Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (the "Principal and Interest Account"). The Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titled: "[________________], as Indenture Trustee in trust for the registered holders of Renaissance Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. (b) Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt). All funds in the Principal and Interest Account shall be held and invested as set forth in Section 5.06 hereof. (c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (a) the Principal Balance of the related Home Equity Loan immediately prior to liquidation, plus (b) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid. (d) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, only in the following priority and for the following purposes: (A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer; (B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account; (C) to withdraw amounts that have been deposited to the Principal and Interest Account in error; (D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan); (E) Nonrecoverable Advances; and (F) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX; (i) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such date. (ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.
Appears in 2 contracts
Samples: Sale and Servicing Agreement (Renaissance Mortgage Acceptance Corp), Sale and Servicing Agreement (Renaissance Mortgage Acceptance Corp)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account")Account to be held as a trust account. The Principal and Interest Account shall be an Eligible Account. The Each Principal and Interest Account shall be titledidentified on the records of the Designated Depository Institution as follows: "[________________]_________, as Indenture Trustee in trust for on behalf of MBIA Insurance Corporation and the registered holders Owners of Renaissance the Centex Home Equity Loan AssetTrust A Home Equity Loan Pass-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." Through Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Certificate Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . 100 Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested up to the amount insured by the FDIC or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 hereoftrust in the name of the Trust for the benefit of the Owners. The Trust shall be divided into two separate sub-trusts; one for the Adjustable Rate Group and any Trust assets allocable to such Adjustable Rate Group and the other for the Fixed Rate Group and any Trust assets allocable to such Fixed Rate Group. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount (and the Total Monthly Excess Spread included therein) by the Servicer. Any investment losses on amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than on the second Business Day after receipt, all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date, the related Subsequent Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aI) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bII) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (cIII) any unrecovered Cram Down unreimbursed Realized Losses, (ii) principal received and interest due on the Home Equity Loans prior to the Cut-Off Date, the related Subsequent Cut-Off Date or the related Replacement Cut-Off Date, as the case may be, (iii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iiiiv) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaidunpaid (all such net amount herein referred to as "Daily Collections").
(di) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Loan Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;; 101
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 8.09(a) for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan)) and for any excess interest collected from a Mortgagor;
(E) Nonrecoverable Advances; and
(F) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;
(iii) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Certificate Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor Trustee and the Certificate Insurer, a monthly servicing report, with respect to each Home Equity Loan Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Certificate Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Certificate Insurer on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Loan Balance of the Home Equity Loan having the largest Principal Loan Balance as of such date.
(iiiii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b8.08(d)(ii)(b) and in Section 5.03 7.09(b) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 7.09 and to make the allocations and disbursements set forth in Sections 5.01 7.02 and 5.047.03.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Chec Asset Receivables Corp), Pooling and Servicing Agreement (Chec Asset Receivables Corp)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect the name of each Group will be separately deposited the Trust for the benefit of the Owners of the Certificates and maintained (the "Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account"). The Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titled: "[________________], as Indenture Trustee funds held in trust for the registered holders of Renaissance Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth not be held as a trust account commingled with a qualifying Designated Depository Institution selected by the Indenture Trusteeany other funds. The Servicer shall notify the Indenture Trustee, the Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Mortgage Loans to into the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). Subject to Subsection (c) below, on the Startup Day, the Seller and/or the Servicer shall deposit into the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and invested as set forth for the benefit of the Owners of the Certificates. Any investment earnings on funds held in Section 5.06 hereofthe Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on the second Business Day of the month for the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the Trustee. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due collections on the Home Equity Mortgage Loans (net of the Servicing Fee related to such Home Equity Loans) on and received after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Home Equity Mortgage Loans received by the Servicer Servicer, Compensating Interest and Delinquency Advances together with any income amounts which are reimbursable from REO Properties, the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (a) the Principal Loan Balance of the related Home Equity Mortgage Loan immediately prior to liquidation, plus (b) any accrued and unpaid interest on such Home Equity Loan (net of thereon through the related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on Remittance Period in which the related Home Equity Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaidliquidation occurred.
(di) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, Account only in the following priority and for the following purposes:
(A) on each to effect the timely remittance to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(CD) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(FE) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX;IX hereof.
(iii) The On the Determination Date of each month, the Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (aor, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available funds, without duplicationfunds for deposit to the Certificate Account, the Monthly Group I Interest Remittance Amount allocable to a and the Group I Principal Remittance Period not later than the related Monthly Amount for such Remittance Date, and .
(biv) on On each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform remit to the Indenture Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Insurer on each Monthly Remittance DateOversight Agent are not the same Person, shall provide the Oversight Agent with respect to each Home Equity Group, written notice (by facsimile or electronic mail) of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as amount of such datedeposit.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (First Alliance Mortgage Loan Trust 1999-4), Pooling and Servicing Agreement (First Alliance Mortgage Loan Trust 1999-1)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect the name of each Group will be separately deposited the Trust for the benefit of the Owners of the Notes and maintained (the "Note Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account"). The Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titled: "[________________], as Indenture Trustee funds held in trust for the registered holders of Renaissance Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth not be held as a trust account commingled with a qualifying Designated Depository Institution selected by the Indenture Trusteeany other funds. The Servicer shall notify the Indenture Trustee, the Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) Subject to Subsection (c) below, the Servicer and any Sub-Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Mortgage Loans to into the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). Subject to Subsection (c) below, within one Business Day following the Closing Date, the Seller and/or the Servicer shall deposit into the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and invested as set forth for the benefit of the Owners of the Notes. Any investment earnings on funds held in Section 5.06 hereofthe Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on the second Business Day of the month for the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due collections on the Home Equity Mortgage Loans (net of the Servicing Fee related to such Home Equity Loans) on and received after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Home Equity Mortgage Loans received by the Servicer Servicer, Compensating Interest and Delinquency Advances together with any income amounts which are reimbursable from REO Properties, the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 4.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest accruing on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (a) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (b) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Mortgage Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(di) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, Account only in the following priority and for the following purposes:
(A) on each to effect the timely remittance to the Indenture Trustee of the Monthly Remittance Amount due on the Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to reimburse itself pursuant to Section 4.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(CD) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(FE) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;V hereof.
(iii) The On the Determination Date of each month, commencing in April 1998 the Servicer shall send to the Indenture Trustee the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period and certifying the amounts and purpose of withdrawals permitted pursuant to (ad) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 4.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Note Insurer and the Indenture Trustee from time to time.
(iii) On each Remittance Date, commencing in April 1998 the Servicer shall remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available funds, without duplicationfunds for deposit to the Note Account, the Monthly Interest Remittance Amount allocable to a for such Remittance Period not later than Date and the related Monthly Principal Remittance Amount for such Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such date.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.
Appears in 2 contracts
Samples: Sale and Servicing Agreement (First Alliance Mortgage Loan Trust 1998-1f), Sale and Servicing Agreement (First Alliance Mortgage Loan Trust 1998-1a)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account"). The Principal and Interest Account , which shall be an Eligible Account. The Principal and Interest Account shall be titledidentified on the records of the Designated Depository Institution as follows: "JPMorgan Chase Bank, National Association, as Trustee on behalf of the Owners of the Centex Home Equity Loan Trust [2006-________________], as Indenture Trustee in trust for the registered holders of Renaissance ] Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by at the Indenture Corporate Trust Office of the Trustee. The Servicer shall notify the Indenture Trustee, the Insurer Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested up to the amount insured by the FDIC or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 trust in the name of the Trust for the benefit of the Owners. The Trust shall be divided into two separate sub-trusts; one for Group I and any Trust assets allocable to Group I and one for Group II and any Trust assets allocable to Group II. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount by the Servicer in accordance with the terms hereof. Any investment losses on amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aA) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bB) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and plus (cC) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances and unreimbursed Servicing Advances (but in each case solely from amounts received on the related Home Equity Loan) as provided in Section 8.09 and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(d) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Loan Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered unreimbursed Delinquency Advances and unrecovered for unreimbursed Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan)) as provided in Section 8.09;
(E) to reimburse itself pursuant to Sections 8.09(a) and (b) for Nonrecoverable Advances; and
(F) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;.
(ie) The Servicer shall (ai) remit to the Indenture Trustee for deposit in the Distribution Certificate Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (bii) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor Trustee and the InsurerDepositor, a monthly servicing report, with respect to each Home Equity Loan Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan)Loans. In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Loan Balance of the Home Equity Loan having the largest Principal Loan Balance as of such date.
(iif) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b8.08(e)(ii) and in Section 5.03 7.09(b) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 7.09 and to make the allocations and disbursements set forth in Sections 5.01 7.02 and 5.047.03.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Chec Funding LLC), Pooling and Servicing Agreement (Chec Funding LLC)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account"). The Principal and Interest Account , which shall be an Eligible Account. The Principal and Interest Account shall be titledidentified on the records of the Designated Depository Institution as follows: "[________________]Bank One, National Association, as Indenture Trustee in trust for on behalf of the registered holders Owners of Renaissance the Centex Home Equity Loan Trust 2001-B Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by at the Indenture Corporate Trust Office of the Trustee. The Servicer shall notify the Indenture Trustee, the Insurer Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested up to the amount insured by the FDIC or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 trust in the name of the Trust for the benefit of the Owners. The Trust shall be divided into two separate sub-trusts; one for Group I and any Trust assets allocable to Group I and the other for Group II and any Trust assets allocable to Group II. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount by the Servicer in accordance with the terms hereof. Any investment losses on amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aA) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bB) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and plus (cC) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances and unreimbursed Servicing Advances (but in each case solely from amounts received on the related Home Equity Loan) as provided in Section 8.09 and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(d) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Loan Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered unreimbursed Delinquency Advances and unrecovered for unreimbursed Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan)) as provided in Section 8.09;
(E) to reimburse itself pursuant to Section 8.09(a) for Nonrecoverable Advances; and
(F) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;.
(ie) The Servicer shall (ai) remit to the Indenture Trustee for deposit in the Distribution Certificate Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (bii) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor Trustee and the InsurerDepositor, a monthly servicing report, with respect to each Home Equity Loan Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan)Loans. In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Loan Balance of the Home Equity Loan having the largest Principal Loan Balance as of such date.
(iif) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b8.08(e)(ii) and in Section 5.03 7.09(b) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 7.09 and to make the allocations and disbursements set forth in Sections 5.01 7.02 and 5.047.03.
Appears in 1 contract
Principal and Interest Account. (a) The Servicer and/or each Sub-Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect the name of each Group will be separately deposited and maintained (the "Principal and Interest Account"). The Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titled: "[________________], as Indenture Trustee in trust Trust for the registered holders benefit of Renaissance Home Equity Loan Asset-Backed Notes the Holders of the Certificates and the Insurer, Certificate Insurer and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." If the institution maintain at any time holding the Principal and Interest Account ceases to be eligible as a one or more Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Insurer and the Owners if there is a change in the name, account number or institution holding Institutions the Principal and Interest Account.
(b) . Subject to Subsection (c) below, the Servicer and any Sub-Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Mortgage Loans to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt). On the Startup Day, the Sponsor and/or the Servicer shall deposit to the Principal and Interest Account all scheduled payments of principal and interest due and received and all Prepayments received after the Cut-Off Date.
(b) All funds in the Principal and Interest Account may be held only (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and invested as set forth for the benefit of the Holders of the Certificates and the Certificate Insurer. Any investment earnings on funds held in Section 5.06 hereofthe Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amounts by the Servicer. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings. The amount of any losses on investments in the Principal and Interest Account, to the extent not offset by earnings on other investments held therein, shall be deposited in the Principal and Interest Account by the Servicer promptly upon the recognition of such net losses.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all payments of principal collected and interest (including Prepaid Installments) due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date Date, any Prepayments and Net Liquidation Proceeds collected after the Replacement Cut-Off Date, as applicable, including any Prepayments all Loan Purchase Prices and Net Liquidation ProceedsSubstitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Home Equity Mortgage Loans received by the Servicer Servicer, Compensating Interest and Delinquency Advances together with any amounts that are reimbursable from the Principal and Interest Account, amounts on account of net investment losses and any income from REO Propertiescondemnation proceeds, but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, and (ii) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aA) the Principal Loan Balance of the related Home Equity Mortgage Loan immediately prior to liquidation, plus (bB) accrued and unpaid interest on such Home Equity Mortgage Loan at the Coupon Rate (net of the related any Servicing Fee) and (c) any unrecovered Cram Down Losses, to the date of such liquidation. Amounts described in clause (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on of the preceding sentence shall be retained by the Servicer as additional servicing compensation or paid over to the related Home Equity Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note Mortgagor if required by a Mortgagor which are subsequently returned by a depository institution as unpaidlaw.
(di) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, Account only in the following priority and for the following purposes:
(A) to effect the timely remittance to the Trustee of the Monthly Remittance Amounts due on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to reimburse itself pursuant to Section 8.9 hereof for any unreimbursed Reimbursable Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(CD) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(FE) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;.
(iii) The On each Remittance Date, the Servicer shall send to the Trustee a report, in print and/or electronic form, detailing the payments on the Mortgage Loans during the prior Remittance Period. Such report shall be in the form and have the specifications as may be agreed to between the Servicer and the Trustee from time to time. The Trustee shall have no duty or obligation with respect to the accuracy of the information contained in the report referred to in this Section.
(aiii) On each Remittance Date, the Servicer shall remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available fundsfunds all amounts then on deposit in the Principal and Interest Account that relate to collections on or with respect to the Mortgage Loans with respect to the immediately preceding Remittance Period, without duplicationincluding the amount of any Delinquency Advance, any Compensating Interest, Loan Purchase Prices and Substitution Amounts; such amount being the "Monthly Remittance Amount."
(iv) On or before January 20, 1998, the Monthly Remittance Amount allocable Servicer will provide to the Certificate Insurer and the Trustee a Remittance Period not later than computer tape or electronic transmission, in a format mutually agreed to by the related Monthly Servicer and the Certificate Insurer, containing all of the servicing data maintained by the Servicer with respect to the Mortgage Loans as of the last day of the preceding calendar month (a "Data Tape"), together with a written explanation (the "Data Dictionary") of each of the data fields included in such Data Tape. Thereafter, on or before each subsequent Remittance Date, and (b) on each Monthly Remittance Date, deliver the Servicer will provide to the Indenture TrusteeCertificate Insurer a Data Tape as of the last day of the preceding calendar month, together with a written explanation of any revisions made to the Depositor and Data Dictionary during the Insurer, a monthly servicing report, preceding calendar month. The Certificate Insurer shall have no duty or obligation with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect accuracy of the Home Equity Loans, scheduled principal information contained in any Data Tape or in the Data Dictionary.
(e) The Servicer shall furnish the Trustee monthly statements of the Principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated LoansInterest Account, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning it is not held by the servicing of the Home Equity Loans and Trustee.
(f) Notwithstanding any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In additionprovisions of this Agreement, the Servicer shall inform be entitled to reimburse itself for any previously unreimbursed expense otherwise reimbursable pursuant to the Indenture Trustee terms of this Agreement, including, but not limited to, any Delinquency Advance, any Servicing Advance, and any Liquidation Expense, that the Insurer Servicer determines (as evidenced by an Officer's Certificate) to be otherwise nonrecoverable by withdrawal from the Principal and Interest Account of amounts on each Monthly Remittance Date, with respect deposit therein attributable to each Home Equity Group, any of the amounts Mortgage Loans on any Business Day prior to the Payment Date succeeding the date of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such datedetermination.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Equivantage Acceptance Corp)
Principal and Interest Account. (a) The Master Servicer and/or each Sub-Servicer, as applicable, shall establish an account, which includes three separate subaccounts into which amounts and maintain at one or more Designated Depository Institutions in respect the name of each Group will be separately deposited and maintained (the "Principal and Interest Account"). The Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titled: "[________________], as Indenture Trustee in trust Trust for the registered holders benefit of Renaissance Home Equity Loan Asset-Backed Notes the Owners of the Certificates and the Certificate Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] a Principal and Interest Account." If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then The establishment of the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected evidenced by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Insurer and the Owners if there is Master Servicer's delivery of a change notice in the nameform of Exhibit B hereto, account number or institution holding the Principal and Interest Account.
(b) properly completed. Subject to Subsection Subsections (c) and (e) below, the Master Servicer and any Sub-Servicer shall deposit all receipts required pursuant to Subsection (c) below of principal and accrued interest related to the Home Equity Mortgage Loans in each such Mortgage Loan Group to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt). .
