PERMITTED WITHDRAWALS FROM THE PRINCIPAL AND INTEREST ACCOUNT. The Servicer shall withdraw funds from the Principal and Interest Account for the following purposes: (a) to effect the remittance to the Trustee on each Determination Date for deposit in the Certificate Account, the portion of the Available Funds for the related Remittance Date that is net of Compensating Interest, Monthly Advances and amounts then on deposit in the Spread Account; (b) to reimburse itself for any accrued unpaid Servicing Fees and Premium Protection Fees, unreimbursed Monthly Advances and for unreimbursed Servicing Advances to the extent deposited in the Principal and Interest Account (and not netted from Monthly Payments received). The Servicer's right to reimbursement for unpaid Servicing Fees and, except as provided in the following sentence, Servicing Advances and Monthly Advances shall be limited to Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Obligor or otherwise relating to the SBA Loan in respect of which such unreimbursed amounts are owed. The Servicer's right to reimbursement for Servicing Advances and Monthly Advances in excess of such amounts shall be limited to any late collections of interest received on the SBA Loans generally, including Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and any other amounts; (c) to withdraw any amount received from an Obligor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction; (i) to make investments in Permitted Instruments and (ii) to pay to itself, as permitted by Section 5.03(d), interest paid in respect of Permitted Instruments or by a Designated Depository Institution on funds deposited in the Principal and Interest Account; (e) to withdraw any funds deposited in the Principal and Interest Account that were not required to be deposited therein or were deposited therein in error; (f) to pay itself servicing compensation pursuant to Section 7.03 hereof or interest as permitted under the definition of Excess Proceeds; and (g) to clear and terminate the Principal and Interest Account upon the termination of this Agreement. So long as no default or Event of Default shall have occurred and be continuing, and consistent with any requirements of the Code, the Principal and Interest Account shall either be maintained with a Designated Depository Institution as an interest-bearing account meeting the requirements set forth in Section 5.03(a), or the funds held therein may be invested by the Servicer (to the extent practicable) in Permitted Instruments, as directed in writing by the Servicer. In either case, funds in the Principal and Interest Account must be available for withdrawal without penalty, and any Permitted Instruments must mature not later than the Business Day immediately preceding the Determination Date next following the date of such investment (except that if such Permitted Instrument is an obligation of the institution that maintains such account, then such Permitted Instrument shall mature not later than such Determination Date) and shall not be sold or disposed of prior to its maturity. All Permitted Instruments must be held by or registered in the name of "Business Loan Center, Inc. in trust for the registered holders of Business Loan Center SBA Loan-Backed Adjustable Rate Certificates, Series 1997-1." All interest or other earnings from funds on deposit in the Principal and Interest Account (or any Permitted Instruments thereof) shall be the exclusive property of the Servicer, and may be withdrawn from the Principal and Interest Account pursuant to clause (d) above. The amount of any losses incurred in connection with the investment of funds in the Principal and Interest Account in Permitted Instruments shall be deposited in the Principal and Interest Account by the Servicer from its own funds immediately as realized without reimbursement therefor.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (BLC Financial Services Inc), Pooling and Servicing Agreement (BLC Financial Services Inc)
PERMITTED WITHDRAWALS FROM THE PRINCIPAL AND INTEREST ACCOUNT. The Servicer shall withdraw funds from the Principal and Interest Account for the following purposes:
(a) to effect the remittance to the Trustee on each Determination Date for deposit in the Certificate Account, the portion of the Available Funds for the related Remittance Date that is net of Compensating Interest, Monthly Advances and amounts then on deposit in the Spread Account;
(b) to reimburse itself for any accrued unpaid Servicing Fees and Premium Protection FeesFees allocable to the SBA Loans, unreimbursed Monthly Advances and for unreimbursed Servicing Advances to the extent deposited in the Principal and Interest Account (and not netted from Monthly Payments received). The Servicer's right to reimbursement for unpaid Servicing Fees and, except as provided in the following sentence, Servicing Advances and Monthly Advances shall be limited to Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Obligor or otherwise relating to the SBA Loan in respect of which such unreimbursed amounts are owed. The Servicer's right to reimbursement for Servicing Advances and Monthly Advances in excess of such amounts shall be limited to any late collections of interest received on the SBA Loans generally, including Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and any other amounts;
(c) to withdraw any amount received from an Obligor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction;
(i) to make investments in Permitted Instruments and (ii) to pay to itself, as permitted by Section 5.03(d), interest paid in respect of Permitted Instruments or by a Designated Depository Institution on funds deposited in the Principal and Interest Account;
(e) to withdraw any funds deposited in the Principal and Interest Account that were not required to be deposited therein or were deposited therein in error;
(f) to pay itself servicing compensation pursuant to Section 7.03 hereof or interest as permitted under the definition of Excess Proceeds; and
(g) to clear and terminate the Principal and Interest Account upon the termination of this Agreement.
1. So long as no default or Event of Default shall have occurred and be continuing, and consistent with any requirements of the Code, the Principal and Interest Account shall either be maintained with a Designated Depository Institution as an interest-bearing account meeting the requirements set forth in Section 5.03(a), or the funds held therein may be invested by the Servicer (to the extent practicable) in Permitted Instruments, as directed in writing by the Servicer. In either case, funds in the Principal and Interest Account must be available for withdrawal without penalty, and any Permitted Instruments must mature not later than the Business Day immediately preceding the Determination Date next following the date of such investment (except that if such Permitted Instrument is an obligation of the institution that maintains such account, then such Permitted Instrument shall mature not later than such Determination Date) and shall not be sold or disposed of prior to its maturity. All Permitted Instruments must be held by or registered in the name of "Business Loan Center, Inc. in trust for the registered holders of Business Loan Center SBA Loan-Backed Adjustable Rate Certificates, Series 1997-1." All interest or other earnings from funds on deposit in the Principal and Interest Account (or any Permitted Instruments thereof) shall be the exclusive property of the Servicer, and may be withdrawn from the Principal and Interest Account pursuant to clause (d) above. The amount of any losses incurred in connection with the investment of funds in the Principal and Interest Account in Permitted Instruments shall be deposited in the Principal and Interest Account by the Servicer from its own funds immediately as realized without reimbursement therefor.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (BLC Financial Services Inc), Pooling and Servicing Agreement (BLC Financial Services Inc)
PERMITTED WITHDRAWALS FROM THE PRINCIPAL AND INTEREST ACCOUNT. The Servicer shall withdraw funds from the Principal and Interest Account for the following purposes:
(a) to effect the remittance to the Trustee Certificate Administrator by 12:00 noon New York time on each Determination Date as follows: the portion of the Excess Spread relating to the Mortgage Loans and the portion of the Available Funds, that are net of Compensating Interest and Monthly Advances and for the related Distribution Date to the Certificate Administrator for deposit in the Certificate Account. For the purposes of this Section 5.04(a), the portion calculation of the Available Funds for shall be made without reference to the related Remittance Date that is net actual deposit of Compensating Interest, Monthly Advances and amounts then on deposit funds in the Spread Certificate Account;
(b) to reimburse itself for any accrued unpaid Servicing Fees and Premium Protection Fees, unreimbursed Monthly Advances and for unreimbursed Servicing Advances to the extent that funds relating to such amount have been deposited in the Principal and Interest Account (and not netted from Monthly Payments received). The Servicer's right to reimbursement for unpaid Servicing Fees and, except as provided in the following sentence, Servicing Advances and Monthly Advances shall be limited to Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Obligor Mortgagor or otherwise relating to the SBA Mortgage Loan in respect of which such unreimbursed amounts are owed. The Servicer's right to reimbursement for Servicing Advances and Monthly Advances in excess of such amounts shall be limited to any late collections of interest received on the SBA Loans Mortgage Loans, generally, including Liquidation Proceeds, Released Mortgaged Property Proceeds, Proceeds and Insurance Proceeds and any other amountsamounts which would otherwise be distributed to the Class X or Class R Certificateholders; provided, however, that the Servicer's right to such reimbursement pursuant hereto shall be subordinate to the rights of the applicable Class A, Class M and/or Class B Certificateholders to receive the related Interest Shortfall Carryforward Amounts;
(c) to withdraw any amount received from an Obligor a Mortgagor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction;
(i) to make investments in Permitted Instruments and (ii) to pay to itself, as permitted by Section 5.03(d), interest paid in respect of Permitted Instruments or by a Designated Depository Institution on funds deposited in the Principal and Interest Account;
(e) to withdraw any funds deposited in the Principal and Interest Account that were not required to be deposited therein or were deposited therein in error;
(f) to pay itself servicing compensation pursuant to Section 7.03 hereof or interest as permitted under the definition of Excess Proceeds; and;
(g) to withdraw amounts required to be deposited into the Servicing Account pursuant to Section 6.11(a).
(h) to clear and terminate the Principal and Interest Account upon the termination of this Agreementthe Trust Fund.
1. So long as no default or Event of Default shall have occurred and be continuing, and consistent with any requirements of the Code, the Principal and Interest Account shall either be maintained with a Designated Depository Institution as an interest-bearing account meeting the requirements set forth in Section 5.03(a), or the funds held therein may be invested by the Servicer (to the extent practicable) in Permitted Instruments, as directed in writing by the Servicer. In either case, funds in the Principal and Interest Account must be available for withdrawal without penalty, and any Permitted Instruments must mature not later than the Business Day immediately preceding the Determination Date next following the date of such investment (except that if such Permitted Instrument is an obligation of the institution that maintains such account, then such Permitted Instrument shall mature not later than such Determination Date) and shall not be sold or disposed of prior to its maturity. All Permitted Instruments must be held by or registered in the name of "Business Loan Center, Inc. in trust for the registered holders of Business Loan Center SBA Loan-Backed Adjustable Rate Certificates, Series 1997-1." All interest or other earnings othxx xxxxxxxx from funds on deposit in the Principal and Interest Account (or any Permitted Instruments thereof) shall be the exclusive property of the Servicer, and may be withdrawn from the Principal and Interest Account pursuant to clause (dd)(ii) above. The amount of any losses incurred in connection with the investment of funds in the Principal and Interest Account in Permitted Instruments shall be deposited in the such Principal and Interest Account by the Servicer from its own funds immediately as realized without reimbursement therefor.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Residential Asset Funding Corp)
PERMITTED WITHDRAWALS FROM THE PRINCIPAL AND INTEREST ACCOUNT. The With respect to each Sub-Pool, the Servicer shall withdraw or cause to be withdrawn funds from the related Principal and Interest Account for the following purposes:
(ai) to effect the remittance to the Trustee on each the Determination Date for deposit of the Excess Spread and the amounts set forth in clause (i) of the Certificate Accountdefinition of Available Remittance Amount. For the purposes of this Section 5.04(i), the portion calculation of the Available Funds for Remittance Amount shall be made without reference to the actual deposit of funds in the related Remittance Date that is net of Compensating Interest, Monthly Advances and amounts then on deposit in the Spread Certificate Account;
(bii) to reimburse itself for any accrued unpaid Servicing Fees and Premium Protection Fees, unreimbursed Monthly Advances and for unreimbursed Servicing Advances to the extent and any amount described in Section 6.13(b) or Section 6.13(c) deposited in the Principal related Certificate Account and Interest Account (and attributable to the conveyance to the Trustee of a Subsequent Mortgage Loan that does not netted from Monthly Payments received)have a payment date during the related Due Period, if the Servicer is the Depositor. The Servicer's right to reimbursement for accrued and unpaid Servicing Fees and, except as provided in the following sentence, and unreimbursed Servicing Advances and Monthly Advances shall be limited to late collections on the related Mortgage Loan, including Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Obligor related Mortgagor with respect to a Sub-Pool or otherwise relating to the SBA Mortgage Loan in respect of which such unreimbursed amounts are owedowed (including amounts paid by the Depositor in connection with the purchase or substitution of Mortgage Loans pursuant to Section 2.05 or 3.03 above). The Servicer's right to reimbursement for Servicing unreimbursed Monthly Advances and Monthly Advances amounts described in excess of such amounts Section 6.13(b) or Section 6.13(c) (if the Servicer is the Depositor) shall be limited to any late collections of interest received on any Mortgage Loan; provided that the SBA Loans generallyServicer shall not be entitled to reimbursement from Liquidation Proceeds for Monthly Advances made pursuant to Section 6.09(c) or Section 6.09(d), including Liquidation Proceedsor for amounts deposited in the related Certificate Account pursuant to Section 6.13(b) or Section 6.13(c) and attributable to the conveyance to the Trustee of a Subsequent Mortgage Loan that does not have a payment date during the related Due Period. It is understood that the Servicer's right to reimbursement pursuant hereto shall be senior to the rights of Certificateholders unless the Depositor or any of its affiliates is the Servicer and the Depositor is required to repurchase or substitute a Mortgage Loan pursuant to Section 2.05 or 3.03 above, Released Mortgaged Property Proceeds, Insurance Proceeds in which case the Servicer's right to such reimbursement shall be subordinate to the rights of Certificateholders to receive the purchase price or substitution adjustment pursuant to such Sections 2.05 and any other amounts3.03;
(ciii) to withdraw any amount received from an Obligor a Mortgagor that is recoverable and sought to be recovered as a voidable preference Preference Amount by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction;
(ia) to make investments in Permitted Instruments and (iib) to pay to itself, as permitted by Section 5.03(d), itself interest paid earned in respect of Permitted Instruments or by a Designated Depository Institution on funds deposited in the related Principal and Interest Account;
(ev) to withdraw any funds deposited in the related Principal and Interest Account that were not required to be deposited therein (such as Servicing Compensation) or were deposited therein in error;
(fvi) to pay itself servicing compensation Servicing Compensation pursuant to Section 7.03 hereof to the extent not retained or interest as permitted under paid pursuant to Section 5.03 or 5.04(ii);
(vii) to withdraw funds necessary for the definition conservation and disposition of Excess ProceedsREO Property pursuant to the third paragraph of Section 5.10;
(viii) to remit to the Trustee any amount which was deposited by the Certificate Insurer pursuant to Section 11.01 to cover unpaid fees and expenses of the Trustee; and
