (iv), (v), (vi), (vii) and (viii). Reconciliations will be prepared for the Custodial Account within 45 Calendar days after the bank statement cut-off date. All items requiring reconciliation will be resolved within 90 calendar days of their original identification.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Impac Secured Assets Corp), Pooling and Servicing Agreement (Impac Secured Assets Corp)
Permitted Withdrawals from the Custodial Account. The Seller Servicer or the Subservicer may, from time to time, withdraw make withdrawals from the Custodial Account for the following purposes:
(i) to make payments remittances to the Purchaser Master Servicer in the amounts and in the manner provided for in Section 5.01;
(ii) to reimburse itself for Monthly AdvancesAdvances it made, the Seller's Servicer’s or the Subservicer’s right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections collections, Liquidation Proceeds and Insurance Proceeds (net of the related Servicing FeeFees) of principal and/or interest respecting which it made any such advance was made, it being understood that, in the case of such reimbursement, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage LoanMonthly Advance;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Feesit made, the Seller's Servicer’s or the Subservicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, and Insurance Proceeds and REO Disposition ProceedsProceeds related to such Mortgage Loan;
(iv) to pay to itself as part of its servicing compensation: compensation (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments it maintains in its name (all such amounts interest to be withdrawn monthly not later than each Servicer Remittance Date), ) and (b) any Servicing Fee or Subservicing Fee to which the Servicer or the Subservicer, respectively, is entitled in accordance with the terms hereof to the extent such Servicing Fee or Subservicing Fee has not otherwise retainedbeen paid to or retained by the Servicer or the Subservicer, it being understood that the Subservicer shall not withdraw any portion of the Servicing Fee from that portion for any Due Period in excess of any payment or recovery as to interest with respect to a particular Mortgage Loanthe Subservicing Fee for such Due Period;
(v) to pay to reimburse itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determinedfor any Nonrecoverable Advances it made;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viiivii) to remove funds inadvertently placed deposited in the Custodial Account in error by the Seller Servicer or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionSubservicer; and
(ixviii) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 2 contracts
Samples: Servicing Agreement (Peoples Choice Home Loan Securities Trust Series 2005-2), Servicing Agreement (Peoples Choice Home Loan Securities Trust Series 2005-3)
Permitted Withdrawals from the Custodial Account. The Seller Countrywide may, from time to time, withdraw funds from the Custodial Account for the following purposes:
(ia) to make payments to the Purchaser in the amounts and in the manner provided for in Section 5.01Sections 4.01 and 4.03 of this Agreement;
(iib) to reimburse itself for Monthly Advances, the Seller's right to reimburse itself pursuant to this subclause Advances (ii) being Countrywide’s reimbursement for Monthly Advances shall be limited to amounts received on the related Mortgage Loan (or to amounts received on the Mortgage Loans as a whole if the Monthly Advance is made due to a shortfall in a Monthly Payment made by a Mortgagor entitled to relief under the Soldiers’ and Sailors’ Civil Relief Act of 1940) which represent late collections (Late Collections, net of the related Servicing Fee) of principal and/or interest respecting which any such advance was made, it being understood that, in the case of such reimbursement, the Seller's . Countrywide’s right thereto to reimbursement hereunder shall be prior to the rights of the Purchaser, except that, where the Seller Countrywide is required to repurchase a Mortgage Loan, Loan pursuant to Section 3.033.03 or 3.04 of the Purchase Agreement, the Seller's Countrywide’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loans. Notwithstanding the foregoing, Countrywide may reimburse itself for Monthly Advances from any funds in the Custodial Account if it has determined that such funds are nonrecoverable advances or if all funds, with respect to the related Mortgage Loan;, have previously been remitted to the Purchaser).
(iiic) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's right to reimburse itself pursuant to this subclause Fees (iii) Countrywide’s reimbursement for Servicing Advances and/or Servicing Fees hereunder with respect to any Mortgage Loan being shall be limited to related proceeds from Cash Liquidation, Liquidation Proceeds, Condemnation Proceeds, and Other Insurance Proceeds Proceeds; provided, however, that Countrywide may reimburse itself for Servicing Advances and REO Disposition ProceedsServicing Fees from any funds in the Custodial Account if all funds, with respect to the related Mortgage Loan, have previously been remitted to the Purchaser;
(ivd) to pay to itself as part of its servicing compensation: compensation (ai) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Date), and (bii) to the extent not otherwise retained, the Servicing Fee Fee, from that portion of any payment or recovery as to of interest with respect to on a particular Mortgage Loan;
(ve) to pay to itself itself, with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 or 3.04 of the Purchase Agreement, all amounts received thereon and but not distributed as of the date on which the related Repurchase Price is determined;
(vif) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viii) to remove funds inadvertently placed any amounts deposited in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institution; andin error;
(ixg) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(h) to the extent not retained pursuant to Section 3.04, to pay itself any Prepayment Interest Excess amounts.
Appears in 2 contracts
Samples: Assignment, Assumption and Recognition Agreement (HSI Asset Securitization CORP Trust 2006-He2), Assignment, Assumption and Recognition Agreement (HSI Asset Securitization CORP Trust 2006-He1)
Permitted Withdrawals from the Custodial Account. The Seller may, (a) GMACM may from time to time, withdraw time make withdrawals from the Custodial Account relating to the GMACM Mortgage Loans for the following purposes:
(i) to make payments pay itself (to the Purchaser extent not previously paid to or withheld by GMACM), as servicing compensation in accordance with Section 3.10, that portion of any payment of interest that equals the Servicing Fee for the period with respect to which such interest payment was made, and, as additional servicing compensation, those other amounts and in the manner provided for set forth in Section 5.013.10;
(ii) to reimburse itself GMACM or an Advance Financing Person for Monthly Advances, (A) any unreimbursed Advances to the Seller's right to reimburse itself pursuant to this subclause (ii) being limited to extent of amounts received on the related Mortgage Loan which represent late collections recoveries of payments of principal and/or interest (net of the related Servicing FeeFees), Liquidation Proceeds and Insurance Proceeds on the GMACM Mortgage Loans with respect to which such Advances were made in accordance with the provisions of Section 5.01; and (B) any unreimbursed Advances with respect to the final liquidation of a GMACM Mortgage Loan that are Nonrecoverable Advances, but only to the extent that late recoveries of payments of principal and/or interest respecting which any such advance was madeinterest, it being understood that, in the case of such reimbursement, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section Liquidation Proceeds and all other amounts required to be paid to the Purchaser Insurance Proceeds received with respect to such GMACM Mortgage LoanLoan are insufficient to reimburse GMACM or an Advance Financing Person for such unreimbursed Advances or (C) subject to Section 4.02(b), any unreimbursed Advances to the extent of Amounts Held For Future Distribution funds held in the Custodial Account relating to the GMACM Mortgage Loans that were not included in the Available Distribution Amount for the preceding Distribution Date;
(iii) to reimburse itself GMACM or an Advance Financing Person for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition ProceedsNonrecoverable Advances;
(iv) to pay to itself as part of its servicing compensation: (a) any interest earned on funds or any investment earnings in reimburse GMACM from Insurance Proceeds for Insured Expenses covered by the Custodial Account net of any losses on such investments (all such amounts to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loanrelated Insurance Policy;
(v) to pay GMACM any unpaid Servicing Fees and to itself reimburse it or any Advance Financing Person for any unreimbursed Servicing Advances, provided, however, that GMACM's or such Advance Financing Person's right to reimbursement for Servicing Advances pursuant to this subclause (v) with respect to any GMACM Mortgage Loan shall be limited to amounts received on particular GMACM Mortgage Loan(s) (including, for this purpose, late recoveries of payments of principal and/or interest, Liquidation Proceeds, Insurance Proceeds, condemnation proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such Servicing Advances were made;
(vi) to pay to the Seller or the Depositor with respect to each GMACM Mortgage Loan or property acquired in respect thereof that has been repurchased purchased pursuant to Section 3.03 2.02, 2.03 or 3.24, all amounts received thereon and not distributed as of the date on which taken into account in determining the related Repurchase Price is determined;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) aboveStated Principal Balance of such repurchased GMACM Mortgage Loan;
(vii) to transfer funds pay any expenses recoverable by GMACM pursuant to another Eligible Account in accordance with Section 4.09 hereof7.04;
(viii) to remove funds inadvertently placed withdraw any amount deposited in the Custodial Account by relating to the Seller or for which amounts previously GMACM Mortgage Loans and not required to be deposited are returned unpaid by the related Mortgagor's banking institutiontherein; and
(ix) to clear and terminate the Custodial Account relating to the GMACM Mortgage Loans upon the termination of this AgreementAgreement pursuant to Section 10.01 hereof. In addition, no later than 3:00 p.m. Eastern time on the Remittance Date, GMACM shall withdraw from the related Custodial Account and remit to the Trustee (a) all amounts deposited in the related Custodial Account as of the close of business on the last day of the related Due Period (net of charges against or withdrawals from the related Custodial Account pursuant to this Section 4.02), plus (b) all Advances, if any, which GMACM is obligated to make pursuant to Section 5.01, minus (c) any amounts attributable to Principal Prepayments, Liquidation Proceeds, Insurance Proceeds or condemnation proceeds received after the applicable Prepayment Period, which amounts shall be remitted on the following Remittance Date, together with any Compensating Interest required to be deposited in the related Custodial Account in connection with such Principal Prepayment in accordance with Section 5.02, and minus (d) any amounts attributable to Scheduled Payments collected but due on a Due Date or Due Dates subsequent to the first day of the month in which such Remittance Date occurs, which amounts shall be remitted on the Remittance Date next succeeding the Due Date related to such Scheduled Payment. With respect to any remittance received by the Trustee after the Business Day on which such payment was due, the Trustee shall send written notice thereof to GMACM. GMACM shall pay to the Trustee interest on any such late payment by GMACM at an annual rate equal to Prime Rate (as defined in The Wall Street Journal) plus one percentage point, but in no event greater than the maximum amount permitted by applicable law. Such interest shall be paid by GMACM to the Trustee on the date such late payment is made and shall cover the period commencing with the day following the Business Day on which such payment was due and ending with the Business Day on which such payment is made, both inclusive. The payment by GMACM of any such interest, or the failure of the Trustee to notify GMACM of such interest, shall not be deemed an extension of time for payment or a waiver of any Servicer Default by GMACM. GMACM shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Custodial Account pursuant to subclauses (i), (ii), (iv), (v) and (vi) above. Prior to making any withdrawal from the Custodial Account relating to the GMACM Mortgage Loans pursuant to subclause (iii), GMACM shall deliver to the Trustee an Officer's Certificate of a Authorized Servicer Representative indicating the amount of any previous Advance or Servicing Advance determined by GMACM to be a Nonrecoverable Advance and identifying the related GMACM Mortgage Loan(s), and their respective portions of such Nonrecoverable Advance.
