Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator shall establish and maintain a trust account which at all times shall be an Eligible Account and shall be titled “Pre-Funding Account, Xxxxx Fargo Bank, National Association, in trust for the registered holders of Deutsche Alt-A Securities, Mortgage Loan Trust, Series 2006-AR2, Mortgage Pass-Through Certificates” (the “Pre-Funding Account”). The Securities Administrator shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust for the Certificateholders for the uses and purposes set forth herein. (b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder. (c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator as follows: (i) On any Subsequent Transfer Date, the Securities Administrator shall withdraw from the Pre-Funding Account an amount equal to 100% of the Principal Balances of the related Subsequent Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 with respect to such transfer and assignment; (ii) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately following the termination of the Pre-Funding Period, the Securities Administrator shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof; (iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and (iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawal.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2006-Ar2), Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2006-Ar2), Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2006-Ar2)
Pre-Funding Account. (a) No later than The Trustee shall establish and maintain the Pre-Funding Account to be held in trust for the benefit of the Certificateholders. The Pre-Funding Account shall be an Eligible Account. On the Closing Date, the Securities Administrator shall establish and maintain a trust account which at all times shall Depositor will cause to be an Eligible Account and shall be titled “Pre-Funding Account, Xxxxx Fargo Bank, National Association, in trust for the registered holders of Deutsche Alt-A Securities, Mortgage Loan Trust, Series 2006-AR2, Mortgage Pass-Through Certificates” (the “Pre-Funding Account”). The Securities Administrator shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in the Original Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereofFunded Amount. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn invested by the Securities Administrator as follows:Trustee at the direction of the Depositor.
(b) On any Subsequent Sales Date, the Master Servicer shall instruct the Trustee, with a copy to the Depositor,
(i) On any Subsequent Transfer Date, the Securities Administrator shall to withdraw from the Pre-Funded Amount in the Pre-Funding Account an amount equal to 100% of the aggregate Stated Principal Balances of the related Subsequent Mortgage Loans as of the applicable Subsequent Cut-Cut Off Date, transferred and assigned Date sold to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and Sales Date, and
(ii) to pay such amount amounts to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 2.6(c) hereof with respect to such transfer and assignment;
(ii) If thereto. In no event shall the amount on deposit in Trustee withdraw from the Pre-Funding Account (exclusive an amount in excess of any investment income therein) has not been reduced to zero during the Original Pre-Funding Period, on the Distribution Date immediately following the termination of the Pre-Funding Period, the Securities Administrator shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof;Funded Amount.
(iiic) To withdraw any amount not required to be deposited in On the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date Business Day immediately following the end of the Funding Period, the Master Servicer shall instruct the Trustee to transfer the Pre-Funding Period and (B) Funded Amount to the termination of this Agreement, with any amounts remaining on deposit therein being paid Distribution Account for distribution to the Holders of the Class A Certificates then entitled to distributions in respect accordance with Article 4. The Pre-Funded Amount shall not be invested during the time such Pre-Funded Amount is held in the Distribution Account.
(d) The Pre-Funding Account shall not be an asset of principal. Withdrawals any REMIC created pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawalthis Agreement.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Saxon Asset Sec Co Mort Loan Asset Backed Certs Ser 2003-3), Pooling and Servicing Agreement (Saxon Asset Securities Co), Pooling and Servicing Agreement (Saxon Asset Securities Co)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator shall establish and maintain a trust account which at all times shall The Trustee has heretofore established or caused to be an Eligible Account established and shall hereafter maintain or cause to be titled “maintained a separate account denominated the Pre-Funding Account, which is and shall continue to be an Eligible Account in the name of the Trustee and shall be designated “Xxxxx Fargo Bank, National Association, in trust for as Trustee of the registered holders of Deutsche AltRenaissance HEL Trust 2004-A Securities, Mortgage Loan Trust, Series 2006-AR2, Mortgage Pass-Through Certificates” (the “1 Pre-Funding Account”). .” The Securities Administrator shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date by the Depositor. Funds deposited in the Pre-Funding Account shall be held treated as an “outside reserve fund” under applicable Treasury regulations and will not be part of any REMIC. Any Pre-Funding Earnings will be distributed to the Seller on each Pre-Funding Distribution Date; provided, however, that if the final Subsequent Transfer Date occurs after the Distribution Date in trust for a month, on such Subsequent Transfer Date, the Certificateholders for Trustee shall (i) transfer the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in Excess Funding Amount from the Pre-Funding Account only as directed in writing by to the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investmentDistribution Account, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner of transfer the Pre-Funding Account Earnings to the Seller and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in (iii) close the Pre-Funding Account shall be transferred to the DepositorAccount. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by invested in Eligible Investments at the Securities Administrator direction of the Seller in accordance with the provisions of Section 5.05. All investment earnings on funds on deposit in the Pre-Funding Account will be treated as follows:owned by, and will be taxable to, the Seller.
(ib) On any the Closing Date, the Seller will cause to be deposited the Original Pre-Funded Amount in the Pre-Funding Account from the sale of the Offered Certificates.
(c) [Reserved].
(d) On each Subsequent Transfer Date, (i) the Securities Administrator Seller shall instruct the Trustee to withdraw from the Pre-Funding Account an amount equal to 100% of the aggregate Principal Balances of the related Subsequent Mortgage Loans as of the Subsequent Cut-Off Date, transferred and assigned sold to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and (ii) the Trustee shall pay such amount amounts to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 Seller with respect to such transfer and assignment;transfer.
(iie) If at the amount on deposit end of the Funding Period amounts still remain in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately following the termination of the Pre-Funding PeriodAccount, the Securities Administrator Seller shall deposit into instruct the Distribution Account any Trustee to withdraw such amounts remaining in from the Pre-Funding Account (exclusive of any investment income therein) for distribution on the immediately following Distribution Date and deposit such amounts in accordance with the terms hereof;Distribution Account.
(iiif) To withdraw any amount not required to be deposited in Unless sooner closed as provided above, the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate shall be closed at the Pre-Funding Account upon the earlier to occur close of (A) business on the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawalPeriod.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Renaissance Mort Acc Corp Renaissance Home Eq Ln Tr 2004 1), Pooling and Servicing Agreement (Delta Financial Corp)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator Trustee shall establish and maintain a segregated trust account or sub-account of a trust account, which at all times shall be an Eligible Account and shall be titled “Pre-Funding Account, Xxxxx Fargo BankDeutsche Bank National Trust Company, National Association, in trust as trustee for the registered benefit of holders of Deutsche Alt-A Securities, Mortgage Loan Trust, Series 2006-AR2Impac Secured Assets Corp., Mortgage Pass-Through Certificates, Series 2007-3” (the “Pre-Funding Account”). The Securities Administrator Pre-Funding Account shall be an Eligible Account or a sub-account of an Eligible Account. The Trustee shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Funding Amount remitted on the Closing Date to the Trustee by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust by the Trustee for the Certificateholders Holders of the Certificates and the Certificate Insurer for the uses and purposes set forth herein.
(b) The Securities Administrator will Trustee shall invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) or its designee in writing in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, or, if a Person other than no written direction is received by the Securities Administrator or an Affiliate manages or advises such investmentTrustee from the Depositor, (ii) no later than the date on which such then funds are required to be withdrawn from in such account pursuant to this Agreement, if shall remain uninvested. The Trustee shall not be liable for the Securities Administrator selection of investments or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereoflosses incurred thereon. For federal income tax purposes, the Depositor or its designee shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the DepositorInterest Coverage Account on the Business Day immediately preceding each Distribution Date during the Pre-Funding Period. The Depositor or its designee shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator Trustee as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the Stated Principal Balances of the related Subsequent Loans subsequent mortgage loans (as of identified on the Subsequent Cut-Off Date, Mortgage Loan Schedule provided by the Depositor) transferred and assigned to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and pay remit such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 with respect to such transfer and assignmentDepositor;
(ii) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income thereinincome) has not been reduced to zero during by the Pre-Funding Period, close of business on the Distribution Date immediately following the date of termination of the Pre-Funding Period, then at the Securities Administrator close of business on such date, the Trustee shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income thereinincome) for distribution in accordance with the terms hereof;Section 4.01; and
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iiiiv) shall be treated as contributions of cash to REMIC I on the date of withdrawal.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Impac Secured Assets Trust 2007-3), Pooling and Servicing Agreement (Impac Secured Assets Trust 2007-3)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator shall establish and maintain a trust account which at all times shall be an Eligible Account and shall be titled “Pre-Funding Account, Xxxxx Fargo Bank, National Association, in trust for the registered holders of Deutsche Alt-A B Securities, Mortgage Loan Trust, Series 2006-AR2AF1, Mortgage Pass-Through Certificates” (the “Pre-Funding Account”). The Securities Administrator shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator shall withdraw from the Pre-Funding Account an amount equal to 100% of the Principal Balances of the related Subsequent Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 with respect to such transfer and assignment;
(ii) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately following the termination of the Pre-Funding Period, the Securities Administrator shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawal.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Deutsche Alt-a Securities Inc), Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2006-Af1)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator shall establish and maintain a trust account which at all times shall be an Eligible Account and shall be titled “Pre-Funding Account, Xxxxx Fargo Bank, National AssociationN.A., in trust for the registered holders of Deutsche Alt-A Securities, Securities Mortgage Loan Trust, Series 20062007-AR2, Mortgage Pass-Through Certificates” (the “Pre-Funding Account”). The Securities Administrator shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by the Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator shall withdraw from the Pre-Funding Account an amount equal to 100% of the Principal Balances of the related Subsequent Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 with respect to such transfer and assignment;
(ii) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately following the termination of the Pre-Funding Period, the Securities Administrator shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawal.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Ar2), Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Ar2)
Pre-Funding Account. (a) No later than The Servicer, for the Closing Datebenefit of the Grantor Trust Holder, shall cause to be established and maintained in the Securities Administrator shall establish and maintain name of the Indenture Trustee a trust account Pre-Funding Account (the "Pre-Funding Account"), which at all times shall be an a separate Eligible Account and shall may be titled “interest-bearing, entitled "Pre-Funding Account, Xxxxx Fargo Bank, U.S. Bank National Association, as Indenture Trustee, in trust for the registered holders of Deutsche Alt-A Securities, Mortgage Empire Funding Home Loan TrustAsset Backed Notes, Series 20061998-AR2, Mortgage Pass-Through Certificates” (the “Pre-Funding Account”). 1." The Securities Administrator shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein may be maintained with the Original Indenture Trustee or any other depository institution which satisfies the requirements set forth in the definition of Eligible Account. The creation of a Pre-Funded Amount remitted on Funding Account other than one maintained with the Closing Date Indenture Trustee shall be evidenced by a letter agreement between the DepositorServicer and the depository institution acceptable to the Indenture Trustee. A copy of such letter agreement shall be furnished to the Indenture Trustee and, upon request of any Grantor Trust Holder, to such Grantor Trust Holder. Funds deposited in the Pre-Funding Account shall be held invested in trust for accordance with Section 5.03 hereof. On the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposesClosing Date, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall Grantor Trustee will deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
Amount (c) Amounts on deposit in the which Pre-Funding Account shall be withdrawn by Amount was received from the Securities Administrator as follows:
(i) Depositor and derived from the net proceeds of the sale of the Notes). On any each Subsequent Transfer Date, upon satisfaction of the Securities Administrator conditions set forth in Section 2.07 of the Grantor Trust Agreement with respect to such transfer, the Indenture Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the Principal Balances of the related Subsequent Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Grantor Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and pay distribute such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 with respect to such transfer and assignment;Transferor.
(iib) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) Amount has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately following the termination of the Pre-Funding Period, the Securities Administrator shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end last day of the Pre-Funding Period after giving effect to any reductions in the Pre-Funding Amount on such date pursuant to paragraph (a) above, the Indenture Trustee in writing shall withdraw from the Pre-Funding Account on the Mandatory Redemption Date, as a distribution in respect of the Grantor Trust Certificate (i) if the Pre-Funding Amount is less than $50,000, and (B) deposit such amount in the termination of this Agreement, with any amounts remaining on deposit therein being paid Note Payment Account to be applied to reduce the Holders Outstanding Amount of the Class A Certificates of Notes then entitled to distributions in respect payments of principal. Withdrawals pursuant to clauses (i), principal and (ii) if the Pre-Funding Amount is greater than or equal to $50,000, and (iii) shall deposit such amounts to the Note Payment Account to be treated as contributions applied in reduction of cash to REMIC I the Class Principal Balance of each Class of Notes, pro rata, based on the date respective Original Class Principal Balances.
(c) On the Business Day preceding each of withdrawalthe second, third and fourth Payment Dates, if applicable, the Indenture Trustee shall withdraw the related Pre-Funding Earnings for the related Due Period and deposit such amounts in the Note Payment Account.
Appears in 2 contracts
Samples: Sale and Servicing Agreement (Empire Funding Home Loan Owner Trust 1998-1), Sale and Servicing Agreement (Master Financial Asset Securitization Trust 1998-2)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator Indenture Trustee shall establish and maintain maintain, on behalf of the Noteholders and the Note Insurer, three segregated trust accounts that are Eligible Accounts, which shall relate to each of the Groups of Mortgage Loans (each, a trust account which at all times shall be an Eligible Account and shall be titled “Pre-Funding "Prefunding Account, Xxxxx Fargo Bank, National Association, in trust for the registered holders of Deutsche Alt-A Securities, Mortgage Loan Trust, Series 2006-AR2, Mortgage Pass-Through Certificates” (the “Pre-Funding Account”"). The Securities Administrator shall, promptly upon receipt, Sponsor shall deposit in the each Pre-Funding Account and retain therein the related Original Pre-Funded Funding Amount remitted on the Closing Date by the DepositorDate. Funds deposited in the each Pre-Funding Account shall be held in trust for by the Certificateholders Indenture Trustee, on behalf of the Noteholders and the Note Insurer for the uses and purposes set forth herein.
(b) The Securities Administrator Indenture Trustee will invest funds deposited in the each Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) Master Servicer in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator Indenture Trustee or an Affiliate manages or advises such investment, and (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator Indenture Trustee or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereofinvestment. For federal income tax purposes, the Depositor Master Servicer shall be the owner of the each Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the each Pre-Funding Account shall be transferred to the Depositor. The Depositor shall deposit withdrawn and deposited in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunderCapitalized Interest Account.
(c) Amounts on deposit in the each Pre-Funding Account shall be withdrawn by the Securities Administrator Indenture Trustee as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator Indenture Trustee shall withdraw from the each Pre-Funding Account an amount equal to 100% of the Principal Balances of the related Subsequent Mortgage Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Indenture Trustee for deposit in the related Sub-Trust Fund (as specified in the Mortgage Loan Schedule delivered on the Subsequent Transfer Date) of the Trust Estate on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 with respect to such transfer and assignment;Date.
(ii) If the amount on deposit in the each Pre-Funding Account (exclusive of any investment income thereinincome) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately following date of the termination of the Pre-Funding Period, the Securities Administrator Indenture Trustee shall deposit into the Distribution Collection Account any amounts remaining in the related Pre-Funding Account (exclusive of any investment income thereinincome) for distribution in accordance with the terms hereof;
(iii) To withdraw investment income for deposit in the Capitalized Interest Account;
(iv) To withdraw any amount not required to be deposited in the related Pre-Funding Account or deposited therein in error; and
(ivv) To clear and terminate the related Pre-Funding Account upon the earlier to occur of (A) the Distribution Payment Date immediately following the end of the Pre-Funding Period but not later than the Payment Date in December 2002 and (B) the termination of this Agreement, with any investment income amounts remaining on deposit therein being paid to the Holders holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawalCertificates.
Appears in 2 contracts
Samples: Sale and Servicing Agreement (Accredited Home Lenders Accredited Mort Loan Trust 2002-2), Sale and Servicing Agreement (Accredited Home Lenders Accredited Mort Loan Trust 2002-2)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator Trustee shall establish and maintain for the benefit of the Certificateholders the Pre-Funding Account which shall be a segregated trust account that is an 133 Eligible Account, and which at all times shall be an Eligible Account and shall be titled “"Pre-Funding Account, Xxxxx Fargo Bank, U.S. Bank National Association, in trust as trustee for the registered holders of Deutsche Alt-A Securities, SURF Mortgage Loan TrustAsset-Backed Certificates, Series 2006-AR2, Mortgage Pass-Through Certificates” (the “Pre-Funding Account”)AB3". The Securities Administrator Trustee shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Trustee by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust for by the Trustee on behalf of the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited Income from the investment of amounts on deposit in the Pre-Funding Account only as directed shall be distributed to the Sponsor. The Sponsor shall deposit in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) Pre-Funding Account the amount of any net loss incurred in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises respect of any such investment or (iii) within one (1) Business Day immediately upon realization of the Securities Administrator’s receipt thereofsuch loss without any right of reimbursement therefor. For federal income tax purposes, the Depositor Sponsor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the The Pre-Funding Account shall be transferred to the Depositor. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account not be an asset of any REMIC created hereunderof the REMICs provided for herein.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator Trustee as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the aggregate Stated Principal Balances of the related Subsequent Loans as Balance of the Subsequent Cut-Off Date, Mortgage Loans transferred and assigned to the Trustee for deposit in the Trust Fund Mortgage Pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 2.10 with respect to such transfer and assignment;
(ii) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately following the termination of the Pre-Funding Period, the Securities Administrator shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and;
(iii) On each Distribution Date, the Trustee shall withdraw any income realized through the investment of any amount in the Pre-Funding Account and distribute such income to the Sponsor;
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein (other than any income generated through the investment of amounts on deposit in the such Pre-Funding Account) being paid to deposited into the Holders of Certificate Account for distribution in accordance with the Class A Certificates then entitled to distributions in respect of principalterms thereof. Withdrawals pursuant to clauses (i), (ii) and (iii) Such deposit shall be treated for federal income tax purposes as contributions a contribution of cash to the Pre-Funding REMIC I on the date of withdrawalthereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Specialty Underwriting & Residential Finance Trust Series 2006-Ab3), Pooling and Servicing Agreement (Specialty Underwriting & Residential Finance Trust Series 2006-Ab3)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator shall establish and maintain a trust account which shall at all times shall be an Eligible Account and shall be titled “Pre-Funding Account, Xxxxx Fargo Bank, National AssociationN.A., in trust for the registered holders of Deutsche Alt-A Securities, Mortgage ACE Securities Corp. Home Equity Loan Trust, Series 2006-AR2HE4, Mortgage PassAsset-Backed Pass Through Certificates” (the “Pre-Funding Account”). The Pre-Funding Account shall consist of two sub-accounts, the “Group I Pre-Funding Sub-Account” and the “Group II Pre-Funding Sub-Account”. The Securities Administrator shall, promptly upon receipt, deposit in the Group I Pre-Funding Sub-Account and the Group II Pre-Funding Sub-Account and retain therein the Original Group I Pre-Funded Amount and the Original Group II Pre-Funded Amount remitted on the Closing Date by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator shall withdraw from the Group I Pre-Funding Sub-Account or the Group II Pre-Funding Sub-Account, as applicable, an amount equal to 100% of the Stated Principal Balances of the related Subsequent Group I Mortgage Loans as of or the Subsequent Cut-Off DateGroup II Mortgage Loans, as applicable, transferred and assigned to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 2.09 with respect to such transfer and assignment;
(ii) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date day immediately following the termination of the Pre-Funding Period, the Securities Administrator shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawal.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-He4), Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-He4)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator Indenture Trustee shall establish and maintain a in the name of the Indenture Trustee one or more segregated trust account accounts that are Eligible Accounts, which at all times shall be an Eligible Account and shall be titled “"Pre-Funding Account, Xxxxx Fargo BankBankers Trust Company of California, National AssociationN.A., in trust as indenture trustee for the registered holders of Deutsche AltPacificAmerica Home Equity Loan Asset Trust Series 1997-A Securities, Mortgage Loan Trust, Series 2006-AR2, Mortgage Pass-Through Certificates” 1" (the “"Pre-Funding Account”"). The Securities Administrator Indenture Trustee shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Pre- Funded Amount remitted on the Closing Date to the Indenture Trustee by the DepositorIssuer from proceeds of the sale of the Notes. Funds deposited in the Pre-Funding Account shall be held in trust by the Indenture Trustee for the Certificateholders Holders of the Notes and the Note Insurer for the uses and purposes set forth herein.
(b) The Securities Administrator . If the Indenture Trustee shall not have received an investment direction from the Issuer, the Indenture Trustee will invest funds deposited in the Pre-Funding Account only as directed in writing by Eligible Investments of the Depositor kind described in clause (and such amounts shall not be invested if no direction is received by Securities Administratorvii) in Permitted of the definition of Eligible Investments with a maturity date (i) no later than the second Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereofeach Payment Date. For federal income tax purposes, the Depositor The Issuer shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the DepositorInterest Coverage Account on the Business Day immediately preceding each Payment Date. The Depositor Issuer shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Eligible Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator shall withdraw from the Pre-Funding Account an amount equal to 100% of the Principal Balances of the related Subsequent Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 with respect to such transfer and assignment;
(ii) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately following the termination of the Pre-Funding Period, the Securities Administrator shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawal.
Appears in 2 contracts
Samples: Home Equity Loan Purchase Agreement (Pacificamerica Money Center Inc), Home Equity Loan Purchase Agreement (Merrill Lynch Mortgage Investors Inc)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator Trustee, at the direction of the Servicer, shall establish and maintain maintain, a segregated trust account which at all times shall be that is an Eligible Account and Account, which shall be titled “Pre-Funding Account, Xxxxx Fargo Bank[ ], National Association, in trust as Trustee for the registered holders of Deutsche AltNovaStar Mortgage Funding Trust 20[ ]-A Securities[ ], Mortgage Home Equity Loan TrustAsset-Backed Certificates, Series 200620[ ]-AR2, Mortgage Pass-Through Certificates[ ]” (the “Pre-Funding Account”). The Securities Administrator Trustee shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Trustee by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust by the Trustee for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator Trustee will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) Servicer in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator Trustee or an Affiliate manages or advises such investment, and (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator Trustee or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereofinvestment. For federal income tax purposes, the Depositor Servicer shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to withdrawn and deposited in the DepositorDistribution Account. The Depositor Trustee shall deposit in treat the Pre-Funding Account as an outside reserve fund within the amount meaning of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement thereforTreasury Regulation Section 1.860G-2(h). At no time will the Pre-Funding Account be an asset of any REMIC created hereunder. The Trustee shall not be liable for investment losses on investments selected by the Servicer pursuant to this Section 4.05(b).
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator Trustee as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the Principal Balances of the related Subsequent Mortgage Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee for deposit in the Trust Fund Mortgage Pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 2.08 with respect to such transfer and assignment; if such Subsequent Mortgage Loan is designated for inclusion in Group I, such amount shall reduce (but not below zero) the remaining Original Pre-Funded Amount allocated to Group I, and, if such Subsequent Mortgage Loan is designated for inclusion in Group II, such amount shall reduce (but not below zero) the remaining Original Pre-Funded Amount allocated to Group II;
(ii) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately following day of the termination of the Pre-Funding Period, the Securities Administrator Trustee shall deposit into the Distribution Account on such day any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) relating to Group I for inclusion in the Group I Principal Remittance Amount and relating to Group II for inclusion in the Group II Principal Remittance Amount for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period but not later than September 10, 2004 and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals from the Pre-Funding Account pursuant to clauses (i), (ii) and (iiiiv) shall be treated as contributions of cash to REMIC I on the date of withdrawal.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (NovaStar Certificates Financing LLC), Pooling and Servicing Agreement (NovaStar Certificates Financing CORP)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator The Indenture Trustee shall establish and maintain with an Eligible Institution, which may be the Indenture Trustee in the name of the Trust, on behalf of the Trust, for the benefit of the Series 201[•] Noteholders, a segregated trust account which at all times shall be an Eligible Account and shall be titled “Pre-Funding Account, Xxxxx Fargo Bank, National Association, in trust for the registered holders of Deutsche Alt-A Securities, Mortgage Loan Trust, Series 2006-AR2, Mortgage Pass-Through Certificates” (the “Pre-Funding Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 201[•] Noteholders. The Securities Administrator shallIndenture Trustee shall possess all right, promptly upon receipt, title and interest in all funds on deposit from time to time in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date by the Depositorin all proceeds thereof. Funds deposited in the The Pre-Funding Account shall be held in trust under the sole dominion and control of the Indenture Trustee for the Certificateholders for benefit of the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in Series 201[•] Noteholders. If at any time the institution holding the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required ceases to be withdrawn from such account pursuant to this Agreementan Eligible Institution, if a Person other than the Securities Administrator Transferor shall notify the Indenture Trustee in writing, and the Indenture Trustee upon being notified (or an Affiliate manages or advises such investmentthe Servicer on its behalf) shall, within ten (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (110) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposesDays, the Depositor shall be the owner of the establish a new Pre-Funding Account meeting the conditions specified above with an Eligible Institution, and shall report all items of income, deduction, gain transfer any cash or loss arising therefrom. All income and gain realized from investment of funds deposited in the any investments to such new Pre-Funding Account shall be transferred to the DepositorAccount. The Depositor Indenture Trustee, at the written direction of the Servicer, shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator shall withdraw make withdrawals from the Pre-Funding Account an amount equal from time to 100% of the Principal Balances of the related Subsequent Loans as of the Subsequent Cut-Off Datetime, transferred and assigned to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date amounts and pay such amount to or upon for the order of the Depositor upon satisfaction of the conditions purposes set forth in Section 2.6 with respect to such transfer and assignment;this Indenture Supplement. The Indenture Trustee at all times shall maintain accurate records reflecting each transaction in the Pre-Funding Account.
(iib) If the amount Funds on deposit in the Pre-Funding Account (exclusive of investment earnings on deposit in the Pre-Funding Account), from time to time, shall be invested and reinvested at the direction of the Servicer by the Indenture Trustee in Eligible Investments so that funds will be available for withdrawal on any Business Day.
(c) The Transferor shall deposit a portion of the cash proceeds of the sale of the Series 201[•] Notes in an amount equal to $[•] into the Pre-Funding Account on the Closing Date. On each Transfer Date during the Funding Period and on the Transfer Date immediately preceding the Funding Period Termination Distribution Date, the Indenture Trustee, at the direction of the Servicer, shall withdraw from the Pre-Funding Account and deposit into the Finance Charge Account all interest and earnings on Eligible Investments earned during the preceding Monthly Period (net of losses and investment income thereinexpenses for the preceding Monthly Period) has not been reduced to zero and shall treat such amount as Available Finance Charge Collections for the related Monthly Period; provided that in the case of the Transfer Date immediately preceding the Funding Period Termination Distribution Date, all interest and earnings, net of losses and investment expenses, for the period beginning on the first day of the preceding Monthly Period and ending on such Transfer Date, shall be treated as Available Finance Charge Collections for the Monthly Period preceding the Funding Period Termination Distribution Date.
(d) On any Business Day during the Pre-Funding Release Period, the Transferor (or the Servicer on behalf of the Distribution Date immediately following the termination of Transferor) may request funds to be released from the Pre-Funding Account by delivery of a certificate in the form attached as Exhibit D hereto (a “Pre-Funding Release Notice”); provided that (a) the sum of (i) the amount of funds released from Pre-Funding Account on any Business Day during the [•] 20[•] Monthly Period, plus (ii) the amount of funds released from the Pre-Funding Account on any prior Business Day during the [•] 201[•] Monthly Period shall not exceed the amount of Principal Collections set aside in Series Accounts on or prior to such Business Day to pay the outstanding principal amount of the Series 20[•]-[•] Notes; and (b) the sum of (i) the amount of funds released from Pre-Funding Account on any Business Day during the [•] 201[•] Monthly Period, plus (ii) the amount of funds released from the Pre-Funding Account on any prior Business Day during the [•] 201[•] Monthly Period shall not exceed the amount of Principal Collections set aside in Series Accounts on or prior to such Business Day during the [•] 201[•] Monthly Period to pay the outstanding principal amount of the Series 20[•]-[•]. Such Pre-Funding Release Notice shall include a representation by the Transferor that the Transferor Amount shall not be less than the Minimum Transferor Amount on such date, after giving effect to the requested withdrawal from the Pre-Funding Account and the increase in the Collateral Amount resulting therefrom in accordance with clause (b) of the definition of “Collateral Amount.” During each Monthly Period during the Pre-Funding Release Period, the Securities Administrator Transferor shall deposit into be required to deliver one or more Pre-Funding Release Notices during such Monthly Period requesting release of funds from the Distribution Pre-Funding Account in an aggregate amount equal to (i) the amount of Principal Collections set aside in Series Accounts to pay the outstanding principal amount of the Series 20[•]-[•] Notes during such Monthly Period, plus (ii) in the case of the [•] 201[•] Monthly Period, the amount of Principal Collections set aside in Series Accounts to pay the outstanding principal amount of the Series 20[•]-[•] Notes during any amounts remaining prior Monthly Period; provided that the Transferor shall not be required to deliver, and shall not be permitted to deliver, any such Pre-Funding Release Notice if the release of funds from the Pre-Funding Account and related increase in the Collateral Amount would cause the Transferor Amount to be less than the Minimum Transferor Amount after giving effect to such release. The Indenture Trustee, pursuant to directions contained in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in Release Notice, shall apply funds released from the Pre-Funding Account or deposited therein in error; andthe following order of priority: (a) [to deposit into the Cash Collateral Account an amount equal to the excess, if any, of the Required Cash Collateral Amount (calculated after giving effect to the increase in the Collateral Amount resulting from such release) over the Available Cash Collateral Amount, (b)] to deposit into the Funding Period Reserve Account an amount equal to the excess, if any, of the Required Funding Period Reserve Amount over the Available Funding Period Reserve Amount and [(b)] [(c)] any remaining amount shall be released to the Transferor.
(ive) To clear and terminate On the Transfer Date immediately preceding the Funding Period Termination Distribution Date, the Pre-Funded Amount (determined after giving effect to any withdrawal from the Pre-Funding Account upon the earlier to occur of (Ain accordance with subsection 4.18(d)) the Distribution Date immediately following the end of shall be withdrawn from the Pre-Funding Period Account and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid transferred to the Holders Distribution Account. On the Funding Period Termination Date, amounts deposited into the Distribution Account pursuant to the preceding sentence shall be distributed to the Class A Noteholders, the Class M Noteholders, the Class B Noteholders[,] [and] the Class C Noteholders [and the Class D Noteholders] pro rata, based on the initial principal amounts of the Class A Certificates then entitled to distributions in respect Notes, the Class M Notes, the Class B Notes[,] [and] the Class C Notes [and the Class D Notes respectively]. The Pre-Funding Account shall thereafter be automatically terminated for purposes of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawalthis Indenture Supplement.]
Appears in 2 contracts
Samples: Indenture Supplement (World Financial Network Credit Card Master Trust), Indenture Supplement (World Financial Network Credit Card Master Trust)
Pre-Funding Account. (a) No later than On or prior to the Closing day that is three Business Days following each Subsequent Cutoff Date, the Securities Administrator Master Servicer shall establish calculate the aggregate principal balance of the Subsequent Receivables to be transferred to the Issuer on the related Subsequent Transfer Date (as of such Subsequent Cutoff Date). The Master Servicer shall instruct the Indenture Trustee in writing to distribute an amount equal to the product of (i) 100.00% minus the Initial Overcollateralization Percentage and maintain a trust account which at all times shall be an Eligible Account and shall be titled “(ii) the aggregate principal balance of the related Subsequent Receivables (as of such Subsequent Cutoff Date), from amounts on deposit in the Pre-Funding Account, Xxxxx Fargo Bank, National Association, in trust for to the registered holders of Deutsche Alt-A Securities, Mortgage Loan Trust, Series 2006-AR2, Mortgage Pass-Through Certificates” (Depositor on such Subsequent Transfer Date to purchase the “Pre-Funding Account”)Subsequent Receivables from the Seller. The Securities Administrator shallDepositor will in turn transfer the related Subsequent Receivables to the Issuer on such Subsequent Transfer Date, promptly upon receipt, at which time such Subsequent Receivables will become part of the Trust Property.
(b) If the amount on deposit in the Pre-Funding Account and retain therein has not been reduced to zero by the Original end of the Pre-Funded Amount remitted Funding Period, on the Closing first Deposit Date by following the Depositor. Funds deposited Collection Period in which the Pre-Funding Period ends, the Master Servicer shall instruct the Indenture Trustee in writing to withdraw the Pre-Funding Account shall be held in trust for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in Amount from the Pre-Funding Account only as directed in writing by the Depositor (on such Deposit Date and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which to deposit such funds are required to be withdrawn from such account into the Note Payment Account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunderSection 4.06.
(c) Amounts on deposit in the Pre-Funding Account shall shall, to the extent permitted by applicable law, rules and regulations, be withdrawn invested, as directed in writing by the Securities Administrator as follows:
(i) On any Subsequent Transfer DateMaster Servicer, by the Securities Administrator shall withdraw from bank or trust company then maintaining the Pre-Funding Account an amount equal in Permitted Investments that mature not later than the Business Day following the date of investment. All such Permitted Investments shall be held to 100% maturity. All interest and other income (net of the Principal Balances of the related Subsequent Loans as of the Subsequent Cut-Off Date, transferred losses and assigned to the Trustee for deposit in the Trust Fund investment expenses) on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 with respect to such transfer and assignment;
(ii) If the amount funds on deposit in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during shall be calculated by the Pre-Funding Period, on the Distribution Date immediately following the termination of the Pre-Funding Period, the Securities Administrator shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) for distribution Master Servicer in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (iiSection 4.06(b) and (iii) shall be treated as contributions of cash to REMIC I deposited into the Collection Account on the date of withdrawalDeposit Date.
Appears in 2 contracts
Samples: Sale and Servicing Agreement (WDS Receivables LLC), Sale and Servicing Agreement (Pooled Auto Securities Shelf LLC)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator Indenture Trustee shall establish and maintain with a Qualified Institution, in the name of Issuer, on behalf of Issuer, for the benefit of the Series [200_-_] Noteholders, a segregated trust account which at all times shall be an Eligible Account and shall be titled “(the "Pre-Funding Account"), Xxxxx Fargo Bank, National Association, in trust bearing a designation clearly indicating that the funds deposited therein are held for the registered holders benefit of Deutsche Altthe Series [200_-_] Noteholders. Indenture Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Pre-A SecuritiesFunding Account and in all proceeds thereof. The Pre-Funding Account shall be under the sole dominion and control of Indenture Trustee for the benefit of the Series [200_-_] Noteholders. If at any time the institution holding the Pre-Funding Account ceases to be a Qualified Institution, Mortgage Loan TrustServicer shall notify Indenture Trustee in writing, Series 2006and Indenture Trustee upon being notified (or Servicer on its behalf) shall, within ten (10) Business Days, establish a new Pre-AR2Funding Account meeting the conditions specified above with a Qualified Institution, Mortgage Pass-Through Certificates” (the “and shall transfer any cash or any investments to such new Pre-Funding Account”).