(b) All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and invested as set forth for the benefit of the Owners of the Certificates and the Certificate Insurer. Any investment earnings on funds held in Section 5.06 hereofthe Principal and Interest Account shall be for the account of the Master Servicer and may only be withdrawn from the Principal and Interest Account by the Master Servicer immediately following the remittance of the Monthly Remittance Amounts by the Master Servicer. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings. Any investment losses are at the expense of the Master Servicer and shall be replaced on or prior to the Remittance Date.
(c) The With respect to the Mortgage Loans and subject to Subsection (e) below, the Master Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due accrued on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and or after the Cut-Off Date and the Replacement Initial Cut-Off Date, as applicable, related Subsequent Cut-Off Date or Replacement Cut-Off Date including any Prepayments and Prepaid Installments, Prepayments, Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Master Servicer, other recoveries or amounts related to the Home Equity Loans received by the Servicer Master Servicer, Compensating Interest and Delinquency Advances together with any income amounts which are reimbursable from REO Propertiessuch Principal and Interest Account, but net of (i) the Servicing Fee and other servicing compensation due to the Master Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) collected on the related Mortgage Loans prior to the Initial Cut-Off Date, Subsequent Cut-Off Date or Replacement Cut-Off Date (iii) interest accruing on the related Mortgage Loans prior to the Initial Cut-Off Date, Subsequent Cut-Off Date or Replacement Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (a) the Principal Loan Balance of the related Home Equity Mortgage Loan immediately prior to liquidation, plus (b) and accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaidthereon.
(di) The Master Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, Account only in the following priority and for the following purposes:
(A1) on each to effect the timely remittance to the Trustee of the Monthly Remittance Amounts due on the Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B2) to reimburse itself pursuant to Section 8.9(a) hereof for unreimbursed Delinquency Advances and Servicing Advances and Nonrecoverable Advances;
(3) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account, if such investment earnings have been deposited in the Principal and Interest Account;
(C4) to withdraw amounts that have been deposited to the a Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(F5) to clear and terminate the each Principal and Interest Account following the termination of the Trust pursuant to Article IX;X; and
(i6) The Servicer shall (a) remit to the Indenture Trustee for deposit invest in the Distribution Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such dateEligible Investments.
(ii) The On the tenth day of each month, the Master Servicer shall provide send to the Indenture Trustee a computer tape, detailing the information described payments on the Mortgage Loans during the prior Remittance Period. Such tape shall be in the form and have the specifications as may be agreed to between the Master Servicer and the Trustee from time to time. The Certificate Insurer shall have the right to request this computer tape upon providing 3 Business Days written notice to the Master Servicer. Upon any change in the format of the electronic medium maintained by the Master Servicer in respect of the Mortgage Loans, the Master Servicer shall deliver a copy of such electronic medium to the Trustee.
(iii) On each Remittance Date the Master Servicer shall remit to the Trustee by wire transfer in immediately available funds for deposit in the Certificate Account the amounts specified in Section 3.03(d)(i)(b7.5(a) of this Agreement, (A) for Group I, the Group I Interest Remittance Amount and in Section 5.03 the Group I Principal Remittance Amount and (B) for Group II, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount.
(e) To the extent that the ratings, if any, then assigned to enable the Indenture Trustee unsecured debt of the Master Servicer or of the Master Servicer's ultimate corporate parent are satisfactory to perform the Certificate Insurer and each Rating Agency, then the requirement to maintain the Principal and Interest Account and deposit of principal collections and accrued interest may be waived by an instrument signed by the Certificate Insurer and each Rating Agency, and the Master Servicer may be allowed to co-mingle with its reporting requirements under Section 5.03 general funds the amounts otherwise required to be deposited to the Principal and Interest Account, on such terms and subject to make such conditions as the allocations Certificate Insurer and disbursements set forth in Sections 5.01 and 5.04each Rating Agency may permit.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Advanta Mortgage Conduit Services Inc)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account")Account to be held as a trust account. The Principal and Interest Account shall be an Eligible Account. The Each Principal and Interest Account shall be titledidentified on the records of the Designated Depository Institution as follows: "[________________]Norwest Bank Minnesota, National Association, as Indenture Trustee in trust for on behalf of MBIA Insurance Corporation and the registered holders Owners of Renaissance the Centex Home Equity Loan AssetTrust 1998-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." 2 Home Equity Loan Pass-Through Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Certificate Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested up to the amount insured by the FDIC or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 hereoftrust in the name of the Trust for the benefit of the Owners. The Trust shall be divided into two separate sub-trusts; one for the Adjustable Rate Group and any Trust assets allocable to such Adjustable Rate Group and the other for the Fixed Rate Group and any Trust assets allocable to such Fixed Rate Group. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount (and the Total Monthly Excess Spread included therein) by the Servicer. Any investment losses on amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than on the second Business Day after receipt, all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date, the related Subsequent Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aI) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bII) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (cIII) any unrecovered Cram Down unreimbursed Realized Losses, (ii) principal received and interest due on the Home Equity Loans prior to the Cut-Off Date, the related Subsequent Cut-Off Date or the related Replacement Cut-Off Date, as the case may be, (iii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iiiiv) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaidunpaid (all such net amount herein referred to as "Daily Collections").
(di) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Loan Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 8.09(a) for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan)) and for any excess interest collected from a Mortgagor;
(E) Nonrecoverable Advances; and
(F) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;
(iii) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Certificate Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor Trustee and the Certificate Insurer, a monthly servicing report, with respect to each Home Equity Loan Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Certificate Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Certificate Insurer on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Loan Balance of the Home Equity Loan having the largest Principal Loan Balance as of such date.
(iiiii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b8.08(d)(ii)(b) and in Section 5.03 7.09(b) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 7.09 and to make the allocations and disbursements set forth in Sections 5.01 7.02 and 5.047.03.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (DLJ Commercial Mort Corp Comm Mort Pass THR Cer Ser 1998-Cg1)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account"). The Principal and Interest Account , which shall be an Eligible Account. The Principal and Interest Account shall be titledidentified on the records of the Designated Depository Institution as follows: "[________________]The Bank of New York, as Indenture Trustee in trust for on behalf of the registered holders Owners of Renaissance the Nationstar Home Equity Loan Trust 2007-A Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by at the Indenture applicable Corporate Trust Office of the Trustee. The Servicer shall notify the Indenture Trustee, the Insurer Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested up to the amount insured by the FDIC or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 trust in the name of the Trust for the benefit of the Owners. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount by the Servicer in accordance with the terms hereof. Any investment losses on amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, (x) all Prepayment Charges collected on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, and (y) all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aA) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bB) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and plus (cC) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Arrearages, if any, unreimbursed Delinquency Advances and unreimbursed Servicing Advances (but in each case solely from amounts received on the related Home Equity Loan) as provided in Section 8.09 and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(d) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered unreimbursed Arrearages, unreimbursed Delinquency Advances and unrecovered for unreimbursed Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan)) as provided in Section 8.09;
(E) to reimburse itself pursuant to Sections 8.09(a), (b) and (c) for Nonrecoverable Advances; and
(F) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;.
(ie) The Servicer shall (ai) remit to the Indenture Trustee for deposit in the Distribution Certificate Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (bii) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor Trustee and the InsurerDepositor, a monthly servicing report, with respect to each Home Equity Group, report containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan)Loans. In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, Date of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Loan Balance of the Home Equity Loan having the largest Principal Loan Balance as of such date.
(iif) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b8.08(e)(ii) and in Section 5.03 7.09(b) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 7.09 and to make the allocations and disbursements set forth in Sections 5.01 7.02 and 5.047.03.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Nationstar Home Equity Loan Trust 2007-A)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account")Account to be held as a trust account. The Each Principal and Interest Account shall be an Eligible Account. identified on the records of the Designated Depository Institution as follows: The Principal and Interest Account shall be titled: "[________________]Chase Manhattan Bank, as Indenture Trustee in trust for on behalf of the registered holders Owners of Renaissance the IMC Home Equity Loan AssetTrust 1998-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." 1 Home Equity Loan Pass-Through Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Insurer Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested up to the amount insured by the FDIC or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 hereoftrust in the name of the Trust for the benefit of the Owners. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount (and the Monthly Excess Interest Amount included therein) by the Servicer. Any investment losses on funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than on the second Business Day after receipt, receipt all principal collected and interest due collections on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and due after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aI) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bII) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) to the date of such liquidation and (cIII) any unrecovered Cram Down LossesRealized Losses incurred during the related Remittance Period, (ii) principal and interest due (and Prepayments collected) on the Home Equity Loans on or prior to the Cut-Off Date or related Subsequent Cut-Off Date, as the case may be, (iii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iiiiv) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaidunpaid (all such net amount herein referred to as "Daily Collections").
(di) The Servicer may make withdrawals for its own account from the Principal and Interest Account, with respect to each Home Equity Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the ServicerFee;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 8.09
(a) for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely for any excess interest collected from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advancesa Mortgagor; and
(FE) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;.
(iii) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Certificate Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance DateDate and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Remittance Reporting Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan)Loans. In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, Reporting Date of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such date.
(iiiii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b8.08(d)(ii)(b) and in Section 5.03 7.09(b) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.047.09.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Imc Home Equity Loan Trust 1998-1)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account"). The Principal and Interest Account , which shall be an Eligible Account. The Principal and Interest Account shall be titledidentified on the records of the Designated Depository Institution as follows: "[________________]JPMorgan Chase Bank, National Association, as Indenture Trustee in trust for on behalf of the registered holders Owners of Renaissance the Centex Home Equity Loan Trust 2005-B Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by at the Indenture Corporate Trust Office of the Trustee. The Servicer shall notify the Indenture Trustee, the Insurer Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested up to the amount insured by the FDIC or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 trust in the name of the Trust for the benefit of the Owners. The Trust shall be divided into three separate sub-trusts; one for Group I and any Trust assets allocable to Group I, one for Group II and any Trust assets allocable to Group II and one for Group III and any Trust assets allocable to Group III. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount by the Servicer in accordance with the terms hereof. Any investment losses on amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aA) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bB) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and plus (cC) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances and unreimbursed Servicing Advances (but in each case solely from amounts received on the related Home Equity Loan) as provided in Section 8.09 and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(d) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Loan Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered unreimbursed Delinquency Advances and unrecovered for unreimbursed Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan)) as provided in Section 8.09;
(E) to reimburse itself pursuant to Sections 8.09(a) and (b) for Nonrecoverable Advances; and
(F) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;.
(ie) The Servicer shall (ai) remit to the Indenture Trustee for deposit in the Distribution Certificate Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (bii) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor Trustee and the InsurerDepositor, a monthly servicing report, with respect to each Home Equity Loan Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan)Loans. In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Loan Balance of the Home Equity Loan having the largest Principal Loan Balance as of such date.
(iif) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b8.08(e)(ii) and in Section 5.03 7.09(b) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 7.09 and to make the allocations and disbursements set forth in Sections 5.01 7.02 and 5.047.03.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2005-B)
Principal and Interest Account. (a) The Master Servicer and/or each Sub-Servicer, as applicable, shall establish an account, which includes three separate subaccounts into which amounts in respect the name of each Group will be separately deposited and maintained (the "Principal and Interest Account"). The Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titled: "[________________], as Indenture Trustee in trust Trust for the registered holders benefit of Renaissance Home Equity Loan Asset-Backed Notes the Owners of the Certificates and the Insurer, Certificate Insurer and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." If the institution maintain at any time holding the Principal and Interest Account ceases to be eligible as a one or more Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Insurer and the Owners if there is a change in the name, account number or institution holding Institutions the Principal and Interest Account.
(b) . Subject to Subsection Subsections (c) and (e) below, the Master Servicer and any Sub-Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Mortgage Loans to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt). On the Closing Day, and on each Subsequent Transfer Date and each Transfer Date, the Originator shall cause the Master Servicer to deposit to the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Initial Cut-Off Date or related Replacement Cut-Off Date or related Subsequent Cut-Off Date, as the case may be.
(b) All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and invested for the benefit of the Owners of the Certificates and the Certificate Insurer. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Master Servicer and may only be withdrawn from the Principal and Interest Account by the Master Servicer immediately following the remittance of the Monthly Remittance Amounts by the Master Servicer. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings. The Master Servicer shall deposit the amount of any investment losses immediately into the Principal and Interest Account as set forth in Section 5.06 hereofrealized.
(c) The Subject to Subsection (e) below, the Master Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due collections on the Home Equity Mortgage Loans (net of the Servicing Fee related to such Home Equity Loans) received on and or after the Initial Cut-Off Date and the Replacement or related Subsequent Cut-Off Date, as applicablethe case may be, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Master Servicer with respect to the Mortgage Loans and other recoveries or amounts related to the Home Equity Mortgage Loans received by the Servicer Master Servicer, together with any amounts which are reimbursable from the Principal and any income from REO PropertiesInterest Account, but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Master Servicer as permitted by Section 8.15 hereof, (ii) principal (including 91 Prepayments) collected on the related Mortgage Loans prior to the Initial Cut-Off Date or related Subsequent Cut-Off Date, as the case may be, (iii) interest accruing on the related Mortgage Loans prior to the Initial Cut-Off Date or related Subsequent Cut-Off Date, as the case may be and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (a) the Principal Balance of the related Home Equity Loan immediately prior to liquidation, plus (b) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Mortgage Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(di) The Master Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, Account only in the following priority and for the following purposes:
(A) on each to effect the timely remittance to the Trustee of the Monthly Remittance Amounts due on the Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to pay to itself from any funds in the Principal and Interest Account any accrued and unpaid Servicing Fees and reimburse itself pursuant to Section 8.9(a) hereof for unreimbursed Servicing Advances and Servicing Advances which have been deemed Nonrecoverable Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(CD) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(FE) to clear and terminate the Principal and Interest Account following the termination of the Trust Fund pursuant to Article IX;X.
(iii) The On the tenth day of each month, the Master Servicer shall send to the Trustee a report, in the form of a computer tape, detailing the aggregate payments on the total Mortgage Loans during the prior Remittance Period. Such tape shall be in the form and have the specifications as may be agreed to between the Master Servicer and the Trustee from time to time.
(aiii) On each Remittance Date the Master Servicer shall remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Interest Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing Principal Remittance Amount.
(without limitatione) To the following information: principal and interest collected in respect of extent that the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loansratings, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning then assigned to the servicing unsecured debt of the Home Equity Loans Master Servicer or of the Master Servicer's ultimate corporate parent are satisfactory to the Certificate Insurer, Xxxxx'x and any other information requested S&P, then the requirement to maintain the Principal and Interest Account may be waived by an instrument signed by the Insurer (includingCertificate Insurer, without limitationS&P and Xxxxx'x, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, Master Servicer may be allowed to co-mingle with respect to each Home Equity Group, of its general funds the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of otherwise required to be deposited to the Principal Balance of and Interest Account, on such terms and subject to such conditions as the Home Equity Loan having the largest Principal Balance as of such dateCertificate Insurer, Xxxxx'x and S&P may permit.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Advanta Revolving Home Equity Loan Trust 1996-A)
Principal and Interest Account. (a) The Master Servicer and/or each Sub-Servicer, as applicable, shall establish an account, which includes three separate subaccounts into which amounts in respect the name of each Group will be separately deposited and maintained (the "Principal and Interest Account"). The Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titled: "[________________], as Indenture Trustee in trust Trust for the registered holders of Renaissance Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect benefit of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal Class A Noteholders and Interest Account." If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Insurer and the Owners if there is a change in the name, account number maintain at one or institution holding more Designated Depository Institutions the Principal and Interest Account.
(b) . Subject to Subsection Subsections (c) and (e) below, the Master Servicer and any Sub-Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Mortgage Loans to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt). Within one Business Day of the Closing Date, and on each Subsequent Transfer Date and each Transfer Date, the Sponsor shall cause the Master Servicer to deposit to the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Initial Cut-Off Date or related Replacement Cut-Off Date or related Subsequent Cut-Off Date, as the case may be.
(b) All funds in the Principal and Interest Account shall may only be held and invested as set forth in Section 5.06 hereof.