(b) Notwithstanding the foregoing, any Amounts Held For Future Distribution withdrawn by GMACM as permitted in Section 4.02(a)(ii) in reimbursement of Advances previously made by GMACM shall be appropriately reflected in GMACM's records and replaced by GMACM by deposit in the related Custodial Account, no later than the close of business on any future Remittance Date on which the funds on deposit in the related Custodial Account shall be less than the amount required to be remitted to the Trust on such Remittance Date; provided, however that if the rating of GMACM (including any Successor Servicer) is less than "BBB", GMACM shall be required to replace such funds by deposit to the Distribution Account, no later than the close of business on the Remittance Date immediately following the Due Period or Prepayment Period for which such amounts relate.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (NAAC Alternative Loan Trust, Series 2004 - AP3), Pooling and Servicing Agreement (NAAC Alternative Loan Trust, Series 2004 - AP3)
Permitted Withdrawals from the Custodial Account. The Seller Servicer may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to make payments to the Purchaser in the amounts and in the manner provided for in Section 5.01;
(ii) to reimburse itself for Monthly Advances, the Seller's Servicer’s right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing Fee) of principal and/or interest respecting which any such advance was made, it being understood that, in the case of such reimbursement, the Seller's Servicer’s right thereto shall be prior to the rights of the Purchaser, except that, where the Seller Servicer is required to repurchase a Mortgage Loan, pursuant to Section 3.03, 3.04 or 3.05, the Seller's Servicer’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from the related Mortgagor, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition Insurance Proceeds;
(iv) to pay to itself as part of its servicing compensation: (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loan;
(v) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 3.03, 3.04 or 3.05 all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determined;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viii) to make payments in respect of the premiums due, if any, on the LPMI Policies, if applicable;
(ix) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionServicer; and
(ixx) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 2 contracts
Samples: Seller’s Purchase, Warranties and Servicing Agreement (CSMC Mortgage Backed Trust Series 2007-1), Seller’s Purchase, Warranties and Servicing Agreement (CSMC Trust 2007-4)
Permitted Withdrawals from the Custodial Account. The Seller Company may, from time to timetime as provided herein, withdraw make withdrawals from the Custodial Account for the following purposes:
(i) to make payments to the Purchaser Owners in the amounts and in the manner provided for in Section 5.014.01;
(ii) to reimburse itself for Monthly Advances, the SellerCompany's right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing Fee) payments of principal and/or interest respecting which any such advance was made, it being understood that, in the case of such reimbursement, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iii) to reimburse itself as to any Liquidated Mortgage Loan from related Liquidation Proceeds for unreimbursed Servicing Advances related Monthly Advances, Insured Expenses and any unpaid Servicing FeesLiquidation Expenses, the Seller's right and to reimburse itself pursuant to this subclause (iii) with respect to for any unpaid servicing compensation on such Liquidated Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition ProceedsLoan;
(iv) to reimburse itself as to any Mortgage Loan which became an REO Property, from related Liquidation Proceeds for related Insured Expenses and Liquidation Expenses;
(a) to pay to itself as part of its servicing compensation: (a) compensation any interest earned on or investment income with respect to funds or any investment earnings in the Custodial Account net to the extent interest earnings are in excess of any losses on such investments (all such amounts to be withdrawn monthly not later than each Remittance Date), the amount of Compensating Interest owed and (b) to the extent not otherwise retained, pay to itself as to each Mortgage Loan the Servicing Fee from that portion of any payment or recovery as Fee, and to interest with respect to a particular Mortgage Loanthe related Subservicer the Subservicing Fee;
(vvi) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 Sections 2.02, 2.04 and 3.19 all amounts received thereon and not required to be distributed as of the date on which the related Repurchase Price is determined;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) aboveOwners;
(vii) to transfer funds reimburse itself for any Nonrecoverable Monthly Advance or to another Eligible Account in accordance with Section 4.09 hereofreimburse itself for any Liquidation Expenses not previously recovered pursuant to subclauses (iii) and (iv) above;
(viii) to remove funds inadvertently placed in the Custodial Account reimburse itself for expenses incurred by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institution; andand reimbursable to it pursuant to Section 5.01;
(ix) to reimburse itself for any other expenses incurred and reimbursable to it pursuant to Section 3.12 or otherwise; and
(x) to clear and terminate the Custodial Account of all amounts on deposit therein attributable to the Mortgage Loans upon the termination of this Agreement.
Appears in 2 contracts
Samples: Reconstitution Agreement (HarborView 2007-7), Sale and Servicing Agreement (Luminent Mortgage Trust 2006-6)
Permitted Withdrawals from the Custodial Account. The Seller Interim Servicer may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to make payments distributions to the Purchaser in the amounts and in the manner provided for in Section 5.01Subsections 11.05 and 11.14;
(ii) to reimburse itself for Monthly unreimbursed Servicing Advances, the SellerInterim Servicer's right to reimburse itself pursuant to this subclause (ii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts received on as may be collected by the related Interim Servicer from the Mortgagor or otherwise relating to the Mortgage Loan which represent late collections (net of the related Servicing Fee) of principal and/or interest respecting which any such advance was madeLoan, it being understood that, in the case of such reimbursement, the SellerInterim Servicer's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller Interim Servicer is required to repurchase a Mortgage Loan, pursuant to Section 3.03Subsection 7.03 or 7.04, the SellerInterim Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section Subsection 7.03 or 7.04 and all other amounts required to be paid to the Purchaser with respect to such Mortgage LoanLoans;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's right pay to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition Proceeds;
(iv) to pay to itself Subsection 11.21 as part of its servicing compensation: compensation (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Distribution Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to on a particular Mortgage Loan;
(viv) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 Subsection 7.03 or Subsection 7.04 all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determined;
(viv) to pay, or to reimburse itself the Interim Servicer for unreimbursed Monthly Advances and Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Subsection 11.03(b), but only to the extent not fully reimbursed pursuant of amounts received in respect of the Mortgage Loans to Section 4.05(ii) or (iii) abovewhich such expense is attributable;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viii) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institution; and
(ixvi) to clear and terminate the Custodial Account upon on the termination of this Agreement. The Interim Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Custodial Account pursuant to such subclauses (ii) - (v) above.