(b) Transferor shall on the Closing Date deposit into the Pre-Funding Account the Initial Pre-Funded Amount from the proceeds of the sale of the Series [200_-_] Notes. The Securities Administrator shallOn the Business Day preceding each Transfer Date, promptly upon receiptIndenture Trustee, acting in accordance with written instructions from Servicer, shall withdraw from the Pre-Funding Account and deposit into the Collection Account all interest and other investment income on the Pre-Funded Amount with respect to the prior Monthly Period. Such investment income shall be deemed to be Finance Charge Collections allocated to Series [200_-_]. Interest (including reinvested interest) and other investment income on funds on deposit in the Pre-Funding Account and retain therein shall not be considered part of the Original Pre-Funded Amount remitted on the Closing Date by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to of this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunderIndenture Supplement.
(c) Amounts Funds on deposit in the Pre-Funding Account shall be withdrawn invested at the written direction of Servicer by the Securities Administrator as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator shall withdraw from the Pre-Funding Account an amount equal to 100% of the Principal Balances of the related Subsequent Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Indenture Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 with respect to such transfer and assignment;
(ii) If the amount Permitted Investments. Funds on deposit in the Pre-Funding Account on the Closing Date and thereafter shall be invested in Permitted Investments that will mature so that such funds will be available for withdrawal on or prior to the Business Day preceding the next increase in the Collateral Amount pursuant to subsection 4.19(e) or, if earlier, on the next succeeding Transfer Date.
(exclusive of any investment income thereind) has not been reduced to zero during If the Pre-Funded Amount exceeds zero at the end of the Funding Period, on the first Distribution Date immediately following on or after the termination last day of the Funding Period, Servicer shall apply or shall cause Indenture Trustee to apply the Pre-Funded Amount to the payment by Indenture Trustee of principal on the Notes [on a pro rata basis based on the Class A Note Principal Balance, the Class B Note Principal Balance and the Class C Note Principal Balance.]
(e) On each Distribution Date during the Funding Period, the Securities Administrator Collateral Amount shall deposit into increase to the Distribution Account extent that the Transferor Interest will not be less than the Minimum Transferor Interest on such date (in each case after giving effect to all changes to occur on that date, including the change resulting from the operation of this Section 4.19); provided, however, that the Collateral Amount shall in no event exceed the Note Principal Balance. Upon any amounts remaining increase in the Collateral Amount pursuant to this Section 4.19, Servicer shall instruct Indenture Trustee in writing to withdraw from the Pre-Funding Account (exclusive and pay to Transferor no later than the next succeeding Business Day an amount equal to the amount of any investment income therein) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited such increase in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawalCollateral Amount.]
Appears in 2 contracts
Samples: Indenture Supplement (First Bankcard Master Credit Card Trust), Indenture Supplement (First Bankcard Master Credit Card Trust)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator shall establish and maintain a trust account which at all times shall be an Eligible Account and shall be titled “Pre-Funding Account, Xxxxx Fargo Bank, National AssociationN. A., in trust for the registered holders of Deutsche Alt-A B Securities, Mortgage Loan Trust, Series 20062007-AR2AB1, Mortgage Pass-Through Certificates” (the “Pre-Funding Account”). The Securities Administrator shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will shall invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, Agreement if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, Agreement if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator as follows:
(i) : On any Subsequent Transfer Date, the Securities Administrator shall withdraw from the Pre-Funding Account an amount equal to 100% of the Principal Balances of the related Subsequent Loans as of the Subsequent Cut-Off Date, Date transferred and assigned to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 with respect to such transfer and assignment;
(iii) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately following the termination of the Pre-Funding Period, the Securities Administrator shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof;
(iiiii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iviii) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawal.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Deutsche Alt-B Securities Mortgage Loan Trust, Series 2007-Ab1), Pooling and Servicing Agreement (Deutsche Alt-B Securities Mortgage Loan Trust, Series 2007-Ab1)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator Indenture Trustee shall establish and maintain a on behalf of itself one or more segregated trust account accounts, which at all times shall be an Eligible Account and shall be Accounts, titled “"Pre-Funding Account, Xxxxx Fargo JPMorgan Chase Bank, National Association, in trust as Indenture Trustee for the registered holders of Deutsche Alt-A Securities, Mortgage GMACM Home Equity Loan Trust, Series Trust 2006-AR2, Mortgage Pass-Through Certificates” HE2" (the “"Pre-Funding Account”"). The Securities Administrator shallNotwithstanding anything herein to the contrary, promptly upon receipt, deposit in the Pre-Funding Account and retain therein shall not be an asset of any REMIC. To the Original extent that the Pre-Funded Amount remitted on the Closing Date Funding Account constitutes a reserve fund for federal income tax purposes, (1) it shall be an outside reserve fund and not an asset any REMIC, (2) it shall be owned by the Depositor. Funds deposited in GMACM, as Seller and (3) amounts transferred any REMIC to the Pre-Funding Account shall be held in trust for treated as transferred to GMACM, as Seller, or any successor, all within the Certificateholders for meaning of Section 1.860G-2(h) of the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in Treasury Regulations. On the Closing Date, GMACM shall deposit into the Pre-Funding Account only as directed in writing by an amount equal to the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than Original Pre-Funded Amount from the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day proceeds of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner sale of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefromSecurities. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator as follows:
(i) On any each Subsequent Transfer Date, the Securities Administrator Servicer shall instruct the Indenture Trustee in writing to withdraw from the Pre-Funding Account an amount equal to 100% of the aggregate Principal Balances Balance as of the related Subsequent Loans as Cut-Off Date of the Subsequent Cut-Off Date, transferred and assigned Mortgage Loans to be sold to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and purchased with funds on deposit in the Pre-Funding Account, and to pay such amount to or upon the order of the Depositor GMACM upon satisfaction of the conditions set forth in Section 2.6 this Agreement, in the Purchase Agreement and in the related Subsequent Transfer Agreement with respect to such transfer and assignment;thereto.
(iib) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) Funded Amount has not been reduced to zero during at the Pre-Funding Period, close of business on the Distribution Date immediately following the termination last day of the Pre-Funding Period, after giving effect to any withdrawal therefrom on such day, any remaining Pre-Funded Amount shall be deposited in the Securities Administrator shall deposit into Note Payment Account and applied as a principal distribution on the Distribution Account any amounts remaining Notes on the next succeeding Payment Date in accordance with the terms of the Indenture.
(c) The Servicer may cause the institution maintaining the Pre-Funding Account (exclusive to invest any funds therein in Permitted Investments having a maturity of up to 90 days or maturing or otherwise available not later than the Business Day preceding the related Payment Date on which funds are scheduled to be withdrawn to purchase Subsequent Mortgage Loans; provided, that any investment income therein) for distribution in accordance an obligation of the institution with the terms hereof;
(iii) To withdraw any amount not required to be deposited in which the Pre-Funding Account is maintained may mature on or deposited therein before 10:30 a.m., New York time, on such Payment Date; and provided further, that no such investment may be sold or disposed of prior to maturity. In addition, no such Permitted Investment shall be purchased at a price in error; and
excess of par. Notwithstanding the foregoing, in the event investment earnings have not matured on any Payment Date, the amount of such earnings accrued as of such Payment Date shall be advanced by the Servicer for deposit into the Note Payment Account (iv) To clear and terminate which advance shall be reimbursed to the Servicer from such investment earnings at maturity). At any time when the Indenture Trustee is maintaining the Pre-Funding Account upon Account, any request by the earlier Servicer to occur invest funds on deposit therein shall be in writing, delivered to the Indenture Trustee at or before 10:30 a.m., New York time, if such investment is to be made on such day. The Servicer shall certify that the requested investment is a Permitted Investment maturing at or prior to the time required hereby. Any such investment shall be registered in the name of (A) the Distribution Date immediately following Indenture Trustee or its nominee, and to the end extent that any such investment is certificated, such investment shall be maintained with the Indenture Trustee at its Corporate Trust Office. All net income or other gain received from any such investment shall be deposited into or credited to the Note Payment Account, and may be withdrawn therefrom in accordance with Section 3.05 of the Indenture. In no event shall the Indenture Trustee be liable for any investment losses on Permitted Investments held in or credited to the Pre-Funding Period and (B) Account, provided that such investments are made in accordance with the termination provisions of this Agreement, with any amounts remaining on deposit therein being paid to Agreement and the Holders of Indenture Trustee is not the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on obligor under the date of withdrawalPermitted Investment.
Appears in 2 contracts
Samples: Servicing Agreement (GMACM Home Equity Loan Trust 2006-He2), Servicing Agreement (GMACM Home Equity Loan Trust 2006-He3)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator The Indenture Trustee shall establish and maintain with an Eligible Institution, which may be the Indenture Trustee in the name of the Trust, on behalf of the Trust, for the benefit of the Series 20[•] Noteholders, a segregated trust account which at all times shall be an Eligible Account and shall be titled “Pre-Funding Account, Xxxxx Fargo Bank, National Association, in trust for the registered holders of Deutsche Alt-A Securities, Mortgage Loan Trust, Series 2006-AR2, Mortgage Pass-Through Certificates” (the “Pre-Funding Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 20[•] Noteholders. The Securities Administrator shallIndenture Trustee shall possess all right, promptly upon receipt, title and interest in all funds on deposit from time to time in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date by the Depositorin all proceeds thereof. Funds deposited in the The Pre-Funding Account shall be held in trust under the sole dominion and control of the Indenture Trustee for the Certificateholders for benefit of the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in Series 20[•] Noteholders. If at any time the institution holding the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required ceases to be withdrawn from such account pursuant to this Agreementan Eligible Institution, if a Person other than the Securities Administrator Transferor shall notify the Indenture Trustee in writing, and the Indenture Trustee upon being notified (or an Affiliate manages or advises such investmentthe Servicer on its behalf) shall, within ten (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (110) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposesDays, the Depositor shall be the owner of the establish a new Pre-Funding Account meeting the conditions specified above with an Eligible Institution, and shall report all items of income, deduction, gain transfer any cash or loss arising therefrom. All income and gain realized from investment of funds deposited in the any investments to such new Pre-Funding Account shall be transferred to the DepositorAccount. The Depositor Indenture Trustee, at the written direction of the Servicer, shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator shall withdraw make withdrawals from the Pre-Funding Account an amount equal from time to 100% of the Principal Balances of the related Subsequent Loans as of the Subsequent Cut-Off Datetime, transferred and assigned to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date amounts and pay such amount to or upon for the order of the Depositor upon satisfaction of the conditions purposes set forth in Section 2.6 with respect to such transfer and assignment;this Indenture Supplement. The Indenture Trustee at all times shall maintain accurate records reflecting each transaction in the Pre-Funding Account.
(iib) If the amount Funds on deposit in the Pre-Funding Account (exclusive of investment earnings on deposit in the Pre-Funding Account), from time to time, shall be invested and reinvested at the direction of the Servicer by the Indenture Trustee in Eligible Investments so that funds will be available for withdrawal on any Business Day.
(c) The Transferor shall deposit a portion of the cash proceeds of the sale of the Series 20[•] Notes in an amount equal to $[•] into the Pre-Funding Account on the Closing Date. On each Transfer Date during the Funding Period and on the Transfer Date immediately preceding the Funding Period Termination Distribution Date, the Indenture Trustee, at the direction of the Servicer, shall withdraw from the Pre-Funding Account and deposit into the Finance Charge Account all interest and earnings on Eligible Investments earned during the preceding Monthly Period (net of losses and investment income thereinexpenses for the preceding Monthly Period) has not been reduced to zero and shall treat such amount as Available Finance Charge Collections for the related Monthly Period; provided that in the case of the Transfer Date immediately preceding the Funding Period Termination Distribution Date, all interest and earnings, net of losses and investment expenses, for the period beginning on the first day of the preceding Monthly Period and ending on such Transfer Date, shall be treated as Available Finance Charge Collections for the Monthly Period preceding the Funding Period Termination Distribution Date.
(d) On any Business Day during the Pre-Funding Release Period, the Transferor (or the Servicer on behalf of the Distribution Date immediately following the termination of Transferor) may request funds to be released from the Pre-Funding Account by delivery of a certificate in the form attached as Exhibit D hereto (a “Pre-Funding Release Notice”); provided that (a) the sum of (i) the amount of funds released from Pre-Funding Account on any Business Day during the [•] 20[•] Monthly Period, plus (ii) the amount of funds released from the Pre-Funding Account on any prior Business Day during the [•] 20[•] Monthly Period shall not exceed the amount of Principal Collections set aside in Series Accounts on or prior to such Business Day to pay the outstanding principal amount of the Series 20[•]-[•] Notes; and (b) the sum of (i) the amount of funds released from Pre-Funding Account on any Business Day during the [•] 20[•] Monthly Period, plus (ii) the amount of funds released from the Pre-Funding Account on any prior Business Day during the [•] 20[•] Monthly Period shall not exceed the amount of Principal Collections set aside in Series Accounts on or prior to such Business Day during the [•] 20[•] Monthly Period to pay the outstanding principal amount of the Series 20[•]-[•]. Such Pre-Funding Release Notice shall include a representation by the Transferor that the Transferor Amount shall not be less than the Minimum Transferor Amount on such date, after giving effect to the requested withdrawal from the Pre-Funding Account and the increase in the Collateral Amount resulting therefrom in accordance with clause (b) of the definition of “Collateral Amount.” During each Monthly Period during the Pre-Funding Release Period, the Securities Administrator Transferor shall deposit into be required to deliver one or more Pre-Funding Release Notices during such Monthly Period requesting release of funds from the Distribution Pre-Funding Account in an aggregate amount equal to (i) the amount of Principal Collections set aside in Series Accounts to pay the outstanding principal amount of the Series 20[•]-[•] Notes during such Monthly Period, plus (ii) in the case of the [•] 20[•] Monthly Period, the amount of Principal Collections set aside in Series Accounts to pay the outstanding principal amount of the Series 20[•]-[•] Notes during any amounts remaining prior Monthly Period; provided that the Transferor shall not be required to deliver, and shall not be permitted to deliver, any such Pre-Funding Release Notice if the release of funds from the Pre-Funding Account and related increase in the Collateral Amount would cause the Transferor Amount to be less than the Minimum Transferor Amount after giving effect to such release. The Indenture Trustee, pursuant to directions contained in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in Release Notice, shall apply funds released from the Pre-Funding Account or deposited therein in error; andthe following order of priority: (a) [to deposit into the Cash Collateral Account an amount equal to the excess, if any, of the Required Cash Collateral Amount (calculated after giving effect to the increase in the Collateral Amount resulting from such release) over the Available Cash Collateral Amount, (b)] to deposit into the Funding Period Reserve Account an amount equal to the excess, if any, of the Required Funding Period Reserve Amount over the Available Funding Period Reserve Amount and [(b)] [(c)] any remaining amount shall be released to the Transferor.
(ive) To clear and terminate On the Transfer Date immediately preceding the Funding Period Termination Distribution Date, the Pre-Funded Amount (determined after giving effect to any withdrawal from the Pre-Funding Account upon the earlier to occur of (Ain accordance with subsection 4.18(d)) the Distribution Date immediately following the end of shall be withdrawn from the Pre-Funding Period Account and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid transferred to the Holders Distribution Account. On the Funding Period Termination Date, amounts deposited into the Distribution Account pursuant to the preceding sentence shall be distributed to the Class A Noteholders, the Class M Noteholders, [the Class B Noteholders][,] [and] [the Class C Noteholders] [and the Class D Noteholders] pro rata, based on the initial principal amounts of the Class A Certificates then entitled to distributions in respect Notes, the Class M Notes, [the Class B Notes][,] [and] [the Class C Notes] [and the Class D Notes respectively]. The Pre-Funding Account shall thereafter be automatically terminated for purposes of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawalthis Indenture Supplement.]
Appears in 2 contracts
Samples: Indenture Supplement (World Financial Network Credit Card Master Trust), Indenture Supplement (World Financial Network Credit Card Master Note Trust)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator Trustee, at the direction of the Servicer, shall establish and maintain maintain, a segregated trust account which at all times shall be that is an Eligible Account and Account, which shall be titled “Pre-Funding Account, Xxxxx Fargo Bank[ ], National Association, in trust as Trustee for the registered holders of Deutsche AltNovaStar Mortgage Funding Trust 20[ ]-A Securities[ ], Mortgage Home Equity Loan TrustAsset-Backed Certificates, Series 200620[ ]-AR2, Mortgage Pass-Through Certificates[ ]” (the “Pre-Funding Account”). The Securities Administrator Trustee shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Trustee by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust by the Trustee for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator Trustee will invest funds deposited in the Pre-Funding Account only as directed by the Servicer in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Eligible Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator Trustee or an Affiliate manages or advises such investment, and (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator Trustee or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereofinvestment. For federal income tax purposes, the Depositor Servicer shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. If the Trustee does not receive such written investment instructions it shall retain such funds uninvested. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to withdrawn and deposited in the DepositorInterest Coverage Account. The Depositor Trustee shall deposit in treat the Pre-Funding Account as an outside reserve fund within the amount meaning of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement thereforTreasury Regulation Section 1.860G-2(h). At no time will the Pre-Funding Account be an asset of any REMIC created hereunder. The Trustee shall not be liable for investment losses on investments selected by the Servicer pursuant to this Section 4.05(b).
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator Trustee as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the Principal Balances of the related Subsequent Mortgage Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee for deposit in the Trust Fund Mortgage Pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 2.08 with respect to such transfer and assignmentassignment if such Subsequent Mortgage Loan is designated for inclusion in Group I, such amount shall reduce (but not below zero) the remaining Original Pre-Funded Amount allocated to Group I and if such Subsequent Mortgage Loan is designated for inclusion in Group II, such amount shall reduce (but not below zero) the remaining Original Pre-Funded Amount allocated to Group II;
(ii) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately following day of the termination of the Pre-Funding Period, the Securities Administrator Trustee shall deposit into the Distribution Account on such day any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) relating to Group I for inclusion in the Group I Principal Remittance Amount and relating to Group II for inclusion in the Group II Principal Remittance Amount for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and;
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period but not later than January 31, 2006 and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal; and
(v) To withdraw investment income for deposit in the Interest Coverage Account. Withdrawals from the Pre-Funding Account pursuant to clauses (i), (ii) and (iiiiv) shall be treated as contributions of cash to REMIC I on the date of withdrawal.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (NovaStar Certificates Financing LLC), Pooling and Servicing Agreement (NovaStar Certificates Financing CORP)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator shall establish and maintain a trust account which at all times shall The Trustee has heretofore established or caused to be an Eligible Account established and shall hereafter maintain or cause to be titled “maintained a separate account denominated the Pre-Funding Account, which is and shall continue to be an Eligible Account in the name of the Trustee and shall be designated “Xxxxx Fargo BankBank Minnesota, National Association, in trust for as Trustee of the registered holders of Deutsche AltRenaissance HEL Trust 2003-A Securities, Mortgage Loan Trust, Series 2006-AR2, Mortgage Pass-Through Certificates” (the “3 Pre-Funding Account”). .” The Securities Administrator shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date by the Depositor. Funds deposited in the Pre-Funding Account shall be held treated as an “outside reserve fund” under applicable Treasury regulations and will not be part of any REMIC. Any Pre-Funding Earnings will be distributed to the Seller on each Pre-Funding Distribution Date; provided, however, that if the final Subsequent Transfer Date occurs after the Distribution Date in trust for a month, on such Subsequent Transfer Date, the Certificateholders for Trustee shall (i) transfer the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in Excess Funding Amount from the Pre-Funding Account only as directed in writing by to the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investmentDistribution Account, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner of transfer the Pre-Funding Account Earnings to the Seller and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in (iii) close the Pre-Funding Account shall be transferred to the DepositorAccount. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by invested in Eligible Investments at the Securities Administrator direction of the Seller in accordance with the provisions of Section 5.05. All investment earnings on funds on deposit in the Pre-Funding Account will be treated as follows:owned by, and will be taxable to, the Seller.
(ib) On any the Closing Date, the Seller will cause to be deposited the Original Pre-Funded Amount in the Pre-Funding Account from the sale of the Offered Certificates.
(c) [Reserved].
(d) On each Subsequent Transfer Date, (i) the Securities Administrator Seller shall instruct the Trustee to withdraw from the Pre-Funding Account an amount equal to 100% of the aggregate Principal Balances of the related Subsequent Mortgage Loans as of the Subsequent Cut-Off Date, transferred and assigned sold to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and (ii) the Trustee shall pay such amount amounts to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 Seller with respect to such transfer and assignment;transfer.
(iie) If at the amount on deposit end of the Funding Period amounts still remain in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately following the termination of the Pre-Funding PeriodAccount, the Securities Administrator Seller shall deposit into instruct the Distribution Account any Trustee to withdraw such amounts remaining in from the Pre-Funding Account (exclusive of any investment income therein) for distribution on the immediately following Distribution Date and deposit such amounts in accordance with the terms hereof;Distribution Account.
(iiif) To withdraw any amount not required to be deposited in Unless sooner closed as provided above, the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate shall be closed at the Pre-Funding Account upon the earlier to occur close of (A) business on the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawalPeriod.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Renaissance Mort Accept Corp Home Equity Ln as Bk Ce Se 03-3), Pooling and Servicing Agreement (Renaissance Mort Accept Corp Home Equity Ln as Bk Ce Se 03-3)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator The Indenture Trustee shall establish and maintain a trust account which at all times shall be an Eligible Account and shall be titled “Pre-Funding Account” consisting of two Pre-Funding Subaccounts, Xxxxx Fargo Bankone for each of Loan Group I and Loan Group II, National Association, to be held in trust for the registered holders benefit of Deutsche Alt-A Securities, Mortgage Loan Trust, Series 2006-AR2, Mortgage Pass-Through Certificates” (the “Pre-Funding Account”)related Noteholders. The Securities Administrator shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date by the Depositor. Funds deposited in the Pre-Funding Account shall be held an Eligible Account. On the Closing Date, the Depositor will cause to be deposited in trust for each Pre-Funding Subaccount the Certificateholders for applicable Original Pre-Funded Amount. Amounts on deposit in each Pre-Funding Subaccount shall be invested by the uses and purposes set forth hereinIndenture Trustee at the direction of the Depositor in Permitted Investments maturing no later than the last day of the Funding Period.
(b) The Securities Administrator will invest funds deposited in On any Subsequent Sales Date, the Pre-Funding Account only as directed in writing by Master Servicer shall instruct the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments Indenture Trustee, with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred copy to the Depositor. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator as follows:,
(i) On any Subsequent Transfer Date, the Securities Administrator shall to withdraw from the Pre-Funded Amount in the related Pre-Funding Account Subaccount an amount equal to 100% of the aggregate Stated Principal Balances of the Subsequent Mortgage Loans to be included in the related Subsequent Loans Loan Group as of the applicable Subsequent Cut-Cut Off Date, transferred and assigned Date sold to the Trustee for deposit in the Trust Fund Issuer on such Subsequent Transfer Date and Sales Date, and
(ii) to pay such amount amounts to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 2.5(c) with respect to such transfer and assignment;thereto. In no event shall the Indenture Trustee withdraw from any Pre-Funding Subaccount an amount, in the aggregate, in excess of the related Original Pre-Funded Amount.
(iic) If On the Business Day immediately following the end of the Funding Period, the Master Servicer shall instruct the Indenture Trustee to transfer any remaining Pre-Funded Amounts relating to each Subaccount to the Payment Account for distribution to the Noteholders in accordance with Article 4. All Pre-Funding Account Earnings will be paid to the Seller. The amount on deposit of any realized losses in the Pre-Funding Account (exclusive in respect of any investment income therein) has not been reduced to zero during Permitted Investments purchased with amounts on deposit therein shall promptly be deposited by the Seller in the Pre-Funding Period, on Account. The Indenture Trustee in its fiduciary capacity shall not be liable for the Distribution Date immediately following the termination amount of the Pre-Funding Period, the Securities Administrator shall deposit into the Distribution Account any amounts remaining loss incurred in respect of any investment or lack of investment of funds held in the Pre-Funding Account (exclusive of any investment income therein) for distribution and made in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawalSection 2.6.
Appears in 2 contracts
Samples: Sale and Servicing Agreement (Saxon Asset Securities Trust 2005-2), Sale and Servicing Agreement (Saxon Asset Securities Trust 2005-3)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator The Indenture Trustee shall establish and maintain with an Eligible Institution, which may be the Indenture Trustee in the name of the Trust, on behalf of the Trust, for the benefit of the Series 2010-A Noteholders, a segregated trust account which at all times shall be an Eligible Account and shall be titled “Pre-Funding Account, Xxxxx Fargo Bank, National Association, in trust for the registered holders of Deutsche Alt-A Securities, Mortgage Loan Trust, Series 2006-AR2, Mortgage Pass-Through Certificates” (the “Pre-Funding Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2010-A Noteholders. The Securities Administrator Indenture Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Pre-Funding Account and in all proceeds thereof. The Pre-Funding Account shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Series 2010-A Noteholders. If at any time the institution holding the Pre-Funding Account ceases to be an Eligible Institution, the Transferor shall notify the Indenture Trustee in writing, and the Indenture Trustee upon being notified (or the Servicer on its behalf) shall, promptly upon receiptwithin ten (10) Business Days, establish a new Pre-Funding Account meeting the conditions specified above with an Eligible Institution, and shall transfer any cash or any investments to such new Pre-Funding Account. The Indenture Trustee, at the written direction of the Servicer, shall make withdrawals from the Pre-Funding Account from time to time, in the amounts and for the purposes set forth in this Indenture Supplement. The Indenture Trustee at all times shall maintain accurate records reflecting each transaction in the Pre-Funding Account.
(b) Funds on deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted (exclusive of investment earnings on the Closing Date by the Depositor. Funds deposited deposit in the Pre-Funding Account Account), from time to time, shall be held invested and reinvested at the direction of the Servicer by the Indenture Trustee in trust Eligible Investments so that funds will be available for the Certificateholders for the uses and purposes set forth hereinwithdrawal on any Business Day.
(bc) The Securities Administrator will invest funds deposited Transferor shall deposit a portion of the cash proceeds of the sale of the Series 2010-A Notes in an amount equal to $72,152,000 into the Pre-Funding Account only as directed in writing by on the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding Closing Date. On the date on which such funds are required to be withdrawn the Pre-Funded Amount is released from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account pursuant to Section 4.16(d) or (e), as applicable, all interest and shall report all items investment earnings on Eligible Investments (net of income, deduction, gain or loss arising therefrom. All income losses and gain realized from investment of funds deposited expenses) on deposit in the Pre-Funding Account shall be transferred to the Depositor. The Depositor Finance Charge Account and shall deposit be treated as Available Finance Charge Collections for the July 2010 Monthly Period.
(d) On any Business Day on or after the date on which sufficient funds have been set aside in the Series Accounts to pay the outstanding principal amount of the Series 2008-A Notes in full, the Transferor (or the Servicer on behalf of the Transferor), may request the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account Funded Amount to be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator shall withdraw released from the Pre-Funding Account an amount equal by delivery of a certificate in the form attached as Exhibit D hereto (a “Pre-Funding Release Notice”). Such Pre-Funding Release Notice shall include a representation by the Transferor that the Transferor Amount shall not be less than the Minimum Transferor Amount on such date, after giving effect to 100% the requested withdrawal from the Pre-Funding Account and the increase in the Collateral Amount resulting therefrom in accordance with clause (b) of the Principal Balances definition of “Collateral Amount.” Such Pre-Funding Release Notice shall be delivered not later than the last day of the related Subsequent Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee for deposit Monthly Period in which sufficient funds have been set aside in the Trust Fund on such Subsequent Transfer Date and Accounts to pay such the outstanding principal amount to or upon the order of the Depositor upon satisfaction Series 2008-A Notes in full; provided that the Transferor shall not be required to deliver, and shall not be permitted to deliver, any such Pre-Funding Release Notice if the release of funds from the conditions set forth Pre-Funding Account and related increase in Section 2.6 with respect the Collateral Amount would cause the Transferor Amount to be less than the Minimum Transferor Amount after giving effect to such transfer and assignment;
(ii) If the amount on deposit release. The Indenture Trustee, pursuant to directions contained in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during Release Notice, shall apply the Pre-Funding Period, on the Distribution Date immediately following the termination of the Pre-Funding Period, the Securities Administrator shall deposit into the Distribution Account any amounts remaining in Funded Amount released from the Pre-Funding Account in the following order of priority: (exclusive a) to deposit into the Cash Collateral Account an amount equal to the excess, if any, of the Required Cash Collateral Amount (calculated after giving effect to the increase in the Collateral Amount resulting from such release) over the Available Cash Collateral Amount and (b) any investment income therein) remaining amount shall be released to the Transferor. The Pre-Funding Account shall thereafter be automatically terminated for distribution in accordance with the terms hereof;purposes of this Indenture Supplement.
(iiie) To withdraw any amount the extent the Pre-Funded Amount has not required to be deposited in been released from the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate accordance with Section 4.16(d), on the August 2010 Transfer Date, the Pre-Funded Amount shall be withdrawn from the Pre-Funding Account upon the earlier and transferred to occur of (A) the Distribution Date immediately following Account. On the end of August 2010 Distribution Date, amounts deposited into the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid Distribution Account pursuant to the Holders preceding sentence shall be distributed to the Class A Noteholders, the Class M Noteholders, the Class B Noteholders and the Class C Noteholders, pro rata, based on the initial principal amounts of the Class A Certificates then entitled to distributions in respect Notes, the Class M Notes, the Class B Notes and the Class C Notes, respectively. The Pre-Funding Account shall thereafter be automatically terminated for purposes of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawalthis Indenture Supplement.
Appears in 2 contracts
Samples: Indenture Supplement (WFN Credit Co LLC), Indenture Supplement (WFN Credit Co LLC)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator Indenture Trustee shall establish and maintain a in the name of the Indenture Trustee one or more segregated trust account accounts that are Eligible Accounts, which at all times shall be an Eligible Account and shall be titled “"Pre-Funding Account, Xxxxx Fargo BankBankers Trust Company of California, National AssociationN.A., in trust as indenture trustee for the registered holders of Deutsche AltPacificAmerica Home Equity Loan Asset Trust Series 1998-A Securities, Mortgage Loan Trust, Series 2006-AR2, Mortgage Pass-Through Certificates” 1" (the “"Pre-Funding Account”"). The Securities Administrator Indenture Trustee shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Pre- Funded Amount remitted on the Closing Date to the Indenture Trustee by the DepositorIssuer from proceeds of the sale of the Notes. Funds deposited in the Pre-Funding Account shall be held in trust by the Indenture Trustee for the Certificateholders Holders of the Notes and the Note Insurer for the uses and purposes set forth herein.
(b) The Securities Administrator . If the Indenture Trustee shall not have received an investment direction from the Issuer, the Indenture Trustee will invest funds deposited in the Pre-Funding Account only as directed in writing by Eligible Investments of the Depositor kind described in clause (and such amounts shall not be invested if no direction is received by Securities Administratorvii) in Permitted of the definition of Eligible Investments with a maturity date (i) no later than the second Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereofeach Payment Date. For federal income tax purposes, the Depositor The Issuer shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the DepositorInterest Coverage Account on the Business Day immediately preceding each Payment Date. The Depositor Issuer shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Eligible Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator shall withdraw from the Pre-Funding Account an amount equal to 100% of the Principal Balances of the related Subsequent Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 with respect to such transfer and assignment;
(ii) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately following the termination of the Pre-Funding Period, the Securities Administrator shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawal.
Appears in 2 contracts
Samples: Home Equity Loan Purchase Agreement (Merrill Lynch Mortgage Investors Inc), Home Equity Loan Purchase Agreement (Pacificamerica Money Center Inc)
Pre-Funding Account. (a) No later than On or before the Closing Date, the Securities Administrator Indenture Trustee shall establish and maintain a segregated trust account which at all times shall be in the corporate trust department of an Eligible Account and shall be titled “Bank referred to herein as the "Pre-Funding Account, Xxxxx Fargo Bank, National Association, in trust for the registered holders of Deutsche Alt-A Securities, Mortgage Loan Trust, Series 2006-AR2, Mortgage Pass-Through Certificates” (the “Pre-Funding Account”). The Securities Administrator shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date by the Depositor". Funds deposited in the Pre-Funding Account shall be held in trust for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by invested in Eligible Investments in the Securities Administrator same manner and subject to the same limitation as follows:the investment of funds in the Collection Account pursuant to Section 9.01, including the limitation that Eligible Investments mature not later than the Business Day prior to the next succeeding Payment Date; provided, however, that if the Seller shall have given notice to the Indenture Trustee designating the next Subsequent Transfer Date such Eligible Investments shall not be required to mature until the Business Day prior to such Subsequent Transfer Date.
(ib) On any the Closing Date, the Seller will deposit the Initial Pre-Funded Amount in the Pre-Funding Account. On each Subsequent Transfer Date, the Securities Administrator Servicer shall instruct the Indenture Trustee to withdraw from the Pre-Funding Account an amount equal to 100% of the Principal Balances of the related Subsequent Loans as Balance of the Subsequent Cut-Off Date, Receivables transferred and assigned to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and pay to distribute such amount to or upon the order of the Depositor Seller upon satisfaction of the conditions set forth in Section 2.6 the Trust Agreement with respect to such transfer transfer.
(i) If the Pre-Funded Amount is greater than $100,000 on the Payment Date on which the Funding Period ends (or, if the Funding Period does not end on a Payment Date, on the first Payment following the end of the Funding Period), after giving effect to any reductions in the Pre-Funding Amount on such Payment Date pursuant to paragraph (b) above, the Servicer shall instruct the Indenture Trustee to withdraw any remaining amounts from the Pre-Funding Account and assignment;to distribute such amounts pro rata to the Noteholders of each Class of Notes then outstanding.
(ii) If the amount Pre-Funded Amount is reduced to $100,000 or less on deposit any Payment Date, after giving effect to any reductions in the Pre-Funded Amount on such Payment Date pursuant to paragraph (b) above, the Servicer shall instruct the Indenture Trustee to withdraw any remaining amounts from the Pre-Funding Account (exclusive of any investment income therein) has not been reduced and to zero during deposit such amounts to the Pre-Funding Period, on the Distribution Date immediately following the termination Collection Account for distribution as principal of the Pre-Funding Period, the Securities Administrator shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid Receivables to the Holders Class of the Class A Certificates then Notes entitled to receive principal distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawalsuch Payment Date.