(gix) to clear and terminate the related Principal and Interest Account upon the termination of this AgreementAgreement with any amounts on deposit therein being paid to the Servicer and/or the Depositor to the extent of any Reimbursable Amounts and the remainder to the Class R Certificateholders. So long as no default or Event of Default shall have occurred and be continuing, and consistent with any requirements of the Code, the funds held in the related Principal and Interest Account shall either be maintained with a Designated Depository Institution as an interest-bearing account meeting the requirements set forth in Section 5.03(a), or the funds held therein may be invested by the Servicer (to the extent practicable) in Permitted Instruments, as directed in writing by the Servicer. In either case, funds in the Principal and Interest Account must be available for withdrawal without penalty, and any Permitted Instruments must mature not later than the Business Day immediately preceding the Determination Date next following the date of such investment (except that if such Permitted Instrument is an obligation of the institution that maintains such account, then such Permitted Instrument shall mature not later than such Determination Date) and shall not be sold or disposed of prior to its maturity. All Permitted Instruments must be held by or registered in the name of "Business Loan Center, Inc. in trust for the registered holders of Business Loan Center SBA Loan-Backed Adjustable Rate Certificates, Series 1997-1." All interest or other earnings from funds on deposit in the Principal and Interest Account (or any Permitted Instruments thereof) shall be the exclusive property of the Servicer, and may be withdrawn from the Principal and Interest Account pursuant to clause (d) above. The amount of any losses incurred in connection with the investment of funds in the Principal and Interest Account in Permitted Instruments shall be deposited in the Principal and Interest Account by the Servicer from its own funds immediately as realized without reimbursement therefor.Interest
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Superior Bank FSB)
PERMITTED WITHDRAWALS FROM THE PRINCIPAL AND INTEREST ACCOUNT. The Servicer shall withdraw funds from the Principal and Interest Account for the following purposes:
(a) to effect the remittance to the Trustee on each Determination Date for deposit in the Certificate Account, the portion of the Available Funds and the Extra Interest for the related Remittance Date that is net of Compensating Interest, Interest and the Monthly Advances and (and, with respect to the Determination Dates occurring during the Funding Period, net of amounts then on deposit in the Spread Pre-Funding Account and the Capitalized Interest Account);
(b) to reimburse itself for any accrued unpaid Servicing Fees and Premium Protection Fees, unreimbursed Monthly Advances and for unreimbursed Servicing Advances to the extent deposited in the Principal and Interest Account (and not netted from Monthly Payments received). The Servicer's right to reimbursement for unpaid Servicing Fees and, except as provided in the following sentence, Servicing Advances and Monthly Advances shall be limited to Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Obligor or otherwise relating to the SBA Business Loan in respect of which such unreimbursed amounts are owed. The Servicer's right to reimbursement for Servicing Advances and Monthly Advances in excess of such amounts shall be limited to any late collections of interest received on the SBA Business Loans generally, including Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and any other amounts; PROVIDED, HOWEVER, that the Servicer's right to such reimbursement pursuant hereto shall be subordinate to the rights of the Certificateholders and may be exercised only if the Spread Balance equals the then applicable Specified Spread Account Requirement;
(c) to withdraw any amount received from an Obligor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction;
(i) to make investments in Permitted Instruments and (ii) to pay to itself, as permitted by Section 5.03(d), interest paid in respect of Permitted Instruments or by a Designated Depository Institution on funds deposited in the Principal and Interest Account;
(e) to withdraw any funds deposited in the Principal and Interest Account that were not required to be deposited therein or were deposited therein in error;
(f) to pay itself servicing compensation pursuant to Section 7.03 hereof or interest as permitted under the definition of Excess Proceeds; and
(g) to clear and terminate the Principal and Interest Account upon the termination of this Agreement. So long as no default or Event of Default shall have occurred and be continuing, and consistent with any requirements of the Code, the Principal and Interest Account shall either be maintained with a Designated Depository Institution as an interest-bearing account meeting the requirements set forth in Section 5.03(a), or the funds held therein may be invested by the Servicer (to the extent practicable) in Permitted Instruments, as directed in writing by the Servicer. In either case, funds in the Principal and Interest Account must be available for withdrawal without penalty, and any Permitted Instruments must mature not later than the Business Day immediately preceding the Determination Date next following the date of such investment (except that if such Permitted Instrument is an obligation of the institution that maintains such account, then such Permitted Instrument shall mature not later than such Determination Date) and shall not be sold or disposed of prior to its maturity. All Permitted Instruments must be held by or registered in the name of "Business Loan CenterThe Money Store Commercial Mortgage Inc., Inc. in trust for the registered holders of The Money Store Business Loan Center SBA Loan-Backed Adjustable Rate Certificates, Series 1997-12." All interest or other earnings from funds on deposit in the Principal and Interest Account (or any Permitted Instruments thereof) shall be the exclusive property of the Servicer, and may be withdrawn from the Principal and Interest Account pursuant to clause (d) above. The amount of any losses incurred in connection with the investment of funds in the Principal and Interest Account in Permitted Instruments shall be deposited in the Principal and Interest Account by the Servicer from its own funds immediately as realized without reimbursement therefor.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Money Store Commercial Mortgage Inc)
PERMITTED WITHDRAWALS FROM THE PRINCIPAL AND INTEREST ACCOUNT. The Servicer shall withdraw funds from the Principal and Interest Account for the following purposes:
(a) to effect the remittance to the Trustee on each Determination Date for deposit in the Certificate Account, the portion of the Available Funds for the related Remittance Date that is net of separate from Compensating Interest, Monthly Advances and amounts then on deposit in the Spread Account;
(b) to reimburse itself for any accrued unpaid Servicing Fees and Premium Protection FeesFees allocable to the SBA Loans, unreimbursed Monthly Advances and for unreimbursed Servicing Advances to the extent deposited in the Principal and Interest Account (and not netted from Monthly Payments received). The Servicer's right to reimbursement for unpaid Servicing Fees and Premium Protection Fees and, except as provided in the following sentence, Servicing Advances and Monthly Advances shall be limited to Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Obligor or otherwise relating to the SBA Loan in respect of which such unreimbursed amounts are owed. The Servicer's right to reimbursement for Servicing Advances and Monthly Advances in excess of such amounts shall be limited to any late collections of interest received on the SBA Loans generally, including Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and any other amounts, provided, however, that the Servicer's right to such reimbursement pursuant to this sentence shall be subordinate to the rights of the Certificateholders and the Registered Holders;
(c) to withdraw any amount received from an Obligor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction;
(i) to make investments in Permitted Instruments and (ii) to pay to itself, as permitted by Section 5.03(d), interest paid in respect of Permitted Instruments or by a Designated Depository Institution on funds deposited in the Principal and Interest Account;
(e) to withdraw any funds deposited in the Principal and Interest Account that were not required to be deposited therein or were deposited therein in error;
(f) to pay itself servicing compensation pursuant to Section 7.03 hereof or interest as permitted under the definition of Excess Proceeds; and
(g) to clear and terminate the Principal and Interest Account upon the termination of this Agreement. So long as no default or Event of Default shall have occurred and be continuing, and consistent with any requirements of the Code, the Principal and Interest Account shall either be maintained with a Designated Depository Institution as an interest-bearing account meeting the requirements set forth in Section 5.03(a), or the funds held therein may be invested by the Servicer (to the extent practicable) in Permitted Instruments, as directed in writing by the Servicer. In either case, funds in the Principal and Interest Account must be available for withdrawal without penalty, and any Permitted Instruments must mature not later than the Business Day immediately preceding the Determination Date next following the date of such investment (except that if such Permitted Instrument is an obligation of the institution that maintains such account, then such Permitted Instrument shall mature not later than such Determination Date) and shall not be sold or disposed of prior to its maturity. All Permitted Instruments must be held by or registered in the name of "Business Loan Center, Inc. in trust for the registered holders of Business Loan Center SBA Loan-Backed Adjustable Rate Certificates, Series 1997-1." All interest or other earnings from funds on deposit in the Principal and Interest Account (or any Permitted Instruments thereof) shall be the exclusive property of the Servicer, and may be withdrawn from the Principal and Interest Account pursuant to clause (d) above. The amount of any losses incurred in connection with the investment of funds in the Principal and Interest Account in Permitted Instruments shall be deposited in the Principal and Interest Account by the Servicer from its own funds immediately as realized without reimbursement therefor.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First International Bancorp Inc)
PERMITTED WITHDRAWALS FROM THE PRINCIPAL AND INTEREST ACCOUNT. The Servicer shall withdraw funds from the Principal and Interest Account for the following purposes:
(a) to effect the remittance to the Trustee on each Determination Date for deposit in the Certificate Account, the portion of the Available Funds for the related Remittance Date that is net of Compensating Interest, Monthly Advances and amounts then on deposit in the Spread Account;
(b) to reimburse itself for any accrued unpaid Servicing Fees and Premium Protection Fees, unreimbursed Monthly Advances and for unreimbursed Servicing Advances to the extent deposited in the Principal and Interest Account (and not netted from Monthly Payments received). The Servicer's right to reimbursement for unpaid Servicing Fees and, except as provided in the following sentence, Servicing Advances and Monthly Advances shall be limited to Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Obligor or otherwise relating to the SBA Loan in respect of which such unreimbursed amounts are owed. The Servicer's right to reimbursement for Servicing Advances and Monthly Advances in excess of such amounts shall be limited to any late collections of interest received on the SBA Loans generally, including Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and any other amounts; PROVIDED, HOWEVER, that the Servicer's right to such reimbursement pursuant hereto shall be subordinate to the rights of the Certificateholders and the Registered Holders and may not be exercised until the first Remittance Date on which the Spread Balance equals the then applicable Specified Spread Account Requirement;
(c) to withdraw any amount received from an Obligor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction;
(i) to make investments in Permitted Instruments and (ii) to pay to itself, as permitted by Section 5.03(d), interest paid in respect of Permitted Instruments or by a Designated Depository Institution on funds deposited in the Principal and Interest Account;
(e) to withdraw any funds deposited in the Principal and Interest Account that were not required to be deposited therein or were deposited therein in error;
(f) to pay itself servicing compensation pursuant to Section 7.03 hereof or interest as permitted under the definition of Excess Proceeds; and
(g) to clear and terminate the Principal and Interest Account upon the termination of this Agreement. So long as no default or Event of Default shall have occurred and be continuing, and consistent with any requirements of the Code, the Principal and Interest Account shall either be maintained with a Designated Depository Institution as an interest-bearing account meeting the requirements set forth in Section 5.03(a), or the funds held therein may be invested by the Servicer (to the extent practicable) in Permitted Instruments, as directed in writing by the Servicer. In either case, funds in the Principal and Interest Account must be available for withdrawal without penalty, and any Permitted Instruments must mature not later than the Business Day immediately preceding the Determination Date next following the date of such investment (except that if such Permitted Instrument is an obligation of the institution that maintains such account, then such Permitted Instrument shall mature not later than such Determination Date) and shall not be sold or disposed of prior to its maturity. All Permitted Instruments must be held by or registered in the name of "Business Loan CenterThe Money Store Investment Corporation and The Money Store of New York, Inc. in trust for the registered holders of Business Loan Center The Money Store SBA Loan-Backed Adjustable Rate Certificates, Series 1997-1997- 1." All interest or other earnings from funds on deposit in the Principal and Interest Account (or any Permitted Instruments thereof) shall be the exclusive property of the Servicer, and may be withdrawn from the Principal and Interest Account pursuant to clause (d) above. The amount of any losses incurred in connection with the investment of funds in the Principal and Interest Account in Permitted Instruments shall be deposited in the Principal and Interest Account by the Servicer from its own funds immediately as realized without reimbursement therefor.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Money Store Sba Loan Backed Adj Rak Cert Series 1997-I)
PERMITTED WITHDRAWALS FROM THE PRINCIPAL AND INTEREST ACCOUNT. The Servicer shall withdraw funds from the Principal and Interest Account for the following purposes:
(a) to effect the remittance to the Trustee on each Determination Date for deposit in the Certificate Account, the portion of the Available Funds and the Extra Interest for the related Remittance Date that is net of Compensating Interest, Interest and the Monthly Advances and (and, with respect to the Determination Dates occurring during the Funding Period, net of amounts then on deposit in the Spread Pre-Funding Account and the Capitalized Interest Account);
(b) to reimburse itself for any accrued unpaid Servicing Fees and Premium Protection Fees, unreimbursed Monthly Advances and for unreimbursed Servicing Advances to the extent deposited in the Principal and Interest Account (and not netted from Monthly Payments received). The Servicer's right to reimbursement for unpaid Servicing Fees and, except as provided in the following sentence, Servicing Advances and Monthly Advances shall be limited to Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Obligor or otherwise relating to the SBA Business Loan in respect of which such unreimbursed amounts are owed. The Servicer's right to reimbursement for Servicing Advances and Monthly Advances in excess of such amounts shall be limited to any late collections of interest received on the SBA Business Loans generally, including Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and any other amounts; PROVIDED, HOWEVER, that the Servicer's right to such reimbursement pursuant hereto shall be subordinate to the rights of the Certificateholders and may be exercised only if the Spread Balance equals the then applicable Specified Spread Account Requirements;
(c) to withdraw any amount received from an Obligor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction;
(i) to make investments in Permitted Instruments and (ii) to pay to itself, as permitted by Section 5.03(d), interest paid in respect of Permitted Instruments or by a Designated Depository Institution on funds deposited in the Principal and Interest Account;
(e) to withdraw any funds deposited in the Principal and Interest Account that were not required to be deposited therein or were deposited therein in error;
(f) to pay itself servicing compensation pursuant to Section 7.03 hereof or interest as permitted under the definition of Excess Proceeds; and