Appears in 2 contracts
Samples: Master Mortgage Loan Purchase and Interim Servicing Agreement (Citigroup Mortgage Loan Trust 2006-Nc1), Master Mortgage Loan Purchase and Interim Servicing Agreement (Citigroup Mortgage Loan Trust 2006-Nc2)
Permitted Withdrawals from the Custodial Account. The Seller Servicer or the Subservicer may, from time to time, withdraw make withdrawals from the Custodial Account for the following purposes:
(ia) to make payments remittances to the Purchaser Master Servicer in the amounts and in the manner provided for in Section 5.01;
(iib) to reimburse itself for Monthly AdvancesAdvances it made, the Seller's Servicer’s or the Subservicer’s right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections collections, Liquidation Proceeds and Insurance Proceeds (net of the related Servicing FeeFees) of principal and/or interest respecting which it made any such advance was made, it being understood that, in the case of such reimbursement, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage LoanMonthly Advance;
(iiic) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Feesit made, the Seller's Servicer’s or the Subservicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, and Insurance Proceeds and REO Disposition ProceedsProceeds related to such Mortgage Loan;
(ivd) to pay to itself as part of its servicing compensation: compensation (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments it maintains in its name (all such amounts interest to be withdrawn monthly not later than each Servicer Remittance Date), ) and (b) any Servicing Fee or Subservicing Fee to which the Servicer or the Subservicer, respectively, is entitled in accordance with the terms hereof to the extent such Servicing Fee or Subservicing Fee has not otherwise retainedbeen paid to or retained by the Servicer or the Subservicer, it being understood that the Subservicer shall not withdraw any portion of the Servicing Fee from that portion for any Due Period in excess of any payment or recovery as to interest with respect to a particular Mortgage Loanthe Subservicing Fee for such Due Period;
(v) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determined;
(vie) to reimburse itself for unreimbursed Monthly any Nonrecoverable Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) aboveit made;
(viif) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viiig) to remove funds inadvertently placed deposited in the Custodial Account in error by the Seller Servicer or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionSubservicer; and
(ixh) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 2 contracts
Samples: Servicing Agreement (Peoples Choice Home Loan Securities Trust Series 2005-4), Servicing Agreement (Peoples Choice Home Loan Securities Corp)
Permitted Withdrawals from the Custodial Account. (a) The Seller may, Servicer may from time to time, withdraw time make withdrawals from the Custodial Account for the following purposes:
(i) to make payments pay itself (to the Purchaser extent not previously paid to or withheld by the Servicer), as servicing compensation in accordance with Section 3.10, that portion of any payment of interest that equals the Servicing Fee for the period with respect to which such interest payment was made, and, as additional servicing compensation, those other amounts and in the manner provided for set forth in Section 5.013.10;
(ii) to reimburse itself the Servicer or an Advance Financing Person for Monthly Advances, (A) any unreimbursed Advances to the Seller's right to reimburse itself pursuant to this subclause (ii) being limited to extent of amounts received on the related Mortgage Loan which represent late collections recoveries of payments of principal and/or interest (net of the related Servicing FeeFees), Liquidation Proceeds and Insurance Proceeds on the Mortgage Loans with respect to which such Advances were made in accordance with the provisions of Section 5.01; and (B) any unreimbursed Advances with respect to the final liquidation of a Mortgage Loan that are Nonrecoverable Advances, but only to the extent that late recoveries of payments of principal and/or interest respecting which any such advance was madeinterest, it being understood that, in the case of such reimbursement, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section Liquidation Proceeds and all other amounts required to be paid to the Purchaser Insurance Proceeds received with respect to such Mortgage LoanLoan are insufficient to reimburse the Servicer or an Advance Financing Person for such unreimbursed Advances or (C) subject to Section 4.02(b), any unreimbursed Advances to the extent of Amounts Held For Future Distribution funds held in the Custodial Account that were not included in the Available Distribution Amount for the preceding Distribution Date;
(iii) to reimburse itself the Servicer or an Advance Financing Person for unreimbursed Servicing any Nonrecoverable Advances and (other than with respect to final liquidation of a Mortgage Loan as provided for in clause (ii) above);
(iv) to reimburse the Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(v) to pay the Servicer any unpaid Servicing FeesFees and to reimburse it or any Advance Financing Person for any unreimbursed Servicing Advances, provided, however, that the Seller's Servicer’s or such Advance Financing Person’s right to reimburse itself reimbursement for Servicing Advances pursuant to this subclause (iiiv) with respect to any Mortgage Loan being shall be limited to related proceeds from amounts received on particular Mortgage Loan(s) (including, for this purpose, late recoveries of payments of principal and/or interest, Liquidation Proceeds, Condemnation Insurance Proceeds, Insurance Proceeds condemnation proceeds and REO Disposition Proceedspurchase and repurchase proceeds) that represent late recoveries of the payments for which such Servicing Advances were made;
(ivvi) to pay to itself as part of its servicing compensation: (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retainedSeller, the Servicing Fee from that portion of any payment Depositor or recovery the Majority Class X-2 Certificateholder, as to interest with respect to a particular Mortgage Loan;
(v) to pay to itself applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been repurchased purchased pursuant to Section 3.03 2.02, 2.03 or 3.23, all amounts received thereon and not distributed as of the date on which taken into account in determining the related Repurchase Price is determined;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) aboveStated Principal Balance of such repurchased Mortgage Loan;
(vii) to transfer funds pay any expenses recoverable by the Servicer pursuant to another Eligible Account in accordance with Section 4.09 hereof7.04;
(viii) to remove funds inadvertently placed withdraw any amount deposited in the Custodial Account by the Seller or for which amounts previously and not required to be deposited are returned unpaid by the related Mortgagor's banking institutiontherein; and
(ix) to clear and terminate the Custodial Account upon the termination of this AgreementAgreement pursuant to Section 10.01 hereof. In addition, no later than 12:00 p.m. Eastern time on the Remittance Date, the Servicer shall withdraw from the Custodial Account and remit to the Securities Administrator (a) all amounts deposited in the Custodial Account as of the close of business on the last day of the related Due Period (net of charges against or withdrawals from the Custodial Account pursuant to this Section 4.02), plus (b) all Advances, if any, which the Servicer is obligated to make pursuant to Section 5.01, minus (c) any amounts attributable to Principal Prepayments, Liquidation Proceeds, Insurance Proceeds or condemnation proceeds received after the applicable Prepayment Period, which amounts shall be remitted on the following Remittance Date, together with any Compensating Interest required to be deposited in the Custodial Account in connection with such Principal Prepayment in accordance with Section 5.02, and minus (d) any amounts attributable to Scheduled Payments collected but due on a Due Date or Due Dates subsequent to the first day of the month in which such Remittance Date occurs, which amounts shall be remitted on the Remittance Date next succeeding the Due Date related to such Scheduled Payment. With respect to any remittance received by the Securities Administrator after the Business Day on which such payment was due, the Securities Administrator shall send written notice thereof to the Servicer. The Servicer shall pay to the Securities Administrator interest on any such late payment by the Servicer at an annual rate equal to the Prime Rate (as defined in The Wall Street Journal) plus one percentage point, but in no event greater than the maximum amount permitted by applicable law. Such interest shall be paid by the Servicer to the Securities Administrator on the date such late payment is made and shall cover the period commencing with the day following the Business Day on which such payment was due and ending with the Business Day on which such payment is made, both inclusive. The payment by the Servicer of any such interest, or the failure of the Securities Administator to notify the Servicer of such interest, shall not be deemed an extension of time for payment or a waiver any Servicer Default by the Servicer. 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 Custodial Account pursuant to subclauses (i), (ii), (iv), (v) and (vi) above. Prior to making any withdrawal from a Custodial Account pursuant to subclause (iii), the Servicer shall deliver to the Master Servicer an Officer’s Certificate of a Authorized Servicer Representative indicating the amount of any previous Advance or Servicing Advance determined by the Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loan(s), and their respective portions of such Nonrecoverable Advance.
(b) Notwithstanding the foregoing, any Amounts Held For Future Distribution withdrawn by the Servicer as permitted in Section 4.02(a)(ii) in reimbursement of Advances previously made by the Servicer shall be appropriately reflected in the Servicer’s records and replaced by the Servicer by deposit in the Custodial Account, no later than the close of business on any future Remittance Date on which the funds on deposit in the Custodial Account shall be less than the amount required to be remitted to the Trust on such Remittance Date; provided, however that if the rating of the Servicer (including any Successor Servicer) is less than “BBB”, the Servicer shall be required to replace such funds by deposit to the Distribution Account, no later than the close of business on the Remittance Date immediately following the Due Period or Prepayment Period for which such amounts relate.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Nomura Asset Acceptance Corp), Pooling and Servicing Agreement (Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-S2)
Permitted Withdrawals from the Custodial Account. The Seller mayPurchaser, from time as owner of the Custodial Account, shall be entitled to time, withdraw any and all funds deposited in the Custodial Account as owner thereto. All withdrawals from the Custodial Account shall be made by the Purchaser and the Interim Servicer shall have no withdrawal rights with respect thereto. Simultaneously with the delivery of the Remittance Report, the Interim Servicer shall deliver an invoice to the Purchaser, along with reasonable documentation, requesting payment for the following purposesfollowing:
(i) to make payments to pay the Purchaser in the amounts and in the manner provided Interim Servicer for in Section 5.01;
(ii) to reimburse itself for Monthly unreimbursed Servicing Advances, the SellerInterim Servicer's right to reimburse itself payment pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts received on as may be collected by the related Interim Servicer from the Mortgagor or otherwise relating to the Mortgage Loan which represent late collections (net of the related Servicing Fee) of principal and/or interest respecting which any such advance was madeLoan, it being understood that, in the case of such reimbursement, the SellerInterim Servicer's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller Interim Servicer is required to repurchase a Mortgage Loan, pursuant to Section 3.03Subsection 7.03, the SellerInterim Servicer's right to such reimbursement payment shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section Subsection 7.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage LoanLoans;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition Proceeds;
(ivii) to pay to itself as part of its servicing compensation: (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loan;
(v) to pay to itself Interim Servicer with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 Subsection 7.03 all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determined;; and
(viiii) to pay, or to reimburse itself the Interim Servicer for unreimbursed Monthly Advances and Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Subsection 11.03(b), but only to the extent not fully reimbursed pursuant of amounts received in respect of the Mortgage Loans to Section 4.05(iiwhich such expense is attributable. Absent a good faith dispute on the amount set forth on such invoice, the Purchaser shall remit to the Interim Servicer the amount specified in such invoice within five (5) or (iii) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viii) to remove funds inadvertently placed in Business Days of receipt thereof by the Purchaser. In the event that any amount is mistakenly deposited into the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by Interim Servicer, the related Mortgagor's banking institution; and
(ix) to clear and terminate Purchaser shall withdraw such amount from the Custodial Account upon and remit it to the termination Interim Servicer as quickly as possible, and if possible on the date the Purchaser receives notification from the Interim Servicer of this Agreementsuch mistaken deposit.
Appears in 2 contracts
Samples: Master Mortgage Loan Purchase Facility (Contifinancial Corp), Master Repurchase Agreement (Contifinancial Corp)
Permitted Withdrawals from the Custodial Account. (a) The Seller Servicer may, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) (i) to make payments and distributions to the Purchaser Owner in the amounts and in the manner provided for in Section 5.014.1;
(ii) to reimburse itself for Monthly AdvancesAdvances made by the Servicer from its own funds pursuant to Section 4.3, the SellerServicer's right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing Fee) payments of principal and/or interest respecting which any such advance Monthly Advance was made, it being understood that, made and such other amounts as are collected by the Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan; (or to amounts received on the Mortgage Loans as a whole in the case of event that such reimbursementMonthly Advance is made to pay a shortfall in a Monthly Payment made by a Mortgagor entitled to relief under the Servicemembers Civil Relief Act). Notwithstanding the foregoing, the Seller's right thereto shall be prior Servicer may reimburse itself for Monthly Advances from any funds in the Custodial Account if it has determined that such funds are Nonrecoverable Advances (or if all funds, with respect to the rights of the Purchaser, except that, where the Seller is required to repurchase a related Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent have previously been remitted to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage LoanOwner);
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the SellerServicer's right to reimburse itself pursuant to this subclause (iiiii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Primary Mortgage Insurance Proceeds and REO Disposition Other Insurance Proceeds;; provided that the Servicer may reimburse itself from any funds in the Custodial Account for Servicing Advances and Servicing Fees if all funds with respect to the related Mortgage Loan have previously been remitted to Owner; provided, however, that the Servicer may reimburse itself for Servicing Advances which it has determined are Nonrecoverable Advances.