(ci) The Servicer shall deposit uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account no later than shall be held in trust in the second Business Day after receipt, all principal collected and interest due on the Home Equity Loans (net name of the Servicing Fee related to such Home Equity Loans) on Trust and after for the Cut-Off Date benefit of the Class A Noteholders and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (a) the Principal Balance of the related Home Equity Loan immediately prior to liquidation, plus (b) accrued and unpaid interest Insurer. Any investment earnings on such Home Equity Loan (net of the related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iii) reimbursements for amounts deposited funds held in the Principal and Interest Account representing payments shall be for the account of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(d) The the Master Servicer and may make withdrawals only be withdrawn from the Principal and Interest Account, with respect to each Home Equity Group, only in Account by the Master Servicer immediately following priority and for the following purposes:
(A) on each remittance of the Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained Amounts by the Master Servicer;
(B) . Any references herein to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) Account shall refer to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(F) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;
(i) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as net of such dateinvestment earnings.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Advanta Mortgage Conduit Services Inc)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect the name of each Group will be separately deposited the Trust for the benefit of the Owners of the Certificates and maintained (the "Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account"). The Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titled: "[________________], as Indenture Trustee funds held in trust for the registered holders of Renaissance Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth not be held as a trust account commingled with a qualifying Designated Depository Institution selected by the Indenture Trusteeany other funds. The Servicer shall notify the Indenture Trustee, the Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) Subject to Subsection (c) below, the Servicer and any Sub-Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Mortgage Loans to into the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). Subject to Subsection (c) below, within one Business Day following the Startup Day, the Company and/or the Servicer shall deposit into the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and invested as set forth for the benefit of the Owners of the Certificates. Any investment earnings on funds held in Section 5.06 hereofthe Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on the second Business Day of the month for the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the Trustee. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due collections on the Home Equity Mortgage Loans (net of the Servicing Fee related to such Home Equity Loans) on and received after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Home Equity Mortgage Loans received by the Servicer Servicer, Compensating Interest and Delinquency Advances together with any income amounts which are reimbursable from REO Properties, the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest accruing on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (a) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (b) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Mortgage Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(di) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, Account only in the following priority and for the following purposes:
(A) on each to effect the timely remittance to the Trustee of the Monthly Remittance Amounts due on the Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(CD) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(FE) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX;IX hereof.
(iii) The On the Determination Date of each month, commencing in January 1998 the Servicer shall send to the Trustee the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period and certifying the amounts and purpose of withdrawals permitted pursuant to (ad) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, commencing in January 1998 the Servicer shall remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available fundsfunds for deposit to the Certificate Account, without duplication(x) for Group I, the Monthly Group I Interest Remittance Amount allocable to a and the Group I Principal Remittance Period not later than the related Monthly Remittance Date, Amount and (by) on each Monthly Remittance Date, deliver to the Indenture Trusteefor Group II, the Depositor Group II Interest Remittance Amount and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Group II Principal Remittance Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such dateAmount.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Alliance Mortgage Loan Trust 1997-4)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect the name of each Group will be separately deposited the Trust for the benefit of the Owners of the Certificates and maintained (the "Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account"). The Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titled: "[________________], as Indenture Trustee funds held in trust for the registered holders of Renaissance Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth not be held as a trust account commingled with a qualifying Designated Depository Institution selected by the Indenture Trusteeany other funds. The Servicer shall notify the Indenture Trustee, the Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) Subject to Subsection (c) below, the Servicer and any Sub-Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Mortgage Loans to into the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). Subject to Subsection (c) below, on the Startup Day, the Seller and/or the Servicer shall deposit into the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and invested as set forth for the benefit of the Owners of the Certificates. Any investment earnings on funds held in Section 5.06 hereofthe Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on the second Business Day of the month for the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the Trustee. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due collections on the Home Equity Mortgage Loans (net of the Servicing Fee related to such Home Equity Loans) on and received after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Home Equity Mortgage Loans received by the Servicer Servicer, Compensating Interest and Delinquency Advances together with any income amounts which are reimbursable from REO Properties, the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (a) the Principal Loan Balance of the related Home Equity Mortgage Loan immediately prior to liquidation, plus (b) any accrued and unpaid interest on such Home Equity Loan (net of thereon through the related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on Remittance Period in which the related Home Equity Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaidliquidation occurred.
(di) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, Account only in the following priority and for the following purposes:
(A) on each to effect the timely remittance to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(CD) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(FE) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX;IX hereof.
(iii) The On the Determination Date of each month, the Servicer shall send to the Trustee and the Master Servicer the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period and certifying the amounts and purpose of withdrawals permitted pursuant to (ad) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available funds, without duplicationfunds for deposit to the Certificate Account, the Monthly Group I Interest Remittance Amount allocable to a and the Group I Principal Remittance Period not later than the related Monthly Amount for such Remittance Date, and .
(biv) on On each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform remit to the Indenture Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Insurer on each Monthly Remittance DateMaster Servicer are not the same Person, shall provide the Master Servicer with respect to each Home Equity Group, written notice (by facsimile or electronic mail) of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as amount of such datedeposit.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Alliance Mortgage Loan Trust 1998-4)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account")Account to be held as a trust account. The Each Principal and Interest Account shall be an Eligible Account. The Principal identified on the records of the Designated Depository Institution as follows: Manufacturers and Interest Account shall be titled: "[________________]Traders Trust Company, as Indenture Trustee in trust for under the registered holders Pooling and Servicing Agreement dated as of Renaissance Home Equity Loan Asset-Backed Notes and the InsurerDecember 1, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." 1996. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately shall, within 30 days, be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture TrusteeInstitution. The Servicer shall notify the Indenture Trustee, the Certificate Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested (up to the limits insured by the FDIC) or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 hereoftrust in the name of the Trustee for the benefit of the Owners. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount (and the Total Monthly Excess Spread included therein) by the Servicer. Any investment losses on funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than on the second Business Day after receipt, receipt all principal collected and interest due collections on the Home Equity Loans (net of received, and interest collections on the Servicing Fee related to such Home Equity Loans) on and Loans accrued after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) the Servicing Fee with respect to each Home Equity Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal collected and interest accrued on any Home Equity Loan on or prior to the Cut-Off Date, (iii) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aI) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bII) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) to the date of such liquidation, and (cIII) any unrecovered Cram Down LossesRealized Losses incurred during the related Remittance Period, (iiiv) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iiiv) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaidunpaid (all such net amount herein referred to as "Daily Collections").
(di) The Servicer may make withdrawals for its own account from the amounts on deposit in the Principal and Interest Account, with respect to each Home Equity Loan Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees withdraw interest paid with respect to any Home Equity Loans that had accrued for periods prior to the extent such Servicing Fees are not retained by the ServicerCut-Off Date;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to reimburse itself pursuant to Section 8.09(a) for unrecovered Delinquency Advances and Servicing Advances;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(FE) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;.
(iii) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Certificate Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance DateDate and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor Trustee and the Insurer, Certificate Insurer a monthly servicing report, with respect to each Home Equity Loan Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loanscollected, scheduled principal and interest that was due on the Home Equity Loansinterest, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan)Loans. In addition, the Servicer shall inform the Indenture Trustee and the Certificate Insurer on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Loan Balance of the Home Equity Loan having the largest Principal Loan Balance as of such date.
(iiiii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b8.08(d)(ii)(b) and in Section 5.03 7.09(b) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 7.09 and the Trustee shall forward such information to make the allocations and disbursements set forth in Sections 5.01 and 5.04Underwriters within five Business Days of receipt thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Contimortgage Home Equity Loan Trust 1996-4)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account")Account to be held as a trust account. The Each Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titledidentified on the records of the Designated Depository Institution as follows: "[________________]____, on behalf of __________________ as Indenture Trustee in trust for the registered holders benefit of Renaissance Home Equity the Owners of the AMRESCO Residential Securities Corporation Adjustable Rate Mortgage Loan Asset-Asset Backed Notes Notes, Series 199__-__ and the Note Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." . If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Note Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection subsection (c) below and related to the Home Equity Mortgage Loans to the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested up to the amount insured by the FDIC or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. Any investment earnings on funds held in Section 5.06 hereofthe Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount (and the Total Monthly Excess Spread included therein) by the Servicer. Any investment losses on funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than on the second Business Day after receipt, receipt all principal collected and interest due collections on the Home Equity Mortgage Loans (net of the Servicing Fee related to such Home Equity Loans) on and due after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Mortgage Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aI) the Principal Loan Balance of the related Home Equity Mortgage Loan immediately prior to liquidation, plus (bII) accrued and unpaid interest on such Home Equity Mortgage Loan (net of the related Servicing Fee) to the date of such liquidation and (cIII) any unrecovered Cram Down LossesRealized Losses incurred during the related Remittance Period, (ii) principal and interest due (and Prepayments collected) on the Mortgage Loans on or prior to the Cut-Off Date or related Subsequent Cut-Off Date, (iii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iiiiv) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Mortgage Note by a Mortgagor which are subsequently returned by a depository institution as unpaidunpaid (all such net amount herein referred to as "Daily Collections").
(di) The Servicer may make withdrawals for its own account from the Principal and Interest Account, with respect to each Home Equity Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the ServicerFees;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 4.09(a) for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely for any excess interest collected from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advancesa Mortgagor; and
(FE) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;V.
(iii) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Note Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance DateDate and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Remittance Reporting Date, deliver to the Indenture Trustee, the Depositor Trustee and the Note Insurer, a monthly servicing report, with respect to each Home Equity Group, report containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Mortgage Loans, scheduled principal and interest that was due on the Home Equity Mortgage Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan)Mortgage Loans. In addition, the Servicer shall inform the Indenture Trustee and the Note Insurer in writing on each Monthly Remittance Reporting Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Loan Balance of the Home Equity Mortgage Loan having the largest Principal Loan Balance as of such date.
(iiiii) The Servicer shall provide to the Indenture Trustee in writing the information described in Section 3.03(d)(i)(b4.08(d)(ii)(b) and in Section 5.03 4.09(b) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.043.09.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Amresco Residential Securities Corp)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (the "Principal and Interest Account"). The Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titled: "[________________], as Indenture Trustee in trust for the registered holders of Renaissance Centex Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[200_-__] _ Principal and Interest Account." If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt). All funds in the Principal and Interest Account shall be held and invested as set forth in Section 5.06 hereof.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (a) the Principal Balance of the related Home Equity Loan immediately prior to liquidation, plus (b) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(d) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(F) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;
(i) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such date.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.
Appears in 1 contract
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account"). The Principal and Interest Account , which shall be an Eligible Account. The Principal and Interest Account shall be titledidentified on the records of the Designated Depository Institution as follows: "[________________]JPMorgan Chase Bank, as Indenture Trustee in trust for on behalf of the registered holders Owners of Renaissance the Centex Home Equity Loan Trust 2003-C Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by at the Indenture Corporate Trust Office of the Trustee. The Servicer shall notify the Indenture Trustee, the Insurer Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested up to the amount insured by the FDIC or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 trust in the name of the Trust for the benefit of the Owners. The Trust shall be divided into two separate sub-trusts; one for Group I and any Trust assets allocable to Group I and one for Group II and any Trust assets allocable to Group II. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount by the Servicer in accordance with the terms hereof. Any investment losses on amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aA) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bB) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and plus (cC) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances and unreimbursed Servicing Advances (but in each case solely from amounts received on the related Home Equity Loan) as provided in Section 8.09 and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(d) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Loan Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered unreimbursed Delinquency Advances and unrecovered for unreimbursed Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan)) as provided in Section 8.09;
(E) to reimburse itself pursuant to Sections 8.09(a) and (b) for Nonrecoverable Advances; and
(F) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;.
(ie) The Servicer shall (ai) remit to the Indenture Trustee for deposit in the Distribution Certificate Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (bii) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor Trustee and the InsurerDepositor, a monthly servicing report, with respect to each Home Equity Loan Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan)Loans. In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Loan Balance of the Home Equity Loan having the largest Principal Loan Balance as of such date.
(iif) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b8.08(e)(ii) and in Section 5.03 7.09(b) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 7.09 and to make the allocations and disbursements set forth in Sections 5.01 7.02 and 5.047.03.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Chec Funding LLC Centex Home Equity Loan Trust 2003-C)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account"). The Principal and Interest Account , which shall be an Eligible Account. The Principal and Interest Account shall be titledidentified on the records of the Designated Depository Institution as follows: "[________________]Bank One, National Association, as Indenture Trustee in trust for on behalf of the registered holders Owners of Renaissance the Centex Home Equity Loan Trust 2002-A Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by at the Indenture Corporate Trust Office of the Trustee. The Servicer shall notify the Indenture Trustee, the Insurer Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested up to the amount insured by the FDIC or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 trust in the name of the Trust for the benefit of the Owners. The Trust shall be divided into two separate sub-trusts; one for Group I and any Trust assets allocable to Group I and the other for Group II and any Trust assets allocable to Group II. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount by the Servicer in accordance with the terms hereof. Any investment losses on amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aA) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bB) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and plus (cC) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances and unreimbursed Servicing Advances (but in each case solely from amounts received on the related Home Equity Loan) as provided in Section 8.09 and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(d) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Loan Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered unreimbursed Delinquency Advances and unrecovered for unreimbursed Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan)) as provided in Section 8.09;
(E) to reimburse itself pursuant to Section 8.09(a) for Nonrecoverable Advances; and
(F) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;.
(ie) The Servicer shall (ai) remit to the Indenture Trustee for deposit in the Distribution Certificate Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (bii) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor Trustee and the InsurerDepositor, a monthly servicing report, with respect to each Home Equity Loan Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan)Loans. In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Loan Balance of the Home Equity Loan having the largest Principal Loan Balance as of such date.
(iif) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b8.08(e)(ii) and in Section 5.03 7.09(b) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 7.09 and to make the allocations and disbursements set forth in Sections 5.01 7.02 and 5.047.03.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2002-A)
Principal and Interest Account. (a) The Master Servicer and/or each Sub-Servicer, as applicable, shall establish an account, which includes three separate subaccounts into which amounts in respect the name of each Group will be separately deposited and maintained (the "Principal and Interest Account"). The Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titled: "[________________], as Indenture Trustee in trust Trust for the registered holders of Renaissance Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect benefit of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal Class A Noteholders and Interest Account." If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Insurer and the Owners if there is a change in the name, account number maintain at one or institution holding more Designated Depository Institutions the Principal and Interest Account.
(b) . Subject to Subsection Subsections (c) and (e) below, the Master Servicer and any Sub-Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Mortgage Loans to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt). Within one Business Day of the Closing Date, and on each Subsequent Transfer Date and each Transfer Date, the Sponsor shall cause the Master Servicer to deposit to the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Initial Cut-Off Date or related Replacement Cut-Off Date or related Subsequent Cut-Off Date, as the case may be.
(b) All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC, or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and invested for the benefit of the Class A Noteholders and the Insurer. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Master Servicer and may only be withdrawn from the Principal and Interest Account by the Master Servicer immediately following the remittance of the Monthly Remittance Amounts by the Master Servicer. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings. The Master Servicer shall deposit the amount of any investment losses immediately into the Principal and Interest Account as set forth in Section 5.06 hereofrealized.
(c) The Subject to Subsection (e) below, the Master Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due collections on the Home Equity Mortgage Loans (net of the Servicing Fee related to such Home Equity Loans) received on and or after the Initial Cut-Off Date and the Replacement or related Subsequent Cut-Off Date, 44 53 as applicablethe case may be, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Master Servicer with respect to the Mortgage Loans and other recoveries or amounts related to the Home Equity Mortgage Loans received by the Servicer Master Servicer, together with any amounts which are reimbursable from the Principal and any income from REO PropertiesInterest Account, but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Master Servicer as permitted by Section 4.15 hereof, (ii) principal (including Prepayments) collected on the related Mortgage Loans prior to the Initial Cut-Off Date or related Subsequent Cut-Off Date, as the case may be, (iii) interest accruing on the related Mortgage Loans prior to the Initial Cut-Off Date or related Subsequent Cut-Off Date, as the case may be and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (a) the Principal Balance of the related Home Equity Loan immediately prior to liquidation, plus (b) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Mortgage Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(di) The Master Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, Account only in the following priority and for the following purposes:
(A) on each to effect the timely remittance to the Indenture Trustee of the Monthly Remittance Amounts due on the Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to pay to itself from any funds in the Principal and Interest Account any accrued and unpaid Servicing Fees and reimburse itself pursuant to Section 4.9(a) hereof for unreimbursed Servicing Advances and Servicing Advances which have been deemed Nonrecoverable Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(CD) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(FE) to clear and terminate the Principal and Interest Account InterestAccount following the termination of the Trust Estate pursuant to Article IX;X or XII of the Indenture.