Appears in 2 contracts
Samples: Indenture (Uacsc 2001-a Owner Trust), Indenture (Uacsc 2001-C Owner Trust)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator shall establish and maintain a trust account which at all times shall The Trustee has heretofore established or caused to be an Eligible Account established and shall hereafter maintain or cause to be titled “maintained a separate account denominated the Pre-Funding Account, Xxxxx Fargo which is and shall continue to be an Eligible Account in the name of the Trustee and shall be designated “JPMorgan Chase Bank, National Association, in trust for as Trustee of the registered holders of Deutsche AltRenaissance HEL Trust 2003-A Securities, Mortgage Loan Trust, Series 2006-AR2, Mortgage Pass-Through Certificates” (the “2 Pre-Funding Account”). .” The Securities Administrator shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date by the Depositor. Funds deposited in the Pre-Funding Account shall be held treated as an “outside reserve fund” under applicable Treasury regulations and will not be part of any REMIC. Any Pre-Funding Earnings will be distributed to the Seller on each Pre-Funding Distribution Date; provided, however, that if the final Subsequent Transfer Date occurs after the Distribution Date in trust for a month, on such Subsequent Transfer Date, the Certificateholders for Trustee shall (i) transfer the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in Excess Funding Amount from the Pre-Funding Account only as directed in writing by to the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investmentDistribution Account, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner of transfer the Pre-Funding Account Earnings to the Seller and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in (iii) close the Pre-Funding Account shall be transferred to the DepositorAccount. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by invested in Eligible Investments at the Securities Administrator direction of the Seller in accordance with the provisions of Section 5.05. All investment earnings on funds on deposit in the Pre-Funding Account will be treated as follows:owned by, and will be taxable to, the Seller.
(ib) On any the Closing Date, the Seller will cause to be deposited the Original Pre-Funded Amount in the Pre-Funding Account from the sale of the Offered Certificates.
(c) [Reserved].
(d) On each Subsequent Transfer Date, (i) the Securities Administrator Seller shall instruct the Trustee to withdraw from the Pre-Funding Account an amount equal to 100% of the aggregate Principal Balances of the related Subsequent Mortgage Loans as of the Subsequent Cut-Off Date, transferred and assigned sold to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and (ii) the Trustee shall pay such amount amounts to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 Seller with respect to such transfer and assignment;transfer.
(iie) If at the amount on deposit end of the Funding Period amounts still remain in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately following the termination of the Pre-Funding PeriodAccount, the Securities Administrator Seller shall deposit into instruct the Distribution Account any Trustee to withdraw such amounts remaining in from the Pre-Funding Account (exclusive of any investment income therein) for distribution on the immediately following Distribution Date and deposit such amounts in accordance with the terms hereof;Distribution Account.
(iiif) To withdraw any amount not required to be deposited in Unless sooner closed as provided above, the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate shall be closed at the Pre-Funding Account upon the earlier to occur close of (A) business on the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawalPeriod.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Home Equity Loan Asset-Backed Certificates Series 2003-2), Pooling and Servicing Agreement (Home Equity Loan Asset-Backed Certificates Series 2003-2)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator Trustee shall establish and maintain a segregated trust account which at all times shall be that is an Eligible Account and Account, which shall be titled “"Pre-Funding Account, Xxxxx Fargo Bank[Trustee], National Association, in trust as trustee for the registered holders of Deutsche Alt-A Securities, Chase Funding Mortgage Loan TrustAsset-Backed Certificates, Series 2006-AR2, Mortgage Pass-Through Certificates” [ ]" (the “"Pre-Funding Account”"). The Securities Administrator Trustee shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Trustee by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust by the Trustee for the Certificateholders for the uses and purposes set forth herein. The Trustee hereby appoints the Paying Agent as its agent in connection with establishing and maintaining the Pre-Funding Account pursuant to this Section 4.06.
(b) The Securities Administrator will Trustee shall invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding each Distribution Date or Subsequent Transfer Date, as the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereofcase may be. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the DepositorCapitalized Interest Account on the Business Day immediately preceding each Distribution Date or Subsequent Transfer Date, as the case may be. The Depositor Servicer shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will Prior to the Distribution Date in the month immediately following the end of the Funding Period or any earlier Subsequent Transfer Date on which the entire balance of the Original Pre-Funded Amount is applied to purchase Subsequent Mortgage Loans, the Pre-Funding Account will not be an asset of any either of the Subsidiary REMIC created hereunderor the Master REMIC.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator Paying Agent as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the aggregate Stated Principal Balances of the related Subsequent Mortgage Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee for deposit in the Trust Fund Mortgage Pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 2.10 with respect to such transfer and assignment;
(ii) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately following the termination of the Pre-Funding Period, the Securities Administrator shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iviii) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date in the month immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid deposited into the Certificate Account for distribution to the Holders of related Loan Group in accordance with the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawalterms thereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Chase Funding Inc), Pooling and Servicing Agreement (Chase Manhattan Acceptance Corp /De/)
Pre-Funding Account. (a) No later than On or before the Closing Date, the Securities Administrator Trustee shall establish and maintain a trust pre-funding account which at all times shall be an Eligible Account and shall be titled “(the "Pre-Funding Account"), Xxxxx Fargo Bank, National Association, in trust for the registered holders of Deutsche Alt-A Securities, Mortgage Loan Trust, Series 2006-AR2, Mortgage Pass-Through Certificates” (the “which must be an Eligible Account. The Pre-Funding Account”). The Securities Administrator shallaccount is to be held by and for the benefit of the Trustee on behalf of the Certificateholders, promptly upon receiptand shall be either in the Trustee's name or designated in a manner that reflects the custodial nature of the account and that all funds (excluding investment earnings thereon) in such account are held for the benefit of the Trustee.
(b) On or before the Closing Date, OMI shall deposit $41,309,750 in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date by the DepositorAccount. Funds deposited in the Pre-Funding Account shall be held in trust for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator Trustee as follows:
(i) On Pursuant to and in accordance with the Sales Agreement and a notice of direction from an officer of OMI substantially in the form of Exhibit PF herein, on any Subsequent Transfer Date, the Securities Administrator Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the Scheduled Principal Balances Balance as of the related Subsequent Loans as Transfer Date of the each Subsequent Cut-Off Date, Asset transferred and assigned to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 OMI with respect to such transfer and assignment;.
(ii) If On each Subsequent Transfer Date, OMI shall sell to the amount on deposit in Trustee, without recourse, the Pre-Funding Account (exclusive of any investment income therein) has not been reduced Subsequent Assets referred to zero during the Pre-Funding Period, on the Distribution related Exhibit PF pursuant to the provisions of Article II of the Standard Terms, and this Agreement. On each Subsequent Transfer Date immediately following Servicer shall execute and deliver a Servicer Custodial Certification pursuant to Section 2.02(b) of the termination Standard Terms, and the Trustee shall execute and deliver an Initial Certification pursuant to Section 2.03(c)(1) of the Standard Terms.
(iii) On the last day of the Pre-Funding Period, the Securities Administrator Trustee shall deposit into the Distribution Account any amounts then remaining in the Pre-Funding Account, net of investment earnings, which amounts shall be held uninvested in the Distribution Account (exclusive and will be included in the Available Distribution Amount for the immediately following Distribution Date and distributed as an additional prepayment of any investment income therein) for distribution principal to Certificateholders in accordance with the terms hereof;Remittance Report prepared by the Servicer then entitled to such distributions.
(iiic) To withdraw any amount The Pre-Funding Account shall be part of the Trust, but not required part of the Pooling REMIC, the Intermediate REMIC or the Issuing REMIC. The Trustee, on behalf of the Trust, shall be the legal owner of the Pre-Funding Account. OMI shall be the beneficial owner of the Pre-Funding Account, subject to be deposited the foregoing power of the Trustee to transfer amounts in the Pre-Funding Account or deposited therein to the Distribution Account. Funds in error; andthe Pre-Funding Account shall, at the direction of the Servicer, be invested in Eligible Investments that mature no later than the Business Day prior to the next occurring Distribution Date. All amounts earned on deposits in the Pre-Funding Account shall be taxable to OMI. The Trustee shall release to OMI all investment earnings in the Pre-Funding Account on the Business Day immediately following the end of the Pre-Funding Period.
(ivd) To The Trustee shall clear and terminate the Pre-Funding Account upon the earlier to occur of (Ai) the Distribution Date immediately following the end of the Pre-Funding Period and (Bii) the termination date on which an Event of Default occurs under this Agreement, with any amounts remaining on deposit therein being paid to the Holders holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (iib)(i)-(iii) and this clause (iiid) shall be treated as contributions of cash to the Pooling REMIC I on the date of withdrawal.
(e) Each Subsequent Asset acquired by the Trust with funds from the Pre-Funding Account shall be acquired pursuant to a fixed price contract within the meaning of I.R.C. SS. 860G(a)(3)(A)(ii).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Oakwood Mortgage Investors Inc)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator Trustee shall establish and maintain a segregated trust account which at all times shall be that is an Eligible Account and Account, which shall be titled “"Pre-Funding Account, Xxxxx Fargo Bank, National Association, in trust ____________________ as Trustee for the registered holders of Deutsche Alt-A SecuritiesArgent Securities Inc., Mortgage Loan Trust, Series 2006-AR2, Argent Floating Rate Mortgage Pass-Through Certificates” , Series ____-___" (the “"Pre-Funding Account”"). The Securities Administrator Trustee shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Trustee by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust by the Trustee for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator Trustee will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments of the kind described in clauses (i), (v) or (vi) of the definition of Permitted Investments, as directed by the Master Servicer, with a maturity date (i) no later than the second Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereofeach Distribution Date. For federal income tax purposes, the Depositor holder of the largest Percentage Interest of the Residual Certificates shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the DepositorInterest Coverage Account on the Business Day immediately preceding each Distribution Date. The Depositor Master Servicer shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will Prior to the Distribution Date immediately following the end of the Funding Period or any earlier Subsequent Transfer Date on which the entire balance of the Original Pre-Funded Amount is applied to purchase Subsequent Mortgage Loans, the Pre-Funding Account will not be an asset of any of REMIC created hereunderI, REMIC II or REMIC III.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator Trustee as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator Trustee shall withdraw from the Pre-Pre- Funding Account an amount equal to 100___% of the Stated Principal Balances of the related Subsequent Mortgage Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee for deposit in the Trust Fund Mortgage Pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 2.11 with respect to such transfer and assignment;
(ii) If if the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date day immediately following the termination of the Pre-Funding Period, the Securities Administrator Trustee shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive Account, net of any gain realized from the investment income therein) of funds on deposit therein to the extent not previously paid to the Master Servicer, for distribution in accordance with the terms hereof;
(iii) To to withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error;
(iv) to distribute to the Master Servicer any income and gain realized from the investment of funds in the Pre-Funding Account; and
(ivv) To to clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawal.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Argent Securities Inc)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator Trustee, at the direction of the Servicer, shall establish and maintain maintain, a segregated trust account which at all times shall be that is an Eligible Account and Account, which shall be titled “Pre-Funding Account, Xxxxx Fargo JPMorgan Chase Bank, National Association, in trust as Trustee for the registered holders of Deutsche AltNovaStar Mortgage Funding Trust 2004-A Securities3, Mortgage Home Equity Loan TrustAsset-Backed Certificates, Series 20062004-AR2, Mortgage Pass-Through Certificates3” (the “Pre-Funding Account”). The Securities Administrator Trustee shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Trustee by the DepositorCompany. Funds deposited in the Pre-Funding Account shall be held in trust by the Trustee for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator Trustee will invest funds deposited in the Pre-Funding Account only as directed by the Servicer in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Eligible Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator Trustee or an Affiliate manages or advises such investment, and (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator Trustee or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereofinvestment. For federal income tax purposes, the Depositor Servicer shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. If the Trustee does not receive such written investment instructions it shall retain such funds uninvested. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to withdrawn and deposited in the DepositorDistribution Account. The Depositor Trustee shall deposit in treat the Pre-Funding Account as an outside reserve fund within the amount meaning of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement thereforTreasury Regulation Section 1.860G-2(h). At no time will the Pre-Funding Account be an asset of any REMIC created hereunder. The Trustee shall not be liable for investment losses on investments selected by the Servicer pursuant to this Section 4.05(b).
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator Trustee as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the Principal Balances of the related Subsequent Mortgage Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee for deposit in the Trust Fund Mortgage Pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor Company upon satisfaction of the conditions set forth in Section 2.6 2.08 with respect to such transfer and assignmentassignment if such Subsequent Mortgage Loan is designated for inclusion in Group I, such amount shall reduce (but not below zero) the remaining Original Pre-Funded Amount allocated to Group I, if such Subsequent Mortgage Loan is designated for inclusion in Group II, such amount shall reduce (but not below zero) the remaining Original Pre-Funded Amount allocated to Group II and if such Subsequent Mortgage Loan is designated for inclusion in Group III, such amount shall reduce (but not below zero) the remaining Original Pre-Funded Amount allocated to Group III;
(ii) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately following day of the termination of the Pre-Funding Period, the Securities Administrator Trustee shall deposit into the Distribution Account on such day any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) relating to Group I for inclusion in the Group I Principal Remittance Amount, relating to Group II for inclusion in the Group II Principal Remittance Amount and relating to Group III for inclusion in the Group III Principal Remittance Amount for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period but not later than the Distribution Date in December 2004 and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals from the Pre-Funding Account pursuant to clauses (i), (ii) and (iiiiv) shall be treated as contributions of cash to REMIC I on the date of withdrawal.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (NovaStar Mortgage Funding Trust, Series 2004-3)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator shall establish and maintain a trust account which at all times shall be an Eligible Account and shall be titled “Pre-Funding Account, Xxxxx Fargo Bank, National AssociationN.A., in trust for the registered holders of Deutsche Alt-A Securities, Securities Mortgage Loan Trust, Series 2006-AR2OA1, Mortgage Pass-Through Certificates” (the “Pre-Funding Account”). The Securities Administrator shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator shall withdraw from the Pre-Funding Account an amount equal to 100% of the Principal Balances of the related Subsequent Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 with respect to such transfer and assignment;
(ii) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately following the termination of the Pre-Funding Period, the Securities Administrator shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawal.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2006-Oa1)
Pre-Funding Account. (a) No later than On the Closing Date, the Securities Administrator Seller shall establish and maintain a trust account which at all times shall be an Eligible Account and shall be titled “Pre-Funding Accountdeposit, Xxxxx Fargo Bankfrom the net proceeds of the sale of the Notes, National Association, in trust for the registered holders of Deutsche Alt-A Securities, Mortgage Loan Trust, Series 2006-AR2, Mortgage Pass-Through Certificates” (the “Pre-Funding Account”). The Securities Administrator shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date by the Depositor. Funds deposited in Initial Deposit into the Pre-Funding Account Account. On or prior to each Subsequent Cut-Off Date, the Servicer shall be held in trust for calculate the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day aggregate Principal Balance of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall Subsequent Contracts to be transferred to the DepositorTrust on the related Subsequent Transfer Date. The Depositor Servicer shall deposit instruct the Indenture Trustee in the Pre-Funding Account the amount of any net loss incurred in respect of any writing to distribute such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts amount, from amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator as follows:
(i) On any Subsequent Transfer DateAccount, the Securities Administrator shall withdraw from the Pre-Funding Account an amount equal to 100% of the Principal Balances of the related Subsequent Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee for deposit in the Trust Fund Seller on such Subsequent Transfer Date and pay to purchase the Subsequent Contracts from WFS. The Seller will in turn transfer the related Subsequent Contracts to the Trust on such amount to or upon the order Subsequent Transfer Date, at which time such Subsequent Contracts will become part of the Depositor upon satisfaction of the conditions set forth in Section 2.6 with respect to such transfer and assignment;Trust Estate.
(iib) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during by the end of the Pre-Funding Period, on the first Distribution Date immediately following the termination end of the Pre-Funding Period, the Securities Administrator Servicer shall deposit into instruct in writing the Indenture Trustee to withdraw from the Pre-Funding Account on such Distribution Account any amounts Date, the amount remaining in the Pre-Funding Account (at such time, exclusive of the Pre-Funding Account Investment Earnings, if any, for the related Collection Period (such remaining amount being the "Remaining Pre-Funding Amount") and deposit such amount into the Collection Account for inclusion in the Aggregate Principal Distributable Amount for such Distribution Date. The Pre-Funding Account Investment Earnings for the related Collection Period (together with any investment other interest and other income therein(net of losses and expenses) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited earned on amounts on deposit in the Pre-Funding Account or deposited therein that are on deposit in error; and
(iv) To clear and terminate the Pre-Funding Account upon Account) shall be deposited, on the earlier to occur of (A) Business Day immediately preceding the first Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this AgreementPeriod, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated Collection Account as contributions of cash to REMIC I on the date of withdrawalAvailable Funds.
Appears in 1 contract
Samples: Sale and Servicing Agreement (WFS Financial 2005-3 Owner Trust)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator Trustee shall establish and maintain a segregated trust account which at all times shall be that is an Eligible Account and Account, which shall be titled “"Pre-Funding Account, Xxxxx Fargo BankCitibank, National AssociationN.A., in trust as trustee for the registered holders of Deutsche Alt-A Securities, Chase Funding Mortgage Loan TrustAsset-Backed Certificates, Series 20062001-AR2, Mortgage Pass-Through Certificates” 2" (the “"Pre-Funding Account”"). The Securities Administrator Trustee shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Trustee by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust by the Trustee for the Certificateholders for the uses and purposes set forth herein. The Trustee hereby appoints the Paying Agent as its agent in connection with establishing and maintaining the Pre-Funding Account pursuant to this Section 4.06.
(b) The Securities Administrator will Trustee shall invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding each Distribution Date or Subsequent Transfer Date, as the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereofcase may be. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the DepositorCapitalized Interest Account on the Business Day immediately preceding each Distribution Date or Subsequent Transfer Date, as the case may be. The Depositor Servicer shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will Prior to the Distribution Date in the month immediately following the end of the Funding Period or any earlier Subsequent Transfer Date on which the entire balance of the Original Pre-Funded Amount is applied to purchase Subsequent Mortgage Loans, the Pre-Funding Account will not be an asset of any either of the Subsidiary REMIC created hereunderor the Master REMIC.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator Paying Agent as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the aggregate Stated Principal Balances of the related Subsequent Mortgage Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee for deposit in the Trust Fund Mortgage Pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 2.10 with respect to such transfer and assignment;
(ii) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately following the termination of the Pre-Funding Period, the Securities Administrator shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iviii) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date in the month immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid deposited into the Certificate Account for distribution to the Holders of related Loan Group in accordance with the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawalterms thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Chase Funding Inc)
Pre-Funding Account. (a) No later than The Securities Administrator has heretofore established or caused to be established and shall hereafter maintain or cause to be maintained a separate account entitled the Closing Pre-Funding Account, which is and shall continue to be an Eligible Account in the name of the Securities Administrator and shall be designated “Xxxxx Fargo Bank, N.A., as Securities Administrator of the New York Mortgage Trust 2006-1 Pre-Funding Account.” Any investment earnings from the Pre-Funding Account will be paid to NYMT on the first Business Day of the month following each Distribution Date during the Pre-Funding Period; provided, however, that if the final Subsequent Transfer Date occurs after the Distribution Date in a month, on such Subsequent Transfer Date, the Securities Administrator shall establish and maintain a trust account which at all times shall be an Eligible Account and shall be titled “Pre-(i) transfer the Excess Funding Account, Xxxxx Fargo Bank, National Association, in trust for the registered holders of Deutsche Alt-A Securities, Mortgage Loan Trust, Series 2006-AR2, Mortgage Pass-Through Certificates” (the “Pre-Funding Account”). The Securities Administrator shall, promptly upon receipt, deposit in Amount from the Pre-Funding Account to the Collection Account, (ii) transfer any investment earnings to NYMT as soon as practicable and retain therein the Original Pre-Funded Amount remitted on the Closing Date by the Depositor. Funds deposited in (iii) close the Pre-Funding Account shall be held in trust for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the DepositorAccount. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn invested in the Xxxxx Fargo Advantage Prime Investment Money Market Fund unless another Eligible Investment is specified in writing by NYMT. All investment earnings on funds on deposit in the Securities Administrator Pre-Funding Account will be treated as follows:owned by, and will be taxable to NYMT and will not be deposited into any REMIC created hereunder.
(ib) On any the Closing Date, the Seller will deposit $49,405,812 into the Pre-Funding Account.
(c) On each Subsequent Transfer Date, (i) the NYMT shall instruct the Securities Administrator shall to withdraw from the Pre-Funding Account an amount equal to 100% of the aggregate Stated Principal Balances of the related Subsequent Mortgage Loans as of the Subsequent Cut-Off Date, transferred and assigned sold to the Trustee for deposit in the Trust Fund Issuing Entity on such Subsequent Transfer Date and (ii) the Securities Administrator shall pay such amount amounts to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 NYMT with respect to such transfer and assignment;transfer.
(iid) If at the amount on deposit end of the Pre-Funding Period amounts still remain in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately following the termination of the Pre-Funding PeriodAccount, the Securities Administrator shall deposit into the Distribution Account any amounts remaining in withdraw such amounts, exclusive of investment income, from the Pre-Funding Account (exclusive on the immediately following Distribution Date and deposit such amounts in the Collection Account to be included as part of any investment income therein) for distribution in accordance with principal distributions to the terms hereof;certificates.
(iiie) To withdraw any amount not required to be deposited Unless closed as provided in Section 6.11(a) above, the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate shall be closed at the Pre-Funding Account upon the earlier to occur close of (A) business on the Distribution Date immediately following the end of the Pre-Funding Period and Period.
(Bf) The Pre-Funding Account shall be part of the termination Trust Estate, but not part of this Agreementany REMIC created hereunder. For federal income tax purposes, with any amounts remaining on deposit therein being paid the Pre-Funding Account shall be an “outside reserve fund” within the meaning of Treasury regulation § 1.860G-2(h). NYMT shall be the beneficial owner of the Pre-Funding Account for federal income tax purposes, subject to the Holders foregoing power of the Class A Certificates then entitled Securities Administrator to distributions transfer amounts in respect of principal. Withdrawals the Pre-Funding Account to the Collection Account.
(g) Each Subsequent Mortgage Loan acquired by the Issuing Entity with funds from the Pre-Funding Account shall be acquired pursuant to clauses (ia fixed price contract within the meaning of Code section 860G(a)(3)(A)(ii), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawal.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (NYMT Securities CORP)
Pre-Funding Account. (a) No later than the Closing Date, the Securities The Trust Administrator shall establish and maintain a trust account which at all times shall has heretofore established or caused to be an Eligible Account established and shall hereafter maintain or cause to be titled “maintained a separate account denominated the Pre-Funding Account, which is and shall continue to be an Eligible Account in the name of the Trust Administrator and shall be designated “Xxxxx Fargo Bank, National Association, in trust for as Trust Administrator of the registered holders of Deutsche Alt-A Securities, Fieldstone Mortgage Loan Investment Trust, Series 20062004-AR2, Mortgage Pass-Through Certificates” (the “5 Pre-Funding Account”). The Securities .” Any investment earnings from Pre-Funding Account will be paid to the Seller on the first Business Day of the month following each Payment Date during the Pre-Funding Period; provided, however, that if the final Subsequent Transfer Date occurs after the Payment Date in a month, on such Subsequent Transfer Date, the Trust Administrator shall, promptly upon receipt, deposit in shall (i) transfer the Excess Funding Amount from the Pre-Funding Account to the Collection Account, (ii) transfer any investment earnings to the Seller as soon as practicable and retain therein the Original Pre-Funded Amount remitted on the Closing Date by the Depositor. Funds deposited in (iii) close the Pre-Funding Account shall be held in trust for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the DepositorAccount. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by invested in Eligible Investments at the Securities Administrator direction of the Seller in accordance with the provisions of Section 4.02(j). All investment earnings on funds on deposit in the Pre-Funding Account will be treated as follows:owned by, and will be taxable to, the Seller.
(ib) On any the Closing Date, the Seller will cause to be deposited $149,913,198.49 in the Pre-Funding Account from the sale of the Notes.
(c) On each Subsequent Transfer Date, (i) the Securities Seller shall instruct the Trust Administrator shall to withdraw from the Pre-Funding Account an amount equal to 100% of the aggregate Scheduled Principal Balances of the related Subsequent Mortgage Loans as of the Subsequent Cut-Off Date, transferred and assigned sold to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and (ii) the Trust Administrator shall pay such amount amounts to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 Seller with respect to such transfer and assignment;transfer.
(iid) If at the amount on deposit end of the Pre-Funding Period amounts still remain in the Pre-Funding Account (Account, the Trust Administrator shall withdraw such amounts, exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Periodincome, on the Distribution Date immediately following the termination of the Pre-Funding Period, the Securities Administrator shall deposit into the Distribution Account any amounts remaining in from the Pre-Funding Account (exclusive of any investment income therein) for distribution on the immediately following Payment Date and deposit such amounts in accordance with the terms hereof;Collection Account.
(iiie) To withdraw any amount not required to be deposited in Unless sooner closed as provided above, the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate shall be closed at the Pre-Funding Account upon close of business on the earlier to occur of (A) the Distribution Payment Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawalPeriod.
Appears in 1 contract
Samples: Transfer and Servicing Agreement (Fieldstone Mortgage Investment Trust, Series 2004-5)
Pre-Funding Account. (a) No later than On the Closing Date, the Securities Administrator Seller shall establish and maintain a trust account which at all times shall be an Eligible Account and shall be titled “Pre-Funding Accountdeposit, Xxxxx Fargo Bankfrom the net proceeds of the sale of the Notes, National Association, in trust for the registered holders of Deutsche Alt-A Securities, Mortgage Loan Trust, Series 2006-AR2, Mortgage Pass-Through Certificates” (the “Pre-Funding Account”). The Securities Administrator shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Initial Deposit Amount remitted on the Closing Date by the Depositor. Funds deposited in into the Pre-Funding Account Account. On or prior to each Subsequent Cut-Off Date, the Servicer shall be held in trust for calculate the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day Aggregate Principal Balance of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall Subsequent Contracts to be transferred to the DepositorTrust on the related Subsequent Transfer Date. The Depositor Servicer shall deposit in instruct the Pre-Funding Account the amount of any net loss incurred in respect of any Indenture Trustee to distribute such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts amount, from amounts on deposit in the Pre-Funding Account shall be withdrawn by Account, to the Securities Administrator as follows:
(i) On any Seller on such Subsequent Transfer Date. The Seller will use these funds to purchase the Subsequent Contracts from WFS and will in turn transfer the related Subsequent Contracts to the Trust on such Subsequent Transfer Date, the Securities Administrator shall withdraw from the Pre-Funding Account an amount equal to 100% at which time such Subsequent Contracts will become part of the Principal Balances of the related Subsequent Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 with respect to such transfer and assignment;Estate.
(iib) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during by the end of the Pre-Funding Period, on the first Distribution Date immediately following the termination of the Pre-Funding Period, the Securities Administrator shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period, after giving effect to any reductions in the Pre-Funding Account during the Pre-Funding Period and pursuant to paragraph (Ba) the termination of this AgreementSection, the Servicer shall instruct the Indenture Trustee to withdraw from the Pre-Funding Account on such Distribution Date, the amount remaining in the Pre-Funding Account at such time exclusive of the Pre-Funding Account Investment Earnings, if any, for the related Collection Period (such remaining amount being the "Remaining Pre-Funding Amount") and deposit such amount in the Collection Account for inclusion in the Aggregate Principal Distributable Amount for such Distribution Date. The Pre-Funding Account Investment Earnings for the related Collection Period (together with any other interest and other income (net of losses and expenses) earned on amounts remaining on deposit therein being paid to in the Holders of Pre-Funding Account that are on deposit in the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iiiPre-Funding Account) shall be treated as contributions of cash to REMIC I deposited, on the date Business Day immediately preceding the first Distribution Date following the end of withdrawalthe Pre-Funding Period, to the Collection Account as Available Funds.
Appears in 1 contract
Samples: Sale and Servicing Agreement (WFS Receivables Corp 3)
Pre-Funding Account. (a) No later than The Trustee shall establish and maintain an account entitled “Pre-Funding Account for the benefit of Holders of the First NLC Trust 2005-2 Mortgage-Backed Certificates, Series 2005-2.” On the Closing Date, the Securities Administrator shall establish and maintain a trust account which at all times shall be an Eligible Account and shall be titled “Pre-Funding Account, Xxxxx Fargo Bank, National Association, in trust for the registered holders of Deutsche Alt-A Securities, Mortgage Loan Trust, Series 2006-AR2, Mortgage Pass-Through Certificates” (the “Pre-Funding Account”). The Securities Administrator shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator Depositor will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required cause to be withdrawn from such account pursuant deposited to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement thereforOriginal Pre-Funded Amount. At no time will the The Pre-Funding Account shall not be an asset of any REMIC created hereunderunder this Agreement. The Pre-Funding Account will constitute an “outside reserve fund” for purposes of the REMIC Provisions.
(b) The Pre-Funding Account shall be an Eligible Account. If an existing Pre-Funding Account ceases to be an Eligible Account, the Trustee shall establish a new Pre-Funding Account that is an Eligible Account within 30 days and transfer all funds on deposit in such existing Pre-Funding Account into such new Pre-Funding Account.
(c) Amounts on deposit in the Pre-Funding Account (exclusive of investment earnings thereon) shall solely be withdrawn by the Securities Administrator as follows:
(i) applied to acquire Subsequent Mortgage Loans. On any Subsequent Transfer Sale Date, provided that the Securities Administrator conditions set forth in Section 2.8 have been fully satisfied, the Depositor shall instruct the Trustee, in writing, to withdraw funds (exclusive of investment earnings) from the Pre-Funding Account (specifying the applicable sub-account, if applicable) in an amount equal to the price for the Subsequent Mortgage Loans to be acquired on such Subsequent Sale Date, and to pay such amount to the order of the Depositor. In no event shall the Trustee withdraw from the Pre-Funding Account Account, in the aggregate, an amount equal to 100% in excess of the Principal Balances of the related Subsequent Loans as of the Subsequent CutPre-Off Date, transferred and assigned to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and pay such amount to Funded Amount (or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 with respect portion thereof) deposited to such transfer and assignment;Account on the Closing Date.
(iid) If During the amount Pre-Funding Period, amounts on deposit in the Pre-Funding Account (exclusive may be invested only in Eligible Investments by the Trustee at the direction of any investment income therein) has not been reduced to zero during the Pre-Funding PeriodDepositor. In the absence of direction from the Depositor, on the Distribution Date immediately following the termination of the Pre-Funding Period, the Securities Administrator shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account shall remain uninvested. All such Eligible Investments shall be made in the name of the Trustee (exclusive in it capacity as such) or its nominee and shall mature on or prior to the Business Day prior to the next Distribution Date. The amount of any investment income therein) for distribution losses incurred in accordance with respect of any such investments shall be paid by the terms hereof;Depositor by a deposit in the applicable Pre-Funding Account out of its own funds, without any right of reimbursement therefor, immediately as realized.
(iiie) To withdraw any amount not required to The Depositor shall be deposited the legal owner of the Pre-Funding Account. All amounts earned on deposits in the Pre-Funding Account or deposited therein shall be taxable to the Depositor. The Trustee shall release to the Depositor all investment earnings in error; and
(iv) To clear and terminate the Pre-Funding Account upon on the earlier to occur of (A) the Distribution Date Business Day immediately following the end of the Pre-Funding Period and Period.
(Bf) On the termination last day of this Agreementthe Pre-Funding Period, with the Trustee shall transfer any amounts remaining on deposit therein being paid Pre-Funded Amount to the Holders Payment Account and shall remit any investment earnings in the Pre-Funding Account to the Depositor, and the Pre-Funded Amount will be included in the Principal Proceeds for distribution to the Certificateholders as an additional prepayment of principal on the Class A Certificates then entitled to distributions immediately following Distribution Date in respect of principal. Withdrawals accordance with the priorities set forth in Section 8.1 and terminate the Pre-Funding Account.
(g) Each Subsequent Mortgage Loan acquired with funds from the Pre-Funding Account shall be acquired pursuant to clauses (ia fixed price contract within the meaning of Internal Revenue Code § 860G(a)(3)(A)(ii), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawal.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First NLC Trust 2005-2)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator shall establish and maintain on behalf of the Trustee for the benefit of the Certificateholders a segregated trust account which at all times shall be that is an Eligible Account and Account, which shall be titled “"Pre-Funding Account, Xxxxx Fargo Bank, U.S. Bank National Association, in trust as trustee for the registered holders of Deutsche AltTerwin Mortgage Trust 2004-A Securities22SL, Mortgage Loan TrustAsset-Backed Certificates, TMTS Series 20062004-AR2, Mortgage Pass-Through Certificates” 22SL" (the “"Pre-Funding Account”"). The Securities Administrator Administrator, as agent for the Trustee, shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Trustee by the DepositorSeller. Funds deposited in the Pre-Funding Account shall be held in trust for by the Trustee on behalf of the Certificateholders for the uses and purposes set forth herein. The Trustee hereby appoints the Securities Administrator as its agent in connection with establishing and maintaining the Pre-Funding Account pursuant to this Section 5.07.