(ii) (iv) to pay to itself as part of its any Servicing Fee and other servicing compensation: (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts to be withdrawn monthly compensation not later than each Remittance Date), and (b) paid to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as Servicer pursuant to interest with respect to a particular Mortgage LoanSection 5.3;
(iii) (v) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 all amounts received thereon and not distributed as of any interest earned on funds deposited in the date on which the related Repurchase Price is determinedCustodial Account;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viii) to remove funds inadvertently placed if there shall be amounts deposited in the Custodial Account by in error, including the Seller or for which amounts previously Servicing Fee and other servicing compensation not required to be deposited are returned unpaid by the related Mortgagor's banking institutiontherein, to withdraw such amounts; and
(ix) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 2 contracts
Samples: Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-4), Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-3)
Permitted Withdrawals from the Custodial Account. The Seller Servicer may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to To make payments to the Purchaser Owner in the amounts and in the manner provided for in Section 5.016.01;
(ii) to To reimburse itself for unreimbursed Monthly AdvancesAdvances from the related Monthly Payments collected form the Mortgagors or, to the Sellerextent an unreimbursed Monthly Advance is determined by the Servicer to be unrecoverable, from the Custodial Account;
(iii) To reimburse itself for unreimbursed Servicing Advances and for unreimbursed Servicing Fees, provided that with respect to any Mortgage Loan Servicer's right to reimburse itself pursuant such reimbursement shall be limited, subject to this subclause (ii) being limited Section 4.13, to amounts received on the related Mortgage Loan which represent late collections (net of funds collected by Servicer from the related Servicing Fee) of principal and/or interest respecting which Mortgagor or any such advance was madePerson including, it being understood thatbut not limited to, Liquidation Proceeds, Condemnation Proceeds and Insurance Proceeds, and with respect to REO Property, funds received as rental or similar income. Servicer's right to the reimbursement set forth in the case of such reimbursement, the Seller's right thereto preceding sentence shall be prior to the rights of the PurchaserOwner to such proceeds and amounts, except that, that where the Seller Servicer is required to repurchase a Mortgage Loan, Loan pursuant to Section 3.035(c) or (d) of the Purchase Agreement, the SellerServicer's right to such reimbursement shall be subsequent to the rights of Owner to receive payment to from the Purchaser Custodial Account representing the repurchase price set forth in Section 5(c) or (d) of the Repurchase Price pursuant to such Section Purchase Agreement, as applicable, and representing all other amounts required to be paid to the Purchaser Owner with respect to such repurchased Mortgage Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition Proceeds;
(iv) to To pay to itself as part of its servicing compensation: (a) compensation any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage LoanAccount;
(v) to To pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 5(c) or (d) of the Purchase Agreement all related Monthly Payments and such other amounts received thereon and as may be collected by Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, provided that such Monthly Payments or other amounts have not been distributed as of the date on which the related Repurchase Price repurchase price is determined;
(vi) To refund to reimburse itself for unreimbursed Monthly Advances Servicer any amount deposited in the Custodial Account and Servicing Advances not required to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) above;be deposited therein; and
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viii) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institution; and
(ix) to To clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 1 contract
Samples: Master Servicing Agreement (Sunset Financial Resources Inc)
Permitted Withdrawals from the Custodial Account. The Seller Countrywide may, from time to time, withdraw funds from the Custodial Account for the following purposes:
(ia) to make payments to the Purchaser in the amounts and in the manner provided for in Section 5.01Sections 5.1 and 5.3;
(iib) to reimburse itself for Monthly Advances, the Seller's right to reimburse itself pursuant to this subclause Advances (ii) being Countrywide’s reimbursement for Monthly Advances shall be limited to amounts received on the related Mortgage Loan (or to amounts received on the Mortgage Loans as a whole if the Monthly Advance is made due to a shortfall in a Monthly Payment made by a Mortgagor entitled to relief under the Soldiers’ and Sailors’ Civil Relief Act of 1940) which represent late collections (Late Collections, net of the related Servicing Fee) of principal and/or interest respecting which any such advance was made, it being understood that, in the case of such reimbursement, the Seller's if applicable. Countrywide’s right thereto to reimbursement hereunder shall be prior to the rights of the Purchaser, except that, where the Seller Countrywide is required to repurchase a Mortgage Loan, Loan pursuant to Section 3.033.3 or 3.4, the Seller's Countrywide’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loans. Notwithstanding the foregoing, Countrywide may reimburse itself for Monthly Advances from any funds in the Custodial Account if it has determined that such funds are nonrecoverable advances or if all funds, with respect to the related Mortgage Loan, have previously been remitted to the Purchaser);
(iiic) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's right to reimburse itself pursuant to this subclause Fees (iii) Countrywide’s reimbursement for Servicing Advances and/or Servicing Fees hereunder with respect to any Mortgage Loan being shall be limited to related proceeds from Cash Liquidation, Liquidation Proceeds, Condemnation Proceeds, PMI Proceeds, and Other Insurance Proceeds Proceeds; provided, however, that Countrywide may reimburse itself for Servicing Advances and REO Disposition ProceedsServicing Fees from any funds in the Custodial Account if all funds, with respect to the related Mortgage Loan, have previously been remitted to the Purchaser;
(ivd) to pay to itself as part of its servicing compensation: compensation (ai) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Date), and (bii) to the extent not otherwise retained, the Servicing Fee and the LPMI Fee, if applicable, from that portion of any payment or recovery as to of interest with respect to on a particular Mortgage Loan;
(ve) to pay to itself itself, with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 3.3 or 3.4, all amounts received thereon and but not distributed as of the date on which the related Repurchase Price is determined;
(vif) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viii) to remove funds inadvertently placed any amounts deposited in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionin error; and
(ixg) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 1 contract
Samples: Servicing Agreement (Zuni 2006-Oa1)
Permitted Withdrawals from the Custodial Account. The Seller Countrywide may, from time to time, withdraw funds from the Custodial Account for the following purposes:
(ia) to make payments to the Purchaser in the amounts and in the manner provided for in Section 5.01Sections 5.01 and 5.03;
(iib) to reimburse itself for Monthly Advances, the Seller's right to reimburse itself pursuant to this subclause Advances (ii) being Countrywide’s reimbursement for Monthly Advances shall be limited to amounts received on the related Mortgage Loan (or to amounts received on the Mortgage Loans as a whole if the Monthly Advance is made due to a shortfall in a Monthly Payment made by a Mortgagor entitled to relief under the Servicemembers Relief Act) which represent late collections (Late Collections, net of the related Servicing Fee and LPMI Fee) of principal and/or interest respecting which any such advance was made, it being understood that, in the case of such reimbursement, the Seller's if applicable. Countrywide’s right thereto to reimbursement hereunder shall be prior to the rights of the Purchaser, except that, where the Seller Countrywide is required to repurchase a Mortgage Loan, Loan pursuant to Section 3.033.03 or 3.04, the Seller's Countrywide’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loans. Notwithstanding the foregoing, Countrywide may reimburse itself for Monthly Advances from any funds in the Custodial Account if it has determined that such funds are nonrecoverable advances or if all funds, with respect to the related Mortgage Loan, have previously been remitted to the Purchaser);
(iiic) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's right to reimburse itself pursuant to this subclause Fees (iii) Countrywide’s reimbursement for Servicing Advances and/or Servicing Fees hereunder with respect to any Mortgage Loan being shall be limited to related proceeds from Cash Liquidation, Liquidation Proceeds, Condemnation Proceeds, PMI Proceeds, Government Insurance Proceeds and REO Disposition Other Insurance Proceeds; provided, however, that Countrywide may reimburse itself for Servicing Advances and Servicing Fees from any funds in the Custodial Account if all funds, with respect to the related Mortgage Loan, have previously been remitted to the Purchaser. Notwithstanding the foregoing, with respect to each Government Mortgage Loan, Countrywide shall not be entitled to reimbursement of any Servicing Advances that constitute losses and expenses for which an issuer of GNMA securities would be responsible, pursuant to Chapter 4 of the GNMA Handbook 5500.2, if such Government Mortgage Loan had been included in a GNMA security);
(ivd) to pay to itself as part of its servicing compensation: compensation (ai) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Date), and (bii) to the extent not otherwise retained, the Servicing Fee and the LPMI Fee, if applicable, from that portion of any payment or recovery as to of interest with respect to on a particular Mortgage Loan;
(ve) to pay to itself itself, with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 or 3.04, all amounts received thereon and but not distributed as of the date on which the related Repurchase Price is determined;
(vif) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viii) to remove funds inadvertently placed any amounts deposited in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionin error; and
(ixg) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, Countrywide will provide the Purchaser with copies of invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.