(iii) The On the tenth day of each month, the Master Servicer shall send to the Indenture Trustee a report, in the form of a computer tape, detailing the aggregate payments on the total Mortgage Loans during the prior Remittance Period. Such tape shall be in the form and have the specifications as may be agreed to between the Master Servicer and the Indenture Trustee from time to time.
(aiii) On each Remittance Date the Master Servicer shall remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Interest Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing Principal Remittance Amount.
(without limitatione) To the following information: principal and interest collected in respect of extent that the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loansratings, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning then assigned to the servicing unsecured debt of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Master Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, or of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such date.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.Master Servicer's ultimate corporate parent are
Appears in 1 contract
Samples: Sale and Servicing Agreement (Advanta Revolving Home Equity Loan Trust 1998-A)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account")Account to be held as a trust account. The Each Principal and Interest Account shall be an Eligible Account. identified on the records of the Designated Depository Institution as follows: The Principal and Interest Account shall be titled: "[________________]Chase Manhattan Bank, as Indenture Trustee in trust for the registered holders benefit of Renaissance the Owners of the IMC Adjustable Rate Home Equity Loan AssetAsset Backed Notes, Series 1998-Backed Notes 4 and the Note Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." . If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Note Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested up to the amount insured by the FDIC or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. Any investment earnings on funds held in Section 5.06 hereofthe Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount (and the Total Monthly Excess Spread included therein) by the Servicer. Any investment losses on funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than on the second Business Day after receipt, receipt all principal collected and interest due collections on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and due after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aI) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bII) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) to the date of such liquidation and (cIII) any unrecovered Cram Down LossesRealized Losses incurred during the related Remittance Period, (ii) principal and interest due (and Prepayments collected) on the Home Equity Loans on or prior to the Cut-Off Date or related Subsequent Cut-Off Date, (iii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iiiiv) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Mortgage Note by a Mortgagor which are subsequently returned by a depository institution as unpaidunpaid (all such net amount herein referred to as "Daily Collections").
(di) The Servicer may make withdrawals for its own account from the Principal and Interest Account, with respect to each Home Equity Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the ServicerFees;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 4.09(a) for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely for any excess interest collected from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advancesa Mortgagor; and
(FE) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;V.
(iii) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Note Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance DateDate and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Remittance Reporting Date, deliver to the Indenture Trustee, the Depositor Trustee and the Note Insurer, a monthly servicing report, with respect to each Home Equity Group, report containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan)Loans. In addition, the Servicer shall inform the Indenture Trustee and the Note Insurer in writing on each Monthly Remittance Reporting Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Loan Balance of the Home Equity Loan having the largest Principal Loan Balance as of such date.
(iiiii) The Servicer shall provide to the Indenture Trustee in writing the information described in Section 3.03(d)(i)(b4.08(d)(ii)(b) and in Section 5.03 4.09(b) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.043.09.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Imc Home Equity Loan Owner Trust 1998-4)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect the name of each Group will be separately deposited the Trust for the benefit of the Owners of the Certificates and maintained (the "Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account"). The Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titled: "[________________], as Indenture Trustee funds held in trust for the registered holders of Renaissance Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth not be held as a trust account commingled with a qualifying Designated Depository Institution selected by the Indenture Trusteeany other funds. The Servicer shall notify the Indenture Trustee, the Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) Subject to Subsection (c) below, the Servicer and any Sub-Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Mortgage Loans to into the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). Subject to Subsection (c) below, within one Business Day following the Startup Day, the Company and/or the Servicer shall deposit into the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and invested as set forth for the benefit of the Owners of the Certificates. Any investment earnings on funds held in Section 5.06 hereofthe Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on the second Business Day of the month for the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the Trustee. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due collections on the Home Equity Mortgage Loans (net of the Servicing Fee related to such Home Equity Loans) on and received after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Home Equity Mortgage Loans received by the Servicer Servicer, Compensating Interest and Delinquency Advances together with any income amounts which are reimbursable from REO Properties, the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest accruing on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (a) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (b) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Mortgage Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(di) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, Account only in the following priority and for the following purposes:
(A) on each to effect the timely remittance to the Trustee of the Monthly Remittance Amounts due on the Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(CD) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(FE) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX;IX hereof.
(iii) The On the Determination Date of each month, commencing in ____________________ the Servicer shall send to the Trustee the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period and certifying the amounts and purpose of withdrawals permitted pursuant to (ad) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, commencing in ___________________________ the Servicer shall remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available fundsfunds for deposit to the Certificate Account, without duplication(x) for Group I, the Monthly Group I Interest Remittance Amount allocable to a and the Group I Principal Remittance Period not later than the related Monthly Remittance Date, Amount and (by) on each Monthly Remittance Date, deliver to the Indenture Trusteefor Group II, the Depositor Group II Interest Remittance Amount and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Group II Principal Remittance Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such dateAmount.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Alliance Mortgage Co /De/)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will cause to be separately deposited established and maintained (the "one or more Principal and Interest Accounts (including for each such account two (2) subaccounts, one designated as the Interest Collection Account and the other designated as the Principal Collection Account), in one or more Eligible Deposit Accounts, in the form of time deposit or demand accounts, which may be interest-bearing or such accounts may be trust accounts wherein the moneys therein are invested in Permitted Investments, titled ")CapitalSource Finance LLC, as Servicer, in trust for the Hedge Counterparties and the registered holders of CapitalSource Commercial Loan Trust Notes, Series 2003-1 Class A, Class B, Class C, Class D and Class E Notes." All funds in such Principal and Interest Accounts not so invested shall be insured to the extent and the amount permitted by the BIF or SAIF of the FDIC to the maximum extent provided by law. The creation of any Principal and Interest Account shall be an Eligible Accountevidenced by a letter agreement in the form of Exhibit E hereto. A copy of such letter agreement shall be furnished to the Indenture Trustee, the Owner Trustee and, upon request, any Securityholder or Hedge Counterparty. The Servicer may, upon written notice to the Indenture Trustee, transfer any Principal and Interest Account to a different Eligible Deposit Account.
(b) The Servicer and each Subservicer shall be titled: "[________________], as Indenture Trustee deposit without duplication (within two (2) Business Days of receipt thereof) in trust for the registered holders of Renaissance Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] applicable Principal and Interest Account and retain therein the following amounts received by the Servicer (and shall segregate and deposit Interest Collections into the Interest Collections Account and Principal Collections into the Principal Collection Account." If ):
(i) all Principal Collections accruing and received on or after the institution at applicable Cut-Off Date;
(ii) all Interest Collections accruing and received on or after the first day of the month of the Closing Date (net of the Servicing Fee with respect to each Loan and other servicing compensation payable to the Servicer as permitted herein) and all origination and commitment fees;
(iii) all Net Liquidation Proceeds (other than Insurance Proceeds covered under clause (iv) below);
(iv) all Insurance Proceeds (other than amounts to be applied to restoration or repair of any time holding related Collateral or amounts in excess of the Outstanding Loan Balance of the related Loan to be released to the Obligor in accordance with the Credit and Collection Policy);
(v) all Released Mortgaged Property Proceeds and any other proceeds from any other Collateral securing the Loans (other than amounts released to the Obligor in accordance with the Credit and Collection Policy);
(vi) any amounts paid in connection with the purchase or repurchase of any Loan;
(vii) any amount required to be deposited in the Principal and Interest Account ceases pursuant to be eligible as a Designated Depository Institution hereunder, then Section 5.10 or Section 7.03; and
(viii) the amount of any gains and interest incurred in connection with investments in Permitted Investments.
(c) The Servicer shall immediately be required have no obligation to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then deposit into the Principal and Interest Account shall thenceforth be held as any Retained Interest or Released Amounts.
(d) Not later than the close of business on each Determination Date immediately preceding a trust account with Remittance Date, the Servicer will remit to the Principal and Interest Account any Scheduled Payment Advance that the Servicer determines to make.
(e) Notwithstanding Section 7.03(b), if (i) the Servicer makes a qualifying Designated Depository Institution selected deposit into the Principal and Interest Account in respect of a Collection of a Loan in the Loan Pool and such Collection was received by the Indenture Trustee. The Servicer in the form of a check that is not honored for any reason, or (ii) the Servicer makes a mistake with respect to the amount of any Collection and deposits an amount that is less than or more than the actual amount of such Collection, the Servicer shall notify appropriately adjust the Indenture Trustee, amount subsequently deposited into the Insurer Principal and the Owners if there Interest Account to reflect such dishonored check or mistake. Any Scheduled Payment in respect of which a dishonored check is a change received shall be deemed not to have been paid.
(f) The foregoing requirements for deposit in the namePrincipal and Interest Accounts shall be exclusive, account number or institution holding it being understood and agreed that, without limiting the generality of the foregoing, payments with respect to the Servicing Fee, together with the Liquidation Expenses, may not be deposited by the Servicer in the Principal and Interest Account.
(bg) Subject to Subsection (c) belowSo long as no Servicer Default shall have occurred and be continuing, and consistent with any requirements of the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to Code, the Principal and Interest Accounts shall either be maintained with an Eligible Deposit Account on as an interest-bearing account meeting the requirements set forth in Section 7.03(a), or the funds held therein may be invested by the Servicer (to the extent practicable) in Permitted Investments, as directed in writing by the Servicer, and, in each case, with a daily basis stated maturity (but giving effect to any applicable grace period) no later than the second fourth (4th) Business Day after receipt)immediately preceding the Remittance Date next following the Due Period in which the date of investment occurs; provided, however, that Permitted Investments shall not include any interest-only security, any security purchased at a price in excess of 100% of par or any security whose repayment is subject to substantial non-credit related risk as determined by the Servicer. All Permitted Investments must be held by or registered in the name of "CapitalSource, as Servicer, in trust for the Hedge Counterparties and the registered holders of CapitalSource Commercial Loan Trust Notes, Series 2003-1." Any Investment Interest Earnings on funds held in the Principal and Interest Account shall be held deemed part of the Interest Collection Account and invested as set forth shall be deposited therein pursuant to Section 7.03 and distributed on the next Remittance Date pursuant to Section 7.05. The amount of any losses incurred in Section 5.06 hereof.
(c) The Servicer shall deposit to connection with the investment of funds in the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (a) the Principal Balance of the related Home Equity Loan immediately prior to liquidation, plus (b) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iii) reimbursements for amounts in Permitted Investments shall be deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(d) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely Servicer from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(F) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;
(i) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make its own funds available in immediately available funds, as realized without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such datereimbursement therefor.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.
Appears in 1 contract
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will cause to be separately deposited established and maintained (the "Principal and Interest Account")Account including two subaccounts, one designated as the Interest Collection Account and the other designated as the Principal Collection Account in the name of the Issuer subject to the lien of the Indenture. The Principal and Interest Account shall be an held in one or more Eligible AccountDeposit Accounts with a Qualified Institution in the form of time deposit or demand accounts, which may be interest-bearing accounts or may be trust accounts wherein the moneys therein are invested in Permitted Investments. The All funds in such Principal and Interest Account not so invested shall be titled: "[________________], as Indenture Trustee in trust for insured to the registered holders of Renaissance Home Equity Loan Asset-Backed Notes extent and the Insurer, and as Paying Agent for amount permitted by the Transferor in respect BIF or SAIF of the Ownership InterestFDIC to the maximum extent provided by Applicable Law. The Servicer may, as their interests may appearupon written notice to the Trustee, Series 200[_]-[__] transfer any Principal and Interest Account to a different Eligible Deposit Account." If
(b) The Servicer shall deposit or cause to be deposited (within two Business Days of receipt thereof) all Collections (other than principal payments on Revolving Loans, which will be deposited in the institution at Exposure Reserve Account) in the applicable Principal and Interest Account and retain therein, subject to withdrawal as permitted by this Section 7.03, the following amounts received by the Servicer (and shall segregate and deposit Interest Collections into the Interest Collection Account and Principal Collections into the Principal Collection Account), without duplication:
(i) all Principal Collections accruing and received on or after the Closing Date or the related Cut-Off Date, as applicable;
(ii) all Interest Collections accruing and received on or after the Closing Date;
(iii) [Reserved];
(iv) any time holding other proceeds from any other Related Property securing the Loans (other than amounts released to the Obligor, other creditors or any other Person in accordance with Applicable Law, the Required Loan Documents, the Credit and Collection Policy and the Servicing Standard) and any disbursements, payments or proceeds from any other Collateral;
(v) any amounts paid in connection with the purchase or repurchase of any Loan;
(vi) any amount required to be deposited in the Principal and Interest Account ceases pursuant to be eligible as a Designated Depository Institution hereunder, then Section 5.10 or this Section 7.03; and
(vii) the amount of any gains and interest earned in connection with investments in Permitted Investments.
(c) The Servicer shall immediately be required have no obligation to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then deposit into the Principal and Interest Account shall thenceforth be held as any Excluded Amounts.
(d) Not later than the close of business on each Reference Date immediately preceding a trust account with Distribution Date, the Servicer will remit to the Principal and Interest Account any Scheduled Payment Advance that the Servicer determines to make at its option. The application of Scheduled Payment Advances will not prevent a qualifying Designated Depository Institution selected Loan from being or becoming a Defaulted Loan.
(e) Notwithstanding Section 7.03(b), if (i) the Servicer makes a deposit into the Principal and Interest Account in respect of a Collection of a Loan in the Collateral and such Collection was received by the Indenture Trustee. The Servicer in the form of a check that is not honored for any reason, (ii) the Servicer makes a mistake with respect to the amount of any Collection and deposits an amount that is less than or more than the actual amount of such Collection or (iii) the Servicer deposits amounts into the Principal and Interest Account that should have been deposited into the Exposure Reserve Account, the Servicer shall notify appropriately adjust the Indenture Trustee, amount subsequently deposited into the Insurer Principal and the Owners if there Interest Account to reflect such dishonored check or mistake. Any Scheduled Payment in respect of which a dishonored check is a change received shall be deemed not to have been paid.
(f) The foregoing requirements for deposit in the namePrincipal and Interest Accounts shall be exclusive, account number or institution holding it being understood and agreed that, without limiting the generality of the foregoing, payments with respect to the Servicing Fee, Liquidation Expenses and Excluded Amounts may not be deposited by the Servicer in the Principal and Interest Account.
(bg) Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account Any Investment Earnings on a daily basis (but no later than the second Business Day after receipt). All funds held in the Principal and Interest Account shall be held treated as Interest Collections and invested as set forth shall be deposited therein pursuant to this Section 7.03 and distributed on the next Distribution Date pursuant to Section 7.05. The amount of any losses incurred in Section 5.06 hereof.
(c) The Servicer shall deposit to connection with the investment of funds in the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received in Permitted Investments directed by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (a) the Principal Balance of the related Home Equity Loan immediately prior to liquidation, plus (b) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iii) reimbursements for amounts shall be deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution the Servicer from its own funds immediately as unpaidrealized without reimbursement therefor.