(b) The Securities Administrator will shall invest funds deposited in the Pre-Funding Account only in Permitted Investments as directed in writing by the Depositor Seller (and such provided that if the Securities Administrator does not receive written direction from the Seller, then amounts in the Pre-Funding Account shall not be invested if no direction is received by Securities Administratorinvested) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding each Distribution Date or Subsequent Transfer Date, as the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereofcase may be. For federal income tax purposes, the Depositor Seller shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the DepositorCapitalized Interest Account on the Business Day immediately preceding each Distribution Date or Subsequent Transfer Date, as the case may be. The Depositor Seller shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the The Pre-Funding Account will not be an asset of any REMIC created hereunderof the REMICs provided for herein.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator shall withdraw from the Pre-Funding Account an amount equal to 100% of the aggregate Stated Principal Balances of the related Subsequent Mortgage Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee for deposit in the Trust Fund Mortgage Pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 2.11 with respect to such transfer and assignment;
(ii) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately following the termination of the Pre-Funding Period, the Securities Administrator shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iviii) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to deposited into the Holders of Certificate Account for distribution in accordance with the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawalterms thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Terwin Mortgage Trust, Series TMTS 2004-22sl)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator Indenture Trustee shall establish and maintain a on behalf of the Enhancer and the Noteholders one or more segregated trust account accounts, which at all times shall be an Eligible Account and shall be Accounts, titled “"Pre-Funding Account, Xxxxx Fargo JPMorgan Chase Bank, National Associationas Indenture Trustee for Wachovia Asset Securitization, in trust for the registered holders of Deutsche AltInc. 2002-A Securities, Mortgage Loan HE1 Trust, Series 2006-AR2, Mortgage Pass-Through Certificates” " (the “"Pre-Funding Account”"). The Securities Administrator shallOn the Closing Date, promptly upon receipt, Seller shall deposit in into the Pre-Funding Account and retain therein an amount equal to the Original Pre-Funded Amount remitted on from the Closing Date by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day proceeds of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner sale of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefromSecurities. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator as follows:
(i) On any each Subsequent Transfer Date, the Securities Administrator Servicer shall instruct the Indenture Trustee in writing to withdraw from the Pre-Funding Account an amount equal to 100% of the aggregate Principal Balances Balance as of the related Subsequent Loans as Cut-Off Date of the Subsequent Cut-Off Date, transferred and assigned Mortgage Loans to be sold to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and allocate such withdrawal to amounts on deposit in the Pre-Funding Account, and to pay such amount to or upon the order of the Depositor Seller upon satisfaction of the conditions set forth in Section 2.6 this Agreement, in the Purchase Agreement and in the related Subsequent Transfer Agreement with respect to such transfer and assignment;thereto.
(iib) If the amount Pre-Funded Amount has not been reduced to zero at the close of business on the last day of the Pre-Funding Period, after giving effect to any withdrawal therefrom on such day, any remaining Pre-Funded Amount, shall be deposited into the Note Payment Account and applied as a principal distribution on the Notes on the next succeeding Payment Date, except that amounts on deposit in the Pre-Funding up to a maximum of $50,000, shall be deposited in the Funding Account and withdrawn pursuant to Section 3.19(c).
(c) The Servicer may cause the institution maintaining the Pre-Funding Account to invest any funds therein in Permitted Investments having a maturity of up to 90 days or maturing or otherwise available not later than the Business Day preceding the related Payment Date on which funds are scheduled to be withdrawn to purchase Subsequent Mortgage Loans, provided that no such investment may be sold or disposed of prior to maturity. In addition, no such Permitted Investment shall be purchased at a price in excess of par. Notwithstanding the foregoing, in the event investment earnings have not matured on any Payment Date, the amount of such earnings accrued as of such Payment Date shall be advanced by the Servicer for deposit into the Note Payment Account (exclusive which advance shall be reimbursed to the Servicer from such investment earnings at maturity). At any time when the Indenture Trustee is maintaining the Pre-Funding Account, any request by the Servicer to invest funds on deposit therein shall be in writing, delivered to the Indenture Trustee at or before 10:30 a.m., New York time, if such investment is to be made on such day. The Servicer shall certify that the requested investment is a Permitted Investment maturing at or prior to the time required hereby. Any such investment shall be registered in the name of the Indenture Trustee or its nominee, and to the extent that any such investment is certificated, such investment shall be maintained with the Indenture Trustee at its Corporate Trust Office. All net income or other gain received from any such investment shall be deposited into or credited to the Custodial Account as Interest Collections, and may be withdrawn therefrom in accordance with Section 3.05 of the Indenture. In no event shall the Indenture Trustee be liable for any investment income thereinlosses on Permitted Investments held in or credited to the Pre-Funding Account, provided that such investments are made in accordance with the provisions of this Agreement and the Indenture Trustee is not the obligor under the Permitted Investment.
(d) has not been reduced to zero If on any Payment Date during the Pre-Funding Period, the amount of Additional Balances created during the related Collection Period exceeds the amount of Principal Collections on deposit in the Distribution Date immediately following Custodial Account and the termination of the Pre-amount on deposit in Funding PeriodAccount available to purchase Additional Balances, the Securities Administrator shall Servicer may withdraw from amounts on deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive Account, to the extent available and following the purchase of any investment income therein) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited Additional Balances from funds on deposit in the Pre-Custodial Account and Funding Account or deposited therein in error; and
(iv) To clear Account, the amount of such excess and terminate the Pre-Funding Account upon the earlier pay such amount to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated Seller as contributions of cash to REMIC I on the date of withdrawalpayment for such Additional Balances.
Appears in 1 contract
Samples: Servicing Agreement (Wachovia Asset Sec Inc Asst Back Notes Ser 2002 He1)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator shall establish and maintain a trust account which at all times shall The Trustee has heretofore established or caused to be an Eligible Account established and shall hereafter maintain or cause to be titled “maintained a separate account denominated the Pre-Funding Account, which is and shall continue to be an Eligible Account in the name of the Trustee and shall be designated “Xxxxx Fargo BankBank Minnesota, National Association, in trust for as Trustee of the registered holders of Deutsche AltRenaissance HEL Trust 2003-A Securities, Mortgage Loan Trust, Series 2006-AR2, Mortgage Pass-Through Certificates” (the “4 Pre-Funding Account”). .” The Securities Administrator shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date by the Depositor. Funds deposited in the Pre-Funding Account shall be held treated as an “outside reserve fund” under applicable Treasury regulations and will not be part of any REMIC. Any Pre-Funding Earnings will be distributed to the Seller on each Pre-Funding Distribution Date; provided, however, that if the final Subsequent Transfer Date occurs after the Distribution Date in trust for a month, on such Subsequent Transfer Date, the Certificateholders for Trustee shall (i) transfer the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in Excess Funding Amount from the Pre-Funding Account only as directed in writing by to the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investmentDistribution Account, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner of transfer the Pre-Funding Account Earnings to the Seller and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in (iii) close the Pre-Funding Account shall be transferred to the DepositorAccount. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by invested in Eligible Investments at the Securities Administrator direction of the Seller in accordance with the provisions of Section 5.05. All investment earnings on funds on deposit in the Pre-Funding Account will be treated as follows:owned by, and will be taxable to, the Seller.
(ib) On any the Closing Date, the Seller will cause to be deposited the Original Pre-Funded Amount in the Pre-Funding Account from the sale of the Offered Certificates.
(c) [Reserved].
(d) On each Subsequent Transfer Date, (i) the Securities Administrator Seller shall instruct the Trustee to withdraw from the Pre-Funding Account an amount equal to 100% of the aggregate Principal Balances of the related Subsequent Mortgage Loans as of the Subsequent Cut-Off Date, transferred and assigned sold to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and (ii) the Trustee shall pay such amount amounts to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 Seller with respect to such transfer and assignment;transfer.
(iie) If at the amount on deposit end of the Funding Period amounts still remain in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately following the termination of the Pre-Funding PeriodAccount, the Securities Administrator Seller shall deposit into instruct the Distribution Account any Trustee to withdraw such amounts remaining in from the Pre-Funding Account (exclusive of any investment income therein) for distribution on the immediately following Distribution Date and deposit such amounts in accordance with the terms hereof;Distribution Account.
(iiif) To withdraw any amount not required to be deposited in Unless sooner closed as provided above, the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate shall be closed at the Pre-Funding Account upon the earlier to occur close of (A) business on the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawalPeriod.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Renaissance Home Equity Loan Trust 2003-4)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator shall establish and maintain a trust account which at all times shall be an Eligible Account and shall be titled “"Pre-Funding Account, Xxxxx Fargo Bank, National Association[ ], in trust for the registered holders of Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2006-AR2[ ], Mortgage Pass-Through Certificates” " (the “"Pre-Funding Account”"). The Securities Administrator shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s 's receipt thereof. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator shall withdraw from the Pre-Funding Account an amount equal to 100[ ]% of the Principal Balances of the related Subsequent Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee for deposit in the Trust Fund mortgage pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 with respect to such transfer and assignment;
(ii) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero [ ] during the Pre-Funding Period, on the Distribution Date day immediately following the termination of the Pre-Funding Period, the Securities Administrator shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawal.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Deutsche Alt-a Securities Inc)
Pre-Funding Account. (a) No later than On or before the Closing Date, the Securities Administrator Trustee shall establish and maintain a segregated trust account which at all times shall be in the corporate trust department of an Eligible Account and Bank referred to herein as the "PRE-FUNDING ACCOUNT." The Depositor shall be titled “deposit an amount equal to the Initial Pre-Funding Account, Xxxxx Fargo Bank, National Association, in trust for the registered holders of Deutsche Alt-A Securities, Mortgage Loan Trust, Series 2006-AR2, Mortgage Pass-Through Certificates” (the “Pre-Funding Account”). The Securities Administrator shall, promptly upon receipt, deposit in Funded Amount into the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on or before the Closing Date by the DepositorDate. Funds deposited in the The Pre-Funding Account shall be held maintained in trust the name of the Trustee as trustee for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereofCertificateholders. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts Funds on deposit in the Pre-Funding Account shall be withdrawn by invested in Eligible Investments in the Securities Administrator same manner and subject to the same limitation as follows:the investment of funds in the Certificate Account pursuant to Section 9.01, including the limitation that Eligible Investments mature not later than the Business Day prior to the next succeeding Distribution Date; provided, however, that such limitation shall apply only with respect to Eligible Investments in an amount equal to the amount required to be distributed from such Pre-Funding Account on such Distribution Date. The Pre-Funding Account and any amounts on deposit therein shall be part of the Trust and shall be for the benefit of the Certificateholders and the Servicer, as their respective interests may appear herein; provided, however, that the interest of the Servicer shall be subordinated to the interests of the Certificateholders as provided herein. POOLING AND SERVICING AGREEMENT
(ib) On any the Closing Date, the Sellers will deposit the Initial Pre-Funded Amount in the Pre-Funding Account. On each Subsequent Transfer Date, the Securities Administrator Servicer shall instruct the Trustee to withdraw from the Pre-Funding Account an amount equal to 100% of the Principal Balances of the related Subsequent Loans as Balance of the Subsequent Cut-Off Date, Receivables transferred and assigned to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and pay to distribute such amount to or upon the order of the Depositor Depositors upon satisfaction of the conditions set forth in Section 2.6 this Agreement with respect to such transfer and assignment;transfer.
(iic) If the amount on deposit in (i) the Pre-Funding Account (exclusive of any investment income therein) Funded Amount has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately on which the Funding Period ends (or, if the Funding Period does not end on a Distribution Date, on the first Distribution Date following the termination end of the Funding Period) or (ii) the Pre-Funding PeriodFunded Amount has been reduced to $100,000 or less on any Determination Date, in either case after giving effect to any reductions in the Pre-Funded Amount on such Distribution Date or Determination Date pursuant to paragraph (b) above, the Securities Administrator Servicer shall deposit into instruct the Distribution Account Trustee to withdraw any remaining amounts remaining in from the Pre-Funding Account (exclusive of any investment income therein) and to deposit such amounts to the Certificate Account for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end as principal of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining Receivables on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawalsuch Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bay View Deposit CORP)
Pre-Funding Account. (a) No later than On or before the Closing Date, the Securities Administrator Trustee shall establish and maintain a trust pre-funding account which at all times shall be an Eligible Account and shall be titled “(the "Pre-Funding Account"), Xxxxx Fargo Bank, National Association, in trust for the registered holders of Deutsche Alt-A Securities, Mortgage Loan Trust, Series 2006-AR2, Mortgage Pass-Through Certificates” (the “which must be an Eligible Account. The Pre-Funding Account”). The Securities Administrator shallAccount is to be held by and for the benefit of the Trustee on behalf of the Certificateholders, promptly upon receiptand shall be either in the Trustee's name or designated in a manner that reflects the custodial nature of the account and that all funds (excluding investment earnings thereon) in such account are held for the benefit of the Trustee.
(b) On or before the Closing Date, OMI shall deposit $52,137,500 in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date by the DepositorAccount. Funds deposited in the Pre-Funding Account shall be held in trust for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator Trustee as follows:
(i) On Pursuant to and in accordance with the Sales Agreement and a notice of direction from an officer of OMI substantially in the form of Exhibit PF attached hereto, on any Subsequent Transfer Date, the Securities Administrator Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the Scheduled Principal Balances Balance as of the related Subsequent Loans as Transfer Date of the each Subsequent Cut-Off Date, Asset transferred and assigned to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 OMI with respect to such transfer and assignment;.
(ii) If On each Subsequent Transfer Date, OMI shall sell to the amount on deposit in Trustee, without recourse, the Pre-Funding Account (exclusive of any investment income therein) has not been reduced Subsequent Assets referred to zero during the Pre-Funding Period, on the Distribution related Exhibit PF pursuant to the provisions of Article II of the Standard Terms, and this Agreement. On each Subsequent Transfer Date immediately following Servicer shall execute and deliver a Servicer Custodial Certification pursuant to Section 2.02(b) of the termination Standard Terms, and the Trustee shall execute and deliver an Initial Certification pursuant to Section 2.03(c)(1) of the Standard Terms.
(iii) On the last day of the Pre-Funding Period, the Securities Administrator Trustee shall deposit into the Distribution Account any amounts then remaining in the Pre-Funding Account, net of investment earnings, which amounts shall be held uninvested in the Distribution Account (exclusive and will be included in the Available Distribution Amount for the immediately following Distribution Date and distributed as an additional prepayment of any investment income therein) for distribution principal to Certificateholders in accordance with the terms hereof;Remittance Report prepared by the Servicer then entitled to such distributions.
(iiic) To withdraw any amount The Pre-Funding Account shall be part of the Trust, but not required part of the Pooling REMIC, the Intermediate REMIC or the Issuing REMIC. The Trustee, on behalf of the Trust, shall be the legal owner of the Pre-Funding Account. OMI shall be the beneficial owner of the Pre-Funding Account, subject to be deposited the foregoing power of the Trustee to transfer amounts in the Pre-Funding Account or deposited therein to the Distribution Account. Funds in error; andthe Pre-Funding Account shall, at the direction of the Servicer, be invested in Eligible Investments that mature no later than the Business Day prior to the next occurring Distribution Date. All amounts earned on deposits in the Pre-Funding Account shall be taxable to OMI. The Trustee shall release to OMI all investment earnings in the Pre-Funding Account on the Business Day immediately following the end of the Pre-Funding Period.
(ivd) To The Trustee shall clear and terminate the Pre-Funding Account upon the earlier to occur of (Ai) the Distribution Date immediately following the end of the Pre-Funding Period and (Bii) the termination date on which an Event of Default occurs under this Agreement, with any amounts remaining on deposit therein being paid to the Holders holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (iib)(i)-(iii) and this clause (iiid) shall be treated as contributions of cash to the Pooling REMIC I on the date of withdrawal.
(e) Each Subsequent Asset acquired by the Trust with funds from the Pre-Funding Account shall be acquired pursuant to a fixed price contract within the meaning of X.X.X.xx. 860G(a)(3)(A)(ii).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Oakwood Mortgage Investors Inc)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator Trustee shall establish and maintain a segregated trust account that is an Eligible Account, which at all times shall be an Eligible Account and shall be titled “titled, "Pre-Funding Account, Xxxxx Fargo BankBank One, National Association, in trust as trustee for the registered holders of Deutsche Alt-A Securities, Mortgage Loan Trust, Series 2006-AR2, Mortgage Pass-Through Certificates” (the “Pre, Series 2000-Funding Account”)A". The Securities Administrator Trustee shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Trustee by the DepositorCompany. Funds deposited in Prior to end of the Pre-Funding Period, the Pre-Funding Account shall will be held in trust for part of the Certificateholders for the uses and purposes set forth hereinTrust Fund.
(b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator Trustee as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator Trustee, pursuant to the related Subsequent Transfer Agreement, shall withdraw from the Pre-Funding Account an amount equal to 100% of the Principal Balances of the related Purchase Price for each Subsequent Loans as of the Subsequent Cut-Off Date, Mortgage Loan transferred and assigned to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor Seller upon satisfaction of the conditions set forth in Section 2.6 with respect to such transfer and assignmentassignment set forth in Section 2.09 herein;
(ii) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately following the termination of the Pre-Funding Period, the Securities Administrator shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof[Reserved];
(iii) To The Trustee shall withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To The Trustee shall clear and terminate the Pre-Funding Account upon the earlier earliest to occur of (A) the Distribution Date immediately following the end of the Pre- Funding Period, (B) the termination of this Agreement and (C) the termination of the Trust Fund, with any amounts remaining on deposit therein being deposited into the Distribution Account for payment to the Class A Certificateholders on the Distribution Date following the end of the Pre-Funding Period and (Bpursuant to Section 4.02(b)(3)(i) the termination of this Agreement, with any amounts remaining or 4.02(b)(3)(ii). Amounts on deposit therein being paid in the Pre-Funding Account shall be invested by the Trustee in Eligible Investments. All interest and any other investment earnings on amounts on deposit in the Pre-Funding Account shall be remitted by the Trustee to the Holders WMC Mortgage Corp. prior to each Distribution Date. The Pre-Funding Account will not be an asset of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i)any REMIC and, (ii) and (iii) shall solely for Federal income tax purposes, will be treated as contributions of cash to REMIC I on owned by the date of withdrawalSeller.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (WMC Secured Assets Corp WMC Mort Pass THR Cert Ser 2000-A)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator Trustee shall establish and maintain a segregated trust account which at all times shall be that is an Eligible Account and Account, which shall be titled “Pre-Funding Account, Xxxxx Fargo BankDeutsche Bank National Trust Company, National Association, in trust as trustee for the registered holders of Deutsche AltSoundview Home Loan Trust 2005-A Securities2, Mortgage Loan TrustAsset-Backed Certificates, Series 20062005-AR2, Mortgage Pass-Through Certificates2” (the “Pre-Funding Account”). The Securities Administrator Trustee shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Trustee by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust by the Trustee for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator Trustee will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator Trustee or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator Trustee or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities AdministratorTrustee’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset assets of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator Trustee as follows:
(i1) On any Subsequent Transfer Date, the Securities Administrator Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the aggregate Stated Principal Balances of the related Subsequent Loans as Balance of the Subsequent Cut-Off Date, Mortgage Loans transferred and assigned to the Trustee for deposit in the Trust Fund Mortgage Pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 2.08 with respect to such transfer and assignment;
(ii2) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date day immediately following the termination of the Pre-Funding Period, the Securities Administrator Trustee shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof;
(iii3) To distribute to the Interest Coverage Account any income and gain realized from the investment of funds in the Pre-Funding Account;
(4) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv5) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I 1 on the date of withdrawal.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2005-2)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator shall establish and maintain a trust account which at all times shall be an Eligible Account and shall be titled “Pre-Funding Account, Xxxxx Fargo Bank, National AssociationN.A., in trust for the registered holders of Deutsche Alt-A Securities, Securities Mortgage Loan Trust, Series 2006-AR2AR4, Mortgage Pass-Through Certificates” (the “Pre-Funding Account”). The Securities Administrator shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator shall withdraw from the Pre-Funding Account an amount equal to 100% of the Principal Balances of the related Subsequent Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 with respect to such transfer and assignment;
(ii) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately following the termination of the Pre-Funding Period, the Securities Administrator shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawal.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2006-Ar4)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator Trustee shall establish and maintain a segregated trust account account, which at all times shall be an Eligible Account and shall be titled “"Pre-Funding Account, Xxxxx Fargo BankBank One, National Association, in trust as trustee for the registered holders of Deutsche Alt-A SecuritiesStructured Asset Mortgage Investments Inc., Mortgage Loan TrustPass- Through Certificates, Series 20062002-AR2, Mortgage Pass-Through Certificates” AR3" (the “"Pre-Funding Account”"). The Securities Administrator Pre-Funding Account shall be an Eligible Account. The Trustee shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Trustee by the DepositorSeller. Funds deposited in the Pre-Funding Account shall be held in trust by the Trustee for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator Trustee will invest funds deposited in the Pre-Funding Account only as directed by the Seller or its designee in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator Trustee or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator Trustee or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s Trustee's receipt thereof. For federal income tax purposes, the Depositor Seller or its designee shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the DepositorInterest Coverage Account at the following times: (i) on the Business Day immediately preceding each Distribution Date, if a Person other than the Trustee or an Affiliate of the Trustee manages or advises such investment, or on each Distribution Date, if the Trustee or an Affiliate of the Trustee manages or advises such investment, (ii) on the Business Day immediately preceding each Subsequent Transfer Date, if a Person other than the Trustee or an Affiliate of the Trustee manages or advises such investment, or on each Subsequent Transfer Date, if the Trustee or an Affiliate of the Trustee manages or advises such investment or (iii) within one (1) Business Day of the Trustee's receipt thereof. Such transferred funds shall not constitute income and gain for purposes of Section 4.07(b) hereof. The Depositor Seller or its designee shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator Trustee as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator Trustee shall withdraw from the Pre-Pre- Funding Account an amount equal to 100% of the Scheduled Principal Balances of the related Subsequent Mortgage Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee for deposit in the Trust Fund mortgage pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor Seller upon satisfaction of the conditions set forth in Section 2.6 2.07 with respect to such transfer and assignment;
(ii) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income thereinincome) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date day immediately following the termination of the Pre-Funding Period, the Securities Administrator Trustee shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income thereinincome) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates Certificateholders then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawal.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mort Inv Inc Mort Pass THR Cert 2002-Ar3)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Trust Administrator shall establish and maintain a segregated trust account which at all times shall be that is an Eligible Account and Account, which shall be titled “"Pre-Funding Account, Xxxxx Fargo U.S. Bank National Association as Trust Administrator for Firstar Bank, National AssociationN.A., in trust as Trustee for the registered holders of Deutsche Alt-A SecuritiesSalomon Brothers Mortgage Securities VII, Mortgage Loan TrustInc., Series 2006-AR2, New Century Floating Rate Mortgage Pass-Through Certificates” , Series 1999-NC4" (the “"Pre-Funding Account”"). The Securities Trust Administrator shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Trust Administrator by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust by the Trust Administrator for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Trust Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by Permitted Investments of the Depositor kind described in clause (and such amounts shall not be invested if no direction is received by Securities Administratorvi) in of the definition of Permitted Investments with a maturity date (i) no later than the second Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereofeach Distribution Date. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the DepositorInterest Coverage Account on the Business Day immediately preceding each Distribution Date. The Depositor Master Servicer shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will Prior to the Distribution Date immediately following the end of the Funding Period or any earlier Subsequent Transfer Date on which the entire balance of the Original Pre-Funded Amount is applied to purchase Subsequent Mortgage Loans, the Pre-Funding Account will not be an asset of any of REMIC created hereunderI, REMIC II or REMIC III.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Trust Administrator as follows:
(i) On any Subsequent Transfer Date, the Securities Trust Administrator shall withdraw from the Pre-Funding Account an amount equal to 100% of the Stated Principal Balances of the related Subsequent Mortgage Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee Trust Administrator for deposit in the Trust Fund Mortgage Pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 2.11 with respect to such transfer and assignment;
(ii) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date day immediately following the termination of the Pre-Funding Period, the Securities Trust Administrator shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive Account, net of any gain realized from the investment income therein) of funds on deposit therein to the extent not previously paid to the Master Servicer, for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Pre- Funding Account or deposited therein in error;
(iv) To distribute to the Master Servicer any income and gain realized from the investment of funds in the Pre-Funding Account; and
(ivv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawal.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Salomon Brothers Mort Sec Vii Inc Fl Rte Cert Se 1999-Nc4)
Pre-Funding Account. (a) No later than a. On or before the Closing Date, the Securities Administrator Trustee shall establish and maintain a trust account the Pre-Funding Account on behalf of the Trust, which at all times shall must be an Eligible Account Account, and shall deposit therein the amounts received from the Company pursuant to Section 2.02(l). The Pre-Funding Account shall be titled “entitled "Pre-Funding Account, Xxxxx Fargo Bank, U.S. Bank Trust National Association, in trust Association as Trustee for the registered benefit of holders of Deutsche Alt-A Securities, Mortgage Home Equity Loan TrustCertificates, Series 20061999-AR2, Mortgage Pass-Through Certificates” (the “Pre-Funding Account”). C." The Securities Administrator shall, promptly upon receipt, deposit in Trustee shall maintain within the Pre-Funding Account and retain therein three subaccounts as follows: the Original "Pre-Funded Amount remitted on Funding Group I ARM Subaccount," the Closing Date by "Pre-Funding Group II ARM Subaccount" and the Depositor. "Pre-Funding Fixed Rate Subaccount" which pertain to the pre-funded Subsequent Loans." Funds deposited in the Pre-Funding Account shall be held in trust by the Trustee for the Certificateholders Holders of the Certificates and the Class C Certificates for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in b. On or before the Pre-Funding Account only as directed in writing by Closing Date the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor Company shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will Group I ARM Subaccount, the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Group II ARM Subaccount and the Pre-Funding Fixed Rate Subaccount, the respective amounts specified in Section 2.02(l). Amounts on deposit in the Pre-Funding Account such subaccounts shall be withdrawn by the Securities Administrator Trustee as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator Trustee shall withdraw from the Pre-Funding Account Group I ARM Subaccount an amount equal to 100% of the Principal Balances of the related Subsequent Loans as of the Subsequent Cut-Off Date, off Date Principal Balance of each Subsequent Group I Adjustable Rate Loan transferred and assigned to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor Company upon satisfaction of the conditions set forth in Section 2.6 2.03(b) with respect to such transfer and assignment;.
(ii) If On any Subsequent Transfer Date, the amount on deposit in Trustee shall withdraw from the Pre-Funding Account Group II ARM Subaccount an amount equal to 100% of the Cut-off Date Principal 8-11 Balance of each Subsequent Group II Adjustable Rate Loan transferred and assigned to the Trustee on such Subsequent Transfer Date and pay such amount to or upon the order of the Company upon satisfaction of the conditions set forth in Section 2.03(b) with respect to such transfer and assignment.
(exclusive of iii) On any investment income therein) has not been reduced to zero during Subsequent Transfer Date, the Trustee shall withdraw from the Pre-Funding Period, on the Distribution Date immediately following the termination Fixed Rate Subaccount an amount equal to 100% of the PreCut-off Date Principal Balance of each Subsequent Fixed Rate Loan transferred and assigned to the Trustee on such Subsequent Transfer Date and pay such amount to or upon the order of the Company upon satisfaction of the conditions set forth in Section 2.03(b) with respect to such transfer and assignment.
(iv) On the Business Day immediately preceding the Post-Funding PeriodPayment Date, the Securities Administrator Trustee shall deposit into the Distribution Certificate Account any amounts remaining in the Pre-Funding Group I ARM Subaccount, the Pre-Funding Group II ARM Subaccount and Pre-Funding Fixed Rate Subaccount, net of investment earnings.
c. The Pre-Funding Account (exclusive shall be part of any investment income therein) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount Trust but not required part of the Master REMIC or Subsidiary REMIC. The Trustee on behalf of the Trust shall be the legal owner of the Pre-Funding Account. The Company shall be the beneficial owner of the Pre-Funding Account, subject to be deposited the foregoing power of the Trustee to transfer amounts in the Pre-Funding Account or deposited therein to the Certificate Account. Funds in error; and
(iv) To clear and terminate the Pre-Funding Account upon shall, at the earlier direction of the Servicer, be invested in Eligible Investments of the kind described in clauses (i) and (ii)(A) of the definition of "Eligible Investments" and that mature no later than the Business Day prior to occur of (A) the Distribution next succeeding Payment Date. All amounts earned on deposits in the Pre-Funding Account shall be taxable to the Company. The Trustee shall release to the Company all investment earnings in the Pre-Funding Account on the first Payment Date immediately following after the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawalPeriod.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Green Tree Financial Corp)
Pre-Funding Account. (a) No later than Establishment of the Closing DatePre-Funding Account. The Servicer hereby directs the Trustee, for the Securities Administrator shall benefit of the Series 1998-A Certificateholders and the Collateral Interest Holder, to establish and maintain a trust account which at all times shall or cause to be established and maintained in the name of the Trustee, on behalf of the Series 1998-A Certificateholders and the Collateral Interest Holder, an Eligible Deposit Account (the "Pre-Funding Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 1998-A Certificateholders and shall be titled “the Collateral Interest Holder. The Seller does hereby transfer, assign, set over and otherwise convey to the Trustee for the benefit of the Series 1998-A Certificateholders and the Collateral Interest Holder, without recourse, all of its right, title and interest in, to and under the Pre-Funding Account, Xxxxx Fargo Bank, National Association, in trust for any Eligible Investments on deposit therein and any proceeds of the registered holders of Deutsche Alt-A Securities, Mortgage Loan Trust, Series 2006-AR2, Mortgage Pass-Through Certificates” (the “Pre-Funding Account”)foregoing. The Securities Administrator shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust under the sole dominion and control of the Trustee for the benefit of the Series 1998-A Certificateholders for and the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in Collateral Interest Holder. If, at any time, the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required ceases to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposesEligible Deposit Account, the Depositor Servicer shall be direct the owner of Trustee to establish within ten Business Days a new Pre-Funding Account meeting the conditions specified above, transfer any cash and/or any investments from the old Pre-Funding Account to such new Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the date such new Pre-Funding Account is established, it shall be transferred the "Pre-Funding Account." In addition, after five days' notice to the Depositor. The Depositor shall deposit in Trustee, the Servicer may direct the Trustee to establish a new Pre-Funding Account meeting the amount of conditions specified above, transfer any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will cash and/or investments from the old Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the to such new Pre-Funding Account and from the date such new Pre-Funding Account is established, it shall be withdrawn by the Securities Administrator as follows:
(i) On any Subsequent Transfer Date"Pre-Funding Account." The Trustee, at the Securities Administrator direction of the Servicer, shall withdraw make withdrawals and payments from the Pre-Funding Account an amount equal from time to 100% of time for the Principal Balances of the related Subsequent Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions purposes set forth in Section 2.6 with respect to such transfer and assignment;
(ii) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately following the termination of the Pre-Funding Period, the Securities Administrator shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawalSupplement.
Appears in 1 contract
Samples: Series 1998 a Supplement (Advanta Credit Card Master Trust Ii)
Pre-Funding Account. (a) No later than The Trustee shall establish and maintain an account entitled “Pre-Funding Account of [ - ], as Trustee, for the benefit of Holders of the First NLC Securitization Trust 200 - Asset-Backed Pass-Through Certificates, Series 200 - .” On the Closing Date, the Securities Administrator shall establish and maintain a trust account which at all times shall be an Eligible Account and shall be titled “Pre-Funding Account, Xxxxx Fargo Bank, National Association, in trust for the registered holders of Deutsche Alt-A Securities, Mortgage Loan Trust, Series 2006-AR2, Mortgage Pass-Through Certificates” (the “Pre-Funding Account”). The Securities Administrator shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator Depositor will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required cause to be withdrawn from such account pursuant deposited to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement thereforPre-Funded Amount. At no time will the The Pre-Funding Account shall not be an asset of any REMIC created hereunderunder this Agreement.
(b) The Pre-Funding Account shall be an Eligible Account. If an existing Pre-Funding Account ceases to be an Eligible Account, the Trustee shall establish a new Pre-Funding Account that is an Eligible Account within 30 days and transfer all funds on deposit in such existing Pre-Funding Account into such new Pre-Funding Account.
(c) Amounts on deposit in the Pre-Funding Account (exclusive of investment earnings thereon) shall solely be withdrawn by the Securities Administrator as follows:
(i) applied to acquire Subsequent Mortgage Loans. On any Subsequent Transfer Sale Date, provided that the Securities Administrator conditions set forth in Section 2.8 have been fully satisfied, the Depositor shall instruct the Trustee, in writing, to withdraw funds (exclusive of investment earnings) from the Pre-Funding Account (specifying the applicable sub-account, if applicable) in an amount equal to the price for the Subsequent Mortgage Loans to be acquired on such Subsequent Sale Date, and to pay such amount to the order of the Depositor. In no event shall the Trustee withdraw from the Pre-Funding Account an amount equal to 100% in excess of the Principal Balances of the related Subsequent Loans as of the Subsequent CutPre-Off Date, transferred and assigned to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and pay such amount to Funded Amount (or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 with respect portion thereof) deposited to such transfer and assignment;Account on the Closing Date.
(iid) If During the amount Pre-Funding Period, amounts on deposit in the Pre-Funding Account may be invested only in Eligible Investments by the Trustee at the direction of the Depositor, or in absence of direction from the Depositor, in money market funds described in the definition of “Eligible Investments”. All such Eligible Investments shall be made in the name of the Trustee (exclusive in it capacity as such) or its nominee. The amount of any investment income therein) has not been reduced to zero during losses incurred in respect of any such investments shall be paid by the Depositor by a deposit in the applicable Pre-Funding PeriodAccount out of its own funds, on without any right of reimbursement therefor, immediately as realized.
(e) On the Distribution Date immediately following the termination last day of the Pre-Funding Period, the Securities Administrator Trustee shall transfer any remaining Pre-Funded Amount on deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) to the Payment Account, which will be held uninvested, and will be included in the Available Distribution Amount for distribution to the Certificateholders as an additional prepayment of principal on the immediately following Distribution Date in accordance with the terms hereof;priorities set forth in Section 8.1 and terminate such Account.
(iiif) To withdraw any amount not required to The Trustee, on behalf of the Trust, shall be deposited the legal owner of the Pre-Funding Account. All amounts earned on deposits in the Pre-Funding Account or deposited therein shall be taxable to the Depositor. The Trustee shall release to the Depositor all investment earnings in error; and
(iv) To clear and terminate the Pre-Funding Account upon on the earlier to occur of (A) the Distribution Date Business Day immediately following the end of the Pre-Funding Period and Period.
(Bg) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) this Section 7.9 shall be treated as contributions of cash to the Pooling REMIC I on the date of withdrawal.