Appears in 1 contract
Samples: Master Mortgage Loan Purchase and Servicing Agreement (J.P. Morgan Mortgage Trust 2006-A1)
Permitted Withdrawals from the Custodial Account. The Seller Master Servicer may, from time to timetime as provided herein, withdraw make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.10 that are attributable to the Mortgage Loans for the following purposes:
(i) to make payments to deposits into the Purchaser Certificate Account in the amounts and in the manner provided for in Section 5.014.01;
(ii) to reimburse itself for Monthly Advancespay to itself, the Seller's right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on Depositor, the related Mortgage Loan which represent late collections (net of the related Servicing Fee) of principal and/or interest respecting which Seller or any such advance was madeother appropriate person, it being understood that, in as the case of such reimbursementmay be, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such each Mortgage LoanLoan that has previously been purchased or repurchased pursuant to Sections 2.02, 2.04 or 9.01 all amounts received thereon and not yet distributed as of the date of purchase or repurchase;
(iii) to reimburse itself or any Sub-Servicer for unreimbursed Servicing Advances and any unpaid Servicing Feesnot previously reimbursed, the SellerMaster Servicer's or any Sub-Servicer's right to reimburse itself reimbursement pursuant to this subclause clause (iii) being limited to amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments on Mortgage Loans or REO Property with respect to which such Advances were made and as further provided in Section 3.15;
(iv) to reimburse itself, the Trustee or the Depositor for expenses incurred by or reimbursable to the Master Servicer, the Trustee or the Depositor pursuant to Sections 3.22, 6.03 or 10.01(c), except as otherwise provided in such Sections;
(v) to reimburse itself or any Sub-Servicer for costs and expenses incurred by or reimbursable to it relating to the prosecution of any claims pursuant to Section 3.13 that are in excess of the amounts so recovered;
(vi) to reimburse itself or any Sub-Servicer for unpaid Servicing Fees and unreimbursed Servicing Advances, the Master Servicer's or any Sub- Servicer's right to reimbursement pursuant to this clause (vi) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition Proceeds;
(iv) to pay to itself as part late recoveries of its servicing compensation: (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on payments for which such investments (all such amounts to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loan;
(v) to pay to itself with respect to each Mortgage Loan that has been repurchased advances were made pursuant to Section 3.03 all amounts received thereon 3.01 or Section 3.09 and not distributed as of the date on which the any other related Repurchase Price is determined;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) aboveLate Collections;
(vii) to transfer pay itself as servicing compensation (in addition to the Servicing Fee), on or after each Distribution Date, any interest or investment income earned on funds deposited in the Custodial Account for the period ending on such Distribution Date, subject to another Eligible Account in accordance with Section 4.09 hereof8.05;
(viii) to remove funds inadvertently placed in reimburse itself or any Sub-Servicer for any Advance previously made which the Custodial Account by Master Servicer has determined to be a Nonrecoverable Advance, provided that either (a) such Advance was made with respect to a delinquency that ultimately constituted an Excess Special Hazard Loss, Excess Fraud Loss, Excess Bankruptcy Loss or Extraordinary Loss or (b) the Seller or for which amounts previously deposited are returned unpaid by Certificate Principal Balances of the related Mortgagor's banking institutionClass A-2, Class B and Class R-II Certificates have been reduced to zero; and
(ix) to clear and terminate the Custodial Account upon at the termination of this AgreementAgreement pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting records on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Custodial Account pursuant to such clauses (ii), (iii), (iv), (vi), (vii) and (viii). In connection with clause (viii) above, the Trustee shall notify the Master Servicer if and when the Certificate Principal Balances of the Class A-2 Certificates, the Class B Certificates or the Class R-II Certificates have been reduced to zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (DLJ Mortgage Acceptance Corp Mort Pass THR Cert Ser 1995 Q7)
Permitted Withdrawals from the Custodial Account. The Seller Master Servicer may, from time to timetime as provided herein, withdraw make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.10 that are attributable to the Mortgage Loans for the following purposes:
(i) to make payments to deposits into the Purchaser Certificate Account in the amounts and in the manner provided for in Section 5.014.01, such deposit to include interest collections on the Mortgage Loans at the Net Mortgage Rate [and net of amounts reimbursed therefrom];
(ii) to reimburse itself for Monthly Advancespay to itself, the Seller's right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on Depositor, the related Mortgage Loan which represent late collections (net of the related Servicing Fee) of principal and/or interest respecting which Sponsor or any such advance was madeother appropriate person, it being understood that, in as the case of such reimbursementmay be, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such each Mortgage LoanLoan that has previously been purchased, repurchased or replaced pursuant to Sections 2.02, 2.04 or 9.01 all amounts received thereon and not yet distributed as of the date of purchase, repurchase or substitution;
(iii) to reimburse itself or any Sub-Servicer for unreimbursed Servicing Advances and not previously reimbursed, the Master Servicer’s or any unpaid Sub-Servicer’s right to reimbursement pursuant to this clause (iii) being limited to amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such Advances were made and as further provided in Section 3.15;
(iv) to reimburse or pay itself, the Seller's right Trustee or the Depositor for expenses incurred by or reimbursable to the Master Servicer, the Trustee or the Depositor pursuant to Sections 3.22, 6.03, 8.05, 10.01(c) or 10.01(g), except as otherwise provided in such Sections;
(v) to reimburse itself or any Sub-Servicer for costs and expenses incurred by or reimbursable to it relating to the prosecution of any claims pursuant to Section 3.13 that are in excess of the amounts so recovered;
(vi) to reimburse itself or any Sub-Servicer for unpaid Servicing Fees and unreimbursed Servicing Advances, the Master Servicer’s or any Sub-Servicer’s right to reimbursement pursuant to this subclause clause (iiivi) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition Proceeds;
(iv) to pay to itself as part late recoveries of its servicing compensation: (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on payments for which such investments (all such amounts to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loan;
(v) to pay to itself with respect to each Mortgage Loan that has been repurchased advances were made pursuant to Section 3.03 all amounts received thereon 3.01 or Section 3.09 and not distributed as of the date on which the any other related Repurchase Price is determined;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) aboveLate Collections;
(vii) to transfer pay itself as servicing compensation (in addition to the Servicing Fee), on or after each Distribution Date, any interest or investment income earned on funds deposited in the Custodial Account for the period ending on such Distribution Date, subject to another Eligible Account in accordance with Section 4.09 hereof8.05;
(viii) to remove funds inadvertently placed in the Custodial Account by the Seller reimburse itself or any Sub-Servicer for any Advance previously made which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionitself has determined to be a Nonrecoverable Advance, provided that such Advance was made with respect to a delinquency that ultimately constituted an Excess Special Hazard Loss, Excess Fraud Loss, Excess Bankruptcy Loss or Extraordinary Loss; and
(ix) and to clear and terminate the Custodial Account upon at the termination of this AgreementAgreement pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting records on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Custodial Account pursuant to such clauses (ii), (iii), (iv), (v), (vi), (vii) and (viii).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Ab Mortgage Securities Corp)
Permitted Withdrawals from the Custodial Account. The Seller Servicer may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to make payments to the Purchaser in the amounts and in the manner provided for in Section 5.01;
(ii) to reimburse itself for Monthly Advances, the Seller's Servicer’s right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing Fee) of principal and/or interest respecting which any such advance was made, it being understood that, in the case of such reimbursement, the Seller's Servicer’s right thereto shall be prior to the rights of the Purchaser, except that, where the Seller Servicer is required to repurchase a Mortgage Loan, pursuant to Section 3.03, 3.04 or 3.05, the Seller's Servicer’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition Insurance Proceeds;
(iv) to pay to itself as part of its servicing compensation: (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loan;
(v) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 3.03, 3.04 or 3.05 all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determined;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viii) to make payments in respect of the premiums due, if any, on the LPMI Policies, if applicable;
(ix) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionServicer; and
(ixx) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 1 contract
Samples: Seller’s Purchase, Warranties and Servicing Agreement (MASTR Asset Securitization Trust 2006-3)
Permitted Withdrawals from the Custodial Account. the Collection Account, the Interest Reserve Account and the Excess Liquidation Proceeds Account.
(a) The Seller Master Servicer may, from time to time, withdraw make withdrawals from the Custodial Account for any of the following purposes:purposes (the order set forth below not constituting an order of priority for such withdrawals):
(i) to make payments remit to the Purchaser Trustee for deposit in the Collection Account the amounts required to be so deposited pursuant to the first paragraph of Section 3.04(b) and in the manner provided for in any amounts that may be applied to make P&I Advances pursuant to Section 5.014.03(a);
(ii) to reimburse itself for Monthly Advancesthe Fiscal Agent, the SellerTrustee and itself, in that order, for xxxxxxxxxxxx X&X Advances made thereby with respect to any Mortgage Loan or REO Loan, the Fiscal Agent's, the Trustee's right and Master Servicer's, as the case may be, respective rights to reimburse itself reimbursement pursuant to this subclause 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 received on the related Mortgage Loan which that represent late collections Late Collections of interest and principal (net of the related Master Servicing FeeFees and any related Workout Fees or Liquidation Fees) received in respect of principal and/or interest respecting the particular Mortgage Loan or REO Loan as to which any such advance P&I Advance was made, it being understood that, in the case of such reimbursement, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iii) on each Master Service Remittance Date, to reimburse pay to itself the earned Master Servicing Fees in respect of each Mortgage Loan and REO Loan for unreimbursed Servicing Advances and any unpaid Servicing Feessuch Master Servicer Remittance Date and, to the Sellerextent not previously paid, for each prior Master Servicer Remittance Date; the Master Servicer's right to reimburse itself payment pursuant to this subclause clause (iii) with respect to any Mortgage Loan or REO Loan being limited to related proceeds from amounts received on or in respect of such Mortgage Loan (whether in the form of payments, Liquidation Proceeds or Insurance Proceeds) or such REO Loan (whether in the form of REO Revenues, Condemnation Liquidation Proceeds or Insurance Proceeds, Insurance Proceeds and REO Disposition Proceeds) that are allocable as a recovery of interest thereon;
(iv) on each Master Servicer Remittance Date, to pay to itself as part the Special Servicer, out of its servicing compensation: (a) general collections on the Mortgage Loans and any interest REO Properties, the earned on funds or any investment earnings and unpaid Special Servicing Fees in the Custodial Account net respect of any losses on each Specially Serviced Mortgage Loan and REO Loan for such investments (all such amounts to be withdrawn monthly not later than each Master Service Remittance Date)Date and, and (b) to the extent not otherwise retainedpreviously paid, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loanfor each prior Master Servicer Remittance Date;
(v) to pay to itself with the Special Servicer (or, if applicable, a predecessor Special Servicer) any earned and unpaid Workout Fees and Liquidation Fees in respect to of each Specially Serviced Mortgage Loan, Corrected Loan that has been repurchased pursuant to and/or REO Loan, as applicable, in the amounts and from the sources specified in Section 3.03 all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determined3.11(c);
(vi) to reimburse the Fiscal Agent, the Trustee, itself and the Special Servicer, in that order, for any unreimbursed Monthly Advances and Servicing Advances made thereby with respect to any Mortgage Loan or REO Property, the extent not fully reimbursed Fiscal Agent's, the Trustee's, the Master Servicer's and the Special Servicer's respective rights to reimbursement pursuant to Section 4.05(iithis clause (vi) with respect to any Servicing Advance being limited to payments made by the related Mortgagor that are allocable to such Servicing Advance, or to Liquidation Proceeds (iii) abovenet of Liquidation Fees payable therefrom), Insurance Proceeds and, if applicable, REO Revenues received in respect of the particular Mortgage Loan or REO Property as to which such Servicing Advance was made;
(vii) to transfer funds reimburse the Fiscal Agent, the Trustee, itself and the Special Servicer, in that order, out of general collections on the Mortgage Loans and any REO Properties, for any unreimbursed Advances that have been or are determined to another Eligible Account in accordance with Section 4.09 hereofbe Nonrecoverable Advances;
(viii) to remove funds inadvertently placed pay the Fiscal Agent, the Trustee, itself and the Special Servicer, in that order, any interest accrued and payable in accordance with Section 3.11(g) or 4.03(d), as applicable, on any Advance made thereby, the Fiscal Agent's, the Trustee's, the Master Servicer's and the Special Servicer's respective rights to payment pursuant to this clause (viii) with respect to interest on any Advance being permitted to be satisfied (A) first, out of Default Charges collected on or in respect of the related Mortgage Loan or REO Loan, as the case may be, as to which the related Advance was made, as and to the extent contemplated by Section 3.25, and (B) then, to the extent that such Default Charges described in the immediately preceding clause (A) are insufficient, but only after such Advance has been reimbursed, out of general collections of the Mortgage Loans and any REO Properties if such Advance has been reimbursed on a prior date;
(ix) to pay any unpaid Additional Trust Fund Expense (other than interest accrued on Advances, which is payable pursuant to clause (viii) above, and other than Special Servicing Fees, Liquidation Fees and Workout Fees) out of Default Charges collected on or in respect of the related Mortgage Loan or REO Loan, as to which such expense was incurred, and as to the extent contemplated by Section 3.25.