(dh) The Servicer may (and, for the purposes of clause (i) below, shall), at any time upon one Business Day’s notice to the Trustee or, if different, the depository institution then holding the Principal and Interest Account, make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, only in the following priority and Account for the following purposes; provided that amounts shall be withdrawn solely from Interest Collections in the case of clause (iv) below and solely from Principal Collections in the case of clause (ix) below:
(Ai) to remit to the Trustee on each Monthly Remittance any Distribution Date, for deposit in the Note Distribution Account, Interest Collections and Principal Collections received during the immediately preceding Due Period (other than (i) such amounts which are deemed herein not to pay be Interest Collections or Principal Collections at such time, (ii) such amount as required to be deposited into the Exposure Reserve Account and (iii) any Transfer Deposit Amounts still available to invest in Substitute Loans pursuant to Section 2.04(a));
(ii) subject to Section 5.02(o), to reimburse itself for any unreimbursed Scheduled Payment Advances and Servicing Advances (subject to the related Servicing Fees limitations set forth in clause 2 of Section 7.05(a) and clause 2 of Section 7.05(b)), together with accrued and unpaid interest thereon, to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit of Principal Collections or Interest Collections relating thereto deposited in the Principal and Interest AccountAccount (and not netted from Scheduled Payments or other amounts received from the Obligor of the related Loan(s) or from other proceeds received with respect to such Obligor or the Related Property, Foreclosed Property or Repossessed Property);
(Ciii) to withdraw amounts any amount received from an Obligor that have been is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction;
(iv) to pay Administrative Expenses subject to the limits set forth with respect thereto in the proviso of the definition thereof;
(v) to make investments in Permitted Investments;
(vi) to withdraw any funds deposited to in the Principal and Interest Account that were not required or permitted to be deposited therein or were deposited therein in error;
(Dvii) prior to the replacement of the Servicer following a Servicer Default, to pay itself certain additional servicing compensation as permitted under Section 5.11(b) of this Agreement;
(viii) to reimburse itself acquire Substitute Loans as contemplated by Section 2.04(a) to the extent funds have been deposited by the Originator for such purpose pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan2.04(a)(i)(2);
(Eix) Nonrecoverable Advancesto transfer funds to the Exposure Reserve Account in accordance with Section 7.07; and
(Fx) to clear and terminate the Principal and Interest Account following upon the termination of the Trust pursuant to Article IX;
(i) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such datethis Agreement.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.
Appears in 1 contract
Samples: Sale and Servicing Agreement (NewStar Financial, Inc.)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account")Account to be held as a trust account. The Each Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titledidentified on the records of the Designated Depository Institution as follows: "[________________]Manufacturers and Traders Trust Company, as Indenture Trustee in trust for under the registered holders Pooling and Servicing Agreement dated as of Renaissance Home Equity Loan Asset-Backed Notes and the InsurerSeptember 1, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account1998." If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately shall, within 30 days, be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture TrusteeInstitution. The Servicer shall notify the Indenture Trustee, the Certificate Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held and invested as set forth in Section 5.06 hereof.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds uninvested (up to the extent such Net Liquidation Proceeds exceed limits insured by the sum of (aFDIC) the Principal Balance of the related Home Equity Loan immediately prior to liquidation, plus (b) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (c) any unrecovered Cram Down Losses, or (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iii) reimbursements for amounts deposited invested in Eligible Investments. Any investments of funds in the Principal and Interest Account representing payments shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in trust in the name of principal and/or interest the Trustee for the benefit of the Owners and the Certificate Insurer. Any investment earnings on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(d) The funds held in the Principal and Interest Account shall be for the account of the Servicer and may make withdrawals only be withdrawn from the Principal and Interest Account, with respect to each Home Equity Group, only in Account by the Servicer immediately following priority and for the following purposes:
(A) on each remittance of the Monthly Remittance Date, to pay itself Amount (and the related Servicing Fees to the extent such Servicing Fees are not retained Monthly Excess Interest Amount included therein) by the Servicer;
(B) to withdraw . Any investment earnings losses on amounts on deposit funds held in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(F) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;
(i) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such date.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.Principal
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Contisecurities Asset Funding Corp)
Principal and Interest Account. (a) The Master Servicer and/or each Sub-Servicer, as applicable, shall establish an account, which includes three separate subaccounts into which amounts in respect the name of each Group will be separately deposited and maintained (the "Principal and Interest Account"). The Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titled: "[________________], as Indenture Trustee in trust Trust for the registered holders of Renaissance Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect benefit of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal Noteholders and Interest Account." If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Insurer and the Owners if there is a change in the name, account number maintain at 34 39 one or institution holding more Designated Depository Institutions the Principal and Interest Account.
(b) , which may be separate accounts or a single account with sub-accounts. Subject to Subsection Subsections (c) and (e) below, the Master Servicer and any Sub-Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Mortgage Loans to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt). Such receipts shall include Net Liquidation Proceeds, including net recoveries from the disposition or other turning to account of Charged-Off Mortgage Loans. On the Closing Date, the Sponsor shall cause the Master Servicer to deposit within five Business Days after the Closing Date to the Principal and Interest Account all principal and interest collected on the Mortgage Loans on and after the related Cut-Off Dates. The Master Servicer shall hold in escrow on behalf of the related Mortgagor all Prepaid Installments received by it, and shall apply such Prepaid Installments as directed by such Mortgagor and as set forth in the related Credit Line Agreement.
(b) All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC, or (ii) invested in Eligible Investments (as defined in the Indenture). The Principal and Interest Account shall be held in trust in the name of the Trust and invested for the benefit of the Noteholders and the Insurer. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Master Servicer. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings. The Master Servicer shall deposit the amount of any investment losses immediately into the Principal and Interest Account as set forth in Section 5.06 hereofrealized.
(c) The Subject to Subsection (e) below, the Master Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due collected on the Home Equity Mortgage Loans (net of the Servicing Fee related to such Home Equity Loans) received on and or after the related Cut-Off Date and the Replacement Cut-Off Date, as applicableDates, including any Prepayments and Net Liquidation Proceeds, all Loan Reacquisition Prices and Substitution Amounts received or paid by the Master Servicer with respect to the Mortgage Loans and other recoveries or amounts related to the Home Equity Mortgage Loans received by the Servicer Master Servicer, together with any amounts which are reimbursable from the Principal and any income from REO PropertiesInterest Account, but net of (i) Net Liquidation Proceeds the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the extent such Net Liquidation Proceeds exceed the sum of (a) the Principal Balance of the related Home Equity Loan immediately prior to liquidation, plus (b) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (c) any unrecovered Cram Down LossesMaster Servicer as permitted by Section 4.15 hereof, (ii) reimbursements for unreimbursed Delinquency Advances principal (but solely from amounts received including Prepayments) collected on the Mortgage Loans prior to the related Home Equity Loan) and Cut-Off Dates, (iii) reimbursements for amounts deposited in interest collected on the Principal Mortgage Loans prior to the related Cut-Off Dates and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid(iv) Foreclosure Profits.
(di) The Master Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, Account only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(Ba) to withdraw investment earnings on amounts on deposit in effect the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(F) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;
(i) The Servicer shall (a) remit timely remittance to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, of the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such date.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.;
Appears in 1 contract
Samples: Sale and Servicing Agreement (Advanta Conduit Receivables Inc)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will cause to be separately deposited established and maintained (the "one or more Principal and Interest Accounts (including for each such account two subaccounts, one designated as the Interest Collection Account and the other designated as the Principal Collection Account"). The Principal and Interest Account shall , in one or more Eligible Deposit Accounts, in the form of time deposit or demand accounts, which may be an Eligible Account. The Principal and Interest Account shall interest–bearing or such accounts may be titled: "[________________]trust accounts wherein the moneys therein are invested in Permitted Investments, titled “CapitalSource Finance LLC, as Indenture Trustee Servicer, in trust for the registered holders of Renaissance Home Equity CapitalSource Commercial Loan AssetTrust 2007-Backed 1 Notes, Class A, Class B, Class C, Class D, Class E Notes and the Insurer, and as Paying Agent for the Transferor Class F Notes.” All funds in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] such Principal and Interest Account not so invested shall be insured to the extent and the amount permitted by the BIF or SAIF of the FDIC to the maximum extent provided by law. The creation of any Principal and Interest Account shall be evidenced by a letter agreement in the form of Exhibit E hereto. A copy of such letter agreement shall be furnished to the Indenture Trustee, the Owner Trustee and, upon request, any Securityholder. The Servicer may, upon written notice to the Indenture Trustee, transfer any Principal and Interest Account to a different Eligible Deposit Account." If
(b) The Servicer and each Subservicer shall deposit without duplication (within two Business Days of receipt thereof) in the institution at applicable Principal and Interest Account and retain therein the following amounts received by the Servicer (and shall segregate and deposit Interest Collections into the Interest Collection Account and Principal Collection into the Principal Collection Account):
(i) all Principal collection accruing and received on or after the applicable Cut–Off Date;
(ii) all Interest Collections accruing and received on or after the applicable Cut–Off Date (net of the Servicing Fee with respect to each Loan and other servicing compensation payable to the Servicer as permitted herein) and all origination and commitment fees;
(iii) all Net Liquidation Proceeds (other than Insurance Proceeds covered under clause (iv) below);
(iv) all Insurance Proceeds (other than amounts to be applied to restoration or repair of any time holding Related Property or amounts in excess of the Outstanding Loan Balance of the related Loan to be released to the Obligor in accordance with the Credit and Collection Policy);
(v) all proceeds from any other Related Property securing the Loans (other than amounts released to the Obligor in accordance with the Credit and Collection Policy);
(vi) any amounts paid in connection with the purchase or repurchase of any Loan;
(vii) any amount required to be deposited in the Principal and Interest Account ceases pursuant to be eligible as a Designated Depository Institution hereunder, then Section 5.10 or Section 7.03; and
(viii) the amount of any gains and interest incurred in connection with investments in Permitted Investments.
(c) The Servicer shall immediately be required have no obligation to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then deposit into the Principal and Interest Account shall thenceforth be held as any Retained Interest or Released Amounts.
(d) Not later than the close of business on each Determination Date immediately preceding a trust account with Payment Date, the Servicer will remit to the Principal and Interest Account any Scheduled Payment Advance that the Servicer determines to make.
(e) Notwithstanding Section 7.03(b), if (i) the Servicer makes a qualifying Designated Depository Institution selected deposit into the Principal and Interest Account in respect of a Collection of a Loan in the Loan Pool and such Collection was received by the Indenture Trustee. The Servicer in the form of a check that is not honored for any reason, or (ii) the Servicer makes a mistake with respect to the amount of any Collection and deposits an amount that is less than or more than the actual amount of such Collection, the Servicer shall notify appropriately adjust the Indenture Trustee, amount subsequently deposited into the Insurer Principal and the Owners if there Interest Account to reflect such dishonored check or mistake. Any Scheduled Payment in respect of which a dishonored check is a change received shall be deemed not to have been paid.
(f) The foregoing requirements for deposit in the namePrincipal and Interest Accounts shall be exclusive, account number or institution holding it being understood and agreed that, without limiting the generality of the foregoing, Liquidation Expenses may not be deposited by the Servicer in the Principal and Interest Account.
(bg) Subject to Subsection (c) belowSo long as no Servicer Default shall have occurred and be continuing, and consistent with any requirements of the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to Code, the Principal and Interest Account on shall either be maintained with an Eligible Deposit Account as an interest–bearing account meeting the requirements set forth in Section 7.03(a), or the funds held therein may be invested by the Servicer (to the extent practicable) in Permitted Investments, as directed in writing by the Servicer, and, in each case, with a daily basis stated maturity (but giving effect to any applicable grace period) no later than the second fourth Business Day after receipt)immediately preceding the Payment Date next following the Due Period in which the date of investment occurs. All Permitted Investments must be held by or registered in the name of “CapitalSource, as Servicer, in trust for the registered holders of CapitalSource Commercial Loan Trust 2007-1 Notes.” Any Investment Interest Earnings on funds held in the Principal and Interest Account shall be held deemed part of the Interest Collection Account and invested as set forth shall be deposited therein pursuant to Section 7.03 and distributed on the next Payment Date pursuant to Section 7.05. The amount of any losses incurred in Section 5.06 hereof.
(c) The Servicer shall deposit to connection with the investment of funds in the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (a) the Principal Balance of the related Home Equity Loan immediately prior to liquidation, plus (b) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iii) reimbursements for amounts in Permitted Investments shall be deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution the Servicer from its own funds immediately as unpaidrealized without reimbursement therefor.
(dh) The Servicer may (and, for the purposes of clause (ii) below, shall), at any time upon one Business Day’s notice to the Indenture Trustee, make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, only in the following priority and Account for the following purposes:
(Ai) to remit to the Indenture Trustee on the Business Day preceding each Monthly Remittance Payment Date, for deposit in the Note Distribution Account, the Interest Collections and Principal Collections received during the immediately preceding Due Period;
(ii) prior to pay a Servicer Default, and subject to Section 5.02(p), to reimburse itself the related for any unreimbursed Servicing Fees Advances to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit deposited in the Principal and Interest AccountAccount (and not netted from Scheduled Payments received from the related Loans);
(Ciii) to withdraw amounts any amount received from an Obligor that have been is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the Xxxxxx Xxxxxx Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction;
(iv) to make investments in Permitted Investments;
(v) to withdraw any funds deposited to in the Principal and Interest Account that were not required or permitted to be deposited therein or were deposited therein in error;
(Dvi) prior to a Servicer Default, to pay itself certain additional servicing compensation as permitted under Section 5.11(b) of the Agreement;
(vii) prior to (A) a payment default on the related Loan (and in the case of Asset Based Revolvers, a payment default shall mean any failure to make a payment on the date such payment is due and such failure continues for more than one calendar day), (B) a Servicer Default or (C) an Event of Default, to advance to an Obligor in a given Due Period prior to the last day of such Due Period an amount not to exceed the Principal Collections received from such Obligor during that Due Period;
(viii) from the Principal Collection Account to purchase Substitute Loans as contemplated by Section 2.04(a) to reimburse itself the extent funds have been deposited by the Originator for such purpose pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan2.04(a)(i)(B);
(E) Nonrecoverable Advances; and
(Fix) to clear and terminate the Principal and Interest Account following upon the termination of the Trust pursuant to Article IX;
(i) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such datethis Agreement.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.
Appears in 1 contract
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account")Account to be held as a trust account. The Each Principal and Interest Account shall be an Eligible Account. identified on the records of the Designated Depository Institution as follows: The Principal and Interest Account shall be titled: "[________________]Chase Manhattan Bank, as Indenture Trustee in trust for on behalf of the registered holders Owners of Renaissance the IMC Home Equity Loan AssetTrust 1998-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." 3 Home Equity Loan Pass-Through Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Certificate Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested up to the amount insured by the FDIC or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 hereoftrust in the name of the Trust for the benefit of the Owners. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount (and the Total Monthly Excess Spread included therein) by the Servicer. Any investment losses on funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than on the second Business Day after receipt, receipt all principal collected and interest due collections on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and due after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aI) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bII) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) to the date of such liquidation and (cIII) any unrecovered Cram Down LossesRealized Losses incurred during the related Remittance Period, (ii) principal and interest due (and Prepayments collected) on the Home Equity Loans on or prior to the Cut-Off Date or related Subsequent Cut-Off Date, as the case may be, (iii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iiiiv) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaidunpaid (all such net amount herein referred to as "Daily Collections").
(di) The Servicer may make withdrawals for its own account from the Principal and Interest Account, with respect to each Home Equity Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the ServicerFee;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 8.09(a) for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loanfor any excess Compensating Interest received by it pursuant to Section 8.10(a);
(E) Nonrecoverable Advances; and
(FE) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;.
(iii) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Certificate Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance DateDate and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Remittance Reporting Date, deliver to the Indenture Trustee, the Depositor Trustee and the Certificate Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan)Loans. In addition, the Servicer shall inform the Indenture Trustee and the Certificate Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, Reporting Date of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, Period and of the Principal Loan Balance of the Home Equity Loan having the largest Principal Loan Balance as of such date.
(iiiii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b8.08(d)(ii)(b) and in Section 5.03 7.09(b) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.047.09.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Imc Home Equity Loan Trust 1998-3)
Principal and Interest Account. (a) The Master Servicer and/or each Sub-Servicer, as applicable, shall establish an account, which includes three separate subaccounts into which amounts in respect the name of each Group will be separately deposited and maintained (the "Principal and Interest Account"). The Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titled: "[________________], as Indenture Trustee in trust Trust for the registered holders benefit of Renaissance Home Equity Loan Asset-Backed Notes the Owners of the Certificates and the Certificate Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] and maintain at one or more Designated Depository Institutions a Principal and Interest Account." If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) Subject to Subsection Subsections (c) and (e) below, the Master Servicer and any Sub-Servicer shall deposit all receipts required pursuant to Subsection (c) below of principal and accrued interest related to the Home Equity Mortgage Loans in each such Mortgage Loan Group to the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). .
(b) All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and invested as set forth for the benefit of the Owners of the Certificates and the Certificate Insurer. Any investment earnings on funds held in Section 5.06 hereofthe Principal and Interest Account shall be for the account of the Master Servicer and may only be withdrawn from the Principal and Interest Account by the Master Servicer immediately following the remittance of the Monthly Remittance Amounts by the Master Servicer. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings. Any investment losses are at the expense of the Master Servicer and shall be replaced on or prior to the Remittance Date.