(h) Each Subsequent Mortgage Loan acquired with funds from the Pre-Funding Account shall be acquired pursuant to a fixed price contract within the meaning of Internal Revenue Code § 860G(a)(3)(A)(ii).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First NLC Securitization, Inc.)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator shall establish and maintain on behalf of the Trustee for the benefit of the Certificateholders a segregated trust account which at all times shall be that is an Eligible Account and Account, which shall be titled “"Pre-Funding Account, Xxxxx Fargo Bank, U.S. Bank National Association, in trust as trustee for the registered holders of Deutsche AltTerwin Mortgage Trust 2005-A Securities14HE, Mortgage Loan TrustAsset-Backed Certificates, TMTS Series 20062005-AR2, Mortgage Pass-Through Certificates” 14HE" (the “"Pre-Funding Account”"). The Securities Administrator Administrator, as agent for the Trustee, shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Securities Administrator on behalf of the Trustee by the DepositorSeller. Funds deposited in the Pre-Funding Account shall be held in trust for by the Trustee and the Securities Administrator on behalf of the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereofremain uninvested. For federal income tax purposes, the Depositor Seller shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the The Pre-Funding Account shall be transferred to the Depositor. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account not be an asset of any REMIC created hereunderof the REMICs provided for herein.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator shall withdraw from the Pre-Funding Account an amount equal to 100% of the aggregate Stated Principal Balances of the related Subsequent Mortgage Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee for deposit in the Trust Fund Mortgage Pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 2.11 with respect to such transfer and assignment;
(ii) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately following the termination of the Pre-Funding Period, the Securities Administrator shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iviii) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to deposited into the Holders of Certificate Account for distribution in accordance with the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawalterms thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Terwin Mortgage Trust, Series TMTS 2005-14he)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator Trustee shall establish and maintain a segregated trust account which at all times shall be that is an Eligible Account and Account, which shall be titled “"Pre-Funding Account, Xxxxx Fargo Bank, U.S. Bank National Association, in trust as trustee for the registered holders of Deutsche AltSalomon Brothers Mortgage Securities VII, Inc., New Century Asset-A Securities, Mortgage Loan TrustBacked Certificates, Series 20061998-AR2, Mortgage Pass-Through Certificates” NC3" (the “"Pre-Funding Account”"). The Securities Administrator Trustee shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Trustee by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust by the Trustee for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator Trustee will invest funds deposited in the Pre-Funding Account only as directed in writing by Permitted Investments of the Depositor kind described in clause (and such amounts shall not be invested if no direction is received by Securities Administratorvi) in of the definition of Permitted Investments with a maturity date (i) no later than the second Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereofeach Distribution Date. For federal income tax purposes, the Depositor shall be the owner of the Pre-Pre- Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the DepositorInterest Coverage Account on the Business Day immediately preceding each Distribution Date. The Depositor Master Servicer shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will Prior to the Distribution Date immediately following the end of the Funding Period or any earlier Subsequent Transfer Date on which the entire balance of the Original Pre-Funded Amount is applied to purchase Subsequent Mortgage Loans, the Pre-Funding Account will not be an asset of any of REMIC created hereunderI, REMIC II or REMIC III.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator Trustee as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the Stated Principal Balances of the related Subsequent Mortgage Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee for deposit in the Trust Fund Mortgage Pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 2.11 with respect to such transfer and assignment;
(ii) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date day immediately following the termination of the Pre-Funding Period, the Securities Administrator Trustee shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Pre- Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawal.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Inc Mort Pa THR Cert Ser 1998-Wfc1)
Pre-Funding Account. (a) No later than On or before the Closing Date, the Securities Administrator Trustee shall establish and maintain a trust pre-funding account which at all times shall be an Eligible Account and shall be titled “(the "Pre-Funding Account"), Xxxxx Fargo Bank, National Association, in trust for the registered holders of Deutsche Alt-A Securities, Mortgage Loan Trust, Series 2006-AR2, Mortgage Pass-Through Certificates” (the “which must be an Eligible Account. The Pre-Funding Account”). The Securities Administrator shallaccount is to be held by and for the benefit of the Trustee on behalf of the Certificateholders, promptly upon receiptand shall be either in the Trustee's name or designated in a manner that reflects the custodial nature of the account and that all funds (excluding investment earnings thereon) in such account are held for the benefit of the Trustee.
(b) On or before the Closing Date, OMI shall deposit the Pre-Funded Amount in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date by the DepositorAccount. Funds deposited in the Pre-Funding Account shall be held in trust for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator Trustee as follows:
(i1) On Pursuant to and in accordance with the Sales Agreement, on any Subsequent Transfer Date, the Securities Administrator Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the Principal Balances of the related Subsequent Loans as of the Subsequent Cut-Off Date, Date Principal Balance of each Subsequent Asset transferred and assigned to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 OMI with respect to such transfer and assignment;.
(ii2) If On the amount on deposit in Business Day immediately preceding the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the first Distribution Date immediately following the termination of the Pre-Funding PeriodDate, the Securities Administrator Trustee shall deposit into the Distribution Account any amounts then remaining in the Pre-Funding Account (exclusive Account, net of any investment income therein) earnings, which amounts shall be included in the Available Distribution Amount for distribution in accordance with the terms hereof;such Distribution Date and distributed as an additional prepayment of principal to Certificateholders then entitled to such distributions.
(iiic) To withdraw any amount The Pre-Funding Account shall be part of the Trust, but not required part of the Pooling REMIC or the Issuing REMIC. The Trustee, on behalf of the Trust, shall be the legal owner of the Pre-Funding Account. OMI shall be the beneficial owner of the Pre-Funding Account, subject to be deposited the foregoing power of the Trustee to transfer amounts in the Pre-Funding Account or deposited therein to the Distribution Account. Funds in error; and
(iv) To clear and terminate the Pre-Funding Account upon shall, at the earlier direction of the Servicer, be invested in Eligible Investments that mature no later than the Business Day prior to occur of (A) the first Distribution Date immediately following the end of Date. All amounts earned on deposits in the Pre-Funding Period and Account shall be taxable to OMI. The Trustee shall release to OMI all investment earnings in the Pre-Funding Account on the first Distribution Date.
(Bd) Each Subsequent Asset acquired by the termination of this Agreement, Trust with any amounts remaining on deposit therein being paid to funds from the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals Pre-Funding Account shall be acquired pursuant to clauses (ia fixed price contract within the meaning of I.R.C. ss. 860G(a)(3)(A)(ii), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawal.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Oakwood Mortgage Investors Inc)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator Trustee, at the direction of the Servicer, shall establish and maintain maintain, a segregated trust account which at all times shall be that is an Eligible Account and Account, which shall be titled “Pre-Funding Account, Xxxxx Fargo BankDeutsche Bank National Trust Company, National Association, in trust as Trustee for the registered holders of Deutsche AltNovaStar Mortgage Funding Trust 2007-A Securities2, Mortgage Home Equity Loan TrustAsset-Backed Certificates, Series 20062007-AR2, Mortgage Pass-Through Certificates2” (the “Pre-Funding Account”). The Securities Administrator Trustee shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Trustee by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust by the Trustee for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator Trustee will invest funds deposited in the Pre-Funding Account only as directed by the Servicer in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Eligible Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator Trustee or an Affiliate manages or advises such investment, and (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator Trustee or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereofinvestment. For federal income tax purposes, the Depositor Servicer shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. If the Trustee does not receive such written investment instructions it shall retain such funds uninvested. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to withdrawn and deposited in the DepositorInterest Coverage Account one day before any Distribution Date before the end of the Pre-Funding Period. The Depositor Trustee shall deposit in treat the Pre-Funding Account as an outside reserve fund within the amount meaning of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement thereforTreasury Regulation Section 1.860G-2(h). At no time will the Pre-Funding Account be an asset of any REMIC created hereunder. The Trustee shall not be liable for investment losses on investments selected by the Servicer pursuant to this Section 4.05(b).
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator Trustee as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the Principal Balances of the related Subsequent Mortgage Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee for deposit in the Trust Fund Mortgage Pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 2.08 of the Purchase Agreement with respect to such transfer and assignment. If such Subsequent Mortgage Loan is designated for inclusion in Group I, such amount shall reduce (but not below zero) the remaining Pre-Funded Amount allocated to Group I and if such Subsequent Mortgage Loan is designated for inclusion in Group II, such amount shall reduce (but not below zero) the remaining Pre-Funded Amount allocated to Group II;
(ii) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately following day of the termination of the Pre-Funding Period, the Securities Administrator Trustee shall deposit into the Distribution Account on such day any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) relating to Group I for inclusion in the Group I Principal Remittance Amount and relating to Group II for inclusion in the Group II Principal Remittance Amount for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and;
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period but not later than August 31, 2007 and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal; and
(v) To withdraw investment income for deposit in the Interest Coverage Account, if any, or otherwise to the Depositor. Withdrawals from the Pre-Funding Account pursuant to clauses (i), (ii) and (iiiiv) shall be treated as contributions of cash to REMIC I on the date of withdrawal.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (NovaStar Certificates Financing CORP)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator Trustee shall establish and maintain a segregated trust account or sub-account of a trust account, which at all times shall be an Eligible Account and shall be titled “Pre-Funding Account, Xxxxx Fargo Bank, LaSalle Bank National Association, in trust as trustee for the registered benefit of holders of Deutsche AltBear Xxxxxxx Asset Backed Securities I LLC, Asset-A Securities, Mortgage Loan TrustBacked Certificates, Series 20062005-AR2, Mortgage Pass-Through CertificatesHE9” (the “Pre-Funding Account”). The Securities Administrator Pre-Funding Account shall be an Eligible Account or a sub account of an Eligible Account. The Trustee shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Funding Amount remitted on the Closing Date to the Trustee by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust by the Trustee for the Certificateholders Holders of the Certificates related to Loan Group I and Loan Group II for the uses and purposes set forth herein.
(b) The Securities Administrator will Trustee shall invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) or its designee in writing in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this AgreementAgreement (or, if a Person other than no written direction is received by the Securities Administrator or an Affiliate manages or advises such investmentTrustee from the Depositor, (ii) no later than the date on which such then funds are required to be withdrawn from in such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereofshall remain uninvested). For federal income tax purposes, the Depositor or its designee shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the DepositorInterest Coverage Account at the following times: (i) on the Business Day immediately preceding each Distribution Date, if a Person other than the Trustee or an affiliate of the Trustee is the obligor for the Permitted Investment, or on each Distribution Date, or (ii) within one Business Day of the Trustee’s receipt thereof. Such transferred funds shall not constitute income and gain for purposes of Section 4.07(b) hereof. The Depositor or its designee shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator Trustee as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the Stated Principal Balances of the related Subsequent Mortgage Loans (as of identified on the Subsequent Cut-Off Date, Mortgage Loan Schedule provided by the Depositor) transferred and assigned to the Trustee for deposit in the Trust Fund related Loan Group on such Subsequent Transfer Date and pay remit such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 with respect to such transfer and assignmentDepositor;
(ii) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income thereinincome) has not been reduced to zero during by the Pre-Funding Period, close of business on the Distribution Date immediately following the date of termination of the Pre-Funding Period, then at the Securities Administrator close of business on such date, the Trustee shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income thereinincome) for distribution in accordance with the terms hereofSection 4.05;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate Upon the earliest of (i) the reduction of the Certificate Principal Balance of the Certificates to zero or (ii) the termination of this Agreement in accordance with Section 10.01, to withdraw any amount remaining on deposit in the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid for payment to the Holders of the Class A Certificates related Certificateholders then entitled to distributions in respect of principalprincipal until the Certificate Principal Balance of the Certificates has been reduced to zero, and any remaining amount to the Depositor. Withdrawals pursuant to clauses (i), (ii) and (iiiiv) shall be treated as contributions of cash to REMIC I on the date of withdrawal.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-He9)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator Indenture Trustee shall establish and maintain a on behalf of itself one or more segregated trust account accounts, which at all times shall be an Eligible Account and shall be Accounts, titled “"Pre-Funding Account, Xxxxx Fargo BankNorwest Bank Minnesota, National Association, in trust as Indenture Trustee for the registered holders of Deutsche AltGMACM Home Equity Loan Trust 2000-A Securities, Mortgage Loan Trust, Series 2006-AR2, Mortgage Pass-Through Certificates” HE2" (the “"Pre-Funding Account”"). The Securities Administrator shallOn the Closing Date, promptly upon receipt, the Seller shall deposit in into the Pre-Funding Account and retain therein an amount equal to the Original Pre-Funded Amount remitted on from the Closing Date by proceeds of the Depositorsale of the Securities. Funds deposited in the Pre-Funding Account $116,033,717.22 of such amount shall be held in trust for the Certificateholders for the uses allocated to Loan Group I and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and $13,084,778.06 of such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor amount shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefromallocated to Loan Group II. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator as follows:
(i) On any each Subsequent Transfer Date, the Securities Administrator Servicer shall instruct the Indenture Trustee in writing to withdraw from the Pre-Funding Account an amount equal to 100% of the aggregate Principal Balances Balance as of the related Subsequent Loans as Cut-Off Date of the Subsequent Cut-Off Date, transferred and assigned Mortgage Loans to be sold to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and purchased with funds on deposit in the Pre-Funding Account, and to pay such amount to or upon the order of the Depositor Seller upon satisfaction of the conditions set forth in Section 2.6 this Agreement, in the Purchase Agreement and in the related Subsequent Transfer Agreement with respect to such transfer and assignment;thereto.
(iib) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) Funded Amount has not been reduced to zero during at the Pre-Funding Period, close of business on the Distribution Date immediately following the termination last day of the Pre-Funding Period, the Securities Administrator after giving effect to any withdrawal therefrom on such day, any remaining Pre-Funded Amount in excess of $50,000 shall deposit be deposited into the Distribution Note Payment Account any amounts remaining and the remainder shall be deposited in the Funding Account.
(c) The Servicer may cause the institution maintaining the Pre-Funding Account (exclusive to invest any funds therein in Permitted Investments having a maturity of up to 90 days or maturing or otherwise available not later than the Business Day preceding the related Payment Date on which funds are scheduled to be withdrawn to purchase Subsequent Mortgage Loans; provided, that any investment income therein) for distribution in accordance an obligation of the institution with the terms hereof;
(iii) To withdraw any amount not required to be deposited in which the Pre-Funding Account is maintained may mature on or deposited therein before 10:30 a.m., New York time, on such Payment Date; and provided further, that no such investment may be sold or disposed of prior to maturity. In addition, no such Permitted Investment shall be purchased at a price in error; and
excess of par. Notwithstanding the foregoing, in the event investment earnings have not matured on any Payment Date, the amount of such earnings accrued as of such Payment Date shall be advanced by the Servicer for deposit into the Note Payment Account (iv) To clear and terminate which advance shall be reimbursed to the Servicer from such investment earnings at maturity). At any time when the Indenture Trustee is maintaining the Pre-Funding Account upon Account, any request by the earlier Servicer to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining invest funds on deposit therein being paid shall be in writing, delivered to the Holders Indenture Trustee at or before 10:30 a.m., New York time, if such investment is to be made on such day. The Servicer shall certify that the requested investment is a Permitted Investment maturing at or prior to the time required hereby. Any such investment shall be registered in the name of the Class A Certificates then entitled Indenture Trustee or its nominee, and to distributions in respect of principal. Withdrawals pursuant to clauses (i)the extent that any such investment is certificated, (ii) and (iii) such investment shall be treated as contributions of cash maintained with the Indenture Trustee at its Corporate Trust Office. All net income or other gain received from any such investment shall be deposited into or credited to REMIC I on the date of withdrawalNote Payment Account, and may be withdrawn therefrom in accordance with Section 3.19 hereof.
Appears in 1 contract
Samples: Servicing Agreement (Residential Funding Mortgage Securities Ii Inc)
Pre-Funding Account. (a) No later than the Closing Date, the Securities The Trust Administrator shall establish and maintain a trust account which at all times shall has heretofore established or caused to be an Eligible Account established and shall hereafter maintain or cause to be titled “maintained a separate account denominated the Pre-Funding Account, which is and shall continue to be an Eligible Account in the name of the Trust Administrator and shall be designated “Xxxxx Fargo Bank, National Association, in trust for as Trust Administrator of the registered holders of Deutsche Alt-A Securities, Fieldstone Mortgage Loan Investment Trust, Series 20062004-AR2, Mortgage Pass-Through Certificates” (the “2 Pre-Funding Account”). The Securities .” Any investment earnings from Pre-Funding Account will be paid to the Seller on each Payment Date during the Pre-Funding Period; provided, however, that if the final Subsequent Transfer Date occurs after the Payment Date in a month, on such Subsequent Transfer Date, the Trust Administrator shall, promptly upon receipt, deposit in shall (i) transfer the Excess Funding Amount from the Pre-Funding Account to the Collection Account, (ii) transfer any investment earnings to the Seller as soon as practicable and retain therein the Original Pre-Funded Amount remitted on the Closing Date by the Depositor. Funds deposited in (iii) close the Pre-Funding Account shall be held in trust for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the DepositorAccount. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by invested in Eligible Investments at the Securities Administrator direction of the Seller in accordance with the provisions of Section 4.02(j). All investment earnings on funds on deposit in the Pre-Funding Account will be treated as follows:owned by, and will be taxable to, the Seller.
(ib) On any the Closing Date, the Seller will cause to be deposited $219,974,982.13 in the Pre-Funding Account from the sale of the Notes.
(c) On each Subsequent Transfer Date, (i) the Securities Seller shall instruct the Trust Administrator shall to withdraw from the Pre-Funding Account an amount equal to 100% of the aggregate Scheduled Principal Balances of the related Subsequent Mortgage Loans as of the Subsequent Cut-Off Date, transferred and assigned sold to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and (ii) the Trust Administrator shall pay such amount amounts to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 Seller with respect to such transfer and assignment;transfer.
(iid) If at the amount on deposit end of the Pre-Funding Period amounts still remain in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately following the termination of the Pre-Funding PeriodAccount, the Securities Trust Administrator shall deposit into the Distribution Account any withdraw such amounts remaining in from the Pre-Funding Account (exclusive of any investment income therein) for distribution on the immediately following Payment Date and deposit such amounts in accordance with the terms hereof;Collection Account.
(iiie) To withdraw any amount not required to be deposited in Unless sooner closed as provided above, the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate shall be closed at the Pre-Funding Account upon close of business on the earlier to occur of (A) the Distribution Payment Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawalPeriod.
Appears in 1 contract
Samples: Transfer and Servicing Agreement (Asset Backed Sec Corp Fieldstone Mort Inv Tr Ser 2004-2)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator Trustee, at the direction of the Servicer, shall establish and maintain maintain, a segregated trust account which at all times shall be that is an Eligible Account and Account, which shall be titled “Pre-Funding Account, Xxxxx Fargo JPMorgan Chase Bank, National Association, in trust as Trustee for the registered holders of Deutsche AltNovaStar Mortgage Funding Trust 2005-A Securities2, Mortgage Home Equity Loan TrustAsset-Backed Certificates, Series 20062005-AR2, Mortgage Pass-Through Certificates2” (the “Pre-Funding Account”). The Securities Administrator Trustee shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Trustee by the DepositorCompany. Funds deposited in the Pre-Funding Account shall be held in trust by the Trustee for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator Trustee will invest funds deposited in the Pre-Funding Account only as directed by the Servicer in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Eligible Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator Trustee or an Affiliate manages or advises such investment, and (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator Trustee or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereofinvestment. For federal income tax purposes, the Depositor Servicer shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. If the Trustee does not receive such written investment instructions it shall retain such funds uninvested. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to withdrawn and deposited in the DepositorDistribution Account. The Depositor Trustee shall deposit in treat the Pre-Funding Account as an outside reserve fund within the amount meaning of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement thereforTreasury Regulation Section 1.860G-2(h). At no time will the Pre-Funding Account be an asset of any REMIC created hereunder. The Trustee shall not be liable for investment losses on investments selected by the Servicer pursuant to this Section 4.05(b).
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator Trustee as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the Principal Balances of the related Subsequent Mortgage Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee for deposit in the Trust Fund Mortgage Pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor Company upon satisfaction of the conditions set forth in Section 2.6 2.08 with respect to such transfer and assignmentassignment if such Subsequent Mortgage Loan is designated for inclusion in Group I, such amount shall reduce (but not below zero) the remaining Original Pre-Funded Amount allocated to Group I and if such Subsequent Mortgage Loan is designated for inclusion in Group II, such amount shall reduce (but not below zero) the remaining Original Pre-Funded Amount allocated to Group II;
(ii) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately following day of the termination of the Pre-Funding Period, the Securities Administrator Trustee shall deposit into the Distribution Account on such day any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) relating to Group I for inclusion in the Group I Principal Remittance Amount and relating to Group II for inclusion in the Group II Principal Remittance Amount for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period but not later than the Distribution Date in August 2005 and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals from the Pre-Funding Account pursuant to clauses (i), (ii) and (iiiiv) shall be treated as contributions of cash to REMIC I on the date of withdrawal.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (NovaStar Mortgage Funding Trust, Series 2005-2)
Pre-Funding Account. (a) No later than the Closing Date, the Securities The Trust Administrator shall establish and maintain a trust account which at all times shall has heretofore established or caused to be an Eligible Account established and shall hereafter maintain or cause to be titled “maintained a separate account denominated the Pre-Funding Account, Xxxxx Fargo Bankwhich is and shall continue to be an Eligible Account in the name of the Trust Administrator and shall be designated “[ ], National Association, in trust for as Trust Administrator of the registered holders of Deutsche Alt-A Securities, New York Mortgage Loan Trust, Series 2006-AR2, Mortgage Pass-Through Certificates” (the “2005-[ ] Pre-Funding Account”). The Securities .” Any investment earnings from Pre-Funding Account will be paid to the Seller on the first Business Day of the month following each Payment Date during the Pre-Funding Period; provided, however, that if the final Subsequent Transfer Date occurs after the Payment Date in a month, on such Subsequent Transfer Date, the Trust Administrator shall, promptly upon receipt, deposit in shall (i) transfer the Excess Funding Amount from the Pre-Funding Account to the Collection Account, (ii) transfer any investment earnings to the Seller as soon as practicable and retain therein the Original Pre-Funded Amount remitted on the Closing Date by the Depositor. Funds deposited in (iii) close the Pre-Funding Account shall be held in trust for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the DepositorAccount. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by invested in Eligible Investments at the Securities Administrator direction of the Seller in accordance with the provisions of Section 4.02(j). All investment earnings on funds on deposit in the Pre-Funding Account will be treated as follows:owned by, and will be taxable to, the Seller.
(ib) On any the Closing Date, the Seller will cause to be deposited $[ ] in the Pre-Funding Account from the sale of the Notes.
(c) On each Subsequent Transfer Date, (i) the Securities Seller shall instruct the Trust Administrator shall to withdraw from the Pre-Funding Account an amount equal to 100% of the aggregate Scheduled Principal Balances of the related Subsequent Mortgage Loans as of the Subsequent Cut-Off Date, transferred and assigned sold to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and (ii) the Trust Administrator shall pay such amount amounts to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 Seller with respect to such transfer and assignment;transfer.
(iid) If at the amount on deposit end of the Pre-Funding Period amounts still remain in the Pre-Funding Account (Account, the Trust Administrator shall withdraw such amounts, exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Periodincome, on the Distribution Date immediately following the termination of the Pre-Funding Period, the Securities Administrator shall deposit into the Distribution Account any amounts remaining in from the Pre-Funding Account (exclusive of any investment income therein) for distribution on the immediately following Payment Date and deposit such amounts in accordance with the terms hereof;Collection Account.
(iiie) To withdraw any amount not required to be deposited in Unless sooner closed as provided above, the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate shall be closed at the Pre-Funding Account upon close of business on the earlier to occur of (A) the Distribution Payment Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawalPeriod.
Appears in 1 contract
Samples: Transfer and Servicing Agreement (NYMT Securities CORP)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator Indenture Trustee shall establish and maintain a segregated trust account which at all times shall be that is an Eligible Account and Account, which shall be titled “"Group 2 Pre-Funding Account, Xxxxx Fargo BankDeutsche Bank National Trust Company, National Association, in trust as indenture trustee for the registered holders of Deutsche AltIMH Assets Corp., Collateralized Asset-A Securities, Mortgage Loan TrustBacked Bonds, Series 20062004-AR2, Mortgage Pass-Through Certificates” 3" (the “"Group 2 Pre-Funding Account”"). The Securities Administrator Indenture Trustee shall, promptly upon receipt, deposit in the Group 2 Pre-Funding Account and retain therein the Group 2 Original Pre-Funded Amount remitted on the Closing Date to the Indenture Trustee by the Depositor. Funds deposited in the Group 2 Pre-Funding Account shall be held in trust by the Indenture Trustee for the Certificateholders Bondholders for the uses and purposes set forth herein.
(b) The Securities Administrator Indenture Trustee will invest funds deposited in the Group 2 Pre-Funding Account only Account, as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) Master Servicer in Permitted writing, in Eligible Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this AgreementIndenture, if a Person other than the Securities Administrator Indenture Trustee or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this AgreementIndenture, if the Securities Administrator Indenture Trustee or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s Indenture Trustee's receipt thereof. For federal income tax purposes, the Depositor Master Servicer shall be the owner of the Group 2 Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Group 2 Pre-Funding Account shall be transferred to included in Available Funds at the Depositorfollowing times: (i) on the Business Day immediately preceding each Payment Date, if a Person other than the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, or on each Payment Date, if the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, (ii) on the Business Day immediately preceding each Group 2 Subsequent Transfer Date, if a Person other than the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, or on each Group 2 Subsequent Transfer Date, if the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment or (iii) within one (1) Business Day of the Indenture Trustee's receipt thereof. The Depositor Master Servicer shall deposit in the Group 2 Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Eligible Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Group 2 Pre-Funding Account shall be withdrawn by the Securities Administrator Indenture Trustee as follows:
(i) On any Group 2 Subsequent Transfer Date, the Securities Administrator Indenture Trustee shall withdraw from the Group 2 Pre-Funding Account an amount equal to 100% of the aggregate Stated Principal Balances of the related Group 2 Subsequent Mortgage Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Indenture Trustee for deposit in the Trust Fund Mortgage Pool on such Group 2 Subsequent Transfer Date and pay such amount to or upon the order of the Depositor Issuer upon satisfaction of the conditions set forth in Section 2.6 2.05 with respect to such transfer and assignment;
(ii) If the amount on deposit in the Group 2 Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date day immediately following the termination of the Pre-Funding Period, the Securities Administrator Indenture Trustee shall deposit into the Distribution Payment Account any amounts remaining in the Group 2 Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Group 2 Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Group 2 Pre-Funding Account upon the earlier to occur of (A) the Distribution Payment Date immediately following the end of the Pre-Funding Period and (B) the termination of this AgreementIndenture, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates Bonds then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawal.
Appears in 1 contract
Samples: Indenture (Imh Assets Corp Collateralized Asset Backed Bonds Ser 2004 3)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator The Indenture Trustee shall establish and maintain with itself a separate trust account which at all times shall be an Eligible Account and shall be titled “(the "Pre-Funding Account, Xxxxx Fargo Bank") entitled "Bank One, National AssociationAssociation as Indenture Trustee, in trust for the registered holders of Deutsche AltGreenPoint Home Equity Loan Trust 1999-A Securities2, Mortgage Loan Trust, Series 2006-AR2, Mortgage Pass-Through Certificates” (the “Pre-Funding Account”). ." The Securities Administrator shall, promptly upon receipt, deposit Pre-Funding Account shall be an Eligible Account.
(b) The Servicer may cause the institution maintaining the Pre-Funding Account to invest any funds in the Pre-Funding Account in Eligible Investments which shall mature or otherwise be available not later than the Business Day next preceding the Payment Date or, with the approval of the Insurer and retain therein the Original Pre-Funded Amount remitted Rating Agencies, on the Closing Payment Date by next following the Depositor. Funds deposited date of such investment (except that any investment in an obligation of the institution with which the Pre-Funding Account is maintained may mature on or before 12:00 noon, New York time, on such Payment Date) and shall not be held in trust for sold or disposed of prior to its maturity. At any time when the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in Indenture Trustee is maintaining the Pre-Funding Account only as directed in writing Account, any request by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such Servicer to invest funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn in writing, shall be delivered to the Indenture Trustee at or before 10:30 a.m., New York time, if such investment is to be made on such day, and shall certify that the requested investment is an Eligible Investment which matures at or prior to the time required hereby. Any such investment shall be registered in the name of the Indenture Trustee as trustee hereunder or in the name of its nominee, and to the extent such investments are certificated they shall be maintained in the possession of the Indenture Trustee in the state of its Corporate Trust Office. All income and gain realized from any such investment shall be included as Interest Collections. The amount of any losses incurred in respect of the principal amount of any such investment shall be deposited in the Pre-Funding Account by the Securities Administrator Servicer out of its own funds immediately as follows:realized. Any investment earnings on the Pre-Funding Account shall be treated as owned by the Sponsor for federal and state income tax purposes.
(ic) On any Subsequent Transfer the Closing Date, the Securities Administrator Indenture Trustee will deposit into the Pre-Funding Account from the proceeds of the sale of the Notes, on behalf of the Noteholders and the Insurer, the Original Pre-Funded Amount.
(d) On each Subsequent Transfer Date with respect to either Pool, the Sponsor shall instruct the Indenture Trustee to withdraw from the Pre-Funding Account an amount equal to 100% of the aggregate Principal Balances of the related Subsequent Mortgage Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee Trust for deposit in assignment to either Pool I or Pool II (as indicated by the Trust Fund Sponsor) on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor Sponsor upon satisfaction of the conditions set forth in Section 2.6 2.10 of the Sale and Servicing Agreement with respect to such transfer and assignment;
transfer; provided, however, that with respect to Pool I neither (iix) If the aggregate amount on deposit in withdrawn from the Pre-Funding Account to purchase Subsequent Mortgage Loans for addition to Pool I nor (exclusive y) the aggregate Principal Balances of any investment income thereinthe Subsequent Mortgage Loans transferred to the Trust for assignment to Pool I may exceed the Original Class A-1 Pre-Funded Amount; provided further, however, that with respect to Pool II neither (x) the aggregate amount withdrawn from the Pre-Funding Account to purchase Subsequent Mortgage Loans for addition to Pool II nor (y) the aggregate Principal Balances of the Subsequent Mortgage Loans transferred to the Trust for assignment to Pool II may exceed the Original Class A-2 Pre-Funded Amount.
(e) On January 10, 2000, the Servicer shall remit to the Collection Account the Capitalized Interest Requirement, as set forth in the Side Letter Agreement, to be used for the Payment Date in January 2000.
(f) If (x) the Pre-Funded Amount has not been reduced to zero by the Payment Date occurring in January 2000 or (y) the Pre-Funded Amount has been reduced to $100,000 or less on any Payment Date occurring during the Pre-Funding Period, on the Distribution Date immediately following the termination of in either case after giving effect to any reductions in the Pre-Funding PeriodFunded Amount on or before the related such Payment Date, the Securities Administrator Sponsor shall deposit into instruct the Distribution Account any amounts remaining in Indenture Trustee to withdraw from the Pre-Funding Account and deposit to the Collection Account the difference, if any, between (exclusive of any investment income thereinA) for distribution in accordance with the terms hereof;
Original Pre-Funded Amount and (iiiB) To withdraw any amount not required to be deposited in all amounts theretofore withdrawn from the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier with respect to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawalSubsequent Mortgage Loans.
Appears in 1 contract
Samples: Indenture (Greenpoint Home Equity Loan Trust 1999 2)
Pre-Funding Account. (a) No later than On the Closing Date, the Securities Administrator Trustee shall establish and maintain a trust account which at all times shall be an Eligible Account and shall be titled “Pre-Funding Account, Xxxxx Fargo Bank, National Associationin its name, in trust for the registered holders benefit of Deutsche Alt-A Securitiesthe Certificateholders, Mortgage Loan Trust, Series 2006-AR2, Mortgage Pass-Through Certificates” (the “Pre-Funding Account”Account and deposit therein the Original Pre-Funded Amount paid to the Trustee by the Depositor. The Original Pre-Funded Amount may be used to purchase Subsequent Loans in accordance with the provisions of this Agreement and the related Subsequent Transfer Agreement(s). The Securities Administrator shallPre-Funding Account shall be an Eligible Account, promptly upon receiptand funds on deposit therein shall be held separate and apart from, deposit and shall not be commingled with, any other moneys, including without limitation, other moneys held by the Trustee pursuant to this Agreement.
(b) At the written direction of the Depositor, the Trustee shall either (i) leave the funds in the Pre-Funding Account uninvested or (ii) invest the funds in the Pre-Funding Account in Permitted Investments specified by the Depositor, which Permitted Investments shall mature not later than, the second Business Day preceding each Distribution Date (except that if such Permitted Investment is an obligation of the institution that maintains such account or a fund for which such institution or affiliate thereof serves as an investment advisor, administrator, shareholder servicing agent and/or custodian or subcustodian, then such Permitted Investment shall mature not later than the Business Day next preceding such Distribution Date) and shall not be sold or disposed of prior to their maturity. In the absence of any such direction, funds in the Pre-Funding Account shall remain uninvested. All investments made with funds from the Pre-Funding Account shall be made in the name of the Trustee, on behalf of the Trust Fund for the benefit of the Certificateholders. Any Pre-Funding Earnings shall be for the benefit of the Depositor and shall be payable to the Depositor, to the extent not previously distributed to the Depositor, on each Distribution Date during the Funding Period and on the Distribution Date immediately following the end of the Funding Period. The Trustee in its fiduciary capacity shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date by the Depositor. Funds deposited made in the Pre-Funding Account shall be held in trust for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments accordance with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunderSection 3A.06(b).
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator as follows:
(i) On any each Subsequent Transfer Date, upon satisfaction of the Securities Administrator conditions set forth in Section 2.09 hereof, the Trustee shall withdraw from the Pre-Funded Amount then on deposit in the Pre-Funding Account an amount equal to 100% of the aggregate of the Cut-Off Date Principal Balances of the related Subsequent Loans as of the Subsequent Cut-Off Date, transferred and assigned sold to the Trustee Trust Fund for deposit inclusion in the Trust Fund on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 with respect to such transfer and assignment;Seller(s).
(iid) If On the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced Business Day prior to zero during the Pre-Funding Period, on the Distribution Date immediately following the termination of the Pre-Funding Period, the Securities Administrator shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Funding Period, the Trustee shall (i) withdraw the Unutilized Funding Amount, if any, from the Pre-Funding Period Account and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and promptly deposit such amount in the Certificate Account. The amount deposited in the Certificate Account pursuant to the preceding sentence shall be net of any Pre-Funding Earnings not previously distributed to the Depositor, which shall be distributed to the Depositor in accordance with Section 3A.06(b) above.
(iiie) The Pre-Funding Account shall be treated as contributions an “outside reserve fund” under applicable Treasury regulations and will not be part of cash any REMIC. Any Pre-Funding Earnings will be treated as owned by the Depositor and will be taxable to REMIC I on the date Depositor. The Depositor shall be treated as the owner of withdrawalthe Pre-Funding Account for federal tax purposes.