(x) to pay, out of general collections on the Mortgage Loans and any REO Properties, for costs and expenses incurred by the Trust Fund pursuant to Section 3.09(c) (other than the costs of environmental testing, which are to be covered by, and reimbursable as, a Servicing Advance); 100
(xi) to pay itself, as additional servicing compensation in accordance with Section 3.11(b), (A) interest and investment income earned in respect of amounts held in the Custodial Account as provided in Section 3.06(b), but only to the extent of the Net Investment Earnings with respect to the Custodial Account for any Collection Period, (B) Prepayment Interest Excesses and (C) Net Default Charges that accrued in respect of Mortgage Loans that are not Specially Serviced Mortgage Loans, and to pay the Special Servicer, as additional special servicing compensation in accordance with Section 3.11(d), Net Default Charges that accrued in respect of Specially Serviced Mortgage Loans and REO Loans;
(xii) to pay, out of general collections on the Mortgage Loans and any REO Properties, for the cost of an independent appraiser or other expert in real estate matters retained pursuant to Section 3.09(a), 3.11(h) or 4.03(c);
(xiii) to pay itself, the Special Servicer, the Depositor, or any of their respective members, managers, directors, officers, employees and agents, as the case may be, out of general collections on the Mortgage Loans and any REO Properties, any amounts payable to any such Person pursuant to Section 6.03;
(xiv) to pay, out of general collections on the Mortgage Loans and any REO Properties, for (A) the cost of the Opinion of Counsel contemplated by Section 11.02(a), (B) the cost of an Opinion of Counsel contemplated by Section 11.01(a) or 11.01(c) in connection with any amendment to this Agreement requested by the Seller Master Servicer or the Special Servicer that protects or is in furtherance of the rights and interests of Certificateholders, (C) the cost of recording this Agreement in accordance with Section 11.02(a) and (D) the cost of the Trustee's transferring Mortgage Files and other documents to a successor after being terminated by Certificateholders pursuant to Section 8.07(c) without cause;
(xv) to pay itself, the Special Servicer, the Depositor, any Controlling Class Certificateholder or any other Person, as the case may be, with respect to each Mortgage Loan, if any, previously purchased by such Person pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase;
(xvi) to pay, in accordance with Section 3.11(i), out of general collections on the Mortgage Loans and any REO Properties, any servicing expenses, that would, if advanced, constitute Nonrecoverable Servicing Advances;
(xvii) on each Master Servicer Remittance Date, to transfer Excess Liquidation Proceeds to the Trustee, for deposit in the Excess Liquidation Proceeds Account, in accordance with Section 3.04(d); and
(xviii) to clear and terminate the Custodial Account at the termination of this Agreement pursuant to Section 9.01. 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 Custodial Account pursuant to clauses (ii) - (xvii) above. 101 The Master Servicer shall pay to the Special Servicer (or to third party contractors at the direction of the Special Servicer), the Trustee or the Fiscal Agent from the Custodial Account, amounts permitted to be paid to the Special Servicer (or to any such third party contractor), the Trustee or the Fiscal Agent therefrom promptly upon receipt of a written statement of a Servicing Officer of the Special Servicer or of a Responsible Officer of the Trustee or the Fiscal Agent describing the item and amount to which the Special Servicer (or such third party contractor), the Trustee or the Fiscal Agent, as applicable, is entitled (unless pursuant to this Agreement it is otherwise clear that the Special Servicer, the Trustee or the Fiscal Agent, as the case may be, is entitled to such amounts, 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 re-calculate the amounts previously deposited are returned unpaid 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 Custodial Account. Each of the Trustee and Fiscal Agent shall keep and maintain separate accounting, on a loan-by-loan and property-by-property basis, for the purpose of justifying any request for withdrawal from the Custodial Account for reimbursements of Advances or interest thereon.
(b) The Trustee may, from time to time, make withdrawals from the Collection Account for any of the following purposes (in no particular order of priority):
(i) to make distributions to Certificateholders on each Distribution Date pursuant to Section 4.01 or 9.01, as applicable;
(ii) to pay the Trustee, the Fiscal Agent or any of their respective directors, officers, employees and agents, as the case may be, out of general collections on the Mortgage Loans and any REO Properties, any amounts payable or reimbursable to any such Person pursuant to Section 7.01(b) and/or Section 8.05, as applicable;
(iii) to pay the Master Servicer, as additional servicing compensation in accordance with Section 3.11(b), interest and investment income earned in respect of amounts held in the Collection Account as provided in Section 3.06(b) (but only to the extent of the Net Investment Earnings with respect to the Collection Account for any Collection Period);
(iv) to pay, out of general collections on the Mortgage Loans and any REO Properties, for the cost of the Opinions of Counsel sought by the related Mortgagor's banking institutionTrustee or the Tax Administrator (A) as provided in clause (v) of the definition of "Disqualified Organization", (B) as contemplated by Sections 9.02(a)(i), 10.01(i) and 10.02(e), or (C) as contemplated by Section 11.01(a) or 11.01(c) in connection with any amendment to this Agreement requested by the Trustee which amendment is in furtherance of the rights and interests of Certificateholders;
(v) to pay, out of general collections on the Mortgage Loans and any REO Properties, any and all federal, state and local taxes imposed on any of the REMICs created hereunder or on the assets or transactions of any such REMIC, together with all incidental costs and expenses, to the extent none of the Depositor, the Trustee, the Tax Administrator, the Master Servicer or the Special Servicer is liable therefor pursuant to Section 10.01(j) or Section 10.02(f); 102
(vi) to pay the Tax Administrator, out of general collections on the Mortgage Loans and any REO Properties, any amounts reimbursable to it pursuant to Section 10.01(f) or Section 10.02(b);
(vii) to pay the Master Servicer any amounts deposited by the Master Servicer in the Collection Account in error;
(viii) to transfer Interest Reserve Amounts in respect of the Interest Reserve Loans to the Interest Reserve Account as and when required by Section 3.04(c); and
(ix) to clear and terminate the Custodial Collection Account upon at the termination of this AgreementAgreement pursuant to Section 9.01.
(c) On each Master Servicer Remittance Date in March (commencing in March 2001), the Trustee shall withdraw from the Interest Reserve Account and deposit in the Collection Account all Interest Reserve Amounts that have been deposited in the Interest Reserve Account in respect of the Interest Reserve Loans during January and/or February of the same year in accordance with Section 3.04(c). In addition, the Trustee may from time to time make withdrawals from the Interest Reserve Account to pay the Master Servicer, as additional servicing compensation in accordance with Section 3.11(b), interest and investment income earned in respect of amounts held in the Interest Reserve Account as provided in Section 3.06(b) (but only to the extent of the Net Investment Earnings with respect to the Interest Reserve Account for any Collection Period).