(c) The Subject to Subsection (e) below, the Master Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due accrued on the Home Equity Mortgage Loans (net of the Servicing Fee related to such Home Equity Loans) on and or after the Initial Cut-Off Date and the Replacement or related Subsequent Cut-Off Date, as applicable, Date including any Prepaid Installments, Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Master Servicer with respect to such Mortgage Loans, other recoveries or amounts related to the Home Equity such Mortgage Loans received by the Servicer Master Servicer, Compensating Interest and Delinquency Advances together with any income amounts which are reimbursable from REO Propertiessuch Principal and Interest Account, but net of (i) the Servicing Fee with respect to each such Mortgage Loan and other servicing compensation due to the Master Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) collected on the related Mortgage Loans prior to the Cut-Off Date, (iii) interest accruing on the related Mortgage Loans prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (a) the Principal Loan Balance of the related Home Equity Mortgage Loan immediately prior to liquidation, plus (b) and accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaidthereon.
(di) The Master Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, Account only in the following priority and for the following purposes:
(A1) on each Monthly Remittance Date, to pay itself effect the related Servicing Fees timely remittance to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(F) to clear and terminate the Principal and Interest Account following the termination Trustee of the Trust pursuant to Article IX;
(i) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was Amounts due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such date.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.;
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Advanta Mortgage Conduit Services Inc)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (the "Principal and Interest Account"). The Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titled: "[________________], as Indenture Trustee in trust for the registered holders of Renaissance Centex Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[200_-__] _ Principal and Interest Account." If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt). All funds in the Principal and Interest Account shall be held and invested as set forth in Section 5.06 hereof.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (a) the Principal Balance of the related Home Equity Loan immediately prior to liquidation, plus (b) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(d) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
; (B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
; (C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
; (D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
; (E) Nonrecoverable Advances; and
and (F) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;
; (i) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such date.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.
Appears in 1 contract
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account")Account to be held as a trust account. The Each Principal and Interest Account shall be an Eligible Account. The Principal identified on the records of the Designated Depository Institution as follows: Manufacturers and Interest Account shall be titled: "[________________]Traders Trust Company, as Indenture Trustee in trust for under the registered holders Pooling and Servicing Agreement dated as of Renaissance Home Equity Loan Asset-Backed Notes and the InsurerMarch 1, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." 1997. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately shall, within 30 days, be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture TrusteeInstitution. The Servicer shall notify the Indenture Trustee, the Insurer Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested (up to the limits insured by the FDIC) or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 hereoftrust in the name of the Trustee for the benefit of the Owners. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount (and the Monthly Excess Interest Amount included therein) by the Servicer. Any investment losses on funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than on the second Business Day after receipt, receipt all principal collected and interest due collections on the Home Equity Loans (net of received, and interest collections on the Servicing Fee related to such Home Equity Loans) on and Loans accrued after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) the Servicing Fee with respect to each Home Equity Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal collected and interest accrued on any Home Equity Loan on or prior to the Cut-Off Date, (iii) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aI) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bII) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) to the date of such liquidation, and (cIII) any unrecovered Cram Down LossesRealized Losses incurred during the related Remittance Period, (iiiv) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iiiv) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaidunpaid (all such net amount herein referred to as "Daily Collections").
(di) The Servicer may make withdrawals for its own account from the amounts on deposit in the Principal and Interest Account, with respect to each Home Equity Loan Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees withdraw interest paid with respect to any Home Equity Loans that had accrued for periods prior to the extent such Servicing Fees are not retained by the ServicerCut-Off Date;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to reimburse itself pursuant to Section 8.09(a) for unrecovered Delinquency Advances and Servicing Advances;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(FE) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;.
(iii) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Certificate Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance DateDate and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, Trustee a monthly servicing report, with respect to each Home Equity Loan Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loanscollected, scheduled principal and interest that was due on the Home Equity Loansinterest, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan)Loans. In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, Date with respect to each Home Equity Group, Loan Group of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such date.
(iiiii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b8.08(d)(ii)(b) and in Section 5.03 7.09(b) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 7.09 and the Trustee shall forward such information to make the allocations and disbursements set forth in Sections 5.01 and 5.04Underwriters within five Business Days of receipt thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Contimortgage Home Equity Loan Trust 1997-2)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account")Account to be held as a trust account. The Each Principal and Interest Account shall be an Eligible Account. identified on the records of the Designated Depository Institution as follows: The Principal and Interest Account shall be titled: "[________________]Chase Manhattan Bank, as Indenture Trustee in trust for on behalf of the registered holders Owners of Renaissance the IMC Home Equity Loan AssetTrust 1997-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." 2 Home Equity Loan Pass-Through Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Certificate Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held and invested as set forth in Section 5.06 hereof.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds uninvested up to the extent such Net Liquidation Proceeds exceed amount insured by the sum of (a) the Principal Balance of the related Home Equity Loan immediately prior to liquidation, plus (b) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (c) any unrecovered Cram Down Losses, FDIC or (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iii) reimbursements for amounts deposited invested in Eligible Investments. Any investments of funds in the Principal and Interest Account representing payments shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in trust in the name of principal and/or interest the Trust for the benefit of the Owners. Any investment earnings on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(d) The funds held in the Principal and Interest Account shall be for the account of the Servicer and may make withdrawals only be withdrawn from the Principal and Interest Account, with respect to each Home Equity Group, only in Account by the Servicer immediately following priority and for the following purposes:
(A) on each remittance of the Monthly Remittance Date, to pay itself Amount (and the related Servicing Fees to the extent such Servicing Fees are not retained Total Monthly Excess Spread included therein) by the Servicer;
(B) . Any investment losses on funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to withdraw investment earnings on the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account;
(C) Account shall refer to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(F) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;
(i) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as net of such dateinvestment earnings.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Imc Home Equity Loan Trust 1997-2)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect the name of each Group will be separately deposited the Trust for the benefit of the Owners of the Notes and maintained (the "Note Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account"). The Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titled: "[________________], as Indenture Trustee funds held in trust for the registered holders of Renaissance Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth not be held as a trust account commingled with a qualifying Designated Depository Institution selected by the Indenture Trusteeany other funds. The Servicer shall notify the Indenture Trustee, the Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) Subject to Subsection (c) below, the Servicer and any Sub-Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Mortgage Loans to into the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). Subject to Subsection (c) below, within one Business Day following the Closing Date, the Seller and/or the Servicer shall deposit into the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and invested as set forth for the benefit of the Owners of the Notes. Any investment earnings on funds held in Section 5.06 hereofthe Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on the second Business Day of the month for the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the Indenture Trustee. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due collections on the Home Equity Mortgage Loans (net of the Servicing Fee related to such Home Equity Loans) on and received after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Home Equity Mortgage Loans received by the Servicer Servicer, Compensating Interest and Delinquency Advances together with any income amounts which are reimbursable from REO Properties, the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 4.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest accruing on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (a) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (b) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Mortgage Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(di) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, Account only in the following priority and for the following purposes:
(A) on each to effect the timely remittance to the Indenture Trustee of the Monthly Remittance Amount due on the Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to reimburse itself pursuant to Section 4.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(CD) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(FE) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;V hereof.
(iii) The On the Determination Date of each month, commencing in _______199_ the Servicer shall send to the Indenture Trustee the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period and certifying the amounts and purpose of withdrawals permitted pursuant to (ad) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 4.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Note Insurer and the Indenture Trustee from time to time.
(iii) On each Remittance Date, commencing in _______ 1997 the Servicer shall remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available funds, without duplicationfunds for deposit to the Note Account, the Monthly Interest Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Principal Remittance Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such dateAmount.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.
Appears in 1 contract
Samples: Sale and Servicing Agreement (First Alliance Mortgage Co /De/)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will cause to be separately deposited established and maintained (the "one or more Principal and Interest Accounts (including for each such account two (2) subaccounts, one designated as the Interest Collection Account and the other designated as the Principal Collection Account), in one or more Eligible Deposit Accounts, in the form of time deposit or demand accounts, which may be interest-bearing or such accounts may be trust accounts wherein the moneys therein are invested in Permitted Investments, titled ")CapitalSource Finance LLC, as Servicer, in trust for the Hedge Counterparties and the registered holders of CapitalSource Commercial Loan Trust Notes, Series 2002-2 Class A, Class B, Class C, Class D and Class E Notes." All funds in such Principal and Interest Accounts not so invested shall be insured to the extent and the amount permitted by the BIF or SAIF of the FDIC to the maximum extent provided by law. The creation of any Principal and Interest Account shall be an Eligible Accountevidenced by a letter agreement in the form of Exhibit E hereto. A copy of such letter agreement shall be furnished to the Indenture Trustee, the Owner Trustee and, upon request, any Securityholder or Hedge Counterparty. The Servicer may, upon written notice to the Indenture Trustee, transfer any Principal and Interest Account to a different Eligible Deposit Account.
(b) The Servicer and each Subservicer shall be titled: "[________________], as Indenture Trustee deposit without duplication (within two (2) Business Days of receipt thereof) in trust for the registered holders of Renaissance Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] applicable Principal and Interest Account and retain therein the following amounts received by the Servicer (and shall segregate and deposit Interest Collections into the Interest Collections Account and Principal Collections into the Principal Collection Account." If ):
(i) all Principal Collections accruing and received on or after the institution at applicable Cut-Off Date;
(ii) all Interest Collections accruing and received on or after the first day of the month of the Closing Date (net of the Servicing Fee with respect to each Loan and other servicing compensation payable to the Servicer as permitted herein) and all origination and commitment fees;
(iii) all Net Liquidation Proceeds (other than Insurance Proceeds covered under clause (iv) below);
(iv) all Insurance Proceeds (other than amounts to be applied to restoration or repair of any time holding related Collateral or amounts in excess of the Outstanding Loan Balance of the related Loan to be released to the Obligor in accordance with the Credit and Collection Policy);
(v) all Released Mortgaged Property Proceeds and any other proceeds from any other Collateral securing the Loans (other than amounts released to the Obligor in accordance with the Credit and Collection Policy);
(vi) any amounts paid in connection with the purchase or repurchase of any Loan;
(vii) any amount required to be deposited in the Principal and Interest Account ceases pursuant to be eligible as a Designated Depository Institution hereunder, then Sections 5.10 or 7.03; and
(viii) the amount of any gains and interest incurred in connection with investments in Permitted Investments.
(c) The Servicer shall immediately be required have no obligation to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then deposit into the Principal and Interest Account shall thenceforth be held as any Retained Interest or Released Amounts.
(d) Not later than the close of business on each Determination Date immediately preceding a trust account with Remittance Date, the Servicer will remit to the Principal and Interest Account any Scheduled Payment Advance that the Servicer determines to make.
(e) Notwithstanding subsection 7.03(b), if (i) the Servicer makes a qualifying Designated Depository Institution selected deposit into the Principal and Interest Account in respect of a Collection of a Loan in the Loan Pool and such Collection was received by the Indenture Trustee. The Servicer in the form of a check that is not honored for any reason, or (ii) the Servicer makes a mistake with respect to the amount of any Collection and deposits an amount that is less than or more than the actual amount of such Collection, the Servicer shall notify appropriately adjust the Indenture Trustee, amount subsequently deposited into the Insurer Principal and the Owners if there Interest Account to reflect such dishonored check or mistake. Any Scheduled Payment in respect of which a dishonored check is a change received shall be deemed not to have been paid.
(f) The foregoing requirements for deposit in the namePrincipal and Interest Accounts shall be exclusive, account number or institution holding it being understood and agreed that, without limiting the generality of the foregoing, payments with respect to the Servicing Fee, together with the Liquidation Expenses, may not be deposited by the Servicer in the Principal and Interest Account.
(bg) Subject to Subsection (c) belowSo long as no Servicer Default shall have occurred and be continuing, and consistent with any requirements of the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to Code, the Principal and Interest Accounts shall either be maintained with an Eligible Deposit Account on as an interest-bearing account meeting the requirements set forth in subsection 7.03(a), or the funds held therein may be invested by the Servicer (to the extent practicable) in Permitted Investments, as directed in writing by the Servicer, and, in each case, with a daily basis stated maturity (but giving effect to any applicable grace period) no later than the second fourth (4th) Business Day after receipt)immediately preceding the Remittance Date next following the Due Period in which the date of investment occurs; provided, however, that Permitted Investments shall not include any interest-only security, any security purchased at a price in excess of 100% of par or any security whose repayment is subject to substantial non-credit related risk as determined by the Servicer. All Permitted Investments must be held by or registered in the name of "CapitalSource, as Servicer, in trust for the Hedge Counterparties and the registered holders of CapitalSource Commercial Loan Trust Notes, Series 2002-2." Any Investment Interest Earnings on funds held in the Principal and Interest Account shall be held deemed part of the Interest Collection Account and invested as set forth shall be deposited therein pursuant to Section 7.03 and distributed on the next Remittance Date pursuant to Section 7.05. The amount of any losses incurred in Section 5.06 hereof.
(c) The Servicer shall deposit to connection with the investment of funds in the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (a) the Principal Balance of the related Home Equity Loan immediately prior to liquidation, plus (b) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iii) reimbursements for amounts in Permitted Investments shall be deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(d) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely Servicer from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(F) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;
(i) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make its own funds available in immediately available funds, as realized without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such datereimbursement therefor.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.
Appears in 1 contract
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account"). The Principal and Interest Account , which shall be an Eligible Account. The Principal and Interest Account shall be titledidentified on the records of the Designated Depository Institution as follows: "[________________]The Bank of New York, as Indenture Trustee in trust for on behalf of the registered holders Owners of Renaissance the Nationstar Home Equity Loan Trust 2007-C Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by at the Indenture applicable Corporate Trust Office of the Trustee. The Servicer shall notify the Indenture Trustee, the Insurer Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested up to the amount insured by the FDIC or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 trust in the name of the Trust for the benefit of the Owners. The Trust shall be divided into two separate subtrusts; one for Group 1 and any Trust assets allocable to Group 1 and one for Group 2 and any Trust assets allocable to Group 2. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount by the Servicer in accordance with the terms hereof. Any investment losses on amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, (x) all Prepayment Charges collected on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, and (y) all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aA) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bB) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and plus (cC) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Arrearages, if any, unreimbursed Delinquency Advances and unreimbursed Servicing Advances (but in each case solely from amounts received on the related Home Equity Loan) as provided in Section 8.09 and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(d) The Servicer may make withdrawals from the Principal and Interest Account, Account with respect to each Home Equity Loan Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered unreimbursed Arrearages, unreimbursed Delinquency Advances and unrecovered for unreimbursed Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan)) as provided in Section 8.09;
(E) to reimburse itself pursuant to Sections 8.09(a), (b) and (c) for Nonrecoverable Advances; and
(F) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;.
(ie) The Servicer shall (ai) remit to the Indenture Trustee for deposit in the Distribution Certificate Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (bii) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor Trustee and the InsurerDepositor, a monthly servicing report, with respect to each Home Equity Loan Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan)Loans. In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Loan Balance of the Home Equity Loan having the largest Principal Loan Balance as of such date.
(iif) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b8.08(e)(ii) and in Section 5.03 7.09(b) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 7.09 and to make the allocations and disbursements set forth in Sections 5.01 7.02 and 5.047.03.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Nationstar Home Equity Loan Trust 2007-C)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account")Account to be held as a trust account. The Principal and Interest Account shall be an Eligible Account. The Each Principal and Interest Account shall be titledidentified on the records of the Designated Depository Institution as follows: "[________________]Norwest Bank Minnesota, National Association, as Indenture Trustee in trust for on behalf of MBIA Insurance Corporation and the registered holders Owners of Renaissance the Centex Home Equity Loan Trust 1999-3 Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Certificate Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested up to the amount insured by the FDIC or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 trust in the name of the Trust for the benefit of the Owners. The Trust shall be divided into two separate sub-trusts; one for Group I and any Trust assets allocable to such Group I and the other for Group II and any Trust assets allocable to such Group II. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount (and the Total Monthly Excess Spread included therein) by the Servicer in accordance with the terms hereof. Any investment losses on amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date, the related Subsequent Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aI) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bII) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (cIII) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaidunpaid (all such net amount herein referred to as "Daily Collections").