(g) to clear and terminate the Principal and Interest Account upon the termination of this Agreement. So long as no default or Event of Default shall have occurred and be continuing, and consistent with any requirements of the Code, the Principal and Interest Account shall either be maintained with a Designated Depository Institution as an interest-bearing account meeting the requirements set forth in Section 5.03(a), or the funds held therein may be invested by the Servicer (to the extent practicable) in Permitted Instruments, as directed in writing by the Servicer. In either case, funds in the Principal and Interest Account must be available for withdrawal without penalty, and any Permitted Instruments must mature not later than the Business Day immediately preceding the Determination Date next following the date of such investment (except that if such Permitted Instrument is an obligation of the institution that maintains such account, then such Permitted Instrument shall mature not later than such Determination Date) and shall not be sold or disposed of prior to its maturity. All Permitted Instruments must be held by or registered in the name of "Business Loan CenterThe Money Store Commercial Mortgage Inc., Inc. in trust for the registered holders of The Money Store Business Loan Center SBA Loan-Backed Adjustable Rate Certificates, Series 1997-1." All interest or other earnings from funds on deposit in the Principal and Interest Account (or any Permitted Instruments thereof) shall be the exclusive property of the Servicer, and may be withdrawn from the Principal and Interest Account pursuant to clause (d) above. The amount of any losses incurred in connection with the investment of funds in the Principal and Interest Account in Permitted Instruments shall be deposited in the Principal and Interest Account by the Servicer from its own funds immediately as realized without reimbursement therefor.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Money Store Commercial Mortgage Inc)
PERMITTED WITHDRAWALS FROM THE PRINCIPAL AND INTEREST ACCOUNT. The Servicer shall withdraw funds from the Principal and Interest Account for the following purposes:
(a) to effect the remittance to the Trustee on each Determination Date for deposit in the Certificate Account, the that portion of the Available Funds Remittance Amount, that is net of Compensating Interest and Monthly Advances for the related Remittance Date that is net of Compensating Interest, Monthly Advances and amounts then on to the Trustee for deposit in the Spread Note Distribution Account. For the purposes of this Section 4.04(a), the calculation of the Available Remittance Amounts shall be made without reference to the actual deposit of funds in the Note Distribution Account;
(b) to reimburse itself for any accrued unpaid Servicing Fees and Premium Protection Fees, unpaid Contingency Fees, unreimbursed Monthly Advances and for unreimbursed Servicing Advances to the extent that funds relating to such amount have been deposited in the applicable Principal and Interest Account (and not netted from Monthly Payments received). The Servicer's right to reimbursement for unpaid Servicing Fees, unpaid Contingency Fees and, except as provided in the following sentence, Servicing Advances and Monthly Advances shall be limited to Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Obligor or otherwise relating to the SBA Loan in respect of which such unreimbursed amounts are owed. The Servicer's right to reimbursement for Servicing Advances and Monthly Advances in excess of such amounts shall be limited to any late collections of interest received on the SBA Loans generally, including Liquidation Proceeds, Released Mortgaged Property Proceeds, Proceeds and Insurance Proceeds and any other amountsamounts which would otherwise be distributed to the holder of the GP Interest; PROVIDED, HOWEVER, that the Servicer's right to such reimbursement pursuant hereto shall be subordinate to the rights of the Noteholders and Certificateholders;
(c) to withdraw any amount received from an Obligor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction;
(i) to make investments in Permitted Instruments and (ii) to pay to itself, as permitted by Section 5.03(d4.03(d), interest paid in respect of Permitted Instruments or by a Designated Depository Institution on funds deposited in the Principal and Interest Account;
(e) to withdraw any funds deposited in the Principal and Interest Account that were not required to be deposited therein or were deposited therein in error;
(fi) to pay itself servicing compensation pursuant to Section 7.03 hereof or interest as permitted under the definition of Excess Proceeds; and5.03 hereof;
(g) to withdraw amounts required to be deposited into the Servicing Account pursuant to Section 7.11(b); and
(h) to clear and terminate the each Principal and Interest Account upon the termination of this AgreementAgreement and to pay any amounts remaining therein in accordance with Section 11.01. So long as no default or Event of Servicer Default shall have occurred and be continuing, and consistent with any requirements of the Code, the Principal and Interest Account shall either be maintained with a Designated Depository Institution as an interest-bearing account accounts meeting the requirements set forth in Section 5.03(a4.03(a), or the funds held therein may be invested by the Servicer (to the extent practicable) in Permitted Instruments, as directed in writing by the Servicer. In either case, funds in the Principal and Interest Account must be available for withdrawal without penalty, and any Permitted Instruments must mature not later than the Business Day immediately preceding the Determination Date next following the date of such investment (except that if such Permitted Instrument is an obligation of the institution that maintains such account, then such Permitted Instrument shall mature not later than such Determination Date) and shall not be sold or disposed of prior to its maturity. All Permitted Instruments must be held by or registered in the name of "Business Loan Center, The Money Store Inc. in trust for the registered holders of Business Loan Center SBA Loan-The Money Store Residential Asset Backed Adjustable Rate Notes and Certificates, Series 19971998-1.I." All interest or other earnings from funds on deposit in the Principal and Interest Account (or any Permitted Instruments thereof) shall be the exclusive property of the Servicer, and may be withdrawn from the either Principal and Interest Account pursuant to clause (dd)(ii) above. The amount of any losses incurred in connection with the investment of funds in the applicable Principal and Interest Account in Permitted Instruments shall be deposited in the applicable Principal and Interest Account by the Servicer from its own funds immediately as realized without reimbursement therefor.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Money Store Home Equity Corp)
PERMITTED WITHDRAWALS FROM THE PRINCIPAL AND INTEREST ACCOUNT. The Servicer shall withdraw or cause to be withdrawn funds from the Principal and Interest Account for the following purposes:
(ai) to effect the remittance remit to the Trustee on each Determination Date for deposit into the Collection Account on the third Business Day prior to the Payment Date, the sum of the amounts set forth in Section 5.03 deposited in the Certificate AccountPrincipal and Interest Account during the related Due Period (excluding any amounts not required to be deposited in the Principal and Interest Account pursuant to Section 5.03 and excluding any amounts withdrawn by the Servicer pursuant to clauses (ii), the portion (iii), (v), (vi), (vii) and (x) below as of the Available Funds for the related Remittance Date that is net of Compensating Interest, Monthly Advances and amounts then on deposit in the Spread AccountDetermination Date);
(bii) to reimburse itself for any accrued unpaid Servicing Fees and Premium Protection Fees, unreimbursed Monthly Advances and for unreimbursed Servicing Advances and, with respect to any Advance made by the Servicer from its own funds, any unreimbursed Advance; provided, that any withdrawal of accrued unpaid Servicing Fees pursuant to this Section 5.04(ii) shall be used first by the Servicer to pay any amounts due to the extent deposited in the Principal and Interest Account (and not netted from Monthly Payments received)Trustee pursuant to this Agreement. The Servicer's right to reimbursement for unpaid Servicing Fees and, except as provided in the following sentence, and unreimbursed Servicing Advances and Monthly Advances shall be limited to late collections on the related Mortgage Loan, including Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Obligor related Mortgagor or otherwise relating to the SBA Mortgage Loan in respect of which such unreimbursed amounts Advances are owed. The Servicer's right rights to reimbursement for Servicing any unreimbursed Advances and Monthly Advances in excess of such amounts shall be limited to any late collections of interest received on the SBA Loans generallyany Mortgage Loan with respect to which an Advance was made or from late collections on such Mortgage Loans, including Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the related Mortgagors or otherwise relating to the Mortgage Loans in respect of which such unreimbursed amounts are owed. It is understood that the Servicer's right to reimbursement pursuant hereto shall be prior to the rights of Certificateholders unless the Representative is the Servicer and the Servicer or any other amountsDepositor or Originator is required to purchase or substitute (or cause to be purchased or substituted) a Mortgage Loan pursuant to Sections 2.06 and 3.03, in which case the Servicer's right to such reimbursement shall be subsequent to the deposit into the Principal and Interest Account of the purchase price or Substitution Adjustment pursuant to such Sections 2.06 and 3.03;
(ciii) to withdraw any amount received from an Obligor a Mortgagor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable nonap pealable order of a court having competent jurisdiction;
(ia) to make investments in Permitted Instruments and (iib) after effecting the remittance to the Trustee as provided in Section 5.04(i), to pay to itself, as permitted by Section 5.03(d), itself interest paid earned in respect of Permitted Instruments or by a Designated Depository Institution on funds deposited in the Principal and Interest Account;
(ev) to withdraw any funds deposited in the Principal and Interest Account that were not required to be deposited therein (such as Servicing Compensation) or were deposited therein in error;
(fvi) to pay itself servicing compensation Servicing Compensation pursuant to Section 7.03 hereof to the extent not retained or interest as permitted under the definition of Excess Proceeds; andpaid pursuant to Section 5.03;
(gvii) to withdraw funds necessary for the conservation and disposition of REO Property pursuant to the third paragraph of Section 5.10 hereof to the extent such funds were deposited in the Principal and Interest Account;
(viii) to utilize any excess funds on deposit to make any Advance pursuant to Section 6.08 or any Servicing Advance pursuant to the final paragraph of Section 5.01(f);
(ix) to clear and terminate the Principal and Interest Account upon the termination of this AgreementAgreement and allocate the amounts therein pursuant to the priority set forth in Section 6.05(d); and
(x) to effect, with respect to a Bankruptcy Loan, the remittance to the Depositor transferring such Bankruptcy Loan, of an amount equal to the excess, if any, of (a) PrePlan Interest Payments collected in the preceding Due Period with respect to such Bankruptcy Loan over (b) the interest accrued in such preceding Due Period, but uncollected as of the last day of such Due Period, with respect to such Bankruptcy Loan. So long as no default or Event of Servicer Default shall have occurred and be continuing, and consistent with any requirements of the Code, funds held in the Principal and Interest Account shall either be maintained with a Designated Depository Institution as an interest-bearing account meeting the requirements set forth in Section 5.03(a), or the funds held therein may be invested by the Servicer (to the extent practicable) in Permitted Instruments, as directed in writing to the Trustee by the Servicer. In either case, funds in the Principal and Interest Account must be available for withdrawal without penalty, and any Permitted Instruments must mature not later than the Business Day immediately preceding the day on which such funds are to be remitted to the Trustee for deposit in the Collection Account, but in no event later than the Business Day immediately preceding the Determination Date next following the date of such investment (except except, in each case, that if such Permitted Instrument is an obligation of the institution that maintains such accountthe Principal and Interest Account, then such Permitted Instrument shall mature not later than such Determination Date) and shall not be sold or disposed of prior to its maturity. All Permitted Instruments in which funds in the Principal and Interest Account are invested must be held by or registered in the name of "Business Loan Center, Inc. in trust for the registered holders of Business Loan Center SBA Loan-Backed Adjustable Rate Certificates, Series 1997-1." Trustee. All interest or other earnings from funds on deposit in the Principal and Interest Account (or any Permitted Instruments thereof) shall be the exclusive property of the Servicer, and may be withdrawn from the Principal and Interest Account pursuant to clause (div) above. The amount of any losses incurred in connection with the investment of funds in the Principal and Interest Account in Permitted Instruments shall be deposited in the Principal and Interest Account by the Servicer from its own funds immediately as realized without reimbursement therefor.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Eqcc Asset Backed Corp)
PERMITTED WITHDRAWALS FROM THE PRINCIPAL AND INTEREST ACCOUNT. The Servicer shall withdraw funds from the Principal and Interest Account for the following purposes:
(a) to effect the remittance to the Trustee on each Determination Date for deposit in the Certificate Account, the that portion of the Available Funds Remittance Amount, that is net of Compensating Interest and Monthly Advances for the related Remittance Date that is net of Compensating Interest, Monthly Advances and amounts then on to the Trustee for deposit in the Spread Note Distribution Account. For the purposes of this Section 4.04(a), the calculation of the Available Remittance Amounts shall be made without reference to the actual deposit of funds in the Note Distribution Account;
(b) to reimburse itself for any accrued unpaid Servicing Fees and Premium Protection Fees, unpaid Contingency Fees, unreimbursed Monthly Advances and for unreimbursed Servicing Advances to the extent that funds relating to such amount have been deposited in the applicable Principal and Interest Account (and not netted from Monthly Payments received). The Servicer's right to reimbursement for unpaid Servicing Fees, unpaid Contingency Fees and, except as provided in the following sentence, Servicing Advances and Monthly Advances shall be limited to Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Obligor or otherwise relating to the SBA Loan in respect of which such unreimbursed amounts are owed. The Servicer's right to reimbursement for Servicing Advances and Monthly Advances in excess of such amounts shall be limited to any late collections of interest received on the SBA Loans generally, including Liquidation Proceeds, Released Mortgaged Property Proceeds, Proceeds and Insurance Proceeds and any other amountsamounts which would otherwise be distributed to the holder of the GP Interest; PROVIDED, HOWEVER, that the Servicer's right to such reimbursement pursuant hereto shall be subordinate to the rights of the Noteholders and Certificateholders;
(c) to withdraw any amount received from an Obligor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction;
(i) to make investments in Permitted Instruments and (ii) to pay to itself, as permitted by Section 5.03(d4.03(d), interest paid in respect of Permitted Instruments or by a Designated Depository Institution on funds deposited in the Principal and Interest Account;
(e) to withdraw any funds deposited in the Principal and Interest Account that were not required to be deposited therein or were deposited therein in error;
(fi) to pay itself servicing compensation pursuant to Section 7.03 hereof or interest as permitted under the definition of Excess Proceeds; and5.03 hereof;
(g) to withdraw amounts required to be deposited into the Servicing Account pursuant to Section 7.11(b); and