ARTICLE IV DISTRIBUTIONS AND ADVANCES BY THE SERVICER
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Popular ABS Mortgage Pass-Through Trust 2006-E)
Pre-Funding Account. (a) No later than On or before the Closing Date, the Securities Administrator Trustee shall establish and maintain a trust account the Pre-Funding Account on behalf of the Trust, which at all times shall must be an Eligible Account. The Pre-Funding Account and shall be titled “entitled "Pre-Funding Account, Xxxxx Fargo Bank, U.S. Bank National Association, in trust Association as Trustee for the registered benefit of holders of Deutsche Alt-A Securities, Mortgage Loan TrustCertificates, Series 20062002-AR22." The Trustee shall maintain within the Pre- 109 Funding Account two subaccounts, Mortgage Pass-Through Certificates” (the “Pre-Funding Account”). The Securities Administrator shall, promptly upon receipt, deposit in the Pre-Funding Account Subaccount and retain therein the Original PreUndelivered Contract Subaccount. The Undelivered Contract Subaccount pertains to those Land-Funded Amount remitted and-Home Contracts transferred to the Trust on the Closing Date by the Depositorthat are Undelivered Contracts. Funds deposited in the Pre-Funding Account shall be held in trust by the Trustee for the Certificateholders Holders of the Certificates for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account Subaccount shall be withdrawn by the Securities Administrator Trustee as follows:provided below.
(i1) On any Subsequent Transfer Date, the Securities Administrator Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the Principal Balances of the related Subsequent Loans as of the Subsequent Cut-Off Date, off Date Principal Balance of each Subsequent Contract transferred and assigned to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor Seller upon satisfaction of the conditions set forth in Section 2.6 2.03(b) with respect to such transfer and assignment;.
(ii2) If On the amount on deposit in Business Day immediately preceding the PrePost-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately following the termination of the Pre-Funding PeriodRemittance Date, the Securities Administrator Trustee shall deposit into the Distribution Certificate Account any amounts remaining in the Pre-Funding Subaccount, net of investment earnings.
(c) The Trustee shall deposit in the Undelivered Contract Subaccount the amount received from the Seller pursuant to Section 2.02(xxi). Amounts on deposit in the Undelivered Contract Subaccount shall be withdrawn by the Trustee as described below.
(1) If the Seller delivers the related Land-and-Home Contract File for an Undelivered Contract to the Trustee at least two Business Days before the last day of the Pre-Funding Period, the Trustee shall withdraw an amount equal to 100% of the Cut-off Date Principal Balance of such Contract and pay such amount to or upon the order of the Seller.
(2) [Reserved]
(3) The Seller shall give the Trustee telephonic notice of its intended delivery of Land-and-Home Contract Files. The Trustee will use reasonable efforts to process the Land-and-Home Contract Files and remit any amount payable for them to the Seller in a timely manner.
(4) On the Business Day immediately preceding the Post-Funding Remittance Date, the Trustee shall deposit into the Certificate Account any amounts remaining in the Undelivered Contract Subaccount, net of investment earnings.
(exclusive d) The Pre-Funding Account shall be part of the Trust but not part of any investment income thereinREMIC. The Trustee on behalf of the Trust shall be the legal owner of the Pre-Funding Account. The Seller shall be the beneficial owner of the Pre-Funding Account, subject to the foregoing power of the Trustee to transfer amounts in the Pre-Funding Account to the Certificate Account. Funds in the Pre-Funding Account shall, at the direction of the Servicer, be invested in Eligible Investments of the kind described in clauses (i) for distribution and (ii)(A) of the definition of "Eligible Investment" and that mature no later than the Business Day prior to the next succeeding 110 Remittance Date. All amounts earned on deposits in accordance with the terms hereof;
(iii) To withdraw any amount not required Pre-Funding Account shall be taxable to the Seller. Any losses on such investments shall be deposited in the Pre-Funding Account or deposited therein by the Seller immediately as realized. The Trustee shall release to the Seller all investment earnings in error; and
(iv) To clear and terminate the Pre-Funding Account upon on the earlier to occur of (A) the Distribution Date immediately following the end of the PrePost-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawalRemittance Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Conseco Finance Securitizations Corp)
Pre-Funding Account. (a) No later than a. On or before the Closing Date, the Securities Administrator Trustee shall establish and maintain a trust account the Pre- Funding Account on behalf of the Trust, which at all times shall must be an Eligible Account Account, and shall deposit therein the amounts received from the Seller pursuant to Section 2.02(l). The Pre-Funding Account shall be titled “entitled "Pre-Funding Account, Xxxxx Fargo Bank, U.S. Bank Trust National Association, in trust Association as Trustee for the registered benefit of holders of Deutsche Alt-A Securities, Mortgage Loan TrustCertificates for Home Equity Loans, Series 20062001-AR2, Mortgage Pass-Through Certificates” (the “Pre-Funding Account”). A." The Securities Administrator shall, promptly upon receipt, deposit in Trustee shall maintain within the Pre-Funding Account and retain therein two subaccounts as follows: the Original "Pre-Funded Amount remitted on Funding Group I Subaccount" and the Closing Date by the Depositor"Pre-Funding Group II Subaccount". Funds deposited in the Pre-Funding Account shall be held in trust by the Trustee for the Certificateholders Holders of the Certificates and the Class C Certificates for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited b. On or before the Closing Date the Originator shall deposit in the Pre- Funding Group I Subaccount and the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposesGroup II Subaccount, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefromrespective amounts specified in Section 2.02(l). All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account such subaccounts shall be withdrawn by the Securities Administrator Trustee as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator Trustee shall withdraw from the Pre-Funding Account Group I Subaccount an amount equal to 100% of the Cut- off Date Principal Balances Balance of the related each Subsequent Loans as of the Subsequent Cut-Off Date, Group I Loan transferred and assigned to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor Originator upon satisfaction of the conditions set forth in Section 2.6 2.03(b) with respect to such transfer and assignment;.
(ii) If On any Subsequent Transfer Date, the amount on deposit in Trustee shall withdraw from the Pre-Funding Account Group II Subaccount an amount equal to 100% of the Cut-off Date Principal Balance of each Subsequent Group II Loan transferred and assigned to the Trustee on such Subsequent Transfer Date and pay such amount to or upon the order of the Originator upon satisfaction of the conditions set forth in Section 2.03(b) with respect to such transfer and assignment.
(exclusive of any investment income thereiniii) has not been reduced to zero during On the PreBusiness Day immediately preceding the Post-Funding Period, on the Distribution Date immediately following the termination of the Pre-Funding PeriodPayment Date, the Securities Administrator Trustee shall deposit into the Distribution Certificate Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in Group I Subaccount and the Pre-Funding Account or deposited therein in error; andGroup II Subaccount, net of investment earnings.
(iv) To clear and terminate the c. The Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end shall be part of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders Trust but not part of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i)Master REMIC, (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawal.Intermediate
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Conseco Finance Securitizations Corp)
Pre-Funding Account. (a) No With respect to each Group and no later than the Closing Date, the Securities Administrator Indenture Trustee shall establish and maintain a one or more segregated trust account accounts that are Eligible Accounts, which at all times shall be an Eligible Account and shall be titled “titled, with respect to Group 1, "Group 1 Pre-Funding Account, Xxxxx Fargo Bank, LaSalle Bank National Association, in trust as trustee for the registered holders of Deutsche Alt-A Securities, AFC Mortgage Loan TrustAsset Backed Notes, Series 20062000-AR21" and, Mortgage Pass-Through Certificates” (the “with respect to Group 2, "Group 2 Pre-Funding Account”), LaSalle Bank National Association, as trustee for the registered holders of AFC Mortgage Loan Asset Backed Notes, Series 2000-1". The Securities Administrator Indenture Trustee shall, promptly upon receipt, deposit in the related Pre-Funding Account and retain therein the Original Pre-Funded Amount with respect to the related Group remitted on the Closing Date to the Indenture Trustee by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefromSeller. All income and gain realized from investment of funds deposited in the each Pre-Funding Account shall be transferred for the sole and exclusive benefit of the Seller and shall be remitted by the Indenture Trustee to the DepositorSeller on the first Business Day following each Payment Date. The Depositor Seller shall deposit in the related Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately Investments upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunderloss.
(cb) Amounts on deposit in the related Pre-Funding Account shall be withdrawn by the Securities Administrator Indenture Trustee as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator Indenture Trustee, upon written direction from the Seller, shall withdraw from the related Pre-Funding Account an amount equal to 100% the applicable percentage of the Principal Balances of the Subsequent Mortgage Loans with respect to the related Subsequent Loans as of the Subsequent Cut-Off Date, Group transferred and assigned to the Indenture Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor Seller upon satisfaction of the conditions set forth in Section 2.6 with respect to such transfer and assignmentassignment set forth in Section 2.10(b) above with respect to all Subsequent Mortgage Loans, Section 2.10(c) with respect to Group 1 Subsequent Mortgage Loans and Section 2.10(d) with respect to Group 2 Subsequent Mortgage Loans;
(ii) If the amount on deposit in the related Pre-Funding Account (exclusive of any investment income therein) Funded Amount has not been reduced to zero during the Pre-Funding Period, on June 26, 2000, the Distribution Date immediately following Indenture Trustee shall withdraw any amount remaining in the termination of the related Pre-Funding PeriodAccount, net of investment earnings, and deposit such amount in the Securities Administrator shall deposit into the related Note Distribution Account any amounts remaining in order to effect the distributions described in the Pre-Funding Account (exclusive last paragraph of Section 6.06(c) above on such Payment Date and remit any investment income therein) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid balance to the Holders Seller; and also, in no particular order of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawal.priority:
Appears in 1 contract
Samples: Sale and Servicing Agreement (Afc Mortgage Loan Asset Backed Notes Series 2000-1)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator Indenture Trustee shall establish and maintain a on behalf of itself one or more segregated trust account accounts, which at all times shall be an Eligible Account and shall be Accounts, titled “"Pre-Funding Account, Xxxxx Fargo BankBank One, National Association, in trust as Indenture Trustee for the registered holders of Deutsche AltGMACM Home Loan Trust 2002-A Securities, Mortgage Loan Trust, Series 2006-AR2, Mortgage Pass-Through Certificates” HLTV1" (the “"Pre-Funding Account”"). The Securities Administrator shallOn the Closing Date, promptly upon receipt, GMACM shall deposit in into the Pre-Funding Account and retain therein an amount equal to the Original Pre-Funded Amount remitted on from the Closing Date by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day proceeds of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner sale of the Pre-Funding Account Securities, and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall deposit in the Pre-Funding Account designate the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement thereforthat relates to each Loan Group. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator as follows:
(i) On any each Subsequent Transfer Date, the Securities Administrator Servicer shall instruct the Indenture Trustee in writing to withdraw from the Pre-Funding Account an amount equal to 100% of the aggregate Principal Balances Balance as of the related Subsequent Loans as Cut-Off Date of the Subsequent Cut-Off Date, transferred and assigned Home Loans to be sold to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and purchased with funds on deposit in the Pre-Funding Account, and to pay such amount to or upon the order of the Depositor related Seller upon satisfaction of the conditions set forth in Section 2.6 this Agreement, in the Purchase Agreement and in the related Subsequent Transfer Agreement with respect to such transfer and assignment;thereto.
(iib) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) Funded Amount has not been reduced to zero during at the Pre-Funding Period, close of business on the Distribution Date immediately following the termination last day of the Pre-Funding Period, after giving effect to any withdrawal therefrom on such day, any remaining Pre-Funded Amount shall be deposited in the Securities Administrator shall deposit into Note Payment Account and applied as a principal distribution on the Distribution Account any amounts remaining Notes on the next succeeding Payment Date in accordance with the terms of the Indenture.
(c) The Servicer may cause the institution maintaining the Pre-Funding Account (exclusive to invest any funds therein in Permitted Investments having a maturity of up to 90 days or maturing or otherwise available not later than the Business Day preceding the related Payment Date on which funds are scheduled to be withdrawn to purchase Subsequent Home Loans; provided, that any investment income therein) for distribution in accordance an obligation of the institution with the terms hereof;
(iii) To withdraw any amount not required to be deposited in which the Pre-Funding Account is maintained may mature on or deposited therein before 10:30 a.m., New York time, on such Payment Date; and provided further, that no such investment may be sold or disposed of prior to maturity. In addition, no such Permitted Investment shall be purchased at a price in error; and
excess of par. Notwithstanding the foregoing, in the event investment earnings have not matured on any Payment Date, the amount of such earnings accrued as of such Payment Date shall be advanced by the Servicer for deposit into the Note Payment Account (iv) To clear and terminate which advance shall be reimbursed to the Servicer from such investment earnings at maturity). At any time when the Indenture Trustee is maintaining the Pre-Funding Account upon Account, any request by the earlier Servicer to occur invest funds on deposit therein shall be in writing, delivered to the Indenture Trustee at or before 10:30 a.m., New York time, if such investment is to be made on such day. The Servicer shall certify that the requested investment is a Permitted Investment maturing at or prior to the time required hereby. Any such investment shall be registered in the name of (A) the Distribution Date immediately following Indenture Trustee or its nominee, and to the end extent that any such investment is certificated, such investment shall be maintained with the Indenture Trustee at its Corporate Trust Office. All net income or other gain received from any such investment shall be deposited into or credited to the Note Payment Account, and may be withdrawn therefrom in accordance with Section 3.05 of the Indenture. In no event shall the Indenture Trustee be liable for any investment losses on Permitted Investments held in or credited to the Pre-Funding Period and (B) Account, provided that such investments are made in accordance with the termination provisions of this Agreement, with any amounts remaining on deposit therein being paid to Agreement and the Holders of Indenture Trustee is not the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on obligor under the date of withdrawalPermitted Investment.
Appears in 1 contract
Samples: Servicing Agreement (Residential Asset Mortgage Products Inc)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator shall establish and maintain a trust account which at all times shall be an Eligible Account and shall be titled “Pre-Funding Account, Xxxxx Fargo Bank, National Association, in trust for the registered holders of Deutsche Alt-A Securities, Mortgage Loan Trust, Series 2006-AR2AR3, Mortgage Pass-Through Certificates” (the “Pre-Funding Account”). The Securities Administrator shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator shall withdraw from the Pre-Funding Account an amount equal to 100% of the Principal Balances of the related Subsequent Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 with respect to such transfer and assignment;
(ii) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately following the termination of the Pre-Funding Period, the Securities Administrator shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawal.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2006-Ar3)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator Trustee, at the direction of the Servicer, shall establish and maintain maintain, a segregated trust account which at all times shall be that is an Eligible Account and Account, which shall be titled “Pre-Funding Account, Xxxxx Fargo JPMorgan Chase Bank, National Association, in trust as Trustee for the registered holders of Deutsche AltNovaStar Mortgage Funding Trust 2005-A Securities3, Mortgage Home Equity Loan TrustAsset-Backed Certificates, Series 20062005-AR2, Mortgage Pass-Through Certificates3” (the “Pre-Funding Account”). The Securities Administrator Trustee shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Trustee by the DepositorCompany. Funds deposited in the Pre-Funding Account shall be held in trust by the Trustee for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator Trustee will invest funds deposited in the Pre-Funding Account only as directed by the Servicer in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Eligible Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator Trustee or an Affiliate manages or advises such investment, and (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator Trustee or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereofinvestment. For federal income tax purposes, the Depositor Servicer shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. If the Trustee does not receive such written investment instructions it shall retain such funds uninvested. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to withdrawn and deposited in the DepositorDistribution Account. The Depositor Trustee shall deposit in treat the Pre-Funding Account as an outside reserve fund within the amount meaning of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement thereforTreasury Regulation Section 1.860G-2(h). At no time will the Pre-Funding Account be an asset of any REMIC created hereunder. The Trustee shall not be liable for investment losses on investments selected by the Servicer pursuant to this Section 4.05(b).
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator Trustee as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the Principal Balances of the related Subsequent Mortgage Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee for deposit in the Trust Fund Mortgage Pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor Company upon satisfaction of the conditions set forth in Section 2.6 2.08 with respect to such transfer and assignmentassignment if such Subsequent Mortgage Loan is designated for inclusion in Group I, such amount shall reduce (but not below zero) the remaining Original Pre-Funded Amount allocated to Group I and if such Subsequent Mortgage Loan is designated for inclusion in Group II, such amount shall reduce (but not below zero) the remaining Original Pre-Funded Amount allocated to Group II;
(ii) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately following day of the termination of the Pre-Funding Period, the Securities Administrator Trustee shall deposit into the Distribution Account on such day any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) relating to Group I for inclusion in the Group I Principal Remittance Amount and relating to Group II for inclusion in the Group II Principal Remittance Amount for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period but not later than the Distribution Date in December 2005 and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals from the Pre-Funding Account pursuant to clauses (i), (ii) and (iiiiv) shall be treated as contributions of cash to REMIC I on the date of withdrawal.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Novastar Mortgage Funding Corp)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator shall establish and maintain a trust account which shall at all times shall be an Eligible Account and shall be titled “Pre-Funding Account, Xxxxx Wxxxx Fargo Bank, National AssociationN.A., in trust for the registered holders of Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 20062005-AR2, Mortgage Pass-Through Certificates” (the “Pre-Funding Account”). The Pre-Funding Account shall be deemed to consist of four sub-accounts, the “Group II Pre-Funding Sub-Account”, the “Group IV Pre-Funding Sub-Account”, the “Group V Pre-Funding Sub-Account” and the “Group VI Pre-Funding Sub-Account”. The Securities Administrator shall, promptly upon receipt, deposit in the related Pre-Funding Sub-Account and retain therein the Original Group II Pre-Funded Amount, Original Group IV Pre-Funded Amount, the Original Group V Pre-Funded Amount and Original Group VI Pre-Funded Amount remitted on the Closing Date by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator shall withdraw from the Group II, Group IV, Group V or Group VI Pre-Funding Account Sub-Account, as applicable, an amount equal to 100% of the Principal Balances of the related Subsequent Loans as of the Subsequent Cut-Off off Date, transferred and assigned to the Trustee for deposit in the Trust Fund mortgage pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 with respect to such transfer and assignment;
(ii) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date day immediately following the termination of the Pre-Funding Period, the Securities Administrator shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawal.
Appears in 1 contract
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator Trustee shall establish and maintain a segregated trust account which at all times shall be that is an Eligible Account and Account, which shall be titled “"Pre-Funding Account, Xxxxx Fargo BankBank Minnesota, National AssociationN.A., in trust as trustee for the registered holders of Deutsche Alt-A Securities, Option One Mortgage Loan TrustTrust 2001-4, Asset-Backed Certificates, Series 20062001-AR2, Mortgage Pass-Through Certificates” 4" (the “"Pre-Funding Account”"). The Securities Administrator Trustee shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Trustee by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust by the Trustee for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator Trustee will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) Master Servicer in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator Trustee or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator Trustee or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s Trustee's receipt thereof. For federal income tax purposes, the Depositor Master Servicer shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the DepositorInterest Coverage Account at the following times: (i) on the Business Day immediately preceding each Distribution Date, if a Person other than the Trustee or an Affiliate of the Trustee manages or advises such investment, or on each Distribution Date, if the Trustee or an Affiliate of the Trustee manages or advises such investment, (ii) on the Business Day immediately preceding each Subsequent Transfer Date, if a Person other than the Trustee or an Affiliate of the Trustee manages or advises such investment, or on each Subsequent Transfer Date, if the Trustee or an Affiliate of the Trustee manages or advises such investment or (iii) within one Business Day of the Trustee's receipt thereof. The Depositor Master Servicer shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator Trustee as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator Trustee shall withdraw from the Pre-Pre- Funding Account an amount equal to 100% of the Stated Principal Balances of the related Subsequent Mortgage Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee for deposit in the Trust Fund 100 Mortgage Pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 2.08 with respect to such transfer and assignment;
(ii) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income thereinincome) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date day immediately following the termination of the Pre-Funding Period, the Securities Administrator Trustee shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income thereinincome) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I 1 on the date of withdrawal.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Option One Mort Acc Corp Asset Backed Cert Ser 2001-4)
Pre-Funding Account. (a) No later than On or before the Closing Date, the Securities Administrator Trustee shall establish and maintain a trust pre-funding account which at all times shall be an Eligible Account and shall be titled “(the "Pre-Funding Account"), Xxxxx Fargo Bank, National Association, in trust for the registered holders of Deutsche Alt-A Securities, Mortgage Loan Trust, Series 2006-AR2, Mortgage Pass-Through Certificates” (the “which must be an Eligible Account. The Pre-Funding Account”). The Securities Administrator shallAccount is to be held by and for the benefit of the Trustee on behalf of the Certificateholders, promptly upon receiptand shall be either in the Trustee's name or designated in a manner that reflects the custodial nature of the account and that all funds (excluding investment earnings thereon) in such account are held for the benefit of the Trustee.
(b) On or before the Closing Date, OMI shall deposit $58,817,750 in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date by the DepositorAccount. Funds deposited in the Pre-Funding Account shall be held in trust for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator Trustee as follows:
(i) On Pursuant to and in accordance with the Sales Agreement and a notice of direction from an officer of OMI substantially in the form of Exhibit PF attached hereto, on any Subsequent Transfer Date, the Securities Administrator Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the Scheduled Principal Balances Balance as of the related Subsequent Loans as Transfer Date of the each Subsequent Cut-Off Date, Asset transferred and assigned to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 OMI with respect to such transfer and assignment;.
(ii) If On each Subsequent Transfer Date, OMI shall sell to the amount on deposit in Trustee, without recourse, the Pre-Funding Account (exclusive of any investment income therein) has not been reduced Subsequent Assets referred to zero during the Pre-Funding Period, on the Distribution related Exhibit PF pursuant to the provisions of Article II of the Standard Terms, and this Agreement. On each Subsequent Transfer Date immediately following Servicer shall execute and deliver a Servicer Custodial Certification pursuant to Section 2.02(b) of the termination Standard Terms, and the Trustee shall execute and deliver an Initial Certification pursuant to Section 2.03(c)(1) of the Standard Terms.
(iii) On the last day of the Pre-Funding Period, the Securities Administrator Trustee shall deposit into the Distribution Account any amounts then remaining in the Pre-Funding Account, net of investment earnings, which amounts shall be held uninvested in the Distribution Account (exclusive and will be included in the Available Distribution Amount for the immediately following Distribution Date and distributed as an additional prepayment of any investment income therein) for distribution principal to Certificateholders in accordance with the terms hereof;Remittance Report prepared by the Servicer then entitled to such distributions.
(iiic) To withdraw any amount The Pre-Funding Account shall be part of the Trust, but not required part of the Pooling REMIC, the Intermediate REMIC or the Issuing REMIC. The Trustee, on behalf of the Trust, shall be the legal owner of the Pre-Funding Account. OMI shall be the beneficial owner of the Pre-Funding Account, subject to be deposited the foregoing power of the Trustee to transfer amounts in the Pre-Funding Account or deposited therein to the Distribution Account. Funds in error; andthe Pre-Funding Account shall, at the direction of the Servicer, be invested in Eligible Investments that mature no later than the Business Day prior to the next occurring Distribution Date. All amounts earned on deposits in the Pre-Funding Account shall be taxable to OMI. The Trustee shall release to OMI all investment earnings in the Pre-Funding Account on the Business Day immediately following the end of the Pre-Funding Period.
(ivd) To The Trustee shall clear and terminate the Pre-Funding Account upon the earlier to occur of (Ai) the Distribution Date immediately following the end of the Pre-Funding Period and (Bii) the termination date on which an Event of Default occurs under this Agreement, with any amounts remaining on deposit therein being paid to the Holders holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (iib)(i)-(iii) and this clause (iiid) shall be treated as contributions of cash to the Pooling REMIC I on the date of withdrawal.
(e) Each Subsequent Asset acquired by the Trust with funds from the Pre-Funding Account shall be acquired pursuant to a fixed price contract within the meaning of I.R.C. (S)860G(a)(3)(A)(ii).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Oakwood Mortgage Investors Inc)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator Indenture Trustee shall establish and maintain a on behalf of itself one or more segregated trust account accounts, which at all times shall be an Eligible Account and shall be Accounts, titled “"Pre-Funding Account, Xxxxx Fargo JPMorgan Chase Bank, National Association, in trust as Indenture Trustee for the registered holders of Deutsche Alt-A Securities, Mortgage GMACM Home Equity Loan Trust, Series Trust 2006-AR2, Mortgage Pass-Through Certificates” HE4" (the “"Pre-Funding Account”"). The Securities Administrator shallOn the Closing Date, promptly upon receipt, GMACM shall deposit in into the Pre-Funding Account and retain therein an amount equal to the Original Pre-Funded Amount remitted on from the Closing Date by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day proceeds of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner sale of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefromSecurities. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator as follows:
(i) On any each Subsequent Transfer Date, the Securities Administrator Servicer shall instruct the Indenture Trustee in writing to withdraw from the Pre-Funding Account an amount equal to 100% of the aggregate Principal Balances Balance as of the related Subsequent Loans as Cut-Off Date of the Subsequent Cut-Off Date, transferred and assigned Mortgage Loans to be sold to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and purchased with funds on deposit in the Pre-Funding Account, and to pay such amount to or upon the order of the Depositor GMACM upon satisfaction of the conditions set forth in Section 2.6 this Agreement, in the Purchase Agreement and in the related Subsequent Transfer Agreement with respect thereto. In no event shall the Indenture Trustee be liable for any investment losses on Permitted Investments held in or credited to such transfer and assignment;
(ii) If the amount on deposit in the Pre-Funding Account Account, provided that such investments are made in accordance with the provisions of this Agreement and the Indenture Trustee is not the obligor under the Permitted Investment.
(exclusive of any investment income thereinb) If the Pre-Funded Amount has not been reduced to zero during at the Pre-Funding Period, close of business on the Distribution Date immediately following the termination last day of the Pre-Funding Period, after giving effect to any withdrawal therefrom on such day, any remaining Pre-Funded Amount shall be deposited in the Securities Administrator shall deposit into Note Payment Account and applied as a principal distribution on the Distribution Account any amounts remaining Variable Pay Revolving Notes on the next succeeding Payment Date in accordance with the terms of the Indenture; provided that up to $50,000 of such amount may be deposited in the Funding Account.
(c) The Servicer may cause the institution maintaining the Pre-Funding Account (exclusive to invest any funds therein in Permitted Investments having a maturity of up to 90 days or maturing or otherwise available not later than the Business Day preceding the related Payment Date on which funds are scheduled to be withdrawn to purchase Subsequent Mortgage Loans; provided, that any investment in an obligation of the institution with which the Pre-Funding Account is maintained may mature on or before 10:30 a.m., New York time, on such Payment Date; and provided further, that no such investment may be sold or disposed of prior to maturity. In addition, no such Permitted Investment shall be purchased at a price in excess of par. Notwithstanding the foregoing, in the event investment earnings have not matured on any Payment Date, the amount of such earnings accrued as of such Payment Date shall be advanced by the Servicer for deposit into the Note Payment Account (which advance shall be reimbursed to the Servicer from such investment earnings at maturity). At any time when the Indenture Trustee is maintaining the Pre-Funding Account, any request by the Servicer to invest funds on deposit therein shall be in writing, delivered to the Indenture Trustee at or before 10:30 a.m., New York time, if such investment is to be made on such day. The Servicer shall certify that the requested investment is a Permitted Investment maturing at or prior to the time required hereby. Any such investment shall be registered in the name of the Indenture Trustee or its nominee, and to the extent that any such investment is certificated, such investment shall be maintained with the Indenture Trustee at its Corporate Trust Office. All net income therein) for distribution or other gain received from any such investment shall be deposited into or credited to the Note Payment Account, and may be withdrawn therefrom in accordance with Section 3.05 of the terms hereof;
(iii) To withdraw Indenture. The amount of any losses incurred in respect of the principal amount not required to of any such investments shall be deposited in the Pre-Funding Account by the Servicer out of its own funds immediately as realized. In no event shall the Indenture Trustee be liable for any investment losses on Permitted Investments held in or deposited therein in error; and
(iv) To clear and terminate credited to the Pre-Funding Account upon Account, provided that such investments are made in accordance with the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination provisions of this Agreement, with any amounts remaining on deposit therein being paid to Agreement and the Holders of Indenture Trustee is not the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on obligor under the date of withdrawalPermitted Investment.
Appears in 1 contract
Samples: Servicing Agreement (GMACM Home Equity Loan Trust 2006-He4)
Pre-Funding Account. (a) No later than The Servicer, for the Closing Datebenefit of the Securityholders, shall cause to be established and maintained in the Securities Administrator shall establish and maintain name of the Indenture Trustee a trust account Pre- Funding Account (the "Pre-Funding Account"), which at all times shall be an a separate Eligible Account and shall may be titled “interest-bearing, entitled "Pre-Funding Account, Xxxxx Fargo Bank, First Bank National Association, as Indenture Trustee, in trust for the registered holders of Deutsche Alt-A Empire Funding Home Loan Asset Backed Securities, Mortgage Loan Trust, Series 20061997-AR2, Mortgage Pass-Through Certificates” (2." The Pre- Funding Account may be maintained with the “Pre-Funding Indenture Trustee or any other depository institution which satisfies the requirements set forth in the definition of Eligible Account”). The Securities Administrator shall, promptly upon receipt, deposit in the creation of a Pre-Funding Account other than one maintained with the Indenture Trustee shall be evidenced by a letter agreement between the Servicer and retain therein the Original Pre-Funded Amount remitted on depository institution acceptable to the Closing Date by Indenture Trustee. A copy of such letter agreement shall be furnished to the DepositorIndenture Trustee and, upon request of any Securityholder, to such Securityholder. Funds deposited in the Pre-Funding Account shall be held invested in trust for accordance with Section 5.03 hereof. ------------ On the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposesClosing Date, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall Owner Trustee will deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset Funded Amount from the net proceeds of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by sale of the Securities Administrator as follows:
(i) Notes. On any each Subsequent Transfer Date, upon satisfaction of the Securities Administrator conditions set forth in Section 2.07 hereof with respect to such transfer, the Indenture ------------ Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the Principal Balances of the related Subsequent Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee for deposit in the Trust Fund Issuer on such Subsequent Transfer Date and pay distribute such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 with respect to such transfer and assignment;Transferor.
(iib) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) Funded Amount has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately following the termination of the Pre-Funding Period, the Securities Administrator shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end last day of the Pre-Funding Period after giving effect to any reductions in the Pre-Funded Amount on such date pursuant to paragraph (a) above, the Indenture ------------- Trustee in writing shall withdraw from the Pre-Funding Account on the Mandatory Redemption Date (i) if the Pre-Funded Amount is equal to or less than $100,000, and (B) deposit such amount in the termination of this Agreement, with any amounts remaining on deposit therein being paid Note Distribution Account to be applied to reduce the Holders Outstanding Amount of the Class A Certificates of Notes then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), principal and (ii) if the Pre-Funded Amount is greater than $100,000, and (iii) shall deposit such amounts to the Note Distribution Account to be treated as contributions applied in reduction of cash to REMIC I the Class Principal Balance of each Class of Notes based on the date related Pre-Funded Percentage.
(c) On the Business Day preceding each of withdrawalthe second and third Distribution Dates, if applicable, the Indenture Trustee shall withdraw the related Pre-Funding Earnings for the related Due Period and remit such amounts to the Transferor.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Financial Asset Securities Corp)
Pre-Funding Account. (a) No later than On or before the Closing Date, the Securities Administrator Trustee shall establish have established, and thereafter shall maintain until the Remittance Date in December 2002, a trust account which at all times shall be an Eligible Account and shall be titled “Pre-Funding Account, Xxxxx Fargo Bank, National Association, Account to be held by the Trustee in trust the name of the Trust Fund for the registered holders benefit of Deutsche Alt-A Securities, Mortgage Loan Trust, Series 2006-AR2, Mortgage Pass-Through Certificates” (the “Pre-Funding Account”)Certificateholders. The Securities Administrator shall, promptly upon receipt, deposit Trustee shall cause moneys in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date by the Depositor. Funds deposited to be invested in the Pre-Funding Account shall be held in trust for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only Eligible Investments as directed in writing by the Depositor (and such amounts Servicer, which shall mature or, in the case of a money market fund, be redeemed not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the Remittance Date next following the date on which of such funds are required to investment (except that if such Eligible Investment is an obligation of the institution that maintains the Pre-Funding Account, then such Eligible Investments shall mature or, in the case of a money market fund, be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no redeemed not later than such Remittance Date) and shall not be sold or disposed of prior to its maturity. If a selection is not made and a written direction not given to the date on which Trustee, funds shall remain uninvested in a segregated non-interest bearing account with no liability for interest thereon. All such funds are required to Eligible Investments shall be withdrawn from such account pursuant to this Agreement, if made in the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day name of the Securities Administrator’s receipt thereofTrustee. For federal income tax purposes, The Servicer shall promptly notify the Depositor shall be the owner of Trustee upon obtaining knowledge that an instrument or account in which the Pre-Funding Account and shall report all items of incomeis invested has ceased to be an Eligible Investment or Eligible Account.
(b) On the Closing Date, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall Trustee will deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Original Pre-Funding Account be an asset of any REMIC created hereunderFunded Amount.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator as follows:
(i) On any Subsequent Transfer Date, Vanderbilt shall instruct the Securities Administrator shall Trustee in writing to withdraw from the Pre-Funding Account an amount equal to 100% of the Principal Balances of the related Subsequent Loans as aggregate principal balances of the Subsequent Cut-Off Date, transferred and assigned Contracts sold to the Trustee for deposit in the Trust Fund or any separate trustee on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor Vanderbilt upon satisfaction of the conditions set forth in Section 2.6 5.20 hereof with respect to such transfer and assignment;
(ii) If transfer. In no event shall Vanderbilt be permitted to instruct the amount on deposit in Trustee to release from the Pre-Funding Account to the Certificate Account with respect to Subsequent Contracts to be transferred an aggregate amount in excess of the Original Pre-Funded Amount.
(exclusive of any investment income thereind) If (x) the Pre-Funded Amount with respect to the Contracts has not been reduced to zero during by the end of the Funding Period or (y) the Pre-Funded Amount has been reduced to $100,000 or less, then Vanderbilt shall instruct the Trustee in writing to withdraw from the Pre-Funding Period, on Account the Distribution Date immediately following the termination amount (exclusive of the any related Pre-Funding Period, the Securities Administrator shall Account Earnings still on deposit into the Distribution Account any amounts therein) remaining in the Pre-Funding Account and deposit such amount to the Certificate Account on the Remittance Date in the month following the month in which the earlier of either (exclusive of any investment income thereinx) for distribution in accordance with the terms hereof;or (y) occurs.