(d) On each Master Servicer Remittance Date, the Trustee shall withdraw from the Excess Liquidation Proceeds Account and deposit in the Collection Account, for distribution on the next following Distribution Date, an amount equal to the lesser of (i) the entire amount, if any, then on deposit in the Excess Liquidation Proceeds Account and (ii) the excess, if any, of the aggregate amount distributable on such Distribution Date pursuant to Sections 4.01(a) and 4.01(b), over the Available Distribution Amount for such Distribution Date (calculated without regard to such transfer from the Excess Liquidation Proceeds Account to the Collection Account); provided that on the Master Servicer Remittance Date immediately prior to the Final Distribution Date, the Trustee shall withdraw from the Excess Liquidation Proceeds Account and deposit in the Collection Account, for distribution on such Distribution Date, any and all amounts then on deposit in the Excess Liquidation Proceeds Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Commercial Mortgage Pass-Through Certificates Series 2000-C4)
Permitted Withdrawals from the Custodial Account. The Seller Servicer may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to make payments distributions to the Purchaser Securities Administrator, for the benefit of Securityholders, in the amounts and in the manner provided for in Section 5.012.14;
(ii) to reimburse itself for Monthly Advances, the Seller's right to reimburse itself pursuant to this subclause (ii) being limited to any amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing Fee) of principal and/or interest respecting which any such advance was made, it being understood that, deposited in the case of such reimbursement, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage LoanCustodial Account in error;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing FeesAdvances, the Seller's Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan HELOC being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition Proceedssuch other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the HELOC, it being understood that, in the case of such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Issuer, except that, where the Servicer is also the Originator and required to repurchase a HELOC, pursuant to the HELOC Purchase Agreement, the Servicer’s right to such reimbursement shall be subsequent to the payment to the Securities Administrator on behalf of the Issuer and the Indenture Trustee of the Repurchase Price pursuant to the HELOC Purchase Agreement and all other amounts required to be remitted to the Securities Administrator on behalf of the Issuer and the Indenture Trustee with respect to such HELOCs;
(iv) to pay to itself pursuant to Section 2.22 as part of its servicing compensation: compensation (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Distribution Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment payments or recovery as to interest with respect to a particular Mortgage Loanon the HELOCs;
(v) to pay to itself with respect to each Mortgage Loan HELOC that has been repurchased pursuant to Section 3.03 the HELOC Purchase Agreement all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determined;
(vi) to reimburse itself for unreimbursed Monthly Advances fund Additional Balances created during any Collection Period occurring during the Managed Amortization Period with Principal Collections received and Servicing Advances to on deposit in the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) aboveCustodial Account during such Collection Period;
(vii) to transfer funds pay, or to another Eligible Account reimburse the Servicer for advances in accordance respect of, expenses incurred in connection with any HELOC pursuant to Section 4.09 hereof;
(viii) 2.03(b), but only to remove funds inadvertently placed the extent of amounts received in respect of the Custodial Account by the Seller or for HELOCs to which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionsuch expense is attributable; and
(ixviii) to clear and terminate the Custodial Account upon on the termination of this Agreement. The Servicer shall keep and maintain separate accounting, on a HELOC by HELOC basis, for the purpose of justifying any withdrawal from the Custodial Account pursuant to such subclauses (ii) - (vii) above. The Servicer shall provide written notification in the form of an Officers' Certificate to the Securities Administrator, on or prior to the next succeeding Distribution Date, upon making any withdrawals from the Custodial Account pursuant to subclause (vi) above.
Appears in 1 contract
Samples: Servicing Agreement (Citigroup HELOC Trust 2006-Ncb1)
Permitted Withdrawals from the Custodial Account. The Seller may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to make payments distributions to the Purchaser in the amounts and in the manner provided for in Section 5.01;
(ii) to reimburse itself for Monthly Advances, the Seller's ’s right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing Fee) of principal and/or interest respecting which any such advance was made, it being understood that, in the case of such reimbursement, the Seller's ’s right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's ’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's ’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition Proceeds;
(iv) to pay to itself as part of its servicing compensation: (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loan;
(v) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determined;
(vi) to reimburse itself the Seller for any unreimbursed Monthly Advances and Servicing Advances made with respect to a Mortgage Loan that, upon a final recovery determination with respect to such Mortgage Loan are Nonrecoverable Advances, but only to the extent not fully reimbursed pursuant that late collections, Liquidation Proceeds and Insurance Proceeds received with respect to Section 4.05(ii) or (iii) abovesuch Mortgage Loan are insufficient to reimburse the Seller for such unreimbursed Servicing Advances;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viii) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's ’s banking institution; and
(ix) to clear and terminate the Custodial Account upon the termination of this Agreement. The Seller shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Custodial Account pursuant to such subclauses (ii) - (vi) above. The Seller shall provide written notification in the form of an Officers’ Certificate to the Purchaser, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Custodial Account pursuant to subclause (vi) above.
Appears in 1 contract
Samples: Seller’s Purchase, Warranties and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-6)
Permitted Withdrawals from the Custodial Account. The Seller Master Servicer may, from time to timetime as provided herein, withdraw make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.10 that are attributable to the Mortgage Loans for the following purposes:
(i) to make payments to deposits into the Purchaser Certificate Account in the amounts and in the manner provided for in Section 5.014.01;
(ii) to reimburse itself for Monthly Advancespay to itself, the Seller's right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on Depositor, the related Mortgage Loan which represent late collections (net of the related Servicing Fee) of principal and/or interest respecting which Seller or any such advance was madeother appropriate person, it being understood that, in as the case of such reimbursementmay be, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such each Mortgage LoanLoan that has previously been purchased or repurchased pursuant to Sections 2.02, 2.04 or 9.01 all amounts received thereon and not yet distributed as of the date of purchase or repurchase;
(iii) to reimburse itself or any Sub-Servicer for unreimbursed Servicing Advances and any unpaid Servicing Feesnot previously reimbursed, the SellerMaster Servicer's or any Sub-Servicer's right to reimburse itself reimbursement pursuant to this subclause clause (iii) being limited to amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments on Mortgage Loans or REO Property with respect to which such Advances were made and as further provided in Section 3.15;
(iv) to reimburse itself, the Trustee or the Depositor for expenses incurred by or reimbursable to the Master Servicer, the Trustee or the Depositor pursuant to Sections 3.22, 6.03 or 10.01(c), except as otherwise provided in such Sections;
(v) to reimburse itself or any Sub-Servicer for costs and expenses incurred by or reimbursable to it relating to the prosecution of any claims pursuant to Section 3.13 that are in excess of the amounts so recovered;
(vi) to reimburse itself or any Sub-Servicer for unpaid Servicing Fees and unreimbursed Servicing Advances, the Master Servicer's or any Sub-Servicer's right to reimbursement pursuant to this clause (vi) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition Proceeds;
(iv) to pay to itself as part late recoveries of its servicing compensation: (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on payments for which such investments (all such amounts to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loan;
(v) to pay to itself with respect to each Mortgage Loan that has been repurchased advances were made pursuant to Section 3.03 all amounts received thereon 3.01 or Section 3.09 and not distributed as of the date on which the any other related Repurchase Price is determined;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) aboveLate Collections;
(vii) to transfer pay itself as servicing compensation (in addition to the Servicing Fee), on or after each Distribution Date, any interest or investment income earned on funds deposited in the Custodial Account for the period ending on such Distribution Date, subject to another Eligible Account in accordance with Section 4.09 hereof8.05;
(viii) to remove funds inadvertently placed in reimburse itself or any Sub-Servicer for any Advance previously made which the Custodial Account by Master Servicer has determined to be a Nonrecoverable Advance, provided that either (a) such Advance was made with respect to a delinquency that ultimately constituted an Excess Special Hazard Loss, Excess Fraud Loss, Excess Bankruptcy Loss or Extraordinary Loss or (b) the Seller Certificate Principal Balances of the Class A-2 Certificates, the Class B Certificates or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionClass R Certificates have been reduced to zero; and
(ix) to clear and terminate the Custodial Account upon at the termination of this AgreementAgreement pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting records on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Custodial Account pursuant to such clauses (ii), (iii), (iv), (vi), (vii) and (viii). In connection with clause (viii) above, the Trustee shall notify the Master Servicer if and when the Certificate Principal Balances of the Class A-2 Certificates, the Class B Certificates or the Class R Certificates have been reduced to zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (DLJ Mortgage Acceptance Corp Mort Pass THR Cert Ser 1995 Qe9)
Permitted Withdrawals from the Custodial Account. The Seller may, (a) Each Servicer may from time to time, withdraw time make withdrawals from the related Custodial Account for the following purposes:
(i) to make payments pay itself (to the Purchaser extent not previously paid to or withheld by the related Servicer), as servicing compensation in accordance with Section 3.10, that portion of any payment of interest that equals the Servicing Fee for the period with respect to which such interest payment was made, and, as additional servicing compensation, those other amounts and in the manner provided for set forth in Section 5.013.10;
(ii) to reimburse itself the related Servicer or an Advance Financing Person for Monthly Advances, (A) any unreimbursed Advances to the Seller's right to reimburse itself pursuant to this subclause (ii) being limited to extent of amounts received on the related Mortgage Loan which represent late collections recoveries of payments of principal and/or interest (net of the related Servicing FeeFees), Liquidation Proceeds and Insurance Proceeds on Mortgage Loans serviced by such Servicer with respect to which such Advances were made in accordance with the provisions of Section 5.01; and (B) any unreimbursed Advances with respect to the final liquidation of a Mortgage Loan that are Nonrecoverable Advances, but only to the extent that late recoveries of payments of principal and/or interest respecting which any such advance was madeinterest, it being understood that, in the case of such reimbursement, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section Liquidation Proceeds and all other amounts required to be paid to the Purchaser Insurance Proceeds received with respect to such Mortgage LoanLoan are insufficient to reimburse the related Servicer or an Advance Financing Person for such unreimbursed Advances or (C) subject to Section 4.02(b), any unreimbursed Advances to the extent of Amounts Held For Future Distribution funds held in the related Custodial Account that were not included in the Available Distribution Amount for the preceding Distribution Date;
(iii) to reimburse itself the related Servicer or an Advance Financing Person for unreimbursed Servicing Advances and any Nonrecoverable Advances;
(iv) to reimburse the related Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;
(v) to pay the related Servicer any unpaid Servicing FeesFees and to reimburse it or any Advance Financing Person for any unreimbursed Servicing Advances, the Sellerprovided, however, that such Servicer's or such Advance Financing Person's right to reimburse itself reimbursement for Servicing Advances pursuant to this subclause (iiiv) with respect to any Mortgage Loan being shall be limited to related proceeds from amounts received on particular Mortgage Loan(s) (including, for this purpose, late recoveries of payments of principal and/or interest, Liquidation Proceeds, Condemnation Insurance Proceeds, Insurance Proceeds condemnation proceeds and REO Disposition Proceedspurchase and repurchase proceeds) that represent late recoveries of the payments for which such Servicing Advances were made;
(ivvi) to pay to itself as part of its servicing compensation: (a) any interest earned on funds the Seller or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loan;
(v) to pay to itself Depositor with respect to each Mortgage Loan or property acquired in respect thereof that has been repurchased purchased pursuant to Section 3.03 2.02, 2.03 or 3.24, all amounts received thereon and not distributed as of the date on which taken into account in determining the related Repurchase Price is determined;
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) aboveStated Principal Balance of such repurchased Mortgage Loan;
(vii) to transfer funds pay any expenses recoverable by the related Servicer pursuant to another Eligible Account in accordance with Section 4.09 hereof7.04;
(viii) to remove funds inadvertently placed withdraw any amount deposited in the related Custodial Account by the Seller or for which amounts previously and not required to be deposited are returned unpaid by the related Mortgagor's banking institutiontherein; and
(ix) to clear and terminate the related Custodial Account upon the termination of this AgreementAgreement pursuant to Section 10.01 hereof. In addition, no later than 3:00 p.m. Eastern time on the Remittance Date, each Servicer shall withdraw from its Custodial Account and remit to the Trustee (a) all amounts deposited in the Custodial Account as of the close of business on the last day of the related Due Period (net of charges against or withdrawals from the Custodial Account pursuant to this Section 4.02), plus (b) all Advances, if any, which the related Servicer is obligated to make pursuant to Section 5.01, minus (c) any amounts attributable to Principal Prepayments, Liquidation Proceeds, Insurance Proceeds or condemnation proceeds received after the applicable Prepayment Period, which amounts shall be remitted on the following Remittance Date, together with any Compensating Interest required to be deposited in the related Custodial Account in connection with such Principal Prepayment in accordance with Section 5.02, and minus (d) any amounts attributable to Scheduled Payments collected but due on a Due Date or Due Dates subsequent to the first day of the month in which such Remittance Date occurs, which amounts shall be remitted on the Remittance Date next succeeding the Due Date related to such Scheduled Payment. Each Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the related Custodial Account pursuant to subclauses (i), (ii), (iv), (v) and (vi) above. Prior to making any withdrawal from the related Custodial Account pursuant to subclause (iii), the related Servicer shall deliver to the Trustee an Officer's Certificate of a Authorized Servicer Representative indicating the amount of any previous Advance or Servicing Advance determined by such Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loan(s), and their respective portions of such Nonrecoverable Advance.