(h) to clear and terminate the each Principal and Interest Account upon the termination of this AgreementAgreement and to pay any amounts remaining therein in accordance with Section 11.01. So long as no default or Event of Servicer Default shall have occurred and be continuing, and consistent with any requirements of the Code, the Principal and Interest Account shall either be maintained with a Designated Depository Institution as an interest-bearing account accounts meeting the requirements set forth in Section 5.03(a4.03(a), or the funds held therein may be invested by the Servicer (to the extent practicable) in Permitted Instruments, as directed in writing by the Servicer. In either case, funds in the Principal and Interest Account must be available for withdrawal without penalty, and any Permitted Instruments must mature not later than the Business Day immediately preceding the Determination Date next following the date of such investment (except that if such Permitted Instrument is an obligation of the institution that maintains such account, then such Permitted Instrument shall mature not later than such Determination Date) and shall not be sold or disposed of prior to its maturity. All Permitted Instruments must be held by or registered in the name of "Business Loan Center, The Money Store Inc. in trust for the registered holders of Business Loan Center SBA Loan-The Money Store Residential Asset Backed Adjustable Rate Notes and Certificates, Series 1997-1II." All interest or other earnings from funds on deposit in the Principal and Interest Account (or any Permitted Instruments thereof) shall be the exclusive property of the Servicer, and may be withdrawn from the either Principal and Interest Account pursuant to clause (dd)(ii) above. The amount of any losses incurred in connection with the investment of funds in the applicable Principal and Interest Account in Permitted Instruments shall be deposited in the applicable Principal and Interest Account by the Servicer from its own funds immediately as realized without reimbursement therefor.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Money Store Home Equity Corp)
PERMITTED WITHDRAWALS FROM THE PRINCIPAL AND INTEREST ACCOUNT. The Servicer shall withdraw or cause to be withdrawn funds from the Principal and Interest Account for the following purposes:
(ai) to effect the remittance remit to the Trustee on each Determination Date for deposit into the Collection Account on the third Business Day prior to the Payment Date, the sum of the amounts set forth in Section 5.03 deposited in the Certificate AccountPrincipal and Interest Account during the related Due Period (excluding any amounts not required to be deposited in the Principal and Interest Account pursuant to Section 5.03 and excluding any amounts withdrawn by the Servicer pursuant to clauses (ii), the portion (iii), (v), (vi), (vii) and (x) below as of the Available Funds for the related Remittance Date that is net of Compensating Interest, Monthly Advances and amounts then on deposit in the Spread AccountDetermination Date);
(bii) to reimburse itself for any accrued unpaid Servicing Fees and Premium Protection Fees, unreimbursed Monthly Advances and for unreimbursed Servicing Advances and, with respect to any Advance made by the Servicer from its own funds, any unreimbursed Advance; provided, that any withdrawal of accrued unpaid Servicing Fees pursuant to this Section 5.04(ii) shall be used first by the Servicer to pay any amounts due to the extent deposited in the Principal and Interest Account (and not netted from Monthly Payments received)Trustee pursuant to this Agreement. The Servicer's right to reimbursement for unpaid Servicing Fees and, except as provided in the following sentence, and unreimbursed Servicing Advances and Monthly Advances shall be limited to late collections on the related Mortgage Loan, including Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Obligor related Mortgagor or otherwise relating to the SBA Mortgage Loan in respect of which such unreimbursed amounts Advances are owed. The Servicer's right rights to reimbursement for Servicing any unreimbursed Advances and Monthly Advances in excess of such amounts shall be limited to any late collections of interest received on the SBA Loans generallyany Mortgage Loan with respect to which an Advance was made or from late collections on such Mortgage Loans, including Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the related Mortgagors or otherwise relating to the Mortgage Loans in respect of which such unreimbursed amounts are owed. It is understood that the Servicer's right to reimbursement pursuant hereto shall be prior to the rights of Certificateholders unless the Representative is the Servicer and the Servicer or any other amountsDepositor or Originator is required to purchase or substitute (or cause to be purchased or substituted) a Mortgage Loan pursuant to Sections 2.06 and 3.03, in which case the Servicer's right to such reimbursement shall be subsequent to the deposit into the Principal and Interest Account of the purchase price or Substitution Adjustment pursuant to such Sections 2.06 and 3.03;
(ciii) to withdraw any amount received from an Obligor a Mortgagor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable nonap pealable order of a court having competent jurisdiction;
(ia) to make investments in Permitted Instruments and (iib) after effecting the remittance to the Trustee as provided in Section 5.04(i), to pay to itself, as permitted by Section 5.03(d), itself interest paid earned in respect of Permitted Instruments or by a Designated Depository Institution on funds deposited in the Principal and Interest Account;
(ev) to withdraw any funds deposited in the Principal and Interest Account that were not required to be deposited therein (such as Servicing Compensation) or were deposited therein in error;
(fvi) to pay itself servicing compensation Servicing Compensation pursuant to Section 7.03 hereof to the extent not retained or interest as permitted under the definition of Excess Proceeds; andpaid pursuant to Section 5.03;
(gvii) to withdraw funds necessary for the conservation and disposition of REO Property pursuant to the third paragraph of Section 5.10 hereof to the extent such funds were deposited in the Principal and Interest Account;
(viii) to utilize any excess funds on deposit to make any Advance pursuant to Section 6.08 or any Servicing Advance pursuant to the final paragraph of Section 5.01(f);
(ix) to clear and terminate the Principal and Interest Account upon the termination of this AgreementAgreement and allocate the amounts therein pursuant to the priority set forth in Section 6.05(d); and
(x) to effect, with respect to a Bankruptcy Loan, the remittance to the Depositor transferring such Bankruptcy Loan, of an amount equal to the excess, if any, of (a) PrePlan Interest Payments collected in the preceding Due Period with respect to such Bankruptcy Loan over (b) the interest accrued in such preceding Due Period, but uncollected as of the last day of such Due Period, with respect to such Bankruptcy Loan. In making the withdrawals set forth in clauses (i) through (x) (inclusive) above, the Servicer shall note (when applicable) in its records the respective amounts withdrawn with respect to the Fixed Rate Group and the Adjustable Rate Group. So long as no default or Event of Servicer Default shall have occurred and be continuing, and consistent with any requirements of the Code, funds held in the Principal and Interest Account shall either be maintained with a Designated Depository Institution as an interest-bearing account meeting the requirements set forth in Section 5.03(a), or the funds held therein may be invested by the Servicer (to the extent practicable) in Permitted Instruments, as directed in writing to the Trustee by the Servicer. In either case, funds in the Principal and Interest Account must be available for withdrawal without penalty, and any Permitted Instruments must mature not later than the Business Day immediately preceding the day on which such funds are to be remitted to the Trustee for deposit in the Collection Account, but in no event later than the Business Day immediately preceding the Determination Date next following the date of such investment (except except, in each case, that if such Permitted Instrument is an obligation of the institution that maintains such accountthe Principal and Interest Account, then such Permitted Instrument shall mature not later than such Determination Date) and shall not be sold or disposed of prior to its maturity. All Permitted Instruments in which funds in the Principal and Interest Account are invested must be held by or registered in the name of "Business Loan Center, Inc. in trust for the registered holders of Business Loan Center SBA Loan-Backed Adjustable Rate Certificates, Series 1997-1." Trustee. All interest or other earnings from funds on deposit in the Principal and Interest Account (or any Permitted Instruments thereof) shall be the exclusive property of the Servicer, and may be withdrawn from the Principal and Interest Account pursuant to clause (div) above. The amount of any losses incurred in connection with the investment of funds in the Principal and Interest Account in Permitted Instruments shall be deposited in the Principal and Interest Account by the Servicer from its own funds immediately as realized without reimbursement therefor.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Eqcc Asset Backed Corp)
PERMITTED WITHDRAWALS FROM THE PRINCIPAL AND INTEREST ACCOUNT. The Servicer shall withdraw funds from the Principal and Interest Account for the following purposes:
(a) to effect the remittance to the Indenture Trustee on each Determination Date for deposit in into the Certificate Account, the portion Note Distribution Account of the Available Funds for the related Remittance Date that is (net of Compensating Interest, Monthly Advances and amounts then on deposit in the Spread Account);
(b) to reimburse itself for any accrued unpaid Servicing Fees and Premium Protection Fees, unreimbursed Monthly Advances Fees allocable to the SBA Loans and for unreimbursed Servicing Advances to the extent deposited in the Principal and Interest Account (and not netted from Monthly Payments received). The Servicer's right to reimbursement for unpaid Servicing Fees and Premium Protection Fees and, except as provided in the following sentencefollowing, Servicing Advances and Monthly Advances shall be limited to Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Obligor or otherwise relating to the SBA Loan in respect of which such unreimbursed amounts are owed. The Servicer's right to reimbursement for Servicing Advances and Monthly Advances in excess of such amounts shall be limited to any late collections of interest received on the SBA Loans generally, including Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and any other amounts; provided, however, that the Servicer's right to such reimbursement pursuant hereto shall be subordinate to the rights of the Noteholders;
(c) to withdraw any amount received from an Obligor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction;
(i) to make investments in Permitted Instruments and (ii) to pay to itself, as permitted by Section 5.03(d4.03(d), interest paid in respect of Permitted Instruments or by a Designated Depository Institution an Eligible Deposit Account on funds deposited in the Principal and Interest Account;
(e) to withdraw any funds deposited in the Principal and Interest Account that were not permitted or required to be deposited therein or were deposited therein in error;
(f) to pay itself servicing compensation pursuant to Section 7.03 hereof or interest as permitted under the definition of Excess Proceeds6.03 hereof; and
(g) to clear and terminate the Principal and Interest Account upon the termination of this AgreementAgreement in accordance with Section 10.01. So long as no default or Servicer Termination Event of Default shall have occurred and be continuing, and consistent with any requirements of the Code, the Principal and Interest Account Accounts shall either be maintained with a Designated Depository Institution an Eligible Deposit Account as an interest-bearing account meeting the requirements set forth in Section 5.03(a4.03(a), or the funds held therein may be invested by the Servicer (to the extent practicable) in Permitted Instruments, as directed in writing by the Servicer. In either case, funds in the Principal and Interest Account must be available for withdrawal without penalty, and any Permitted Instruments must mature not later than the Business Day immediately preceding the Determination Date next following the date of such investment (except that if such Permitted Instrument is an obligation of the institution that maintains such account, then such Permitted Instrument shall mature not later than such Determination Date) and shall not be sold or disposed of prior to its maturity. All Permitted Instruments must be held by or registered in the name of "Business Loan Center, Inc. Inc., as Servicer, in trust for the registered holders of Business Loan Center SBA Loan-Backed Adjustable Rate Certificates, Series 1997-1BLC Funding Trust Notes." All interest or other earnings from funds on deposit in the Principal and Interest Account (or any Permitted Instruments thereof) shall be the exclusive property of the Servicer, and may be withdrawn from the Principal and Interest Account pursuant to clause (d) above. The amount of any losses incurred in connection with the investment of funds in the Principal and Interest Account in Permitted Instruments shall be deposited in the Principal and Interest Account by the Servicer from its own funds immediately as realized without reimbursement therefor.
Appears in 1 contract
Samples: Sale and Servicing Agreement (BLC Financial Services Inc)
PERMITTED WITHDRAWALS FROM THE PRINCIPAL AND INTEREST ACCOUNT. The Servicer shall withdraw funds from the Principal and Interest Account first, to withdraw any funds deposited therein that are not required or permitted to be deposited therein, or were deposited therein in error, and then for the following purposes:
(a) to effect the remittance to the Indenture Trustee on each Determination Date for deposit in into the Certificate Account, the portion Note Distribution Account of the Available Funds for the related Remittance Date that is (net of Compensating Interest, Monthly Advances and amounts then on deposit in the Spread Account and, with respect to the Determination Dates occurring during the Funding Period, net of amounts then on deposit in the Pre-Funding Account and Capitalized Interest Account);
(b) to reimburse itself for any accrued unpaid Servicing Fees and Premium Protection FeesRequired Holdback Amount allocable to the SBA Loans, unreimbursed Monthly Advances and for unreimbursed Servicing Advances to the extent deposited in the Principal and Interest Account (and not netted from Monthly Payments received). The Servicer's right to reimbursement for unpaid Servicing Fees Required Holdback Amounts and, except as provided in the following sentence, Servicing Advances and Monthly Advances shall be limited to Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Obligor or otherwise relating to the SBA Loan in respect of which such unreimbursed amounts are owed. The Servicer's right to reimbursement for Servicing Advances and Monthly Advances in excess of such amounts shall be limited to any late collections of interest received on the SBA Loans generally, including Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and any other amounts; provided, however, that the Servicer's right to such reimbursement pursuant hereto shall be subordinate to the rights of the Noteholders and the Registered Holders;
(c) to withdraw any amount received from an Obligor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction;
(i) to make investments in Permitted Instruments and (ii) to pay to itself, as permitted by Section 5.03(d4.03(d), interest paid in respect of Permitted Instruments or by a Designated Depository Institution an Eligible Deposit Account on funds deposited in the Principal and Interest Account;
(e) to withdraw any funds deposited in the Principal and Interest Account that were not required to be deposited therein or were deposited therein in error;
(f) to pay itself servicing compensation pursuant to Section 7.03 hereof or interest as permitted under the definition of Excess Proceeds6.03 hereof; and
(g) to clear and terminate the Principal and Interest Account upon the termination of this Agreement. So long as no default or Event of Default shall have occurred and be continuing, and consistent with any requirements of the Code, the Principal and Interest Account shall either be maintained with a Designated Depository Institution as an interest-bearing account meeting the requirements set forth in Section 5.03(a), or the funds held therein may be invested by the Servicer (to the extent practicable) in Permitted Instruments, as directed in writing by the Servicer. In either case, funds in the Principal and Interest Account must be available for withdrawal without penalty, and any Permitted Instruments must mature not later than the Business Day immediately preceding the Determination Date next following the date of such investment (except that if such Permitted Instrument is an obligation of the institution that maintains such account, then such Permitted Instrument shall mature not later than such Determination Date) and shall not be sold or disposed of prior to its maturity. All Permitted Instruments must be held by or registered in the name of "Business Loan Center, Inc. in trust for the registered holders of Business Loan Center SBA Loan-Backed Adjustable Rate Certificates, Series 1997-1." All interest or other earnings from funds on deposit in the Principal and Interest Account (or any Permitted Instruments thereof) shall be the exclusive property of the Servicer, and may be withdrawn from the Principal and Interest Account pursuant to clause (d) above. The amount of any losses incurred in connection with the investment of funds in the Principal and Interest Account in Permitted Instruments shall be deposited in the Principal and Interest Account by the Servicer from its own funds immediately as realized without reimbursement therefor.