(iiie) To withdraw any amount not required On the first four Remittance Dates the Trustee shall, based upon the information furnished by the Servicer to be deposited the Trustee pursuant to Section 5.20(d), transfer from the Pre-Funding Account to the Certificate Account, the Pre-Funding Account Earnings, if any, applicable to such Remittance Date. It is the intention of the parties that the funds in the Pre-Funding Account or deposited therein be held by the Trustee as the owner thereof for the sole benefit of the Certificateholders. Should the funds in error; and
(iv) To clear and terminate the Pre-Funding Account upon constitute assets that are not so owned by the earlier to occur of (A) Trustee, however, the Distribution Date immediately following parties agree that the end of the Pre-Funding Period Trustee shall have, and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid Vanderbilt hereby grants to the Holders Trustee, a security interest in such funds and all proceeds thereof, including all investments that the Trustee may acquire with such funds from time to time, which security interest is of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) first priority and (iii) has been and shall be treated as contributions of cash to REMIC I on the date of withdrawalduly perfected.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Vanderbilt Mortgage & Finance Inc)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator Trustee, at the direction of the Servicer, shall establish and maintain maintain, a segregated trust account which at all times shall be that is an Eligible Account and Account, which shall be titled “"Pre-Funding Account, Xxxxx Fargo JPMorgan Chase Bank, National Association, in trust as Trustee for the registered holders of Deutsche AltNovaStar Mortgage Funding Trust 2003-A Securities1, Mortgage Home Equity Loan TrustAsset-Backed Certificates, Series 20062003-AR2, Mortgage Pass-Through Certificates” 1" (the “"Pre-Funding Account”"). The Securities Administrator Trustee shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Trustee by the DepositorCompany. Funds deposited in the Pre-Funding Account shall be held in trust by the Trustee for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator Trustee will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) Servicer in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator Trustee or an Affiliate manages or advises such investment, and (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator Trustee or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereofinvestment. For federal income tax purposes, the Depositor Servicer shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to withdrawn and deposited in the DepositorDistribution Account. The Depositor Trustee shall deposit in treat the Pre-Funding Account as an outside reserve fund within the amount meaning of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement thereforTreasury Regulation Section 1.860G-2(h). At no time will the Pre-Funding Account be an asset of any REMIC created hereunder. The Trustee shall not be liable for investment losses on investments selected by the Servicer pursuant to this Section 4.05(b).
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator Trustee as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the Principal Balances of the related Subsequent Mortgage Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee for deposit in the Trust Fund Mortgage Pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor Company upon satisfaction of the conditions set forth in Section 2.6 2.08 with respect to such transfer and assignment;
(ii) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately following day of the termination of the Pre-Funding Period, the Securities Administrator Trustee shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period but not later than the Distribution Date in May 2003 and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals from the Pre-Funding Account pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawal.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Novastar Mortgage Funding Corp Home Eq Ln as Bk Ce Se 03 1)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator Trustee shall establish and maintain a segregated trust account which at all times shall be that is an Eligible Account and Account, which shall be titled “"Pre-Funding Account, Xxxxx Fargo Bank, First Trust National Association, in trust as trustee for the registered holders of Deutsche AltSalomon Brothers Mortgage Securities VII, Inc., New Century Asset-A Securities, Mortgage Loan TrustBacked Floating Rate Certificates, Series 2006-AR2, Mortgage Pass-Through Certificates” 1998- NC1" (the “"Pre-Funding Account”"). The Securities Administrator Trustee shall, promptly upon receipt, deposit in the Pre-Pre- Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Trustee by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust by the Trustee for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator Trustee will invest funds deposited in the Pre-Funding Account only as directed in writing by Permitted Investments of the Depositor kind described in clause (and such amounts shall not be invested if no direction is received by Securities Administratorvi) in of the definition of Permitted Investments with a maturity date (i) no later than the second Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereofeach Distribution Date. For federal income tax purposes, the Depositor shall be the owner of the Pre-Pre- Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the DepositorInterest Coverage Account on the Business Day immediately preceding each Distribution Date. The Depositor Master Servicer shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will Prior to the Distribution Date occurring in April 1998 or any earlier Subsequent Transfer Date on which the entire balance of the Original Pre-Funded Amount is applied to purchase Subsequent Mortgage Loans, the Pre-Funding Account will not be an asset of any of REMIC created hereunderI, REMIC II or REMIC III.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator Trustee as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the Stated Principal Balances of the related Subsequent Mortgage Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee for deposit in the Trust Fund Mortgage Pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 2.11 with respect to such transfer and assignment;
(ii) If the amount on deposit in the Pre-Funding Funded Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date day immediately following the termination of the Pre-Funding Period, the Securities Administrator Trustee shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with to the terms hereofClass A Certificateholders pursuant to Section 4.01(a);
(iii) To withdraw any amount not required to be deposited in the Pre-Pre- Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period occurring in April 1998 and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawal.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (New Century Asset Backed Floating Rate Cert Ser 1998-Nc1)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator Trustee shall establish and maintain a segregated trust account which at all times shall be that is an Eligible Account and Account, which shall be titled “"Pre-Funding Account, Xxxxx Fargo Bank, National Association, in trust ____________________ as Trustee for the registered holders of Deutsche Alt-A SecuritiesLong Beach Securities Corp., Mortgage Loan Trust, Series 2006-AR2, [--] Floating Rate Mortgage Pass-Through Certificates” , Series ____-___" (the “"Pre-Funding Account”"). The Securities Administrator Trustee shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Trustee by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust by the Trustee for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator Trustee will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments of the kind described in clauses (i), (v) or (vi) of the definition of Permitted Investments, as directed by the Master Servicer, with a maturity date (i) no later than the second Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereofeach Distribution Date. For federal income tax purposes, the Depositor holder of the largest Percentage Interest of the Residual Certificates shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the DepositorInterest Coverage Account on the Business Day immediately preceding each Distribution Date. The Depositor Master Servicer shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will Prior to the Distribution Date immediately following the end of the Funding Period or any earlier Subsequent Transfer Date on which the entire balance of the Original Pre-Funded Amount is applied to purchase Subsequent Mortgage Loans, the Pre-Funding Account will not be an asset of any of REMIC created hereunderI, REMIC II or REMIC III.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator Trustee as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator Trustee shall withdraw from the Pre-Pre- Funding Account an amount equal to 100___% of the Stated Principal Balances of the related Subsequent Mortgage Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee for deposit in the Trust Fund Mortgage Pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 2.11 with respect to such transfer and assignment;
(ii) If if the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date day immediately following the termination of the Pre-Funding Period, the Securities Administrator Trustee shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive Account, net of any gain realized from the investment income therein) of funds on deposit therein to the extent not previously paid to the Master Servicer, for distribution in accordance with the terms hereof;
(iii) To to withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error;
(iv) to distribute to the Master Servicer any income and gain realized from the investment of funds in the Pre-Funding Account; and
(ivv) To to clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawal.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Securities Corp)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator Trustee, at the direction of the Servicer, shall establish and maintain maintain, a segregated trust account which at all times shall be that is an Eligible Account and Account, which shall be titled “"Pre-Funding Account, Xxxxx Fargo JPMorgan Chase Bank, National Association, in trust as Trustee for the registered holders of Deutsche AltNovaStar Mortgage Funding Trust 2003-A Securities3, Mortgage Home Equity Loan TrustAsset-Backed Certificates, Series 20062003-AR2, Mortgage Pass-Through Certificates” 3" (the “"Pre-Funding Account”"). The Securities Administrator Trustee shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Trustee by the DepositorCompany. Funds deposited in the Pre-Pre- Funding Account shall be held in trust by the Trustee for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator Trustee will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) Servicer in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator Trustee or an Affiliate manages or advises such investment, and (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator Trustee or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereofinvestment. For federal income tax purposes, the Depositor Servicer shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to withdrawn and deposited in the DepositorDistribution Account. The Depositor Trustee shall deposit in treat the Pre-Funding Account as an outside reserve fund within the amount meaning of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement thereforTreasury Regulation Section 1.860G-2(h). At no time will the Pre-Funding Account be an asset of any REMIC created hereunder. The Trustee shall not be liable for investment losses on investments selected by the Servicer pursuant to this Section 4.05(b).
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator Trustee as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the Principal Balances of the related Subsequent Mortgage Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee for deposit in the Trust Fund Mortgage Pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor Company upon satisfaction of the conditions set forth in Section 2.6 2.08 with respect to such transfer and assignment;
(ii) If the amount on deposit in the Pre-Funding Account (exclusive in respect of any investment income therein) the First Pre-Funding Amount has not been reduced to zero during on the expiration of the First Pre-Funding Period the Trustee shall deposit such remaining amounts into the Distribution Account for distribution in accordance with the terms hereof;
(iii) If the amount on deposit in the Pre-Funding Period, Account has not been reduced to zero on the Distribution Date immediately following day of the termination of the Second Pre-Funding Period, the Securities Administrator Trustee shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof;
(iiiiv) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error;
(v) To pay any remaining amount of the First Pre-Funding Amount after the expiration of the First Pre-Funding Period to the Holders of the Certificates then entitled to distributions in respect of principal; and
(ivvi) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Second Pre-Funding Period but not later than the Distribution Date in December 2003 and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals from the Pre-Funding Account pursuant to clauses (i), (ii), (iii) (v), and (iiivi) shall be treated as contributions of cash to REMIC I on the date of withdrawal.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Novastar Home Equity Loan Asset Backed Cert Series 2003-3)
Pre-Funding Account. (a) No later than The Servicer, for the Closing Datebenefit of the Securityholders, shall cause to be established and maintained in the Securities Administrator shall establish and maintain State of New York in the name of the Indenture Trustee a trust account Pre-Funding Account (the "Pre-Funding Account"), which at all times shall be an a separate Eligible Account and shall may be titled “interest-bearing, entitled "Pre-Funding Account, Xxxxx Fargo BankThe Bank of New York, National Associationas Indenture Trustee, in trust for the registered holders of Deutsche Alt-A DiTech Home Loan Asset Backed Securities, Mortgage Loan Trust, Series 20061997-AR2, Mortgage Pass-Through Certificates” (the “Pre-Funding Account”). 1." The Securities Administrator shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein may be maintained with the Original Indenture Trustee or any other depository institution which satisfies the requirements set forth in the definition of Eligible Account. The creation of a Pre-Funded Amount remitted on Funding Account other than one maintained with the Closing Date Indenture Trustee shall be evidenced by a letter agreement between the DepositorServicer and the depository institution acceptable to the Indenture Trustee. A copy of such letter agreement shall be furnished to the Indenture Trustee and, upon request of any Securityholder, to such Securityholder. Funds deposited in the Pre-Funding Account shall be held invested in trust for accordance with Section 5.03 hereof. On the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposesClosing Date, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall Trust will deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset Funded Amount from the net proceeds of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by sale of the Securities Administrator as follows:
(i) Notes. On any each Subsequent Transfer Date, upon satisfaction of the Securities Administrator conditions set forth in Section 2.06 hereof with respect to such transfer, the Indenture Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the Principal Balances of the related Subsequent Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee for deposit in the Trust Fund Issuer on such Subsequent Transfer Date and pay distribute such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 with respect to such transfer and assignment;Transferor.
(iib) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) Funded Amount has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately following the termination of the Pre-Funding Period, the Securities Administrator shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end last day of the Pre-Funding Period after giving effect to any reductions in the Pre-Funded Amount on such date pursuant to paragraph (a) above, the Indenture Trustee in writing shall withdraw from the Pre-Funding Account on the Mandatory Redemption Date (i) if the Pre-Funded Amount is equal to or less than $50,000, and (B) deposit such amount in the termination of this Agreement, with any amounts remaining on deposit therein being paid Note Distribution Account to be applied to reduce the Holders Outstanding Amount of the Class A Certificates of Notes then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), principal and (ii) if the Pre-Funded Amount is greater than $50,000, and (iii) shall deposit such amounts to the Note Distribution Account to be treated as contributions applied in reduction of cash to REMIC I the Class Principal Balance of each Class of Notes based on the date related Pre-Funded Percentage.
(c) On the Business Day preceding each of withdrawalthe second and third Distribution Dates, if applicable, the Indenture Trustee shall withdraw the related Pre-Funding Earnings for the related Due Period and remit such amounts to the Transferor.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Ditech Funding Corp Home Loan Owner Trust 1997-1)
Pre-Funding Account. (a) No later than On the Closing Date, the Securities Administrator Depositor shall establish and maintain a trust account which at all times shall be an Eligible Account and shall be titled “Pre-Funding Account, Xxxxx Fargo Bank, National Association, in trust for the registered holders of Deutsche Alt-A Securities, Mortgage Loan Trust, Series 2006-AR2, Mortgage Pass-Through Certificates” (the “Pre-Funding Account”). The Securities Administrator shall, promptly upon receipt, deposit in into the Pre-Funding Account and retain therein an amount equal to the Original Pre-Funded Amount remitted on from the Closing Date by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day proceeds of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner sale of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefromClass IA-1 Notes. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator as follows:
(i) On any each related Subsequent Transfer Date, the Securities Administrator Master Servicer shall instruct the Indenture Trustee in writing to (i) withdraw from the Pre-Funding Account an amount equal to 100% of the aggregate Principal Balances Balance as of the related Subsequent Loans as Cut-Off Date of the Subsequent Cut-Off Date, transferred and assigned Mortgage Loans to be sold to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and (ii) pay such amount to or upon the order of the Depositor Seller upon satisfaction of the conditions set forth in Section 2.6 this Agreement and in the related Subsequent Transfer Agreement with respect to such transfer and assignment;thereto.
(iib) If The Master Servicer may cause the institution maintaining the Pre-Funding Account to invest any funds therein in Permitted Investments having a maturity of up to 180 days or maturing or otherwise available not later than the Business Day preceding the related date on which funds are scheduled to be withdrawn to purchase Subsequent Mortgage Loans; provided, that any investment in an obligation of the institution with which the Pre-Funding Account is maintained may mature on or before 10:30 a.m., New York time, on such date; and provided further, that no such investment may be sold or disposed of prior to maturity. Notwithstanding the foregoing, in the event investment earnings have not matured on any Subsequent Transfer Date, the amount on of such earnings accrued as of such Subsequent Transfer Date may be advanced by the Master Servicer for deposit in into the Pre-Funding Account (exclusive of which advance shall be reimbursed to the Master Servicer from such investment earnings at maturity). At any investment income therein) has not been reduced to zero during time when the Indenture Trustee is maintaining the Pre-Funding PeriodAccount, any request by the Master Servicer to invest funds on deposit therein shall be in writing, delivered to the Distribution Date immediately following Indenture Trustee at or before 10:30 a.m., New York time, if such investment is to be made on such day. The Master Servicer shall certify that the termination requested investment is a Permitted Investment maturing at or prior to the time required hereby. Any such investment shall be registered in the name of the Pre-Funding PeriodIndenture Trustee or its nominee, and to the Securities Administrator extent that any such investment is certificated, such investment shall deposit be maintained with the Indenture Trustee at its Corporate Trust Office. The amount of any net losses incurred in respect of the principal amount of any such investment shall be deposited into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive by the Master Servicer out of any investment income therein) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date its own funds immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawalrealized.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Irwin Home Equity Loan Trust 2004-1)
Pre-Funding Account. (a) No later than The Servicer, for the Closing Datebenefit of the Securityholders, shall cause to be established and maintained in the Securities Administrator shall establish and maintain name of the Indenture Trustee a trust account Pre-Funding Account (the "Pre-Funding Account"), which at all times shall be an a separate Eligible Account and shall may be titled “interest-bearing, entitled "Pre-Funding Account, Xxxxx Fargo Bank, U.S. Bank National Association, as Indenture Trustee, in trust for the registered holders of Deutsche Alt-A Securities, Mortgage Empire Funding Home Loan TrustAsset Backed Notes, Series 20061997-AR2, Mortgage Pass-Through Certificates” (the “Pre-Funding Account”). 4." The Securities Administrator shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein may be maintained with the Original Indenture Trustee or any other depository institution which satisfies the requirements set forth in the definition of Eligible Account. The creation of a Pre-Funded Amount remitted on Funding Account other than one maintained with the Closing Date Indenture Trustee shall be evidenced by a letter agreement between the DepositorServicer and the depository institution acceptable to the Indenture Trustee. A copy of such letter agreement shall be furnished to the Indenture Trustee and, upon request of any Securityholder, to such Securityholder. Funds deposited in the Pre-Funding Account shall be held invested in trust for accordance with Section 5.03 hereof. On the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposesClosing Date, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall Owner Trustee will deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset Funded Amount from the net proceeds of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by sale of the Securities Administrator as follows:
(i) Notes. On any each Subsequent Transfer Date, upon satisfaction of the Securities Administrator conditions set forth in Section 2.06 hereof with respect to such transfer, the Indenture Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the Principal Balances of the related Subsequent Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee for deposit in the Trust Fund Issuer on such Subsequent Transfer Date and pay distribute such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 with respect to such transfer and assignment;Transferor.
(iib) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) Funded Amount has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately following the termination of the Pre-Funding Period, the Securities Administrator shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end last day of the Pre-Funding Period after giving effect to any reductions in the Pre-Funded Amount on such date pursuant to paragraph (a) above, the Indenture Trustee in writing shall withdraw from the Pre-Funding Account on the Mandatory Redemption Date (i) if the Pre-Funded Amount is equal to or less than $50,000, and (B) deposit such amount in the termination of this Agreement, with any amounts remaining on deposit therein being paid Note Distribution Account to be applied to reduce the Holders Outstanding Amount of the Class A Certificates of Notes then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), principal and (ii) if the Pre-Funded Amount is greater than $50,000, and (iii) shall deposit such amounts to the Note Distribution Account to be treated as contributions applied in reduction of cash to REMIC I the Class Principal Balance of each Class of Notes based on the date related Pre-Funded Percentage.
(c) On the Business Day preceding each of withdrawalthe second and third Distribution Dates, if applicable, the Indenture Trustee shall withdraw the related Pre-Funding Earnings for the related Due Period and remit such amounts to the Transferor.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Empire Funding Home Loan Owner Trust 1997-4)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator Trustee shall establish and maintain a segregated trust account account, which at all times shall be an Eligible Account and shall be titled “"Pre-Funding Account, Xxxxx Fargo BankBank One, National Association, in trust as trustee for the registered holders of Deutsche Alt-A SecuritiesStructured Asset Mortgage Investments Inc., Mortgage Loan TrustPass- Through Certificates, Series 20062002-AR2, Mortgage Pass-Through Certificates” " (the “"Pre-Funding Account”"). The Securities Administrator Trustee shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Trustee by the DepositorSeller. Funds deposited in the Pre-Funding Account shall be held in trust by the Trustee for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator Trustee will invest funds deposited in the Pre-Funding Account only as directed by the Seller or its designee in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator Trustee or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator Trustee or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s Trustee's receipt thereof. For federal income tax purposes, the Depositor Seller or its designee shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the DepositorInterest Coverage Account at the following times: (i) on the Business Day immediately preceding each Distribution Date, if a Person other than the Trustee or an Affiliate of the Trustee manages or advises such investment, or on each Distribution Date, if the Trustee or an Affiliate of the Trustee manages or advises such investment, (ii) on the Business Day immediately preceding each Subsequent Transfer Date, if a Person other than the Trustee or an Affiliate of the Trustee manages or advises such investment, or on each Subsequent Transfer Date, if the Trustee or an Affiliate of the Trustee manages or advises such investment or (iii) within one (1) Business Day of the Trustee's receipt thereof. Such transferred funds shall not constitute income and gain for purposes of Section 4.07(b) hereof. The Depositor Seller or its designee shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator Trustee as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator Trustee shall withdraw from the Pre-Pre- Funding Account an amount equal to 100% of the Scheduled Principal Balances of the related Subsequent Mortgage Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee for deposit in the Trust Fund mortgage pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor Seller upon satisfaction of the conditions set forth in Section 2.6 2.07 with respect to such transfer and assignment;
(ii) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income thereinincome) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date day immediately following the termination of the Pre-Funding Period, the Securities Administrator Trustee shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income thereinincome) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates Certificateholders then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawal.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator Trustee shall establish and maintain a segregated trust account which at all times shall be that is an Eligible Account and Account, which shall be titled “"Pre-Funding Account, Xxxxx Fargo Bank, National Association, in trust ____________________ as Trustee for the registered holders of Deutsche AltBoardwalk Mortgage Securities Inc., Boardwalk Asset-A Securities, Mortgage Loan Trust, Series 2006-AR2, Mortgage Backed Pass-Through Certificates” , Series ____-___" (the “"Pre-Funding Account”"). The Securities Administrator Trustee shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Trustee by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust by the Trustee for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator Trustee will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments of the kind described in clauses (i), (v) or (vi) of the definition of Permitted Investments, as directed by the Master Servicer, with a maturity date (i) no later than the second Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereofeach Distribution Date. For federal income tax purposes, the Depositor holder of the largest Percentage Interest of the Residual Certificates shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the DepositorInterest Coverage Account on the Business Day immediately preceding each Distribution Date. The Depositor Master Servicer shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will Prior to the Distribution Date immediately following the end of the Funding Period or any earlier Subsequent Transfer Date on which the entire balance of the Original Pre-Funded Amount is applied to purchase Subsequent Mortgage Loans, the Pre-Funding Account will not be an asset of any of REMIC created hereunderI, REMIC II or REMIC III.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator Trustee as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator Trustee shall withdraw from the Pre-Pre- Funding Account an amount equal to 100___% of the Stated Principal Balances of the related Subsequent Mortgage Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee for deposit in the Trust Fund Mortgage Pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 2.11 with respect to such transfer and assignment;
(ii) If if the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date day immediately following the termination of the Pre-Funding Period, the Securities Administrator Trustee shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive Account, net of any gain 104 realized from the investment income therein) of funds on deposit therein to the extent not previously paid to the Master Servicer, for distribution in accordance with the terms hereof;
(iii) To to withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error;
(iv) to distribute to the Master Servicer any income and gain realized from the investment of funds in the Pre-Funding Account; and
(ivv) To to clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawal.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Boardwalk Mortgage Securities Inc.)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator Trustee, at the direction of the Servicer, shall establish and maintain maintain, a segregated trust account which at all times shall be that is an Eligible Account and Account, which shall be titled “"Pre-Funding Account, Xxxxx Fargo JPMorgan Chase Bank, National Association, in trust as Trustee for the registered holders of Deutsche AltNovaStar Mortgage Funding Trust 2003-A Securities2, Mortgage Home Equity Loan TrustAsset-Backed Certificates, Series 20062003-AR2, Mortgage Pass-Through Certificates” 2" (the “"Pre-Funding Account”"). The Securities Administrator Trustee shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Trustee by the DepositorCompany. Funds deposited in the Pre-Funding Account shall be held in trust by the Trustee for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator Trustee will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) Servicer in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator Trustee or an Affiliate manages or advises such investment, and (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator Trustee or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereofinvestment. For federal income tax purposes, the Depositor Servicer shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to withdrawn and deposited in the DepositorDistribution Account. The Depositor Trustee shall deposit in treat the Pre-Funding Account as an outside reserve fund within the amount meaning of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement thereforTreasury Regulation Section 1.860G-2(h). At no time will the Pre-Funding Account be an asset of any REMIC created hereunder. The Trustee shall not be liable for investment losses on investments selected by the Servicer pursuant to this Section 4.05(b).
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator Trustee as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the Principal Balances of the related Subsequent Mortgage Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee for deposit in the Trust Fund Mortgage Pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor Company upon satisfaction of the conditions set forth in Section 2.6 2.08 with respect to such transfer and assignment;
(ii) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately following day of the termination of the Pre-Funding Period, the Securities Administrator Trustee shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period but not later than the Distribution Date in August 2003 and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals from the Pre-Funding Account pursuant to clauses (i), (ii) and (iiiiv) shall be treated as contributions of cash to REMIC I on the date of withdrawal.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Novastar Mortgage Funding Corp Home Eq Ln as Bk Ce Se 03 2)
Pre-Funding Account. (a) No later than On or before the Closing Date, the Securities Administrator Trustee shall establish and maintain a trust account the Pre-Funding Account on behalf of the Trust, which at all times shall must be an Eligible Account Account, and shall deposit therein the amount received from the Seller pursuant to Section 2.02(l). The Pre-Funding Account shall be titled “entitled "Pre-Funding Account, Xxxxx Fargo Bank, U.S. Bank National Association, in trust Association as Trustee for the registered benefit of holders of Deutsche Alt-A Securities, Mortgage Home Equity Loan TrustCertificates, Series 20062002-AR2, Mortgage Pass-Through Certificates” (the “Pre-Funding Account”). C." The Securities Administrator shall, promptly upon receipt, deposit in Trustee shall maintain within the Pre-Funding Account and retain therein two subaccounts as follows: the Original "Pre-Funded Amount remitted on Funding Group I Account" and the Closing Date by the Depositor. "Pre-Funding Group II Account." Funds deposited in the Pre-Funding Account shall be held in trust by the Trustee for the Certificateholders Holders of the Certificates and the Class R Certificate for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in On or before the Pre-Funding Account only as directed in writing by Closing Date the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor Seller shall deposit in the Pre-Funding Group I Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will and the Pre-Funding Group II Account be an asset of any REMIC created hereunder.
(c) the respective amounts specified in Section 2.02(l). Amounts on deposit in the Pre-Funding Account such Accounts shall be withdrawn by the Securities Administrator Trustee as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator Trustee shall withdraw from the Pre-Funding Group I Account an amount equal to 100% of the Principal Balances of the related Subsequent Loans as of the Subsequent Cut-Off Date, off Date Principal Balance of each Subsequent Group I Loan transferred and assigned to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor Originator upon satisfaction of the conditions set forth in Section 2.6 2.03(b) with respect to such transfer and assignment;.
(ii) If On any Subsequent Transfer Date, the amount on deposit in Trustee shall withdraw from the Pre-Funding Group II Account an amount equal to 100% of the Cut-off Date Principal Balance of each Subsequent Group II Loan transferred and assigned to the Trustee on such Subsequent Transfer Date and pay such amount to or upon the order of the Originator upon satisfaction of the conditions set forth in Section 2.03(b) with respect to such transfer and assignment.
(exclusive of any investment income thereiniii) has not been reduced to zero during On the PreBusiness Day immediately preceding the Post-Funding Period, on the Distribution Date immediately following the termination of the Pre-Funding PeriodPayment Date, the Securities Administrator Trustee shall deposit into the Distribution Certificate Account any amounts remaining in the Pre-Funding Group I Account and the Pre-Funding Group II Account, net of investment earnings.
(exclusive c) The Pre-Funding Account shall be part of the Trust but not part of any investment income therein) for distribution in accordance with REMIC. The Trustee on behalf of the terms hereof;
(iii) To withdraw any amount not required Trust shall be the legal owner of the Pre-Funding Account. The Seller shall be the beneficial owner of the Pre-Funding Account, subject to be deposited the foregoing power of the Trustee to transfer amounts in the Pre-Funding Account or deposited therein to the Certificate Account. Funds in error; and
(iv) To clear and terminate the Pre-Funding Account upon shall, at the earlier direction of the Servicer, be invested in Eligible Investments of the kind described in clauses (i) and (ii)(A) of the definition of "Eligible Investments" and that mature no later than the Business Day prior to occur of (A) the Distribution Date immediately following the end of next succeeding Payment Date. All amounts earned on deposits in the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) Account shall be treated as contributions of cash to REMIC I on the date of withdrawal.taxable to
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Conseco Finance Securitizations Corp)
Pre-Funding Account. (a) No later than The Servicer, for the Closing Datebenefit of the Securityholders, shall cause to be established and maintained in the Securities Administrator shall establish and maintain name of the Indenture Trustee a trust account Pre-Funding Account (the "Pre-Funding Account"), which at all times shall be an a separate Eligible Account and shall may be titled “interest-bearing, entitled "Pre-Funding Account, Xxxxx Fargo BankNorwest Bank Minnesota, National Association, as Indenture Trustee, in trust for the registered holders of Deutsche Alt-A Securities, Mortgage Life Financial Home Loan TrustAsset Backed Notes, Series 20061997-AR2, Mortgage Pass-Through Certificates” (the “Pre-Funding Account”). 3." The Securities Administrator shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein may be maintained with the Original Indenture Trustee or any other depository institution which satisfies the requirements set forth in the definition of Eligible Account. The creation of a Pre-Funded Amount remitted on Funding Account other than one maintained with the Closing Date Indenture Trustee shall be evidenced by a letter agreement between the DepositorServicer and the depository institution acceptable to the Indenture Trustee. A copy of such letter agreement shall be furnished to the Indenture Trustee and, upon request of any Securityholder, to such Securityholder. Funds deposited in the Pre-Funding Account shall be held invested in trust for accordance with Section 5.03 hereof. On the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposesClosing Date, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall Owner Trustee will deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
Amount (c) Amounts on deposit in the which Pre-Funding Account shall be withdrawn by Amount was received from the Securities Administrator as follows:
(i) Depositor and derived from the net proceeds of the sale of the Notes). On any each Subsequent Transfer Date, upon satisfaction of the Securities Administrator conditions set forth in Section 2.06 hereof with respect to such transfer, the Indenture Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the Principal Balances of the related Subsequent Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee for deposit in the Trust Fund Issuer on such Subsequent Transfer Date and pay distribute such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 with respect to such transfer and assignment;Transferor.
(iib) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) Amount has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately following the termination of the Pre-Funding Period, the Securities Administrator shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end last day of the Pre-Funding Period after giving effect to any reductions in the Pre-Funding Amount on such date pursuant to paragraph (a) above, the Indenture Trustee in writing shall withdraw from the Pre-Funding Account on the Mandatory Redemption Date (i) if the Pre-Funding Amount is equal to or less than $50,000, and (B) deposit such amount in the termination of this Agreement, with any amounts remaining on deposit therein being paid Note Payment Account to be applied to reduce the Holders Outstanding Amount of the Class A Certificates of Notes then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), principal and (ii) if the Pre-Funding Amount is greater than $50,000, and (iii) shall deposit such amounts to the Note Payment Account to be treated as contributions applied in reduction of cash to REMIC I the Class Principal Balance of each Class of Notes, pro rata, based on the date respective Original Class Principal Balances.
(c) On the Business Day preceding each of withdrawalthe second and third Payment Dates, if applicable, the Indenture Trustee shall withdraw the related Pre-Funding Earnings for the related Due Period and remit such amounts to the Transferor.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Life Financial Home Loan Owner Trust 1997-3)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator Bond Administrator, on behalf of the Indenture Trustee, shall establish and maintain a trust account in the name of the Indenture Trustee one or more Eligible Accounts, which at all times shall be an Eligible Account and shall be titled “"Pre- Funding Account, ________________________ as Indenture Trustee, on behalf of the registered Bondholders of NovaStar Mortgage Funding Trust, Series _________ Home Equity Loan Asset-Backed Bonds" (the "Pre-Funding Account"). On the Closing Date, Xxxxx Fargo Bank, National Association, in trust for the registered holders of Deutsche Alt-A Securities, Mortgage Loan Trust, Series 2006-AR2, Mortgage Pass-Through Certificates” (the “Original Pre-Funding Account”). The Securities Administrator shall, promptly upon receipt, deposit Funded Amount with respect to each Group shall be deposited in the Pre-Funding Account from the proceeds of the sale of the Bonds and retain therein the Original Pre-Funded Amount remitted on the Closing Date by the Depositorretained therein. Funds deposited in the Pre-Funding Account shall be held in trust the Pre-Funding Account, on behalf of the Indenture Trustee, for the Certificateholders Holders of the Bonds and the Bond Insurer for the uses and purposes set forth herein.
(b) The Securities Administrator in the Indenture and the Purchase Agreement. If the Bond Administrator, on behalf of the Indenture Trustee, shall not have received an investment direction from the Issuer, the Bond Administrator, on behalf of the Indenture Trustee, will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Eligible Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereofkind described in clause (vii) of the definition of Eligible Investments. For federal income tax purposes, the Depositor The Issuer shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall deposit in the Pre-Funding Interest Coverage Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunderon each Payment Date.
(cb) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator Bond Administrator, on behalf of the Indenture Trustee, as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator Bond Administrator, on behalf of the Indenture Trustee, shall withdraw from the Pre-Funding Account an amount with respect to each Group equal to 100% of the Principal Balances of the related Subsequent Mortgage Loans as of the Subsequent Cut-Off Date, for such Group transferred and assigned to the Indenture Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor Company upon satisfaction of the conditions set forth in Section 2.6 2.2 of the Purchase Agreement with respect to such transfer and assignment;; and
(ii) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) Funded Amount with respect to a Group has not been reduced to zero during the Pre-Funding Period, on the Distribution Business Day prior to the Payment Date immediately following the termination end of the Pre-Funding Period, the Securities Bond Administrator shall deposit into the Distribution Payment Account established by the Indenture Trustee any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required respect to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawalsuch Group.
Appears in 1 contract
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator Trustee shall establish and maintain a segregated trust account which at all times shall be that is an Eligible Account and Account, which shall be titled “"Pre-Funding Account, Xxxxx Fargo BankBankers Trust Company of California, National Association, in trust as trustee for the registered holders of Deutsche Alt-A Securities, Mortgage Loan Trust, Series 2006-AR2Impac Secured Assets Corp., Mortgage Pass-Through Certificates” , Series 2002-1" (the “Pre-"Pre- Funding Account”"). The Securities Administrator Trustee shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Trustee by the DepositorCompany. Funds deposited in the Pre-Funding Account shall be held in trust by the Trustee for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator Trustee will invest funds deposited in the Pre-Funding Account only as directed by the Master Servicer in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator Trustee or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator Trustee or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s Trustee's receipt thereof. For federal income tax purposes, the Depositor Master Servicer shall be the owner of the Pre-Pre- Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the DepositorInterest Coverage Account at the following times: (i) on the Business Day immediately preceding each Distribution Date, if a Person other than the Trustee or an Affiliate of the Trustee manages or advises such investment, or on each Distribution Date, if the Trustee or an Affiliate of the Trustee manages or advises such investment, (ii) on the Business Day immediately preceding each Subsequent Transfer Date, if a Person other than the Trustee or an Affiliate of the Trustee manages or advises such investment, or on each Subsequent Transfer Date, if the Trustee or an Affiliate of the Trustee manages or advises such investment or (iii) within one (1) Business Day of the Trustee's receipt thereof. Such transferred funds shall not constitute income and gain for purposes of Section 4.05(b) hereof. The Depositor Master Servicer shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator Trustee as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the Stated Principal Balances of the related Subsequent Mortgage Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee for deposit in the Trust Fund mortgage pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor Company upon satisfaction of the conditions set forth in Section 2.6 2.06 with respect to such transfer and assignment;
(ii) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income thereinincome) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date day immediately following the termination of the Pre-Funding Period, the Securities Administrator Trustee shall deposit into the Distribution Certificate Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income thereinincome) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I 1 on the date of withdrawal.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Impac Secured Assets Corp)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator Indenture Trustee shall establish and maintain a on behalf of itself one or more segregated trust account accounts, which at all times shall be an Eligible Account and shall be Accounts, titled “"Pre-Funding Account, Xxxxx Fargo JPMorgan Chase Bank, National Association, in trust as Indenture Trustee for the registered holders of Deutsche Alt-A Securities, Mortgage GMACM Home Equity Loan Trust, Series Trust 2006-AR2, Mortgage Pass-Through Certificates” HE1" (the “"Pre-Funding Account”"). The Securities Administrator shallOn the Closing Date, promptly upon receipt, GMACM shall deposit in into the Pre-Funding Account and retain therein an amount equal to the Original Pre-Funded Amount remitted on from the Closing Date by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day proceeds of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner sale of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefromSecurities. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator as follows:
(i) On any each Subsequent Transfer Date, the Securities Administrator Servicer shall instruct the Indenture Trustee in writing to withdraw from the Pre-Funding Account an amount equal to 100% of the aggregate Principal Balances Balance as of the related Subsequent Loans as Cut-Off Date of the Subsequent Cut-Off Date, transferred and assigned Mortgage Loans to be sold to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and purchased with funds on deposit in the Pre-Funding Account, and to pay such amount to or upon the order of the Depositor GMACM upon satisfaction of the conditions set forth in Section 2.6 this Agreement, in the Purchase Agreement and in the related Subsequent Transfer Agreement with respect to such transfer and assignment;thereto.