(b) Notwithstanding the foregoing, any Amounts Held For Future Distribution withdrawn by a Servicer as permitted in Section 4.02(a)(ii) in reimbursement of Advances previously made by such Servicer shall be appropriately reflected in such Servicer's records and replaced by such Servicer by deposit in the related Custodial Account, no later than the close of business on any future Remittance Date on which the funds on deposit in the related Custodial Account shall be less than the amount required to be remitted to the Trust on such Remittance Date; provided, however that if the rating of the related Servicer (including any Successor Servicer) is less than "BBB", such Servicer shall be required to replace such funds by deposit to the Distribution Account, no later than the close of business on the Remittance Date immediately following the Due Period or Prepayment Period for which such amounts relate.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Pass-Through Certificates Series 2004-Ap1)
Permitted Withdrawals from the Custodial Account. The Seller may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to make payments distributions to the Purchaser in the amounts and in the manner provided for in Section 5.0111.14;
(ii) to reimburse itself for Monthly Advances, the Seller's right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing FeeFees) of principal and/or interest respecting which any such advance was mademade it being understood that, in the case of such reimbursement, 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 Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances, the Seller's right to reimburse itself pursuant to this subclause (iii) with respect to any Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Seller from the Borrower or otherwise relating to the Loan, it being understood that, in the case of such reimbursement, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.037.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section 7.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition ProceedsLoans;
(iv) to pay to itself pursuant to Section 11.22 as part of its servicing compensation: compensation (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Distribution Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to on a particular Mortgage LoanLoan and (c) any Prepayment Interest Excess to the extent set forth in Section 11.22;
(v) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 7.03 all amounts received thereon and not distributed as of the date on which the related Repurchase Price is determined;
(vi) to reimburse itself the Seller for unreimbursed any Monthly Advances and Servicing Advances Advance previously made which the Seller has determined to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) abovebe a Nonrecoverable Monthly Advance;
(vii) to transfer funds pay, or to another Eligible Account reimburse the Seller for advances in accordance respect of, expenses incurred in connection with any Loan pursuant to Section 4.09 hereof11.03(b), but only to the extent of amounts received in respect of the Loans to which such expense is attributable;
(viii) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institution; and
(ix) to clear and terminate the Custodial Account upon on the termination of this Agreement; and
(ix) to reimburse the Seller for funds deposited in the Custodial Account in error. The Seller shall keep and maintain separate accounting, on a Loan by Loan basis, for the purpose of justifying any withdrawal from the Custodial Account pursuant to such subclauses (ii) - (vii) above. The Seller shall provide written notification in the form of an Officers' Certificate to the Purchaser, on or prior to the next succeeding Distribution Date, upon making any withdrawals from the Custodial Account pursuant to subclause (vi) above.
Appears in 1 contract
Samples: Mortgage Loan Purchase and Servicing Agreement (TBW Mortgage-Backed Trust Series 2007-1)
Permitted Withdrawals from the Custodial Account. The Seller may, from time to time, withdraw from the Custodial Account for the following purposes:
(i) to make payments to the Purchaser in the amounts and in the manner provided for in Section 5.01;
(ii) to reimburse itself for Monthly Advances, the Seller's right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing Fee) of principal and/or interest respecting which any such advance was made, it being understood that, in the case of such reimbursement, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.033.03 or Section 3.04, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iii) to reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing Fees, the Seller's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Proceeds and Insurance Proceeds in accordance with the relevant provisions of the FNMA Guides or as otherwise set forth in this Agreement, it being understood that for those Mortgage Loans in foreclosure, the Purchaser shall reimburse the Seller for Servicing Advances and Servicing Fees through the completion of foreclosure and disposition of the REO Disposition ProceedsProperty; such reimbursement shall be monthly after completion of foreclosure or deed-in-lieu proceedings;
(iv) to pay to itself as part of its servicing compensation: (a) any interest earned on funds or any investment earnings in the Custodial Account net of any losses on such investments (all such amounts interest to be withdrawn monthly not later than each Remittance Date), and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loan;
(v) to pay to itself with respect to each Mortgage Loan that has been repurchased pursuant to Section 3.03 or Section 3.04 all amounts received thereon and not distributed as of the date on which the related Repurchase Price repurchase price is determined;,
(vi) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances to the extent not fully reimbursed pursuant to Section 4.05(ii) or (iii) above;
(vii) to transfer funds to another Eligible Account in accordance with Section 4.09 hereof;
(viiivii) to remove funds inadvertently placed in the Custodial Account by the Seller or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionSeller; and
(ixviii) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Securities Corp)
Permitted Withdrawals from the Custodial Account. The Seller Servicer may, from time to timetime as provided herein, withdraw make withdrawals from the Custodial Account for the following purposes:
(i) to make payments to the Purchaser Master Servicer in the amounts and in the manner provided for in Section 5.014.01;
(ii) to reimburse itself for Monthly Advances, the SellerServicer's right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent late collections (net of the related Servicing Fee) payments of principal and/or interest respecting which any such advance was made, it being understood that, in the case of such reimbursement, the Seller's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such Section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(iii) to reimburse itself as to any Liquidated Mortgage Loan from related Liquidation Proceeds for unreimbursed Servicing Advances related Monthly Advances, Insured Expenses and any unpaid Servicing FeesLiquidation Expenses, the Seller's right and to reimburse itself pursuant to this subclause (iii) with respect to for any unpaid servicing compensation on such Liquidated Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Disposition ProceedsLoan;
(iv) to reimburse itself as to any Mortgage Loan which became an REO Property, from related Liquidation Proceeds for related Insured Expenses and Liquidation Expenses;
(a) to pay to itself as part of its servicing compensation: (a) compensation any interest earned on or investment income with respect to funds or any investment earnings in the Custodial Account net to the extent interest earnings are in excess of any losses on such investments (all such amounts to be withdrawn monthly not later than each Remittance Date), the amount of Compensating Interest owed and (b) to the extent not otherwise retained, the Servicing Fee from that portion of any payment or recovery as to interest with respect to a particular Mortgage Loan;
(v) to pay to itself with respect as to each Mortgage Loan that has been repurchased pursuant to Section 3.03 all amounts received thereon and not distributed as of the date on Servicing Fee (from which fee the related Repurchase Price is determinedSubservicer may be compensated);
(vi) to reimburse itself for unreimbursed any Nonrecoverable Monthly Advances and Servicing Advances Advance or to the extent reimburse itself for any Liquidation Expenses not fully reimbursed previously recovered pursuant to Section 4.05(ii) or subclauses (iii) and (iv) above;
(vii) to transfer funds reimburse itself for expenses incurred by and reimbursable to another Eligible Account in accordance with it pursuant to Section 4.09 hereof5.01;
(viii) to remove funds inadvertently placed in the Custodial Account by the Seller reimburse itself for any other expenses incurred and reimbursable to it pursuant to Section 3.12 or for which amounts previously deposited are returned unpaid by the related Mortgagor's banking institutionotherwise; and
(ix) to clear and terminate the Custodial Account of all amounts on deposit therein attributable to the Mortgage Loans upon the termination of this Agreement.
Appears in 1 contract
Samples: Interim Servicing Agreement (Luminent Mortgage Trust 2006-6)