Appears in 1 contract
Samples: Sale and Servicing Agreement (First International Bancorp Inc)
PERMITTED WITHDRAWALS FROM THE PRINCIPAL AND INTEREST ACCOUNT. The With respect to each Group, the Servicer shall withdraw or cause to be withdrawn funds from the related Principal and Interest Account for the following purposes:
(ai) to effect the remittance to the Indenture Trustee on each the Determination Date for deposit of the Excess Spread and the amounts set forth in clause (i) of the Certificate Accountdefinition of Available Remittance Amount. For the purposes of this Section 5.04(i), the portion calculation of the Available Funds for Remittance Amount shall be made without reference to the actual deposit of funds in the related Remittance Date that is net of Compensating Interest, Monthly Advances and amounts then on deposit in the Spread Note Distribution Account;
(bii) to reimburse itself for any accrued unpaid Servicing Fees and Premium Protection Fees, unreimbursed Monthly Advances and for unreimbursed Servicing Advances to the extent and any amount described in Section 6.13(b) or Section 6.13(c) or Section 6.13(d) deposited in the Principal related Note Distribution Account and Interest Account (and attributable to the conveyance to the Indenture Trustee of a Subsequent Mortgage Loan that does not netted from Monthly Payments received)have a payment date during the related Due Period, if the Servicer is the Seller. The Servicer's right to reimbursement for accrued and unpaid Servicing Fees and, except as provided in the following sentence, and unreimbursed Servicing Advances and Monthly Advances shall be limited to late collections on the related Mortgage Loan, including Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Obligor related Mortgagor with respect to a Group or otherwise relating to the SBA Mortgage Loan in respect of which such unreimbursed amounts are owedowed (including amounts paid by the Seller in connection with the purchase or substitution of Mortgage Loans pursuant to Section 2.05 or 3.03 above). The Servicer's right to reimbursement for Servicing unreimbursed Monthly Advances and Monthly Advances amounts described in excess of such amounts Section 6.13(b), Section 6.13(c) or 6.13(d) (if the Servicer is the Seller) shall be limited to any late collections of interest received on any Mortgage Loan; provided that the SBA Loans generallyServicer shall not be entitled to reimbursement from Liquidation Proceeds for Monthly Advances made pursuant to Section 6.09(c) or Section 6.09(d), including Liquidation Proceedsor for amounts deposited in the related Note Distribution Account pursuant to Section 6.13(b), Released Mortgaged Property ProceedsSection 6.13(c) or 6.13(d) and attributable to the conveyance to the Issuer of a Subsequent Mortgage Loan that does not have a payment date during the related Due Period. It is understood that the Servicer's right to reimbursement pursuant hereto shall be senior to the rights of Securityholders unless the Seller or any of its affiliates is the Servicer and the Seller is required to repurchase or substitute a Mortgage Loan pursuant to Section 2.05 or 3.03 above, Insurance Proceeds in which case the Servicer's right to such reimbursement shall be subordinate to the rights of the Issuer to receive the purchase price or substitution adjustment pursuant to such Sections 2.05 and any other amounts3.03;
(ciii) to withdraw any amount received from an Obligor a Mortgagor that is recoverable and sought to be recovered as a voidable preference Preference Amount by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction;
(ia) to make investments in Permitted Instruments and (iib) to pay to itself, as permitted by Section 5.03(d), itself interest paid earned in respect of Permitted Instruments or by a Designated Depository Institution on funds deposited in the related Principal and Interest Account;
(ev) to withdraw any funds deposited in the related Principal and Interest Account that were not required to be deposited therein (such as Servicing Compensation) or were deposited therein in error;
(fvi) to pay itself servicing compensation Servicing Compensation pursuant to Section 7.03 hereof to the extent not retained or interest as permitted under paid pursuant to Section 5.03 or 5.04(ii);
(vii) to withdraw funds necessary for the definition conservation and disposition of Excess ProceedsREO Property pursuant to the third paragraph of Section 5.10;
(viii) to remit to the Indenture Trustee any amount which was deposited pursuant to Section 11.01 to cover unpaid fees and expenses of the Indenture Trustee; and
(gix) to clear and terminate the related Principal and Interest Account upon the termination of this Agreement. So long as no default or Event of Default shall have occurred and be continuing, and consistent Agreement with any requirements of the Code, the Principal and Interest Account shall either be maintained with a Designated Depository Institution as an interest-bearing account meeting the requirements set forth in Section 5.03(a), or the funds held amounts on deposit therein may be invested by being paid to the Servicer (and/or the Seller to the extent practicable) in Permitted Instruments, as directed in writing by the Servicer. In either case, funds in the Principal and Interest Account must be available for withdrawal without penalty, and any Permitted Instruments must mature not later than the Business Day immediately preceding the Determination Date next following the date of such investment (except that if such Permitted Instrument is an obligation of the institution that maintains such account, then such Permitted Instrument shall mature not later than such Determination Date) and shall not be sold or disposed of prior to its maturity. All Permitted Instruments must be held by or registered in the name of "Business Loan Center, Inc. in trust for the registered holders of Business Loan Center SBA Loan-Backed Adjustable Rate Certificates, Series 1997-1." All interest or other earnings from funds on deposit in the Principal and Interest Account (or any Permitted Instruments thereof) shall be the exclusive property of the Servicer, and may be withdrawn from the Principal and Interest Account pursuant to clause (d) above. The amount of any losses incurred in connection with Reimbursable Amounts and the investment of funds in remainder to the Principal and Interest Account in Permitted Instruments shall be deposited in Certificate Paying Agent for distribution to the Principal and Interest Account by the Servicer from its own funds immediately as realized without reimbursement thereforCertificateholders.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Afc Mortgage Loan Asset Backed Notes Series 2000-1)
PERMITTED WITHDRAWALS FROM THE PRINCIPAL AND INTEREST ACCOUNT. The Servicer shall withdraw funds from the Principal and Interest Account for the following purposes:
(a) to effect the remittance to the Trustee on each Determination Date as follows: the portion of the Excess Spread relating to the Mortgage Loans and the portion of the Pool Available Remittance Amount, that are net of Compensating Interest and Monthly Advances for the related Remittance Date to the Trustee for deposit in the Certificate Account. For the purposes of this Section 5.04(a), the portion calculation of the Pool Available Funds for Remittance Amount shall be made without reference to the related Remittance Date that is net actual deposit of Compensating Interest, Monthly Advances and amounts then on deposit funds in the Spread Certificate Account;
(b) to reimburse itself for any accrued unpaid Servicing Fees and Premium Protection Fees, unpaid Contingency Fees, unreimbursed Monthly Advances and for unreimbursed Servicing Advances to the extent that funds relating to such amount have been deposited in the Principal and Interest Account (and not netted from Monthly Payments received). The Servicer's right to reimbursement for unpaid Servicing Fees, unpaid Contingency Fees and, except as provided in the following sentence, Servicing Advances and Monthly Advances shall be limited to Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Obligor Mortgagor or otherwise relating to the SBA Mortgage Loan in respect of which such unreimbursed amounts are owed. The Servicer's right to reimbursement for Servicing Advances and Monthly Advances in excess of such amounts shall be limited to any late collections of interest received on the SBA Loans Mortgage Loans, generally, including Liquidation Proceeds, Released Mortgaged Property Proceeds, Proceeds and Insurance Proceeds and any other amountsamounts which would otherwise be distributed to the Class X or Class R Certificateholders; provided, however, that the Servicer's right to such reimbursement pursuant hereto shall be subordinate to the rights of the applicable Class A, Class M and/or Class B Certificateholders to receive the Shortfall Carryforward Amounts;
(c) to withdraw any amount received from an Obligor a Mortgagor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction;
(i) to make investments in Permitted Instruments and (ii) to pay to itself, as permitted by Section 5.03(d), interest paid in respect of Permitted Instruments or by a Designated Depository Institution on funds deposited in the Principal and Interest Account;
(e) to withdraw any funds deposited in the Principal and Interest Account that were not required to be deposited therein or were deposited therein in error;
(f) (i) to pay itself servicing compensation pursuant to Section 7.03 hereof or interest as permitted under the definition of Excess Proceeds; andProceeds or (ii) to pay the Remainder Excess Spread Amount with respect to any Remittance Date to itself and/or the Representative for any Reimbursable Amounts and the remainder to the Trustee for remittance to the Class X Certificateholders, as the case may be;
(g) to withdraw amounts required to be deposited into the Servicing Account pursuant to Section 6.15(a).
(h) to clear and terminate the each Principal and Interest Account upon the termination of this Agreementthe Trust Fund. So long as no default or Event of Default shall have occurred and be continuing, and consistent with any requirements of the Code, the Principal and Interest Account shall either be maintained with a Designated Depository Institution as an interest-bearing account meeting the requirements set forth in Section 5.03(a), or the funds held therein may be invested by the Servicer (to the extent practicable) in Permitted Instruments, as directed in writing by the Servicer. In either case, funds in the Principal and Interest Account must be available for withdrawal without penalty, and any Permitted Instruments must mature not later than the Business Day immediately preceding the Determination Date next following the date of such investment (except that if such Permitted Instrument is an obligation of the institution that maintains such account, then such Permitted Instrument shall mature not later than such Determination Date) and shall not be sold or disposed of prior to its maturity. All Permitted Instruments must be held by or registered in the name of "Business Loan Center, The Money Store Inc. in trust for the registered holders of Business The Money Store Home Improvement Loan Center SBA Loan-Backed Adjustable Rate Certificates, Series 19971998-1.I." All interest or other earnings from funds on deposit in the Principal and Interest Account (or any Permitted Instruments thereof) shall be the exclusive property of the Servicer, and may be withdrawn from the either Principal and Interest Account pursuant to clause (dd)(ii) above. The amount of any losses incurred in connection with the investment of funds in the Principal and Interest Account in Permitted Instruments shall be deposited in the Principal and Interest Account by the Servicer from its own funds immediately as realized without reimbursement therefor.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Money Store Home Equity Corp)
PERMITTED WITHDRAWALS FROM THE PRINCIPAL AND INTEREST ACCOUNT. The Servicer shall withdraw funds from the Principal and Interest Account for the following purposes:
(a) to effect the remittance to the Trustee on each Determination Date for deposit in the Certificate Account, the portion of the Available Funds for the related Remittance Date that is net of Compensating Interest, Monthly Advances and amounts then on deposit in the Spread Account;
(b) to reimburse itself for any accrued unpaid Servicing Fees and Premium Protection FeesFee, unreimbursed Monthly Advances and for unreimbursed Servicing Advances to the extent deposited in the Principal and Interest Account (and not netted from Monthly Payments received). The Servicer's right to reimbursement for unpaid Servicing Fees and, except as provided in the following sentence, Servicing Advances and Monthly Advances shall be limited to Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Obligor or otherwise relating to the SBA Loan in respect of which such unreimbursed amounts are owed. The Servicer's right to reimbursement for Servicing Advances and Monthly Advances in excess of such amounts shall be limited to any late collections of interest received on the SBA Loans generally, including Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and any other amounts; PROVIDED, HOWEVER, that the Servicer's right to such reimbursement pursuant hereto shall be subordinate to the rights of the Certificateholders and the Registered Holders and may not be exercised until the first Remittance Date on which the Spread Balance equals the then applicable Specified Spread Account Requirement;
(c) to withdraw any amount received from an Obligor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction;
(i) to make investments in Permitted Instruments and (ii) to pay to itself, as permitted by Section 5.03(d), interest paid in respect of Permitted Instruments or by a Designated Depository Institution on funds deposited in the Principal and Interest Account;
(e) to withdraw any funds deposited in the Principal and Interest Account that were not required to be deposited therein or were deposited therein in error;
(f) to pay itself servicing compensation pursuant to Section 7.03 hereof or interest as permitted under the definition of Excess Proceeds; and
(g) to clear and terminate the Principal and Interest Account upon the termination of this Agreement.
1. So long as no default or Event of Default shall have occurred and be continuing, and consistent with any requirements of the Code, the Principal and Interest Account shall either be maintained with a Designated Depository Institution as an interest-bearing account meeting the requirements set forth in Section 5.03(a), or the funds held therein may be invested by the Servicer (to the extent practicable) in Permitted Instruments, as directed in writing by the Servicer. In either case, funds in the Principal and Interest Account must be available for withdrawal without penalty, and any Permitted Instruments must mature not later than the Business Day immediately preceding the Determination Date next following the date of such investment (except that if such Permitted Instrument is an obligation of the institution that maintains such account, then such Permitted Instrument shall mature not later than such Determination Date) and shall not be sold or disposed of prior to its maturity. All Permitted Instruments must be held by or registered in the name of "Business Loan Center, Inc. in trust for the registered holders of Business Loan Center SBA Loan-Backed Adjustable Rate Certificates, Series 1997-1." All interest or other earnings from funds on deposit in the Principal and Interest Account (or any Permitted Instruments thereof) shall be the exclusive property of the Servicer, and may be withdrawn from the Principal and Interest Account pursuant to clause (d) above. The amount of any losses incurred in connection with the investment of funds in the Principal and Interest Account in Permitted Instruments shall be deposited in the Principal and Interest Account by the Servicer from its own funds immediately as realized without reimbursement therefor.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Money Store of New York Inc)
PERMITTED WITHDRAWALS FROM THE PRINCIPAL AND INTEREST ACCOUNT. The Servicer shall withdraw or cause to be withdrawn funds from the Principal and Interest Account for the following purposes:
(ai) to effect the remittance remit to the Trustee on each Determination Date for deposit into the Collection Account on the third Business Day prior to the Payment Date, the sum of the amounts set forth in Section 5.03 deposited in the Certificate AccountPrincipal and Interest Account during the related Due Period (excluding any amounts not required to be deposited in the Principal and Interest Account pursuant to Section 5.03 and excluding any amounts withdrawn by the Servicer pursuant to clauses (ii), the portion (iii), (v), (vi), (vii) and (x) below as of the Available Funds for the related Remittance Date that is net of Compensating Interest, Monthly Advances and amounts then on deposit in the Spread AccountDetermination Date);
(bii) to reimburse itself for any accrued unpaid Servicing Fees and Premium Protection Fees, unreimbursed Monthly Advances and for unreimbursed Servicing Advances and, with respect to any Advance made by the Servicer from its own funds, any unreimbursed Advance; provided, that any withdrawal of accrued unpaid Servicing Fees pursuant to this Section 5.04(ii) shall be used first by the Servicer to pay any amounts due to the extent deposited in the Principal and Interest Account (and not netted from Monthly Payments received)Trustee pursuant to this Agreement. The Servicer's right to reimbursement for unpaid Servicing Fees and, except as provided in the following sentence, and unreimbursed Servicing Advances and Monthly Advances shall be limited to late collections on the related Mortgage Loan, including Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Obligor related Mortgagor or otherwise relating to the SBA Mortgage Loan in respect of which such unreimbursed amounts Advances are owed. The Servicer's right rights to reimbursement for Servicing any unreimbursed Advances and Monthly Advances in excess of such amounts shall be limited to any late collections of interest received on the SBA Loans generallyany Mortgage Loan with respect to which an Advance was made or from late collections on such Mortgage Loans, including Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the related Mortgagors or otherwise relating to the Mortgage Loans in respect of which such unreimbursed amounts are owed. It is understood that the Servicer's right to reimbursement pursuant hereto shall be prior to the rights of Certificateholders unless the Representative is the Servicer and the Servicer or any other amountsDepositor or Originator is required to purchase or substitute (or cause to be purchased or substituted) a Mortgage Loan pursuant to Sections 2.06 and 3.03, in which case the Servicer's right to such reimbursement shall be subsequent to the deposit into the Principal and Interest Account of the purchase price or Substitution Adjustment pursuant to such Sections 2.06 and 3.03;
(ciii) to withdraw any amount received from an Obligor a Mortgagor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable nonap pealable order of a court having competent jurisdiction;