(iib) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) Funded Amount has not been reduced to zero during at the Pre-Funding Period, close of business on the Distribution Date immediately following the termination last day of the Pre-Funding Period, after giving effect to any withdrawal therefrom on such day, any remaining Pre-Funded Amount shall be deposited in the Securities Administrator shall deposit into Note Payment Account and applied as a principal distribution on the Distribution Account any amounts remaining Notes on the next succeeding Payment Date in accordance with the terms of the Indenture; provided that up to $50,000 of such amount may be deposited in the Funding Account.
(c) The Servicer may cause the institution maintaining the Pre-Funding Account (exclusive to invest any funds therein in Permitted Investments having a maturity of up to 90 days or maturing or otherwise available not later than the Business Day preceding the related Payment Date on which funds are scheduled to be withdrawn to purchase Subsequent Mortgage Loans; provided, that any investment income therein) for distribution in accordance an obligation of the institution with the terms hereof;
(iii) To withdraw any amount not required to be deposited in which the Pre-Funding Account is maintained may mature on or deposited therein before 10:30 a.m., New York time, on such Payment Date; and provided further, that no such investment may be sold or disposed of prior to maturity. In addition, no such Permitted Investment shall be purchased at a price in error; and
excess of par. Notwithstanding the foregoing, in the event investment earnings have not matured on any Payment Date, the amount of such earnings accrued as of such Payment Date shall be advanced by the Servicer for deposit into the Note Payment Account (iv) To clear and terminate which advance shall be reimbursed to the Servicer from such investment earnings at maturity). At any time when the Indenture Trustee is maintaining the Pre-Funding Account upon Account, any request by the earlier Servicer to occur invest funds on deposit therein shall be in writing, delivered to the Indenture Trustee at or before 10:30 a.m., New York time, if such investment is to be made on such day. The Servicer shall certify that the requested investment is a Permitted Investment maturing at or prior to the time required hereby. Any such investment shall be registered in the name of (A) the Distribution Date immediately following Indenture Trustee or its nominee, and to the end extent that any such investment is certificated, such investment shall be maintained with the Indenture Trustee at its Corporate Trust Office. All net income or other gain received from any such investment shall be deposited into or credited to the Note Payment Account, and may be withdrawn therefrom in accordance with Section 3.05 of the Indenture. In no event shall the Indenture Trustee be liable for any investment losses on Permitted Investments held in or credited to the Pre-Funding Period and (B) Account, provided that such investments are made in accordance with the termination provisions of this Agreement, with any amounts remaining on deposit therein being paid to Agreement and the Holders of Indenture Trustee is not the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on obligor under the date of withdrawalPermitted Investment.
Appears in 1 contract
Samples: Servicing Agreement (GMACM Home Equity Loan Trust 2006-He1)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator Indenture Trustee, at the direction of the Servicer, shall establish and maintain maintain, a segregated trust account which at all times shall be that is an Eligible Account and Account, which shall be titled “Pre-Funding Account, Xxxxx Fargo JPMorgan Chase Bank, National Association, in trust as Indenture Trustee for the registered holders of Deutsche AltNovaStar Mortgage Funding Trust 2006-A SecuritiesMTA1, Mortgage Home Equity Loan TrustAsset-Backed Certificates, Series 2006-AR2, Mortgage Pass-Through CertificatesMTA1” (the “Pre-Funding Account”). The Securities Administrator Indenture Trustee shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Indenture Trustee by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust by the Indenture Trustee for the Certificateholders Noteholders for the uses and purposes set forth herein.
(b) The Securities Administrator Indenture Trustee will invest funds deposited in the Pre-Funding Account only as directed by the Servicer in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Eligible Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this [the Sale and Servicing Agreement], if a Person other than the Securities Administrator Indenture Trustee or an Affiliate manages or advises such investment, and (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator Indenture Trustee or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereofinvestment. For federal income tax purposes, the Depositor Servicer shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. If the Indenture Trustee does not receive such written investment instructions it shall retain such funds uninvested. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to withdrawn and deposited in the DepositorCapitalized Interest Account. The Depositor Indenture Trustee shall deposit in not be liable for investment losses on investments selected by the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunderServicer pursuant to this Section [ ].
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator Indenture Trustee as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator Indenture Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the Principal Balances of the related Subsequent Mortgage Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Indenture Trustee for deposit in the Trust Fund Mortgage Pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 2.08 with respect to such transfer and assignmentassignment if such Subsequent Mortgage Loan is designated for inclusion in Group I, such amount shall reduce (but not below zero) the remaining Original Pre-Funded Amount allocated to Group I and if such Subsequent Mortgage Loan is designated for inclusion in Group II, such amount shall reduce (but not below zero) the remaining Original Pre-Funded Amount allocated to Group II;
(ii) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately following day of the termination of the Pre-Funding Period, the Securities Administrator Indenture Trustee shall deposit into the Distribution Payment Account on such day any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) relating to Group I for inclusion in the Group I Principal Remittance Amount and relating to Group II for inclusion in the Group II Principal Remittance Amount for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and;
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Payment Date immediately following the end of the Pre-Funding Period but not later than September 6, 2006 and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates Notes then entitled to distributions in respect of principal. Withdrawals pursuant to clauses ; and
(i), (iiv) and (iii) shall be treated as contributions of cash to REMIC I on To withdraw investment income for deposit in the date of withdrawalCapitalized Interest Account.
Appears in 1 contract
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator The Indenture Trustee shall establish and maintain with an Eligible Institution, which may be the Indenture Trustee, in the name of the Trust, on behalf of the Trust, for the benefit of the Series [200_-_] Noteholders, a segregated trust account which (the "PRE-FUNDING ACCOUNT"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series [200_-_] Noteholders. The Indenture Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Pre-Funding Account and in all proceeds thereof. The Pre-Funding Account shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Series [200_-_] Noteholders. If at all times shall any time the institution holding the Pre-Funding Account ceases to be an Eligible Institution, the Transferor shall notify the Indenture Trustee, and the Indenture Trustee upon being notified (or the Servicer on its behalf) shall, within ten (10) Business Days, establish a new Pre-Funding Account meeting the conditions specified above with an Eligible Institution, and shall be titled “transfer any cash or any investments to such new Pre-Funding Account, Xxxxx Fargo Bank, National Association, in trust for .
(b) The Transferor shall on the registered holders of Deutsche Alt-A Securities, Mortgage Loan Trust, Series 2006-AR2, Mortgage Pass-Through Certificates” (Closing Date deposit into the “Pre-Funding Account”Account the Initial Pre-Funded Amount from the proceeds of the sale of the Series [200_-_] Notes. On the Business Day preceding each Transfer Date, the Trustee, acting in accordance with written instructions from the Servicer, shall withdraw from the Pre-Funding Account and deposit into the Collection Account all interest and other investment income on the Pre-Funded Amount with respect to the prior Monthly Period. Such investment income shall be deemed to be Finance Charge Collections allocated to Series [200_-_)]. The Securities Administrator shall, promptly upon receipt, Interest (including reinvested interest) and other investment income on funds on deposit in the Pre-Funding Account and retain therein shall not be considered part of the Original Pre-Funded Amount remitted on the Closing Date by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to of this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunderIndenture Supplement.
(c) Amounts Funds on deposit in the Pre-Funding Account shall be withdrawn invested at the written direction of the Servicer by the Securities Administrator as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator shall withdraw from the Pre-Funding Account an amount equal to 100% of the Principal Balances of the related Subsequent Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Indenture Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 with respect to such transfer and assignment;
(ii) If the amount Eligible Investments. Funds on deposit in the Pre-Funding Account on the Closing Date and thereafter shall be invested in Eligible Investments that will mature so that such funds will be available for withdrawal on or prior to the Business Day next succeeding the next increase in the Collateral Amount pursuant to SECTION 4.18 or, if earlier, on the next succeeding Transfer Date.
(exclusive of any investment income thereind) has not been reduced to zero during If the Pre-Funded Amount exceeds zero at the end of the Funding Period, on the first Distribution Date immediately following on or after the termination last day of the Funding Period the Servicer shall apply or shall cause the Indenture Trustee to apply the Pre-Funding Period, the Securities Administrator shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid Funded Amount to the Holders payment by the Indenture Trustee of principal on the Notes on a pro rata basis based on the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i)Note Principal Balance, (ii) the Class B Note Principal Balance and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawalClass C Note Principal Balance.
Appears in 1 contract
Samples: Indenture Supplement (World Financial Network Credit Card Master Trust)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator Indenture Trustee shall establish and maintain a on behalf of itself one or more segregated trust account accounts, which at all times shall be an Eligible Account and shall be Accounts, titled “"Pre-Funding Account, Xxxxx Fargo BankBank One, National Association, in trust as Indenture Trustee for the registered holders of Deutsche AltGMACM Home Loan Trust 2001-A Securities, Mortgage Loan Trust, Series 2006-AR2, Mortgage Pass-Through Certificates” HLTV2" (the “"Pre-Funding Account”"). The Securities Administrator shallOn the Closing Date, promptly upon receipt, GMACM shall deposit in into the Pre-Funding Account and retain therein an amount equal to the Original Pre-Funded Amount remitted on from the Closing Date by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day proceeds of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner sale of the Pre-Funding Account Securities, and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall deposit in the Pre-Funding Account designate the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement thereforthat relates to each Loan Group. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator as follows:
(i) On any each Subsequent Transfer Date, the Securities Administrator Servicer shall instruct the Indenture Trustee in writing to withdraw from the Pre-Funding Account an amount equal to 100% of the aggregate Principal Balances Balance as of the related Subsequent Loans as Cut-Off Date of the Subsequent Cut-Off Date, transferred and assigned Home Loans to be sold to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and purchased with funds on deposit in the Pre-Funding Account, and to pay such amount to or upon the order of the Depositor related Seller upon satisfaction of the conditions set forth in Section 2.6 this Agreement, in the Purchase Agreement and in the related Subsequent Transfer Agreement with respect to such transfer and assignment;thereto.
(iib) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) Funded Amount has not been reduced to zero during at the Pre-Funding Period, close of business on the Distribution Date immediately following the termination last day of the Pre-Funding Period, after giving effect to any withdrawal therefrom on such day, any remaining Pre-Funded Amount shall be deposited in the Securities Administrator shall deposit into Note Payment Account and applied as a principal distribution on the Distribution Account any amounts remaining Notes on the next succeeding Payment Date in accordance with the terms of the Indenture.
(c) The Servicer may cause the institution maintaining the Pre-Funding Account (exclusive to invest any funds therein in Permitted Investments having a maturity of up to 90 days or maturing or otherwise available not later than the Business Day preceding the related Payment Date on which funds are scheduled to be withdrawn to purchase Subsequent Home Loans; provided, that any investment income therein) for distribution in accordance an obligation of the institution with the terms hereof;
(iii) To withdraw any amount not required to be deposited in which the Pre-Funding Account is maintained may mature on or deposited therein before 10:30 a.m., New York time, on such Payment Date; and provided further, that no such investment may be sold or disposed of prior to maturity. In addition, no such Permitted Investment shall be purchased at a price in error; and
excess of par. Notwithstanding the foregoing, in the event investment earnings have not matured on any Payment Date, the amount of such earnings accrued as of such Payment Date shall be advanced by the Servicer for deposit into the Note Payment Account (iv) To clear and terminate which advance shall be reimbursed to the Servicer from such investment earnings at maturity). At any time when the Indenture Trustee is maintaining the Pre-Funding Account upon Account, any request by the earlier Servicer to occur invest funds on deposit therein shall be in writing, delivered to the Indenture Trustee at or before 10:30 a.m., New York time, if such investment is to be made on such day. The Servicer shall certify that the requested investment is a Permitted Investment maturing at or prior to the time required hereby. Any such investment shall be registered in the name of (A) the Distribution Date immediately following Indenture Trustee or its nominee, and to the end extent that any such investment is certificated, such investment shall be maintained with the Indenture Trustee at its Corporate Trust Office. All net income or other gain received from any such investment shall be deposited into or credited to the Note Payment Account, and may be withdrawn therefrom in accordance with Section 3.05 of the Indenture. In no event shall the Indenture Trustee be liable for any investment losses on Permitted Investments held in or credited to the Pre-Funding Period and (B) Account, provided that such investments are made in accordance with the termination provisions of this Agreement, with any amounts remaining on deposit therein being paid to Agreement and the Holders of Indenture Trustee is not the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on obligor under the date of withdrawalPermitted Investment.
Appears in 1 contract
Samples: Servicing Agreement (Residential Asset Mortgage Products Inc)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator Paying Agent shall establish and maintain a segregated trust account which at all times shall be that is an Eligible Account and Account, which shall be titled “"Pre-Funding Account, Xxxxx Fargo BankCitibank, National AssociationN.A., in trust as trustee for the registered holders of Deutsche Alt-A SecuritiesChase Funding, Mortgage Loan TrustAsset-Backed Certificates, Series 20061999-AR2, Mortgage Pass-Through Certificates” 2" (the “"Pre-Funding Account”"). The Securities Administrator Paying Agent shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Paying Agent by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust by the Trustee for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will Paying Agent shall invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding each Distribution Date or Subsequent Transfer Date, as the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereofcase may be. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the DepositorCapitalized Interest Account on the Business Day immediately preceding each Distribution Date or Subsequent Transfer Date, as the case may be. The Depositor Master Servicer shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will Prior to the Distribution Date in the month immediately following the end of the Funding Period or any earlier Subsequent Transfer Date on which the entire balance of the Original Pre-Funded Amount is applied to purchase Subsequent Mortgage Loans, the Pre-Funding Account will not be an asset of any either of the Subsidiary REMIC created hereunderor the Master REMIC.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator Paying Agent as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator Paying Agent shall withdraw from the Pre-Funding Account an amount equal to 100% of the aggregate Stated Principal Balances of the related Subsequent Mortgage Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee for deposit in the Trust Fund Mortgage Pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 2.10 with respect to such transfer and assignment;
(ii) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately following the termination of the Pre-Funding Period, the Securities Administrator shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iviii) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date in the month immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid deposited into the Certificate Account for distribution to the Holders of related Loan Group in accordance with the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawalterms thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Chase Funding Inc)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator Trustee shall establish and maintain for the benefit of the Certificateholders the Pre-Funding Account which shall be a segregated trust account which at all times shall be that is an Eligible Account Account, and which shall be titled “"Pre-Funding Account, Xxxxx Fargo Bank, U.S. Bank National Association, in trust as trustee for the registered holders of Deutsche Alt-A Securities, SURF Mortgage Loan TrustAsset-Backed Certificates, Series 2006-AR2, Mortgage Pass-Through Certificates” (the “Pre-Funding Account”)AB2". The Securities Administrator Trustee shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Trustee by the DepositorSeller. Funds deposited in the Pre-Funding Account shall be held in trust for by the Trustee on behalf of the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited Income from the investment of amounts on deposit in the Pre-Funding Account only as directed in writing by shall be distributed to the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day Holders of the Securities Administrator’s receipt thereofClass C Certificates. For federal income tax purposes, the Depositor Holders of the Class C Certificates shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the The Pre-Funding Account shall be transferred to the Depositor. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account not be an asset of any REMIC created hereunderof the REMICs provided for herein.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator Trustee as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the aggregate Stated Principal Balances of the related Subsequent Loans as Balance of the Subsequent Cut-Off Date, Mortgage Loans transferred and assigned to the Trustee for deposit in the Trust Fund Mortgage Pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 2.10 with respect to such transfer and assignment;
(ii) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately following the termination of the Pre-Funding Period, the Securities Administrator shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and;
(iii) On each Distribution Date, the Trustee shall withdraw any income realized through the investment of any amount in the Pre-Funding Account and distribute such income to the Holders of the Class C Certificates;
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein (other than any income generated through the investment of amounts on deposit in the such Pre-Funding Account) being paid to deposited into the Holders of Certificate Account for distribution in accordance with the Class A Certificates then entitled to distributions in respect of principalterms thereof. Withdrawals pursuant to clauses (i), (ii) and (iii) Such deposit shall be treated for federal income tax purposes as contributions a contribution of cash to the Pre-Funding REMIC I on the date of withdrawal.thereof. 112
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Loan Asset-Backed Certificates, Series 2006-Ab2)
Pre-Funding Account. (a) No later than the Closing Date, the Securities The Trust Administrator shall establish and maintain a trust account which at all times shall has heretofore established or caused to be an Eligible Account established and shall hereafter maintain or cause to be titled “maintained a separate account denominated the Pre-Funding Account, which is and shall continue to be an Eligible Account in the name of the Trust Administrator and shall be designated “Xxxxx Fargo Bank, National AssociationN.A., in trust for as Trust Administrator of the registered holders of Deutsche AltNew York Mortgage Trust 2005-A Securities, Mortgage Loan Trust, Series 2006-AR2, Mortgage Pass-Through Certificates” (the “3 Pre-Funding Account”). The Securities Administrator shall, promptly upon receipt, deposit in .” Any investment earnings from the Pre-Funding Account and retain therein will be paid to the Original Seller on the first Business Day of the month following each Payment Date during the Pre-Funded Funding Period; provided, however, that if the final Subsequent Transfer Date occurs after the Payment Date in a month, on such Subsequent Transfer Date, the Trust Administrator shall (i) transfer the Excess Funding Amount remitted on the Closing Date by the Depositor. Funds deposited in from the Pre-Funding Account shall be held in trust for to the Certificateholders for Collection Account, (ii) transfer any investment earnings to the uses Seller as soon as practicable and purposes set forth herein.
(biii) The Securities Administrator will invest funds deposited in close the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the DepositorAccount. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn invested in the Xxxxx Fargo Advantage Prime Investment Money Market Fund unless another Eligible Investment is specified in writing by the Securities Administrator Seller in accordance with the provisions of Section 4.02(j). All investment earnings on funds on deposit in the Pre-Funding Account will be treated as follows:owned by, and will be taxable to, the Seller.
(ib) On any the Closing Date, the Seller will deposit $4,580,516 into the Pre-Funding Account.
(c) On each Subsequent Transfer Date, (i) the Securities Seller shall instruct the Trust Administrator shall to withdraw from the Pre-Funding Account an amount equal to 100% of the aggregate Stated Principal Balances of the related Subsequent Mortgage Loans as of the Subsequent Cut-Off Date, transferred and assigned sold to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and (ii) the Trust Administrator shall pay such amount amounts to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 Seller with respect to such transfer and assignment;transfer.
(iid) If at the amount on deposit end of the Pre-Funding Period amounts still remain in the Pre-Funding Account (Account, the Trust Administrator shall withdraw such amounts, exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Periodincome, on the Distribution Date immediately following the termination of the Pre-Funding Period, the Securities Administrator shall deposit into the Distribution Account any amounts remaining in from the Pre-Funding Account (exclusive of any investment income therein) for distribution on the immediately following Payment Date and deposit such amounts in accordance with the terms hereof;Collection Account.
(iiie) To withdraw any amount not required to be deposited Unless closed as provided in Section 6.06(a) above, the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate shall be closed at the Pre-Funding Account upon close of business on the earlier to occur of (A) the Distribution Payment Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawalPeriod.
Appears in 1 contract
Samples: Transfer and Servicing Agreement (New York Mortgage Trust 2005-3)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator Indenture Trustee shall establish and maintain a in the name of the Indenture Trustee one or more segregated trust account accounts that are Eligible Accounts, which at all times shall be an Eligible Account and shall be titled “"Pre-Funding Account, Xxxxx Fargo BankBankers Trust Company of California, National AssociationN.A., in trust as indenture trustee for the registered holders of Deutsche AltPacificAmerica Home Equity Loan Asset Trust Series 1998-A Securities, Mortgage Loan Trust, Series 2006-AR2, Mortgage Pass-Through Certificates” 2F" (the “"Pre-Funding Account”"). The Securities Administrator Indenture Trustee shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Indenture Trustee by the DepositorIssuer from proceeds of the sale of the Notes. Funds deposited in the Pre-Funding Account shall be held in trust by the Indenture Trustee for the Certificateholders Holders of the Notes and the Note Insurer for the uses and purposes set forth herein.
(b) The Securities Administrator . If the Indenture Trustee shall not have received an investment direction from the Issuer, the Indenture Trustee will invest funds deposited in the Pre-Funding Account only as directed in writing by Eligible Investments of the Depositor kind described in clause (and such amounts shall not be invested if no direction is received by Securities Administratorvii) in Permitted of the definition of Eligible Investments with a maturity date (i) no later than the second Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereofeach Payment Date. For federal income tax purposes, the Depositor The Issuer shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the DepositorInterest Coverage Account on the Business Day immediately preceding each Payment Date. The Depositor Issuer shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Eligible Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator shall withdraw from the Pre-Funding Account an amount equal to 100% of the Principal Balances of the related Subsequent Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 with respect to such transfer and assignment;
(ii) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately following the termination of the Pre-Funding Period, the Securities Administrator shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawal.
Appears in 1 contract
Samples: Home Equity Loan Purchase Agreement (Pacificamerica Money Center Inc)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator Indenture Trustee shall establish and maintain a on behalf of itself one or more segregated trust account accounts, which at all times shall be an Eligible Account and shall be Accounts, titled “"Pre-Funding Account, Xxxxx Wells Fargo Bank, National AssociationN.A., in trust as Inxxxxxre Trustee for the registered holders of Deutsche AltGMACM Home Equity Loan Trust 2004-A Securities, Mortgage Loan Trust, Series 2006-AR2, Mortgage Pass-Through Certificates” HE4" (the “"Pre-Funding Account”"). The Securities Administrator shallOn the Closing Date, promptly upon receipt, GMACM shall deposit in into the Pre-Funding Account and retain therein an amount equal to the Original Pre-Funded Amount remitted on from the Closing Date by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day proceeds of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner sale of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefromSecurities. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator as follows:
(i) On any each Subsequent Transfer Date, the Securities Administrator Servicer shall instruct the Indenture Trustee in writing to withdraw from the Pre-Funding Account an amount equal to 100% of the aggregate Principal Balances Balance as of the related Subsequent Loans as Cut-Off Date of the Subsequent Cut-Off Date, transferred and assigned Mortgage Loans to be sold to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and purchased with funds on deposit in the Pre-Funding Account, and to pay such amount to or upon the order of the Depositor GMACM upon satisfaction of the conditions set forth in Section 2.6 this Agreement, in the Purchase Agreement and in the related Subsequent Transfer Agreement with respect to such transfer and assignment;thereto.
(iib) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) Funded Amount has not been reduced to zero during at the Pre-Funding Period, close of business on the Distribution Date immediately following the termination last day of the Pre-Funding Period, after giving effect to any withdrawal therefrom on such day, any remaining Pre-Funded Amount shall be deposited in the Securities Administrator shall deposit into Note Payment Account and applied as a principal distribution on the Distribution Account any amounts remaining Notes on the next succeeding Payment Date in accordance with the terms of the Indenture; provided that up to $50,000 of such amount may be deposited in the Funding Account.
(c) The Servicer may cause the institution maintaining the Pre-Funding Account (exclusive to invest any funds therein in Permitted Investments having a maturity of up to 90 days or maturing or otherwise available not later than the Business Day preceding the related Payment Date on which funds are scheduled to be withdrawn to purchase Subsequent Mortgage Loans; provided, that any investment income therein) for distribution in accordance an obligation of the institution with the terms hereof;
(iii) To withdraw any amount not required to be deposited in which the Pre-Funding Account is maintained may mature on or deposited therein before 10:30 a.m., New York time, on such Payment Date; and provided further, that no such investment may be sold or disposed of prior to maturity. In addition, no such Permitted Investment shall be purchased at a price in error; and
excess of par. Notwithstanding the foregoing, in the event investment earnings have not matured on any Payment Date, the amount of such earnings accrued as of such Payment Date shall be advanced by the Servicer for deposit into the Note Payment Account (iv) To clear and terminate which advance shall be reimbursed to the Servicer from such investment earnings at maturity). At any time when the Indenture Trustee is maintaining the Pre-Funding Account upon Account, any request by the earlier Servicer to occur invest funds on deposit therein shall be in writing, delivered to the Indenture Trustee at or before 10:30 a.m., New York time, if such investment is to be made on such day. The Servicer shall certify that the requested investment is a Permitted Investment maturing at or prior to the time required hereby. Any such investment shall be registered in the name of (A) the Distribution Date immediately following Indenture Trustee or its nominee, and to the end extent that any such investment is certificated, such investment shall be maintained with the Indenture Trustee at its Corporate Trust Office. All net income or other gain received from any such investment shall be deposited into or credited to the Note Payment Account, and may be withdrawn therefrom in accordance with Section 3.05 of the Indenture. In no event shall the Indenture Trustee be liable for any investment losses on Permitted Investments held in or credited to the Pre-Funding Period and (B) Account, provided that such investments are made in accordance with the termination provisions of this Agreement, with any amounts remaining on deposit therein being paid to Agreement and the Holders of Indenture Trustee is not the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on obligor under the date of withdrawalPermitted Investment.
Appears in 1 contract
Samples: Servicing Agreement (GMACM Home Equity Loan Trust 2004-He4)
Pre-Funding Account. (a) No later than The Servicer, for the Closing Datebenefit of the Grantor Trust Holder, shall cause to be established and maintained in the Securities Administrator shall establish and maintain name of the Indenture Trustee a trust account Pre-Funding Account (the "Pre-Funding Account"), which at all times shall be an a separate Eligible Account and shall may be titled “interest-bearing, entitled "Pre-Funding Account, Xxxxx Fargo BankThe Bank of New York, National Associationas Indenture Trustee, in trust for the registered holders of Deutsche Alt-A Securities, Mortgage Master Financial Home Loan TrustAsset Backed Notes, Series 20061998-AR2, Mortgage Pass-Through Certificates” (the “Pre-Funding Account”). 2." The Securities Administrator shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein may be maintained with the Original Indenture Trustee or any other depository institution which satisfies the requirements set forth in the definition of Eligible Account. The creation of a Pre-Funded Amount remitted on Funding Account other than one maintained with the Closing Date Indenture Trustee shall be evidenced by a letter agreement between the DepositorServicer and the depository institution acceptable to the Indenture Trustee. A copy of such letter agreement shall be furnished to the Indenture Trustee and, upon request of any Grantor Trust Holder, to such Grantor Trust Holder. Funds deposited in the Pre-Funding Account shall be held invested in trust for accordance with Section 5.03 hereof. On the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposesClosing Date, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall Grantor Trustee will deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
Amount (c) Amounts on deposit in the which Pre-Funding Account shall be withdrawn by Amount was received from the Securities Administrator as follows:
(i) Depositor and derived from the net proceeds of the sale of the Notes). On any each Subsequent Transfer Date, upon satisfaction of the Securities Administrator conditions set forth in Section 2.07 of the Grantor Trust Agreement with respect to such transfer, the Indenture Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the Principal Balances of the related Subsequent Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Grantor Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and pay distribute such amount to or upon the written order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 with respect to such transfer and assignment;Transferor.
(iib) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) Amount has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately following the termination of the Pre-Funding Period, the Securities Administrator shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end last day of the Pre-Funding Period after giving effect to any reductions in the Pre-Funding Amount on such date pursuant to paragraph (a) above, the Indenture Trustee in writing shall withdraw from the Pre-Funding Account on the Mandatory Redemption Date, as a distribution in respect of the Grantor Trust Certificate (i) if the Pre-Funding Amount is less than $50,000, and (B) deposit such amount in the termination of this Agreement, with any amounts remaining on deposit therein being paid Note Payment Account to be applied to reduce the Holders Outstanding Amount of the Class A Certificates of Notes then entitled to distributions in respect payments of principal. Withdrawals pursuant to clauses (i), principal and (ii) if the Pre-Funding Amount is greater than or equal to $50,000, and (iii) shall deposit such amounts to the Note Payment Account to be treated as contributions applied in reduction of cash to REMIC I the Class Principal Balance of each Class of Notes, pro rata, based on the date respective Original Class Principal Balances.
(c) On the Business Day preceding each of withdrawalthe second, third and fourth Payment Dates, if applicable, the Indenture Trustee shall withdraw the related Pre-Funding Earnings for the related Due Period and deposit such amounts in the Note Payment Account.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Master Financial Asset Securitization Trust 1998-2)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator The Indenture Trustee shall establish and maintain a trust account which at all times shall be an Eligible Account and shall be titled “Pre-Funding Account” consisting of [ ] Pre-Funding Subaccounts, Xxxxx Fargo Bankone for each of Loan Group [ ] and Loan Group [ ], National Association, to be held in trust for the registered holders benefit of Deutsche Alt-A Securities, Mortgage Loan Trust, Series 2006-AR2, Mortgage Pass-Through Certificates” (the “Pre-Funding Account”)related Noteholders. The Securities Administrator shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date by the Depositor. Funds deposited in the Pre-Funding Account shall be held an Eligible Account. On the Closing Date, the Depositor will cause to be deposited in trust for each Pre-Funding Subaccount the Certificateholders for applicable Original Pre-Funded Amount. Amounts on deposit in each Pre-Funding Subaccount shall be invested by the uses and purposes set forth hereinIndenture Trustee at the direction of the Depositor in Permitted Investments maturing no later than the last day of the Funding Period.
(b) The Securities Administrator will invest funds deposited in On any Subsequent Sales Date, the Pre-Funding Account only as directed in writing by Master Servicer shall instruct the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments Indenture Trustee, with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred copy to the Depositor. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator as follows:,
(i) On any Subsequent Transfer Date, the Securities Administrator shall to withdraw from the Pre-Funded Amount in the related Pre-Funding Account Subaccount an amount equal to 100% of the aggregate Stated Principal Balances of the Subsequent Mortgage Loans to be included in the related Subsequent Loans Loan Group as of the applicable Subsequent Cut-Cut Off Date, transferred and assigned Date sold to the Trustee for deposit in the Trust Fund Issuer on such Subsequent Transfer Date and Sales Date, and
(ii) to pay such amount amounts to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 2.5(c) with respect to such transfer and assignment;thereto. In no event shall the Indenture Trustee withdraw from any Pre-Funding Subaccount an amount, in the aggregate, in excess of the related Original Pre-Funded Amount.
(iic) If On the Business Day immediately following the end of the Funding Period, the Master Servicer shall instruct the Indenture Trustee to transfer any remaining Pre-Funded Amounts relating to each Subaccount to the Payment Account for distribution to the Noteholders in accordance with Article 4. All Pre-Funding Account Earnings will be paid to the Seller. The amount on deposit of any realized losses in the Pre-Funding Account (exclusive in respect of any investment income therein) has not been reduced to zero during Permitted Investments purchased with amounts on deposit therein shall promptly be deposited by the Seller in the Pre-Funding Period, on Account. The Indenture Trustee in its fiduciary capacity shall not be liable for the Distribution Date immediately following the termination amount of the Pre-Funding Period, the Securities Administrator shall deposit into the Distribution Account any amounts remaining loss incurred in respect of any investment or lack of investment of funds held in the Pre-Funding Account (exclusive of any investment income therein) for distribution and made in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawalSection 2.6.]
Appears in 1 contract
Samples: Sale and Servicing Agreement (Saxon Asset Securities Co)
Pre-Funding Account. (a) No later than the Closing Date, the Securities Administrator shall establish and maintain a trust account which at all times shall be an Eligible Account and shall be titled “Pre-Funding Account, Xxxxx Wxxxx Fargo Bank, National Association, in trust for the registered holders of Deutsche Alt-A B Securities, Mortgage Loan Trust, Series 2006-AR2AB1, Mortgage Pass-Through Certificates” (the “Pre-Funding Account”). The Securities Administrator shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust for the Certificateholders for the uses and purposes set forth herein.
(b) The Securities Administrator will invest funds deposited in the Pre-Funding Account only as directed in writing by the Depositor (and such amounts shall not be invested if no direction is received by Securities Administrator) in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Securities Administrator or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Securities Administrator or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Securities Administrator’s receipt thereof. For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor. The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Securities Administrator as follows:
(i) On any Subsequent Transfer Date, the Securities Administrator shall withdraw from the Pre-Funding Account an amount equal to 100% of the Principal Balances of the related Subsequent Loans as of the Subsequent Cut-Off Date, transferred and assigned to the Trustee for deposit in the Trust Fund on such Subsequent Transfer Date and pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.6 with respect to such transfer and assignment;
(ii) If the amount on deposit in the Pre-Funding Account (exclusive of any investment income therein) has not been reduced to zero during the Pre-Funding Period, on the Distribution Date immediately following the termination of the Pre-Funding Period, the Securities Administrator shall deposit into the Distribution Account any amounts remaining in the Pre-Funding Account (exclusive of any investment income therein) for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Distribution Date immediately following the end of the Pre-Funding Period and (B) the termination of this Agreement, with any amounts remaining on deposit therein being paid to the Holders of the Class A Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC I on the date of withdrawal.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Deutsche Alt-B Securities Mortgage Loan Trust, Series 2006-Ab1)