(d) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Loan Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 8.09(a) for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(F) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;
(i) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Certificate Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Certificate Insurer, a monthly servicing report, with respect to each Home Equity Loan Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Certificate Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Certificate Insurer on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Loan Balance of the Home Equity Loan having the largest Principal Loan Balance as of such date.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b8.08(d)(i)(b) and in Section 5.03 7.09(b) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 7.09 and to make the allocations and disbursements set forth in Sections 5.01 7.02 and 5.047.03.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Centex Home Equity Ln Asset Bk Cert Ser 1999-3)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will cause to be separately deposited established and maintained (the "one or more Principal and Interest Accounts (including for each such account two subaccounts, one designated as the Interest Collection Account and the other designated as the Principal Collection Account"), in one or more Eligible Deposit Accounts, in the form of time deposit or demand accounts, which may be interest–bearing or such accounts may be trust accounts wherein the moneys therein are invested in Permitted Investments, titled “CapitalSource Finance LLC, as Servicer, in trust for the Hedge Counterparties and the registered holders of CapitalSource Commercial Loan Trust 2006-2 Notes, Class A, Class B, Class C, Class D, Class E Notes and Class F Notes.” All funds in such Principal and Interest Account not so invested shall be insured to the extent and the amount permitted by the BIF or SAIF of the FDIC to the maximum extent provided by law. The creation of any Principal and Interest Account shall be an Eligible Accountevidenced by a letter agreement in the form of Exhibit E hereto. A copy of such letter agreement shall be furnished to the Indenture Trustee, the Owner Trustee and, upon request, any Securityholder or Hedge Counterparty. The Servicer may, upon written notice to the Indenture Trustee, transfer any Principal and Interest Account to a different Eligible Deposit Account.
(b) The Servicer and each Subservicer shall be titled: "[________________], as Indenture Trustee deposit without duplication (within two Business Days of receipt thereof) in trust for the registered holders of Renaissance Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] applicable Principal and Interest Account and retain therein the following amounts received by the Servicer (and shall segregate and deposit Interest Collections into the Interest Collection Account and Principal Collection into the Principal Collection Account." If ):
(i) all Principal Collections accruing and received on or after the institution at applicable Cut–Off Date;
(ii) all Interest Collections accruing and received on or after the applicable Cut–Off Date (net of the Servicing Fee with respect to each Loan and other servicing compensation payable to the Servicer as permitted herein) and all origination and commitment fees;
(iii) all Net Liquidation Proceeds (other than Insurance Proceeds covered under clause (iv) below);
(iv) all Insurance Proceeds (other than amounts to be applied to restoration or repair of any time holding Related Property or amounts in excess of the Outstanding Loan Balance of the related Loan to be released to the Obligor in accordance with the Credit and Collection Policy);
(v) all proceeds from any other Related Property securing the Loans (other than amounts released to the Obligor in accordance with the Credit and Collection Policy);
(vi) any amounts paid in connection with the purchase or repurchase of any Loan;
(vii) any amount required to be deposited in the Principal and Interest Account ceases pursuant to be eligible as a Designated Depository Institution hereunder, then Section 5.10 or Section 7.03; and
(viii) the amount of any gains and interest incurred in connection with investments in Permitted Investments.
(c) The Servicer shall immediately be required have no obligation to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then deposit into the Principal and Interest Account shall thenceforth be held as any Retained Interest or Released Amounts.
(d) Not later than the close of business on each Determination Date immediately preceding a trust account with Payment Date, the Servicer will remit to the Principal and Interest Account any Scheduled Payment Advance that the Servicer determines to make.
(e) Notwithstanding Section 7.03(b), if (i) the Servicer makes a qualifying Designated Depository Institution selected deposit into the Principal and Interest Account in respect of a Collection of a Loan in the Loan Pool and such Collection was received by the Indenture Trustee. The Servicer in the form of a check that is not honored for any reason, or (ii) the Servicer makes a mistake with respect to the amount of any Collection and deposits an amount that is less than or more than the actual amount of such Collection, the Servicer shall notify appropriately adjust the Indenture Trustee, amount subsequently deposited into the Insurer Principal and the Owners if there Interest Account to reflect such dishonored check or mistake. Any Scheduled Payment in respect of which a dishonored check is a change received shall be deemed not to have been paid.
(f) The foregoing requirements for deposit in the namePrincipal and Interest Accounts shall be exclusive, account number or institution holding it being understood and agreed that, without limiting the generality of the foregoing, Liquidation Expenses may not be deposited by the Servicer in the Principal and Interest Account.
(bg) Subject to Subsection (c) belowSo long as no Servicer Default shall have occurred and be continuing, and consistent with any requirements of the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to Code, the Principal and Interest Account on shall either be maintained with an Eligible Deposit Account as an interest–bearing account meeting the requirements set forth in Section 7.03(a), or the funds held therein may be invested by the Servicer (to the extent practicable) in Permitted Investments, as directed in writing by the Servicer, and, in each case, with a daily basis stated maturity (but giving effect to any applicable grace period) no later than the second fourth Business Day after receipt)immediately preceding the Payment Date next following the Due Period in which the date of investment occurs. All Permitted Investments must be held by or registered in the name of “CapitalSource, as Servicer, in trust for the Hedge Counterparties and the registered holders of CapitalSource Commercial Loan Trust 2006-2 Notes.” Any Investment Interest Earnings on funds held in the Principal and Interest Account shall be held deemed part of the Interest Collection Account and invested as set forth shall be deposited therein pursuant to Section 7.03 and distributed on the next Payment Date pursuant to Section 7.05. The amount of any losses incurred in Section 5.06 hereof.
(c) The Servicer shall deposit to connection with the investment of funds in the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (a) the Principal Balance of the related Home Equity Loan immediately prior to liquidation, plus (b) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iii) reimbursements for amounts in Permitted Investments shall be deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution the Servicer from its own funds immediately as unpaidrealized without reimbursement therefor.
(dh) The Servicer may (and, for the purposes of clause (i) below, shall), at any time upon one Business Day’s notice to the Indenture Trustee, make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, only in the following priority and Account for the following purposes:
(Ai) to remit to the Indenture Trustee on the Business Day preceding each Monthly Remittance Payment Date, for deposit in the Note Distribution Account, the Interest Collections and Principal Collections received during the immediately preceding Due Period;
(ii) prior to pay a Servicer Default, and subject to Section 5.02(p), to reimburse itself the related for any unreimbursed Servicing Fees Advances to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit deposited in the Principal and Interest AccountAccount (and not netted from Scheduled Payments received from the related Loans);
(Ciii) to withdraw amounts any amount received from an Obligor that have been is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction;
(iv) to make investments in Permitted Investments;
(v) to withdraw any funds deposited to in the Principal and Interest Account that were not required or permitted to be deposited therein or were deposited therein in error;
(Dvi) prior to a Servicer Default, to pay itself certain additional servicing compensation as permitted under Section 5.11(b) of the Agreement;
(vii) prior to (A) a payment default on the related Loan (and in the case of Asset Based Revolvers, a payment default shall mean any failure to make a payment on the date such payment is due and such failure continues for more than one calendar day), (B) a Servicer Default, or (C) an Event of Default, to advance to an Obligor in a given Due Period prior to the last day of such Due Period an amount not to exceed the Principal Collections received from such Obligor during that Due Period;
(viii) from the Principal Collection Account, to purchase Substitute Loans as contemplated by Section 2.04(a) to reimburse itself the extent funds have been deposited by the Originator for such purpose pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan2.04(a)(i)(B);
(Eix) Nonrecoverable Advancesduring the Replenishment Period, to acquire Additional Loans as contemplated by Section 2.05 to the extent funds are available in the Principal Collection Account for such purpose; and
(Fx) to clear and terminate the Principal and Interest Account following upon the termination of the Trust pursuant to Article IX;
(i) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such datethis Agreement.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.
Appears in 1 contract
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account"). The Principal and Interest Account , which shall be an Eligible Account. The Principal and Interest Account shall be titledidentified on the records of the Designated Depository Institution as follows: "[________________]JPMorgan Chase Bank, National Association, as Indenture Trustee in trust for on behalf of the registered holders Owners of Renaissance the Centex Home Equity Loan Trust 2006-A Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by at the Indenture Corporate Trust Office of the Trustee. The Servicer shall notify the Indenture Trustee, the Insurer Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested up to the amount insured by the FDIC or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 trust in the name of the Trust for the benefit of the Owners. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount by the Servicer in accordance with the terms hereof. Any investment losses on amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aA) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bB) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and plus (cC) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances and unreimbursed Servicing Advances (but in each case solely from amounts received on the related Home Equity Loan) as provided in Section 8.09 and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(d) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered unreimbursed Delinquency Advances and unrecovered for unreimbursed Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan)) as provided in Section 8.09;
(E) to reimburse itself pursuant to Sections 8.09(a) and (b) for Nonrecoverable Advances; and
(F) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;.
(ie) The Servicer shall (ai) remit to the Indenture Trustee for deposit in the Distribution Certificate Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (bii) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor Trustee and the InsurerDepositor, a monthly servicing report, with respect to each Home Equity Group, report containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan)Loans. In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, Date of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Loan Balance of the Home Equity Loan having the largest Principal Loan Balance as of such date.
(iif) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b8.08(e)(ii) and in Section 5.03 7.09(b) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 7.09 and to make the allocations and disbursements set forth in Sections 5.01 7.02 and 5.047.03.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2006-A)
Principal and Interest Account. (a) The Master Servicer and/or each Sub-servicer, as applicable, shall establish an account, which includes three separate subaccounts into which amounts in respect the name of each Group will be separately deposited and maintained (the "Principal and Interest Account"). The Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titled: "[________________], as Indenture Trustee in trust Trust for the registered holders benefit of Renaissance Home Equity Loan Asset-Backed Notes the Owners of the Certificates and the Certificate Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." If the institution maintain at any time holding the Principal and Interest Account ceases to be eligible as a one or more Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Insurer and the Owners if there is a change in the name, account number or institution holding Institutions the Principal and Interest Account.
(b) . Subject to Subsection Subsections (c) and (e) below, the Master Servicer and any Sub-servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Mortgage Loans to the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). All funds in On the Principal and Interest Account shall be held and invested as set forth in Section 5.06 hereof.
(c) The Startup Day the Sponsor and/or the Master Servicer shall deposit to the Principal and Interest Account no later than all receipts related to the second Business Day Mortgage Loans which relate to or are received on or after receiptthe Cut-Off Date.
(b) All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the Certificates. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Master Servicer and may only be withdrawn from the Principal and Interest Account by the Master Servicer immediately following the remittance of the Monthly Remittance Amounts by the Master Servicer. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings. Any investment losses are at the expense of the Master Servicer and shall be replaced on or prior to the Remittance Date.
(c) Subject to Subsection (e) below, the Master Servicer shall deposit to the Principal and Interest Account all principal collected and interest due collections on the Home Equity Mortgage Loans (net of the Servicing Fee related to such Home Equity Loans) received on and or after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepaid Installments, Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Master Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Home Equity Mortgage Loans received by the Servicer Master Servicer, Compensating Interest and Delinquency Advances together with any income amounts which are reimbursable from REO Propertiesthe Principal and Interest Account, but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Master Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) collected on the related Mortgage Loans prior to the Cut-Off Date, (iii) interest accruing on the related Mortgage Loans prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (a) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (b) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Mortgage Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(di) The Master Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, Account only in the following priority and for the following purposes:
(A) on each to effect the timely remittance to the Trustee of the Monthly Remittance Amounts due on the Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(CD) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(FE) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX;X.
(iii) The On the tenth day of each month, the Master Servicer shall send to the Trustee a report, in the form of a computer tape, detailing the payments on the Mortgage Loans during the prior Remittance Period. Such tape shall be in the form and have the specifications as may be agreed to between the Master Servicer and the Trustee from time to time.
(aiii) On each Remittance Date the Master Servicer shall remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication(x) for Group I, the Monthly Group I Interest Remittance Amount allocable to a and the Group I Principal Remittance Period not later than the related Monthly Remittance Date, Amount and (by) on each Monthly Remittance Date, deliver to the Indenture Trusteefor Group II, the Depositor Group II Interest Remittance Amount and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing Group II Principal Remittance Amount.
(without limitatione) To the following information: principal and interest collected in respect of extent that the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loansratings, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning then assigned to the servicing unsecured debt of the Home Equity Loans Master Servicer or of the Master Servicer's ultimate corporate parent are satisfactory to the Certificate Insurer, Xxxxx'x and any other information requested Standard & Poor's, then the requirement to maintain the Principal and Interest Account may be waived by an instrument signed by the Insurer (includingCertificate Insurer, without limitationStandard & Poor's and Xxxxx'x, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, Master Servicer may be allowed to co-mingle with respect to each Home Equity Group, of its general funds the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of otherwise required to be deposited to the Principal Balance of and Interest Account, on such terms and subject to such conditions as the Home Equity Loan having the largest Principal Balance as of such dateCertificate Insurer, Xxxxx'x and Standard & Poor's may permit.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Advanta Mortgage Loan Trust 1996-3)
Principal and Interest Account. (a) The Servicer and/or each Sub-Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect the name of each Group will be separately deposited and maintained (the "Principal and Interest Account"). The Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titled: "[________________], as Indenture Trustee in trust Trust for the registered holders benefit of Renaissance Home Equity Loan Asset-Backed Notes the Owners of the Certificates and the Insurer, Certificate Insurer and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." If the institution maintain at any time holding the Principal and Interest Account ceases to be eligible as a one or more Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Insurer and the Owners if there is a change in the name, account number or institution holding Institutions the Principal and Interest Account.
(b) . Subject to Subsection (c) below, the Servicer and any Sub-Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Mortgage Loans to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt). On the Startup Day, the Sponsor and/or the Servicer shall deposit to the Principal and Interest Account all payments of principal and interest due and received, and all Prepayments received after the Cut-Off Date.
(b) All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and invested as set forth for the benefit of the Owners of the Certificates and the Certificate Insurer. Any investment earnings on funds held in Section 5.06 hereofthe Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amounts by the Servicer. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings. The amount of any losses on investments in the Principal and Interest Account, to the extent not offset by earnings on other investments held therein, shall be deposited in the Principal and Interest Account by the Servicer promptly upon the recognition of such net losses.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all payments of principal collected and interest (including Prepaid Installments) due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date Date, and all payments of principal collected after the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Home Equity Mortgage Loans received by the Servicer Servicer, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account, amounts on account of net investment losses and any income from REO Propertiescondemnation proceeds, but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, and (ii) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aA) the Principal Loan Balance of the related Home Equity Mortgage Loan immediately prior to liquidation, plus (bB) accrued and unpaid interest on such Home Equity Mortgage Loan at the Coupon Rate (net of the related any Servicing Fee) and (c) any unrecovered Cram Down Losses, to the date of such liquidation. Amounts described in clause (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on of the preceding sentence shall be retained by the Servicer as additional servicing compensation or paid over to the related Home Equity Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note Mortgagor if required by a Mortgagor which are subsequently returned by a depository institution as unpaidlaw.
(di) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, Account only in the following priority and for the following purposes:
(A) to effect the timely remittance to the Trustee of the Monthly Remittance Amounts due on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to reimburse itself pursuant to Section 8.9 hereof for any unreimbursed Reimbursable Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(CD) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(FE) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;.
(iii) The On each Remittance Date, the Servicer shall send to the Trustee a report, in print and/or electronic form, detailing the payments on the Mortgage Loans during the prior Remittance Period. Such report shall be in the form and have the specifications as may be agreed to between the Servicer and the Trustee from time to time. The Trustee shall have no duty or obligation with respect to the accuracy of the information contained in the report referred to in this Section 8.8(d)(ii).
(aiii) On each Remittance Date, the Servicer shall remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, funds all amounts then on deposit in the Monthly Remittance Amount allocable Principal and Interest Account which relate to a Remittance Period not later than the related Monthly Remittance Date, and (b) collections on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, or with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information Mortgage Loans with respect to Liquidated Loansthe immediately preceding Remittance Period, including the amount of any Delinquency Advance, any Compensating Interest, Loan Purchase Prices and Substitution Amounts; such amount being the "Monthly Remittance Amount."
(e) The Servicer shall furnish the Trustee monthly statements of the Principal and Interest Account, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning it is not held by the servicing of the Home Equity Loans and Trustee.