(ia) to make investments in Permitted Instruments and (iib) after effecting the remittance to the Trustee as provided in Section 5.04(i), to pay to itself, as permitted by Section 5.03(d), itself interest paid earned in respect of Permitted Instruments or by a Designated Depository Institution on funds deposited in the Principal and Interest Account;
(ev) to withdraw any funds deposited in the Principal and Interest Account that were not required to be deposited therein (such as Servicing Compensation) or were deposited therein in error;
(fvi) to pay itself servicing compensation Servicing Compensation pursuant to Section 7.03 hereof to the extent not retained or interest as permitted under the definition of Excess Proceeds; andpaid pursuant to Section 5.03;
(gvii) to withdraw funds necessary for the conservation and disposition of REO Property pursuant to the third paragraph of Section 5.10 hereof to the extent such funds were deposited in the Principal and Interest Account;
(viii) to utilize any excess funds on deposit to make any Advance pursuant to Section 6.08 or any Servicing Advance pursuant to the final paragraph of Section 5.01(f);
(ix) to clear and terminate the Principal and Interest Account upon the termination of this AgreementAgreement and allocate the amounts therein pursuant to the priority set forth in Section 6.05(d); and
(x) to effect, with respect to a Bankruptcy Loan, the remittance to the Depositor transferring such Bankruptcy Loan, of an amount equal to the excess, if any, of (a) PrePlan Interest Payments collected in the preceding Due Period with respect to such Bankruptcy Loan over (b) the interest accrued in such preceding Due Period, but uncollected as of the last day of such Due Period, with respect to such Bankruptcy Loan. In making the withdrawals set forth in clauses (i) through (x) (inclusive) above, the Servicer shall note (when applicable) in its records the respective amounts deposited with respect to the Fixed Rate Group and the Adjustable Rate Group. So long as no default or Event of Servicer Default shall have occurred and be continuing, and consistent with any requirements of the Code, funds held in the Principal and Interest Account shall either be maintained with a Designated Depository Institution as an interest-bearing account meeting the requirements set forth in Section 5.03(a), or the funds held therein may be invested by the Servicer (to the extent practicable) in Permitted Instruments, as directed in writing to the Trustee by the Servicer. In either case, funds in the Principal and Interest Account must be available for withdrawal without penalty, and any Permitted Instruments must mature not later than the Business Day immediately preceding the day on which such funds are to be remitted to the Trustee for deposit in the Collection Account, but in no event later than the Business Day immediately preceding the Determination Date next following the date of such investment (except except, in each case, that if such Permitted Instrument is an obligation of the institution that maintains such accountthe Principal and Interest Account, then such Permitted Instrument shall mature not later than such Determination Date) and shall not be sold or disposed of prior to its maturity. All Permitted Instruments in which funds in the Principal and Interest Account are invested must be held by or registered in the name of "Business Loan Center, Inc. in trust for the registered holders of Business Loan Center SBA Loan-Backed Adjustable Rate Certificates, Series 1997-1." Trustee. All interest or other earnings from funds on deposit in the Principal and Interest Account (or any Permitted Instruments thereof) shall be the exclusive property of the Servicer, and may be withdrawn from the Principal and Interest Account pursuant to clause (div) above. The amount of any losses incurred in connection with the investment of funds in the Principal and Interest Account in Permitted Instruments shall be deposited in the Principal and Interest Account by the Servicer from its own funds immediately as realized without reimbursement therefor.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Eqcc Asset Backed Corp)
PERMITTED WITHDRAWALS FROM THE PRINCIPAL AND INTEREST ACCOUNT. The Servicer shall withdraw funds from the Principal and Interest Account for the following purposes:
(a) to effect the remittance to the Trustee on each Determination Date for deposit in the Certificate Account, the portion of the Available Funds for the related Remittance Date that is net of separate from Compensating Interest, Monthly Advances and amounts then on deposit in the Spread Account;
(b) to reimburse itself for any accrued unpaid Servicing Fees and Premium Protection FeesFees allocable to the SBA Loans, unreimbursed Monthly Advances and for unreimbursed Servicing Advances to the extent deposited in the Principal and Interest Account (and not netted from Monthly Payments received). The Servicer's right to reimbursement for unpaid Servicing Fees and Premium Protection Fees and, except as provided in the following sentence, Servicing Advances and Monthly Advances shall be limited to Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Obligor or otherwise relating to the SBA Loan in respect of which such unreimbursed amounts are owed. The Servicer's right to reimbursement for Servicing Advances and Monthly Advances in excess of such amounts shall be limited to any late collections of interest received on the SBA Loans generally, including Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and any other amounts; PROVIDED, HOWEVER, that the Servicer's right to such reimbursement pursuant hereto shall be subordinate to the rights of the Certificateholders and the Registered Holders and may not be exercised until the first Remittance Date on which the Spread Balance equals the then applicable Specified Spread Account Requirement;
(c) to withdraw any amount received from an Obligor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction;
(i) to make investments in Permitted Instruments and (ii) to pay to itself, as permitted by Section 5.03(d), interest paid in respect of Permitted Instruments or by a Designated Depository Institution on funds deposited in the Principal and Interest Account;
(e) to withdraw any funds deposited in the Principal and Interest Account that were not required to be deposited therein or were deposited therein in error;
(f) to pay itself servicing compensation pursuant to Section 7.03 hereof or interest as permitted under the definition of Excess Proceeds; and
(g) to clear and terminate the Principal and Interest Account upon the termination of this Agreement. So long as no default or Event of Default shall have occurred and be continuing, and consistent with any requirements of the Code, the Principal and Interest Account shall either be maintained with a Designated Depository Institution as an interest-bearing account meeting the requirements set forth in Section 5.03(a), or the funds held therein may be invested by the Servicer (to the extent practicable) in Permitted Instruments, as directed in writing by the Servicer. In either case, funds in the Principal and Interest Account must be available for withdrawal without penalty, and any Permitted Instruments must mature not later than the Business Day immediately preceding the Determination Date next following the date of such investment (except that if such Permitted Instrument is an obligation of the institution that maintains such account, then such Permitted Instrument shall mature not later than such Determination Date) and shall not be sold or disposed of prior to its maturity. All Permitted Instruments must be held by or registered in the name of "Business Loan CenterThe Money Store Investment Corporation and The Money Store of New York, Inc. in trust for the registered holders of Business Loan Center The Money Store SBA Loan-Backed Adjustable Rate Certificates, Series 19971999-1." All interest or other earnings from funds on deposit in the Principal and Interest Account (or any Permitted Instruments thereof) shall be the exclusive property of the Servicer, and may be withdrawn from the Principal and Interest Account pursuant to clause (d) above. The amount of any losses incurred in connection with the investment of funds in the Principal and Interest Account in Permitted Instruments shall be deposited in the Principal and Interest Account by the Servicer from its own funds immediately as realized without reimbursement therefor.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Money Store of New York Inc)
PERMITTED WITHDRAWALS FROM THE PRINCIPAL AND INTEREST ACCOUNT. The Servicer shall withdraw or cause to be withdrawn funds from the Principal and Interest Account (or, so long as a Principal and Interest Account is maintained pursuant to Section 5.03(a), note on its books that such funds are no longer funds with respect to the Principal and Interest Account), for the following purposes:
(ai) to effect the remittance remit to the Trustee on each Determination Date for deposit into the Collection Account on the third Business Day prior to the Distribution Date, the sum of the amounts set forth in Section 5.03 deposited in the Certificate AccountPrincipal and Interest Account during the related Due Period (excluding any amounts not required to be deposited in the Principal and Interest Account pursuant to Section 5.03 and excluding any amounts withdrawn by the Servicer pursuant to clauses (ii), the portion (iii), (v), (vi), (vii) and (x) below as of the Available Funds for the related Remittance Date that is net of Compensating Interest, Monthly Advances and amounts then on deposit in the Spread AccountDetermination Date);
(bii) to reimburse itself for any accrued unpaid Servicing Fees and Premium Protection Fees, unreimbursed Monthly Advances and for unreimbursed Servicing Advances and, with respect to any Advance made by the Servicer from its own funds, any unreimbursed Advance; provided, that any withdrawal of accrued unpaid Servicing Fees pursuant to this Section 5.04(ii) shall be used first by the Servicer to pay any amounts due to the extent deposited in the Principal and Interest Account (and not netted from Monthly Payments received)Trustee pursuant to this Agreement. The Servicer's right to reimbursement for unpaid Servicing Fees and, except as provided in the following sentence, and unreimbursed Servicing Advances and Monthly Advances shall be limited to late collections on the related Mortgage Loan, including Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Obligor related Mortgagor or otherwise relating to the SBA Mortgage Loan in respect of which such unreimbursed amounts Advances are owed. The Servicer's right rights to reimbursement for Servicing any unreimbursed Advances and Monthly Advances in excess of such amounts shall be limited to any late collections of interest received on the SBA Loans generallyany Mortgage Loan with respect to which an Advance was made or from late collections on such Mortgage Loans, including Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the related Mortgagors or otherwise relating to the Mortgage Loans in respect of which such unreimbursed amounts are owed. It is understood that the Servicer's right to reimbursement pursuant hereto shall be prior to the rights of Certificateholders unless the Representative is the Servicer and the Servicer or any other amountsDepositor or Originator is required to purchase or substitute (or cause to be purchased or substituted) a Mortgage Loan pursuant to Sections 2.06 and 3.03, in which case the Servicer's right to such reimbursement shall be subsequent to the deposit into the Principal and Interest Account of the purchase price or Substitution Adjustment pursuant to such Sections 2.06 and 3.03;
(ciii) to withdraw any amount received from an Obligor a Mortgagor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction;
(ia) to make investments in Permitted Instruments and (iib) after effecting the remittance to the Trustee as provided in Section 5.04(i), to pay to itself, as permitted by Section 5.03(d), itself interest paid earned in respect of Permitted Instruments or by a Designated Depository Institution on funds deposited in the Principal and Interest Account;
(ev) to withdraw any funds deposited in the Principal and Interest Account that were not required to be deposited therein (such as Servicing Compensation) or were deposited therein in error;
(fvi) to pay itself servicing compensation Servicing Compensation pursuant to Section 7.03 hereof to the extent not retained or interest as permitted under the definition of Excess Proceeds; andpaid pursuant to Section 5.03;
(gvii) to withdraw funds necessary for the conservation and disposition of REO Property pursuant to the third paragraph of Section 5.10 hereof to the extent such funds were deposited in the Principal and Interest Account;
(viii) to utilize any excess funds on deposit to make any Advance pursuant to Section 6.08 or any Servicing Advance pursuant to the final paragraph of Section 5.01(f);
(ix) to clear and terminate the Principal and Interest Account upon the termination of this AgreementAgreement and allocate the amounts therein pursuant to the priority set forth in Section 6.05(d); and
(x) to effect, with respect to a Bankruptcy Loan, the remittance to the Depositor transferring such Bankruptcy Loan, of an amount equal to the excess, if any, of (a) Pre-Plan Interest Payments collected in the preceding Due Period with respect to such Bankruptcy Loan over (b) the interest accrued in such preceding Due Period, but uncollected as of the last day of such Due Period, with respect to such Bankruptcy Loan. In making the withdrawals set forth in clauses (i) through (x) (inclusive) above, the Servicer shall note (when applicable) in its records the respective amounts withdrawn with respect to the Fixed Rate Group and the Adjustable Rate Group. So long as no default or Event of Servicer Default shall have occurred and be continuing, and consistent with any requirements of the Code, funds held in the Principal and Interest Account shall either be maintained with a Designated Depository Institution as an interest-bearing account meeting the requirements set forth in Section 5.03(a), or the funds held therein may be invested by the Servicer (to the extent practicable) in Permitted Instruments, as directed in writing to the Trustee by the Servicer. In either case, funds in the Principal and Interest Account must be available for withdrawal without penalty, and any Permitted Instruments must mature not later than the Business Day immediately preceding the day on which such funds are to be remitted to the Trustee for deposit in the Collection Account, but in no event later than the Business Day immediately preceding the Determination Date next following the date of such investment (except except, in each case, that if such Permitted Instrument is an obligation of the institution that maintains such accountthe Principal and Interest Account, then such Permitted Instrument shall mature not later than such Determination Date) and shall not be sold or disposed of prior to its maturity. All Permitted Instruments in which funds in the Principal and Interest Account are invested must be held by or registered in the name of "Business Loan Center, Inc. in trust for the registered holders of Business Loan Center SBA Loan-Backed Adjustable Rate Certificates, Series 1997-1." Trustee. All interest or other earnings from funds on deposit in the Principal and Interest Account (or any Permitted Instruments thereof) shall be the exclusive property of the Servicer, and may be withdrawn from the Principal and Interest Account pursuant to clause (div) above. The amount of any losses incurred in connection with the investment of funds in the Principal and Interest Account in Permitted Instruments shall be deposited in the Principal and Interest Account by the Servicer from its own funds immediately as realized without reimbursement therefor.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Eqcc Receivables Corp)
PERMITTED WITHDRAWALS FROM THE PRINCIPAL AND INTEREST ACCOUNT. The With respect to each Sub-Pool, the Servicer shall withdraw or cause to be withdrawn funds from the related Principal and Interest Account for the following purposes:
(ai) to effect the remittance to the Trustee on each the Determination Date for deposit in of the Certificate Account, Excess Spread and the portion of the Available Funds for the related Remittance Date Amount that is net of Compensating Interest, Interest and Monthly Advances and amounts then on to the Trustee. For the purposes of this Section 5.04(i), the calculation of the Available Remittance Amount shall be made without reference to the actual deposit of funds in the Spread related Certificate Account;
(bii) to reimburse itself for any accrued unpaid Servicing Fees and Premium Protection Fees, unreimbursed Monthly Advances and for unreimbursed Servicing Advances to the extent and any amount described in Section 6.13(b) or Section 6.13(c) deposited in the Principal related Certificate Account and Interest Account (and attributable to the conveyance to the Trustee of a Subsequent Mortgage Loan that does not netted from Monthly Payments received)have a payment date during the related Due Period, if the Servicer is the Depositor. The Servicer's right to reimbursement for accrued and unpaid Servicing Fees and, except as provided in the following sentence, and unreimbursed Servicing Advances and Monthly Advances shall be limited to late collections on the related Mortgage Loan, including Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Obligor related Mortgagor with respect to a Sub-Pool or otherwise relating to the SBA Mortgage Loan in respect of which such unreimbursed amounts are owedowed (including amounts paid by the Depositor in connection with the purchase or substitution of Mortgage Loans pursuant to Section 2.05 or 3.03 above). The Servicer's right to reimbursement for Servicing unreimbursed Monthly Advances and Monthly Advances amounts described in excess of such amounts Section 6.13(b) or Section 6.13(c) (if the Servicer is the Depositor) shall be limited to any late collections of interest received on any Mortgage Loan; provided that the SBA Loans generallyServicer shall not be entitled to reimbursement from Liquidation Proceeds for Monthly Advances made pursuant to Section 6.09(c) or Section 6.09(d), including Liquidation Proceedsor for amounts deposited in the related Certificate Account pursuant to Section 6.13(b) or Section 6.13(c) and attributable to the conveyance to the Trustee of a Subsequent Mortgage Loan that does not have a payment date during the related Due Period. It is understood that the Servicer's right to reimbursement pursuant hereto shall be senior to the rights of Certificateholders unless the Depositor or any of its affiliates is the Servicer and the Depositor is required to repurchase or substitute a Mortgage Loan pursuant to Section 2.05 or 3.03 above, Released Mortgaged Property Proceeds, Insurance Proceeds in which case the Servicer's right to such reimbursement shall be subordinate to the rights of Certificateholders to receive the purchase price or substitution adjustment pursuant to such Sections 2.05 and any other amounts3.03;
(ciii) to withdraw any amount received from an Obligor a Mortgagor that is recoverable and sought to be recovered as a voidable preference Preference Amount by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction;
(ia) to make investments in Permitted Instruments and (iib) to pay to itself, as permitted by Section 5.03(d), itself interest paid earned in respect of Permitted Instruments or by a Designated Depository Institution on funds deposited in the related Principal and Interest Account;
(ev) to withdraw any funds deposited in the related Principal and Interest Account that were not required to be deposited therein (such as Servicing Compensation) or were deposited therein in error;
(fvi) to pay itself servicing compensation Servicing Compensation pursuant to Section 7.03 hereof to the extent not retained or interest as permitted under paid pursuant to Section 5.03 or 5.04(ii);
(vii) to withdraw funds necessary for the definition conservation and disposition of Excess ProceedsREO Property pursuant to the third paragraph of Section 5.10;
(viii) to remit to the Trustee any amount which was deposited by the Certificate Insurer pursuant to Section 11.01 to cover unpaid fees and expenses of the Trustee; and
(gix) to clear and terminate the related Principal and Interest Account upon the termination of this Agreement. So long as no default or Event of Default shall have occurred and be continuing, and consistent Agreement with any requirements of the Code, the Principal and Interest Account shall either be maintained with a Designated Depository Institution as an interest-bearing account meeting the requirements set forth in Section 5.03(a), or the funds held amounts on deposit therein may be invested by being paid to the Servicer (and/or the Depositor to the extent practicable) in Permitted Instruments, as directed in writing by the Servicer. In either case, funds in the Principal and Interest Account must be available for withdrawal without penalty, and any Permitted Instruments must mature not later than the Business Day immediately preceding the Determination Date next following the date of such investment (except that if such Permitted Instrument is an obligation of the institution that maintains such account, then such Permitted Instrument shall mature not later than such Determination Date) and shall not be sold or disposed of prior to its maturity. All Permitted Instruments must be held by or registered in the name of "Business Loan Center, Inc. in trust for the registered holders of Business Loan Center SBA Loan-Backed Adjustable Rate Certificates, Series 1997-1." All interest or other earnings from funds on deposit in the Principal and Interest Account (or any Permitted Instruments thereof) shall be the exclusive property of the Servicer, and may be withdrawn from the Principal and Interest Account pursuant to clause (d) above. The amount of any losses incurred in connection with Reimbursable Amounts and the investment of funds in remainder to the Principal and Interest Account in Permitted Instruments shall be deposited in the Principal and Interest Account by the Servicer from its own funds immediately as realized without reimbursement thereforClass R Certificateholders.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Superior Bank FSB)
PERMITTED WITHDRAWALS FROM THE PRINCIPAL AND INTEREST ACCOUNT. The Servicer shall withdraw or cause to be withdrawn funds from the Principal and Interest Account for the following purposes:
(ai) to effect the remittance remit to the Trustee on each Determination Date for deposit into the Collection Account on the third Business Day prior to the Payment Date, the sum of the amounts set forth in Section 5.03 deposited in the Certificate AccountPrincipal and Interest Account during the related Due Period (excluding any amounts not required to be deposited in the Principal and Interest Account pursuant to Section 5.03 and excluding any amounts withdrawn by the Servicer pursuant to clauses (ii), the portion (iii), (v), (vi), (vii) and (x) below as of the Available Funds for the related Remittance Date that is net of Compensating Interest, Monthly Advances and amounts then on deposit in the Spread AccountDetermination Date);
(bii) to reimburse itself for any accrued unpaid Servicing Fees and Premium Protection Fees, unreimbursed Monthly Advances and for unreimbursed Servicing Advances and, with respect to any Advance made by the Servicer from its own funds, any unreimbursed Advance; provided, that any withdrawal of accrued unpaid Servicing Fees pursuant to this Section 5.04(ii) shall be used first by the Servicer to pay any amounts due to the extent deposited in the Principal and Interest Account (and not netted from Monthly Payments received)Trustee pursuant to this Agreement. The Servicer's right to reimbursement for unpaid Servicing Fees and, except as provided in the following sentence, and unreimbursed Servicing Advances and Monthly Advances shall be limited to late collections on the related Mortgage Loan, including Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Obligor related Mortgagor or otherwise relating to the SBA Mortgage Loan in respect of which such unreimbursed amounts Advances are owed. The Servicer's right rights to reimbursement for Servicing any unreimbursed Advances and Monthly Advances in excess of such amounts shall be limited to any late collections of interest received on the SBA Loans generallyany Mortgage Loan with respect to which an Advance was made or from late collections on such Mortgage Loans, including Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the related Mortgagors or otherwise relating to the Mortgage Loans in respect of which such unreimbursed amounts are owed. It is understood that the Servicer's right to reimbursement pursuant hereto shall be prior to the rights of Certificateholders unless the Representative is the Servicer and the Servicer or any other amountsDepositor or Originator is required to purchase or substitute (or cause to be purchased or substituted) a Mortgage Loan pursuant to Sections 2.06 and 3.03, in which case the Servicer's right to such reimbursement shall be subsequent to the deposit into the Principal and Interest Account of the purchase price or Substitution Adjustment pursuant to such Sections 2.06 and 3.03;
(ciii) to withdraw any amount received from an Obligor a Mortgagor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction;
(ia) to make investments in Permitted Instruments and (iib) after effecting the remittance to the Trustee as provided in Section 5.04(i), to pay to itself, as permitted by Section 5.03(d), itself interest paid earned in respect of Permitted Instruments or by a Designated Depository Institution on funds deposited in the Principal and Interest Account;
(ev) to withdraw any funds deposited in the Principal and Interest Account that were not required to be deposited therein (such as Servicing Compensation) or were deposited therein in error;
(fvi) to pay itself servicing compensation Servicing Compensation pursuant to Section 7.03 hereof to the extent not retained or interest as permitted under the definition of Excess Proceeds; andpaid pursuant to Section 5.03;
(gvii) to withdraw funds necessary for the conservation and disposition of REO Property pursuant to the third paragraph of Section 5.10 hereof to the extent such funds were deposited in the Principal and Interest Account;
(viii) to utilize any excess funds on deposit to make any Advance pursuant to Section 6.08 or any Servicing Advance pursuant to the final paragraph of Section 5.01(f);
(ix) to clear and terminate the Principal and Interest Account upon the termination of this AgreementAgreement and allocate the amounts therein pursuant to the priority set forth in Section 6.05(d); and
(x) to effect, with respect to a Bankruptcy Loan, the remittance to the Depositor transferring such Bankruptcy Loan, of an amount equal to the excess, if any, of (a) Pre-Plan Interest Payments collected in the preceding Due Period with respect to such Bankruptcy Loan over (b) the interest accrued in such preceding Due Period, but uncollected as of the last day of such Due Period, with respect to such Bankruptcy Loan. In making the withdrawals set forth in clauses (i) through (x) (inclusive) above, the Servicer shall note (when applicable) in its records the respective amounts withdrawn with respect to the Fixed Rate Group and the Adjustable Rate Group. So long as no default or Event of Servicer Default shall have occurred and be continuing, and consistent with any requirements of the Code, funds held in the Principal and Interest Account shall either be maintained with a Designated Depository Institution as an interest-bearing account meeting the requirements set forth in Section 5.03(a), or the funds held therein may be invested by the Servicer (to the extent practicable) in Permitted Instruments, as directed in writing to the Trustee by the Servicer. In either case, funds in the Principal and Interest Account must be available for withdrawal without penalty, and any Permitted Instruments must mature not later than the Business Day immediately preceding the day on which such funds are to be remitted to the Trustee for deposit in the Collection Account, but in no event later than the Business Day immediately preceding the Determination Date next following the date of such investment (except except, in each case, that if such Permitted Instrument is an obligation of the institution that maintains such accountthe Principal and Interest Account, then such Permitted Instrument shall mature not later than such Determination Date) and shall not be sold or disposed of prior to its maturity. All Permitted Instruments in which funds in the Principal and Interest Account are invested must be held by or registered in the name of "Business Loan Center, Inc. in trust for the registered holders of Business Loan Center SBA Loan-Backed Adjustable Rate Certificates, Series 1997-1." Trustee. All interest or other earnings from funds on deposit in the Principal and Interest Account (or any Permitted Instruments thereof) shall be the exclusive property of the Servicer, and may be withdrawn from the Principal and Interest Account pursuant to clause (div) above. The amount of any losses incurred in connection with the investment of funds in the Principal and Interest Account in Permitted Instruments shall be deposited in the Principal and Interest Account by the Servicer from its own funds immediately as realized without reimbursement therefor.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Eqcc Asset Backed Corp)
PERMITTED WITHDRAWALS FROM THE PRINCIPAL AND INTEREST ACCOUNT. The Servicer shall withdraw funds from the Principal and Interest Account for the following purposes:
(a) to effect the remittance to the Trustee on each Determination Date for deposit in the Certificate Account, the that portion of the Available Funds Remittance Amount, that is net of Compensating Interest and Monthly Advances for the related Remittance Date that is net of Compensating Interest, Monthly Advances and amounts then on to the Trustee for deposit in the Spread Note Distribution Account. For the purposes of this Section 4.04(a), the calculation of the Available Remittance Amounts shall be made without reference to the actual deposit of funds in the Note Distribution Account;
(b) to reimburse itself for any accrued unpaid Servicing Fees and Premium Protection Fees, unpaid Contingency Fees, unreimbursed Monthly Advances and for unreimbursed Servicing Advances to the extent that funds relating to such amount have been deposited in the applicable Principal and Interest Account (and not netted from Monthly Payments received). The Servicer's right to reimbursement for unpaid Servicing Fees, unpaid Contingency Fees and, except as provided in the following sentence, Servicing Advances and Monthly Advances shall be limited to Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Obligor or otherwise relating to the SBA Loan in respect of which such unreimbursed amounts are owed. The Servicer's right to reimbursement for Servicing Advances and Monthly Advances in excess of such amounts shall be limited to any late collections of interest received on the SBA Loans generally, including Liquidation Proceeds, Released Mortgaged Property Proceeds, Proceeds and Insurance Proceeds and any other amountsamounts which would otherwise be distributed to the holder of the GP Interest; PROVIDED, HOWEVER, that the Servicer's right to such reimbursement pursuant hereto shall be subordinate to the rights of the Noteholders and Certificateholders;
(c) to withdraw any amount received from an Obligor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction;
(i) to make investments in Permitted Instruments and (ii) to pay to itself, as permitted by Section 5.03(d4.03(d), interest paid in respect of Permitted Instruments or by a Designated Depository Institution on funds deposited in the Principal and Interest Account;
(e) to withdraw any funds deposited in the Principal and Interest Account that were not required to be deposited therein or were deposited therein in error;
(fi) to pay itself servicing compensation pursuant to Section 7.03 hereof or interest as permitted under the definition of Excess Proceeds; and5.03 hereof;
(g) to withdraw amounts required to be deposited into the Servicing Account pursuant to Section 7.11(b); and
(h) to clear and terminate the each Principal and Interest Account upon the termination of this AgreementAgreement and to pay any amounts remaining therein in accordance with Section 11.01. So long as no default or Event of Servicer Default shall have occurred and be continuing, and consistent with any requirements of the Code, the Principal and Interest Account shall either be maintained with a Designated Depository Institution as an interest-bearing account accounts meeting the requirements set forth in Section 5.03(a4.03(a), or the funds held therein may be invested by the Servicer (to the extent practicable) in Permitted Instruments, as directed in writing by the Servicer. In either case, funds in the Principal and Interest Account must be available for withdrawal without penalty, and any Permitted Instruments must mature not later than the Business Day immediately preceding the Determination Date next following the date of such investment (except that if such Permitted Instrument is an obligation of the institution that maintains such account, then such Permitted Instrument shall mature not later than such Determination Date) and shall not be sold or disposed of prior to its maturity. All Permitted Instruments must be held by or registered in the name of "Business Loan Center, The Money Store Inc. in trust for the registered holders of Business Loan Center SBA Loan-The Money Store Residential Asset Backed Adjustable Rate Notes and Certificates, Series 1997-1.I." All interest or other earnings from funds on deposit in the Principal and Interest Account (or any Permitted Instruments thereof) shall be the exclusive property of the Servicer, and may be withdrawn from the either Principal and Interest Account pursuant to clause (dd)(ii) above. The amount of any losses incurred in connection with the investment of funds in the applicable Principal and Interest Account in Permitted Instruments shall be deposited in the applicable Principal and Interest Account by the Servicer from its own funds immediately as realized without reimbursement therefor.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Money Store Home Equity Corp)
PERMITTED WITHDRAWALS FROM THE PRINCIPAL AND INTEREST ACCOUNT. The Servicer shall withdraw funds from the Principal and Interest Account for the following purposes:
(a) to effect the remittance to the Trustee on each Determination Date for deposit in the Certificate Account, the portion of the Available Funds for the related Remittance Date that is net of Compensating Interest, Monthly Advances and amounts then on deposit in the Spread Account;
(b) to reimburse itself for any accrued unpaid Servicing Fees and Premium Protection Fees, unreimbursed Monthly Advances and for unreimbursed Servicing Advances to the extent deposited in the Principal and Interest Account (and not netted from Monthly Payments received). The Servicer's right to reimbursement for unpaid Servicing Fees and, except as provided in the following sentence, Servicing Advances and Monthly Advances shall be limited to Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Obligor or otherwise relating to the SBA Loan in respect of which such unreimbursed amounts are owed. The Servicer's right to reimbursement for Servicing Advances and Monthly Advances in excess of such amounts shall be limited to any late collections of interest received on the SBA Loans generally, including Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and any other amounts; provided, however, that the Servicer's right to such reimbursement pursuant hereto shall be subordinate to the rights of the Certificateholders and the Registered Holders and may be exercised only if the Spread Balance equals the then applicable Specified Spread Account Requirement;
(c) to withdraw any amount received from an Obligor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction;
(i) to make investments in Permitted Instruments and (ii) to pay to itself, as permitted by Section 5.03(d), interest paid in respect of Permitted Instruments or by a Designated Depository Institution on funds deposited in the Principal and Interest Account;
(e) to withdraw any funds deposited in the Principal and Interest Account that were not required to be deposited therein or were deposited therein in error;
(f) to pay itself servicing compensation pursuant to Section 7.03 hereof or interest as permitted under the definition of Excess Proceeds; and
(g) to clear and terminate the Principal and Interest Account upon the termination of this Agreement. So long as no default or Event of Default shall have occurred and be continuing, and consistent with any requirements of the Code, the Principal and Interest Account shall either be maintained with a Designated Depository Institution as an interest-bearing account meeting the requirements set forth in Section 5.03(a), or the funds held therein may be invested by the Servicer (to the extent practicable) in Permitted Instruments, as directed in writing by the Servicer. In either case, funds in the Principal and Interest Account must be available for withdrawal without penalty, and any Permitted Instruments must mature not later than the Business Day immediately preceding the Determination Date next following the date of such investment (except that if such Permitted Instrument is an obligation of the institution that maintains such account, then such Permitted Instrument shall mature not later than such Determination Date) and shall not be sold or disposed of prior to its maturity. All Permitted Instruments must be held by or registered in the name of "Business Loan CenterThe Money Store Investment Corporation and The Money Store of New York, Inc. in trust for the registered holders of Business Loan Center The Money Store SBA Loan-Backed Adjustable Rate Certificates, Series 19971996-12." All interest or other earnings from funds on deposit in the Principal and Interest Account (or any Permitted Instruments thereof) shall be the exclusive property of the Servicer, and may be withdrawn from the Principal and Interest Account pursuant to clause (d) above. The amount of any losses incurred in connection with the investment of funds in the Principal and Interest Account in Permitted Instruments shall be deposited in the Principal and Interest Account by the Servicer from its own funds immediately as realized without reimbursement therefor.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Money Store of New York Inc)
PERMITTED WITHDRAWALS FROM THE PRINCIPAL AND INTEREST ACCOUNT. The Servicer shall withdraw or cause to be withdrawn funds from the Principal and Interest Account (or, so long as a Principal and Interest Account is maintained pursuant to SECTION 5.03(A), note on its books that such funds are no longer funds with respect to the Principal and Interest Account), for the following purposes:
(ai) to effect the remittance remit to the Trustee on each Determination Date for deposit into the REMIC I Distribution Account on the third Business Day prior to the Distribution Date, the sum of the amounts set forth in SECTION 5.03 deposited in the Certificate AccountPrincipal and Interest Account during the related Due Period (excluding any amounts not required to be deposited in the Principal and Interest Account pursuant to SECTION 5.03 and excluding any amounts withdrawn by the Servicer pursuant to CLAUSES (II), the portion (III), (V), (VI), (VII) AND (X) below as of the Available Funds for the related Remittance Date that is net of Compensating Interest, Monthly Advances and amounts then on deposit in the Spread AccountDetermination Date);
(bii) to reimburse itself for any accrued unpaid Servicing Fees and Premium Protection Fees, unreimbursed Monthly Advances and for unreimbursed Servicing Advances and, with respect to any Advance made by the Servicer from its own funds, any unreimbursed Advance; provided, that any withdrawal of accrued unpaid Servicing Fees pursuant to this SECTION 5.04(II) shall be used first by the Servicer to pay any amounts due to the extent deposited in the Principal and Interest Account (and not netted from Monthly Payments received)Trustee pursuant to this Agreement. The Servicer's right to reimbursement for unpaid Servicing Fees and, except as provided in the following sentence, and unreimbursed Servicing Advances and Monthly Advances shall be limited to late collections on the related Mortgage Loan, including Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Obligor related Mortgagor or otherwise relating to the SBA Mortgage Loan in respect of which such unreimbursed amounts Advances are owed. The Servicer's right rights to reimbursement for Servicing any unreimbursed Advances and Monthly Advances in excess of such amounts shall be limited to any late collections of interest received on the SBA Loans generallyany Mortgage Loan with respect to which an Advance was made or from late collections on such Mortgage Loans, including Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the related Mortgagors or otherwise relating to the Mortgage Loans in respect of which such unreimbursed amounts are owed. It is understood that the Servicer's right to reimbursement pursuant hereto shall be prior to the rights of Certificateholders unless the Representative is the Servicer and the Servicer or any other amountsDepositor or Originator is required to purchase or substitute (or cause to be purchased or substituted) a Mortgage Loan pursuant to SECTIONS 2.06 AND 3.03, in which case the Servicer's right to such reimbursement shall be subsequent to the deposit into the Principal and Interest Account of the purchase price or Substitution Adjustment pursuant to such SECTIONS 2.06 AND 3.03;
(ciii) to withdraw any amount received from an Obligor a Mortgagor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction;
(ia) to make investments in Permitted Instruments and (iib) after effecting the remittance to the Trustee as provided in SECTION 5.04(I), to pay to itself, as permitted by Section 5.03(d), itself interest paid earned in respect of Permitted Instruments or by a Designated Depository Institution on funds deposited in the Principal and Interest Account;
(ev) to withdraw any funds deposited in the Principal and Interest Account that were not required to be deposited therein (such as Servicing Compensation) or were deposited therein in error;
(fvi) to pay itself servicing compensation Servicing Compensation pursuant to Section SECTION 7.03 hereof to the extent not retained or interest as permitted under the definition of Excess Proceeds; andpaid pursuant to SECTION 5.03;
(gvii) to withdraw funds necessary for the conservation and disposition of REO Property pursuant to the third paragraph of SECTION 5.10 hereof to the extent such funds were deposited in the Principal and Interest Account;
(viii) to utilize any excess funds on deposit to make any Advance pursuant to SECTION 6.08 or any Servicing Advance pursuant to the final paragraph of SECTION 5.01(F);
(ix) to clear and terminate the Principal and Interest Account upon the termination of this AgreementAgreement and allocate the amounts therein pursuant to the priority set forth in SECTION 6.05(D); and
(x) to effect, with respect to a Bankruptcy Loan, the remittance to the Depositor transferring such Bankruptcy Loan, of an amount equal to the excess, if any, of (a) Pre-Plan Interest Payments collected in the preceding Due Period with respect to such Bankruptcy Loan over (b) the interest accrued in such preceding Due Period, but uncollected as of the last day of such Due Period, with respect to such Bankruptcy Loan. In making the withdrawals set forth in clauses (i) through (x) (inclusive) above, the Servicer shall note (when applicable) in its records the respective amounts withdrawn with respect to Fixed Rate Group 1 and Fixed Rate Group 2 and the Adjustable Rate Group. So long as no default or Event of Servicer Default shall have occurred and be continuing, and consistent with any requirements of the Code, funds held in the Principal and Interest Account shall either be maintained with a Designated Depository Institution as an interest-bearing account meeting the requirements set forth in Section 5.03(a), or the funds held therein may be invested by the Servicer (to the extent practicable) in Permitted Instruments, as directed in writing to the Trustee by the Servicer. In either case, funds in the Principal and Interest Account must be available for withdrawal without penalty, and any Permitted Instruments must mature not later than the Business Day immediately preceding the day on which such funds are to be remitted to the Trustee for deposit in the Collection Account, but in no event later than the Business Day immediately preceding the Determination Date next following the date of such investment (except except, in each case, that if such Permitted Instrument is an obligation of the institution that maintains such accountthe Principal and Interest Account, then such Permitted Instrument shall mature not later than such Determination Date) and shall not be sold or disposed of prior to its maturity. All Permitted Instruments in which funds in the Principal and Interest Account are invested must be held by or registered in the name of "Business Loan Center, Inc. in trust for the registered holders of Business Loan Center SBA Loan-Backed Adjustable Rate Certificates, Series 1997-1." Trustee. All interest or other earnings from funds on deposit in the Principal and Interest Account (or any Permitted Instruments thereof) shall be the exclusive property of the Servicer, and may be withdrawn from the Principal and Interest Account pursuant to clause CLAUSE (dIV) above. The amount of any losses incurred in connection with the investment of funds in the Principal and Interest Account in Permitted Instruments shall be deposited in the Principal and Interest Account by the Servicer from its own funds immediately as realized without reimbursement therefor.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Eqcc Home Equity Loan Trust 1999-3)
PERMITTED WITHDRAWALS FROM THE PRINCIPAL AND INTEREST ACCOUNT. The Servicer shall withdraw or cause to be withdrawn funds from the Principal and Interest Account (or, so long as a Principal and Interest Account is maintained pursuant to SECTION 5.03(A), note on its books that such funds are no longer funds with respect to the Principal and Interest Account), for the following purposes:
(ai) to effect the remittance remit to the Trustee on each Determination Date for deposit into the Lower-Tier Distribution Account on the third Business Day prior to the Distribution Date, the sum of the amounts set forth in SECTION 5.03 deposited in the Certificate AccountPrincipal and Interest Account during the related Due Period (excluding any amounts not required to be deposited in the Principal and Interest Account pursuant to SECTION 5.03 and excluding any amounts withdrawn by the Servicer pursuant to CLAUSES (II), the portion (III), (V), (VI), (VII) AND (X) below as of the Available Funds for the related Remittance Date that is net of Compensating Interest, Monthly Advances and amounts then on deposit in the Spread AccountDetermination Date);
(bii) to reimburse itself for any accrued unpaid Servicing Fees and Premium Protection Fees, unreimbursed Monthly Advances and for unreimbursed Servicing Advances and, with respect to any Advance made by the Servicer from its own funds, any unreimbursed Advance; provided, that any withdrawal of accrued unpaid Servicing Fees pursuant to this SECTION 5.04(II) shall be used first by the Servicer to pay any amounts due to the extent deposited in the Principal and Interest Account (and not netted from Monthly Payments received)Trustee pursuant to this Agreement. The Servicer's right to reimbursement for unpaid Servicing Fees and, except as provided in the following sentence, and unreimbursed Servicing Advances and Monthly Advances shall be limited to late collections on the related Mortgage Loan, including Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Obligor related Mortgagor or otherwise relating to the SBA Mortgage Loan in respect of which such unreimbursed amounts Advances are owed. The Servicer's right rights to reimbursement for Servicing any unreimbursed Advances and Monthly Advances in excess of such amounts shall be limited to any late collections of interest received on the SBA Loans generallyany Mortgage Loan with respect to which an Advance was made or from late collections on such Mortgage Loans, including Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the related Mortgagors or otherwise relating to the Mortgage Loans in respect of which such unreimbursed amounts are owed. It is understood that the Servicer's right to reimbursement pursuant hereto shall be prior to the rights of Certificateholders unless the Representative is the Servicer and the Servicer or any other amountsDepositor or Originator is required to purchase or substitute (or cause to be purchased or substituted) a Mortgage Loan pursuant to SECTIONS 2.06 AND 3.03, in which case the Servicer's right to such reimbursement shall be subsequent to the deposit into the Principal and Interest Account of the purchase price or Substitution Adjustment pursuant to such SECTIONS 2.06 AND 3.03;
(ciii) to withdraw any amount received from an Obligor a Mortgagor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction;
(ia) to make investments in Permitted Instruments and (iib) after effecting the remittance to the Trustee as provided in SECTION 5.04(i), to pay to itself, as permitted by Section 5.03(d), itself interest paid earned in respect of Permitted Instruments or by a Designated Depository Institution on funds deposited in the Principal and Interest Account;
(ev) to withdraw any funds deposited in the Principal and Interest Account that were not required to be deposited therein (such as Servicing Compensation) or were deposited therein in error;
(fvi) to pay itself servicing compensation Servicing Compensation pursuant to Section SECTION 7.03 hereof to the extent not retained or interest as permitted under the definition of Excess Proceeds; andpaid pursuant to SECTION 5.03;
(gvii) to withdraw funds necessary for the conservation and disposition of REO Property pursuant to the third paragraph of SECTION 5.10 hereof to the extent such funds were deposited in the Principal and Interest Account;
(viii) to utilize any excess funds on deposit to make any Advance pursuant to SECTION 6.08 or any Servicing Advance pursuant to the final paragraph of SECTION 5.01(F);
(ix) to clear and terminate the Principal and Interest Account upon the termination of this AgreementAgreement and allocate the amounts therein pursuant to the priority set forth in SECTION 6.05(D); and
(x) to effect, with respect to a Bankruptcy Loan, the remittance to the Depositor transferring such Bankruptcy Loan, of an amount equal to the excess, if any, of (a) Pre-Plan Interest Payments collected in the preceding Due Period with respect to such Bankruptcy Loan over (b) the interest accrued in such preceding Due Period, but uncollected as of the last day of such Due Period, with respect to such Bankruptcy Loan. In making the withdrawals set forth in clauses (i) through (x) (inclusive) above, the Servicer shall note (when applicable) in its records the respective amounts withdrawn with respect to the Fixed Rate Group and the Adjustable Rate Group. So long as no default or Event of Servicer Default shall have occurred and be continuing, and consistent with any requirements of the Code, funds held in the Principal and Interest Account shall either be maintained with a Designated Depository Institution as an interest-bearing account meeting the requirements set forth in Section 5.03(a), or the funds held therein may be invested by the Servicer (to the extent practicable) in Permitted Instruments, as directed in writing to the Trustee by the Servicer. In either case, funds in the Principal and Interest Account must be available for withdrawal without penalty, and any Permitted Instruments must mature not later than the Business Day immediately preceding the day on which such funds are to be remitted to the Trustee for deposit in the Collection Account, but in no event later than the Business Day immediately preceding the Determination Date next following the date of such investment (except except, in each case, that if such Permitted Instrument is an obligation of the institution that maintains such accountthe Principal and Interest Account, then such Permitted Instrument shall mature not later than such Determination Date) and shall not be sold or disposed of prior to its maturity. All Permitted Instruments in which funds in the Principal and Interest Account are invested must be held by or registered in the name of "Business Loan Center, Inc. in trust for the registered holders of Business Loan Center SBA Loan-Backed Adjustable Rate Certificates, Series 1997-1." Trustee. All interest or other earnings from funds on deposit in the Principal and Interest Account (or any Permitted Instruments thereof) shall be the exclusive property of the Servicer, and may be withdrawn from the Principal and Interest Account pursuant to clause CLAUSE (dIV) above. The amount of any losses incurred in connection with the investment of funds in the Principal and Interest Account in Permitted Instruments shall be deposited in the Principal and Interest Account by the Servicer from its own funds immediately as realized without reimbursement therefor.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Eqcc Home Equity Loan Trust 1999-1)
PERMITTED WITHDRAWALS FROM THE PRINCIPAL AND INTEREST ACCOUNT. The Servicer shall withdraw funds from the Principal and Interest Account first, to withdraw any funds deposited therein that are not required or permitted to be deposited therein, or were deposited therein in error, and then for the following purposes:
(a) to effect the remittance to the Indenture Trustee on each Determination Date for deposit in into the Certificate Account, the portion Note Distribution Account of the Available Funds for the related Remittance Date that is (net of Compensating Interest, Monthly Advances and amounts then on deposit in the Spread Account);
(b) to reimburse itself for any accrued unpaid Servicing Fees and Premium Protection Fees, unreimbursed Monthly Advances Required Holdback Amount allocable to the SBA Loans and for unreimbursed Servicing Advances to the extent deposited in the Principal and Interest Account (and not netted from Monthly Payments received). The Servicer's right to reimbursement for unpaid Servicing Fees Required Holdback Amounts and, except as provided in the following sentence, Servicing Advances and Monthly Advances shall be limited to Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Obligor or otherwise relating to the SBA Loan in respect of which such unreimbursed amounts are owed. The Servicer's right to reimbursement for Servicing Advances and Monthly Advances in excess of such amounts shall be limited to any late collections of interest received on the SBA Loans generally, including Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and any other amounts; provided, however, that the Servicer's right to such reimbursement pursuant hereto shall be subordinate to the rights of the Noteholders;
(c) to withdraw any amount received from an Obligor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction;
(i) to make investments in Permitted Instruments and (ii) to pay to itself, as permitted by Section 5.03(d4.03(d), interest paid in respect of Permitted Instruments or by a Designated Depository Institution an Eligible Deposit Account on funds deposited in the Principal and Interest Account;
(e) to withdraw any funds deposited in the Principal and Interest Account that were not required to be deposited therein or were deposited therein in error;
(f) to pay itself servicing compensation pursuant to Section 7.03 hereof or interest as permitted under the definition of Excess Proceeds6.03 hereof; and
(gf) to clear and terminate the Principal and Interest Account upon the termination of this AgreementAgreement in accordance with Section 10.01. So long as no default or Servicer Termination Event of Default shall have occurred and be continuing, and consistent with any requirements of the Code, the Principal and Interest Account Accounts shall either be maintained with a Designated Depository Institution constitute one or more Eligible Deposit Accounts as an interest-bearing account meeting the requirements set forth in Section 5.03(a), or the funds held therein may be invested by the Servicer (to the extent practicable) in Permitted Instruments, as directed in writing by the Servicer. In either case, funds in the Principal and Interest Account must be available for withdrawal without penalty, and any Permitted Instruments must mature not later than the Business Day immediately preceding the Determination Date next following the date of such investment (except that if such Permitted Instrument is an obligation of the institution that maintains such account, then such Permitted Instrument shall mature not later than such Determination Date) and shall not be sold or disposed of prior to its maturity. All Permitted Instruments must be held by or registered in the name of "Business Loan Center, Inc. in trust for the registered holders of Business Loan Center SBA Loan-Backed Adjustable Rate Certificates, Series 1997-1." All interest or other earnings from funds on deposit in the Principal and Interest Account (or any Permitted Instruments thereof) shall be the exclusive property of the Servicer, and may be withdrawn from the Principal and Interest Account pursuant to clause (d) above. The amount of any losses incurred in connection with the investment of funds in the Principal and Interest Account in Permitted Instruments shall be deposited in the Principal and Interest Account by the Servicer from its own funds immediately as realized without reimbursement therefor.
Appears in 1 contract
Samples: Sale and Servicing Agreement (First International Bancorp Inc)