(f) Notwithstanding any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In additionprovisions of this Agreement, the Servicer shall inform be entitled to reimburse itself for any previously unreimbursed expense otherwise reimbursable pursuant to the Indenture Trustee terms of this Agreement, including, but not limited to, any Delinquency Advance, any Servicing Advance, and any Liquidation Expense, that the Insurer Servicer determines (as evidenced by an Officer's Certificate) to be otherwise nonrecoverable by withdrawal from the Principal and Interest Account of amounts on each Monthly Remittance Date, with respect deposit therein attributable to each Home Equity Group, any of the amounts Mortgage Loans on any Business Day prior to the Payment Date succeeding the date of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such datedetermination.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Equivantage Acceptance Corp)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account")Account to be held as a trust account. The Each Principal and Interest Account shall be an Eligible Account. identified on the records of the Designated Depository Institution as follows: The Principal and Interest Account shall be titled: "[________________]Chase Manhattan Bank, as Indenture Trustee in trust for the registered holders benefit of Renaissance the Owners of the IMC Adjustable Rate Home Equity Loan AssetAsset Backed Notes, Series 1997-Backed Notes 6 and the Note Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." . If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Note Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested up to the amount insured by the FDIC or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. Any investment earnings on funds held in Section 5.06 hereofthe Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount (and the Total Monthly Excess Spread included therein) by the Servicer. Any investment losses on funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than on the second Business Day after receipt, receipt all principal collected and interest due collections on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and due after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aI) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bII) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) to the date of such liquidation and (cIII) any unrecovered Cram Down LossesRealized Losses incurred during the related Remittance Period, (ii) principal and interest due (and Prepayments collected) on the Home Equity Loans on or prior to the Cut-Off Date or related Subsequent Cut-Off Date, (iii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iiiiv) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Mortgage Note by a Mortgagor which are subsequently returned by a depository institution as unpaidunpaid (all such net amount herein referred to as "Daily Collections").
(di) The Servicer may make withdrawals for its own account from the Principal and Interest Account, with respect to each Home Equity Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the ServicerFees;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 4.09(a) for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely for any excess interest collected from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advancesa Mortgagor; and
(FE) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;V.
(iii) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Note Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance DateDate and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Remittance Reporting Date, deliver to the Indenture Trustee, the Depositor Trustee and the Note Insurer, a monthly servicing report, with respect to each Home Equity Group, report containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan)Loans. In addition, the Servicer shall inform the Indenture Trustee and the Note Insurer in writing on each Monthly Remittance Reporting Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Loan Balance of the Home Equity Loan having the largest Principal Loan Balance as of such date.
(iiiii) The Servicer shall provide to the Indenture Trustee in writing the information described in Section 3.03(d)(i)(b4.08(d)(ii)(b) and in Section 5.03 4.09(b) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.043.09.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Imc Home Equity Loan Owner Trust 1997-6)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account"). The Principal and Interest Account , which shall be an Eligible Account. The Principal and Interest Account shall be titledidentified on the records of the Designated Depository Institution as follows: "[________________]JPMorgan Chase Bank, as Indenture Trustee in trust for on behalf of the registered holders Owners of Renaissance the Centex Home Equity Loan Trust 2002-B Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by at the Indenture Corporate Trust Office of the Trustee. The Servicer shall notify the Indenture Trustee, the Insurer Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested up to the amount insured by the FDIC or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 trust in the name of the Trust for the benefit of the Owners. The Trust shall be divided into two separate sub-trusts; one for Group I and any Trust assets allocable to Group I and the other for Group II and any Trust assets allocable to Group II. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount by the Servicer in accordance with the terms hereof. Any investment losses on amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aA) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bB) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and plus (cC) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances and unreimbursed Servicing Advances (but in each case solely from amounts received on the related Home Equity Loan) as provided in Section 8.09 and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(d) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Loan Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered unreimbursed Delinquency Advances and unrecovered for unreimbursed Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan)) as provided in Section 8.09;
(E) to reimburse itself pursuant to Section 8.09(a) for Nonrecoverable Advances; and
(F) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;
(i) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such date.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2002 B)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will cause to be separately deposited established and maintained (the "Principal and Interest Account")Account including two subaccounts, one designated as the Interest Collection Account and the other designated as the Principal Collection Account titled “Principal and Interest Account for NewStar Financial, Inc., its successors and assigns as Servicer for NewStar Commercial Loan Trust 2007-1 subject to the lien of U.S. Bank National Association, its successors and assigns, as Trustee on behalf of the registered holders of NewStar Commercial Loan Trust 2007-1 Notes”. The Principal and Interest Account shall be an held in one or more Eligible AccountDeposit Accounts with a Qualified Institution in the form of time deposit or demand accounts, which may be interest-bearing or such accounts may be trust accounts wherein the moneys therein are invested in Permitted Investments. The All funds in such Principal and Interest Account not so invested shall be titled: "[________________], as Indenture Trustee in trust for insured to the registered holders of Renaissance Home Equity Loan Asset-Backed Notes extent and the Insurer, and as Paying Agent for amount permitted by the Transferor in respect BIF or SAIF of the Ownership InterestFDIC to the maximum extent provided by law. The Servicer may, as their interests may appearupon written notice to the Trustee, Series 200[_]-[__] transfer any Principal and Interest Account to a different Eligible Deposit Account." If
(b) The Servicer shall deposit or cause to be deposited (within two Business Days of receipt thereof) in the institution at applicable Principal and Interest Account and retain therein, subject to withdrawal as permitted by this Section 7.03, the following amounts received by the Servicer (and shall segregate and deposit Interest Collections into the Interest Collections Account and Principal Collections into the Principal Collection Account):
(i) all Principal Collections accruing and received on or after the Closing Date or the related Cut-Off Date, as applicable;
(ii) all Interest Collections accruing and received on or after the Closing Date;
(iii) all Insurance Proceeds (other than amounts to be applied to restoration or repair of any time holding Related Property or to be released to the Obligor, other creditors or any other Person in accordance with the Required Loan Documents, the Credit and Collection Policy and the Servicing Standard);
(iv) any other proceeds from any other Related Property securing the Loans (other than amounts released to the Obligor, other creditors or any other Person in accordance with Applicable Law, the Required Loan Documents, the Credit and Collection Policy and the Servicing Standard);
(v) any amounts paid in connection with the purchase or repurchase of any Loan;
(vi) any amount required to be deposited in the Principal and Interest Account ceases pursuant to be eligible as a Designated Depository Institution hereunder, then Section 5.10 or this Section 7.03; and
(vii) the amount of any gains and interest incurred in connection with investments in Permitted Investments.
(c) The Servicer shall immediately be required have no obligation to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then deposit into the Principal and Interest Account shall thenceforth be held as any Excluded Amounts.
(d) Not later than the close of business on each Reference Date immediately preceding a trust account with Distribution Date, the Servicer will remit to the Principal and Interest Account any Scheduled Payment Advance that the Servicer determines to make.
(e) Notwithstanding Section 7.03(b), if (i) the Servicer makes a qualifying Designated Depository Institution selected deposit into the Principal and Interest Account in respect of a Collection of a Loan in the Collateral and such Collection was received by the Indenture Trustee. The Servicer in the form of a check that is not honored for any reason, or (ii) the Servicer makes a mistake with respect to the amount of any Collection and deposits an amount that is less than or more than the actual amount of such Collection, the Servicer shall notify appropriately adjust the Indenture Trustee, amount subsequently deposited into the Insurer Principal and the Owners if there Interest Account to reflect such dishonored check or mistake. Any Scheduled Payment in respect of which a dishonored check is a change received shall be deemed not to have been paid.
(f) The foregoing requirements for deposit in the namePrincipal and Interest Accounts shall be exclusive, account number or institution holding it being understood and agreed that, without limiting the generality of the foregoing, payments with respect to the Servicing Fee, Liquidation Expenses and Excluded Amounts may not be deposited by the Servicer in the Principal and Interest Account.
(bg) Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account Any Investment Earnings on a daily basis (but no later than the second Business Day after receipt). All funds held in the Principal and Interest Account shall be held deemed part of the Interest Collection Account and invested as set forth shall be deposited therein pursuant to this Section 7.03 and distributed on the next Distribution Date pursuant to Section 7.05. The amount of any losses incurred in Section 5.06 hereof.
(c) The Servicer shall deposit to connection with the investment of funds in the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received in Permitted Investments directed by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (a) the Principal Balance of the related Home Equity Loan immediately prior to liquidation, plus (b) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iii) reimbursements for amounts shall be deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution the Servicer from its own funds immediately as unpaidrealized without reimbursement therefor.
(dh) The Servicer may (and, for the purposes of clause (i) below, shall), at any time upon one Business Day’s notice to the Trustee or, if different, the depository institution then holding the Principal and Interest Account, make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, only in the following priority and Account for the following purposespurposes provided that amounts shall be withdrawn solely from Interest Collections in the case of clause (iv) below and solely from Principal Collections in the case of clause (ix) below:
(Ai) to remit to the Trustee on each Monthly Remittance the Business Day immediately preceding a Distribution Date, for deposit in the Note Distribution Account, Interest Collections and Principal Collections received during the immediately preceding Due Period (other than such amounts which are deemed herein not to pay be Principal Collections at such time);
(ii) subject to Section 5.02(o), to reimburse itself the related for any unreimbursed Scheduled Payment Advances and Servicing Fees Advances, together with accrued and unpaid interest due thereon, to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit deposited in the Principal and Interest AccountAccount (and not netted from Scheduled Payments or other amounts received from the Obligor of the related Loans or from other proceeds received with respect to such Obligor or the Related Property);
(Ciii) to withdraw amounts any amount received from an Obligor that have been is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction;
(iv) to pay Administrative Expenses subject to the limits set forth with respect thereto in clause (x) of the proviso of the definition thereof;
(v) to make investments in Permitted Investments;
(vi) to withdraw any funds deposited to in the Principal and Interest Account that were not required or permitted to be deposited therein or were deposited therein in error;
(Dvii) prior to the replacement of the Servicer following a Servicer Default, to pay itself certain additional servicing compensation as permitted under Section 5.11(b) of this Agreement;
(viii) to reimburse itself acquire Substitute Loans as contemplated by Section 2.04(a) to the extent funds have been deposited by the Originator for such purpose pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan2.04(a)(i)(2);
(Eix) Nonrecoverable Advancesto fund the Class A-2 Funding Account to cause the Class A-2 Funding Test to be satisfied, to fund draws on Delayed Draw Term Loans or Revolving Loans or to purchase Additional Loans from the Trust Depositor, in each case in accordance with this Agreement; and
(Fx) to clear and terminate the Principal and Interest Account following upon the termination of the Trust pursuant to Article IX;this Agreement.
(i) The If the depository institution then holding the Reserve Fund is not the Trustee, the Servicer shall, or shall (a) cause such depository institution to, remit to the Indenture Trustee no later than the Business Day immediately preceding a Distribution Date, for deposit in the Note Distribution Account by wire transferAccount, or otherwise make all funds available on deposit in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such dateReserve Fund.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.
Appears in 1 contract
Samples: Sale and Servicing Agreement (NewStar Financial, Inc.)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account")Account to be held as a trust account. The Each Principal and Interest Account shall be an Eligible Account. identified on the records of the Designated Depository Institution as follows: The Principal and Interest Account shall be titled: "[________________]Chase Manhattan Bank, as Indenture Trustee in trust for on behalf of the registered holders Owners of Renaissance the IMC Home Equity Loan AssetTrust 1997-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." 5 Home Equity Loan Pass-Through Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Insurer Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested up to the amount insured by the FDIC or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 hereoftrust in the name of the Trust for the benefit of the Owners. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount (and the Monthly Excess Interest Amount included therein) by the Servicer. Any investment losses on funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than on the second Business Day after receipt, receipt all principal collected and interest due collections on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and due after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aI) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bII) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) to the date of such liquidation and (cIII) any unrecovered Cram Down LossesRealized Losses incurred during the related Remittance Period, (ii) principal and interest due (and Prepayments collected) on the Home Equity Loans on or prior to the Cut-Off Date or related Subsequent Cut-Off Date, as the case may be, (iii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iiiiv) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaidunpaid (all such net amount herein referred to as "Daily Collections").
(di) The Servicer may make withdrawals for its own account from the Principal and Interest Account, with respect to each Home Equity Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the ServicerFees;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 8.09
(a) for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely for any excess interest collected from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advancesa Mortgagor; and
(FE) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;.
(iii) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Certificate Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance DateDate and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Remittance Reporting Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan)Loans. In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, Reporting Date of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such date.
(iiiii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b8.08(d)(ii)(b) and in Section 5.03 7.09(b) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.047.09.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Imc Home Equity Loan Trust 1997-5)
Principal and Interest Account. (a) The Master Servicer and/or each Sub-servicer, as applicable, shall establish an account, which includes three separate subaccounts into which amounts in respect the name of each Group will be separately deposited and maintained (the "Principal and Interest Account"). The Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titled: "[________________], as Indenture Trustee in trust Trust for the registered holders benefit of Renaissance Home Equity Loan Asset-Backed Notes the Noteholders and the Note Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." If the institution maintain at any time holding the Principal and Interest Account ceases to be eligible as a one or more Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Insurer and the Owners if there is a change in the name, account number or institution holding Institutions the Principal and Interest Account.
(b) . Subject to Subsection Subsections (c) and (e) below, the Master Servicer and any Sub-servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Mortgage Loans to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt). All funds in Within one Business Day of the Principal Closing Date, on each Subsequent Transfer Date and Interest Account shall be held and invested as set forth in Section 5.06 hereof.
(c) The each Transfer Date, the Sponsor and/or the Master Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee receipts related to such Home Equity Loans) the Mortgage Loans which relate to or are received on and or after the Cut-Off Date and or the Replacement Subsequent Cut-Off Date, as applicablethe case may be.
(b) All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in the Trust in the name of the Trust and for the benefit of the Noteholders and the Note Insurer. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Master Servicer and may only be withdrawn from the Principal and Interest Account by the Master Servicer immediately following the remittance of the Monthly Remittance Amounts by the Master Servicer. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings. Any investment losses are at the expense of the Master Servicer and shall be replaced on or prior to the Remittance Date.
(c) Subject to Subsection (e) below, the Master Servicer shall deposit to the Principal and Interest Account all principal and interest collections on the Mortgage Loans received on or after the Cut-Off Date or related Subsequent Cut-Off Date including any Prepaid Installments, Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Master Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Home Equity Mortgage Loans received by the Servicer Master Servicer, Compensating Interest and Delinquency Advances together with any income amounts which are reimbursable from REO Propertiesthe Principal and Interest Account, but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Master Servicer as permitted by Section 4.15 hereof, (ii) principal (including Prepayments) collected on the related Mortgage Loans prior to the Cut-Off Date or related Subsequent Cut-Off Date, (iii) interest accruing on the related Mortgage Loans prior to the Cut-Off Date or related Subsequent Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (a) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (b) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Mortgage Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(di) The Master Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, Account only in the following priority and for the following purposes:
(A1) on each to effect the timely remittance to the Indenture Trustee of the Monthly Remittance Amounts due on the Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B2) to reimburse itself for unreimbursed Delinquency Advances and Servicing Advances and Nonrecoverable Advances;
(3) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C4) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(F5) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX;X of the Indenture.
(iii) The On the tenth day of each month, the Master Servicer shall send to the Indenture Trustee a report, in the form of a computer tape, detailing the payments on the Mortgage Loans during the prior Remittance Period. Such tape shall be in the form and have the specifications as may be agreed to between the Master Servicer and the Indenture Trustee from time to time. The Note Insurer shall have the right to request this computer tape upon providing 3 Business Days written notice to the Master Servicer.
(aiii) On each Remittance Date the Master Servicer shall remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available funds, without duplicationfunds for deposit in the Note Account pursuant to Section 8.7(a) of the Indenture, the Monthly Interest Remittance Amount allocable and the Principal Remittance Amount.
(e) To the extent that the ratings, if any, then assigned to a Remittance Period not later than the related Monthly Remittance Dateunsecured debt of the Master Servicer or of the Master Servicer's ultimate corporate parent are satisfactory to the Note Insurer, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, Moodx'x xxx Standard & Poor's, then the Depositor requirement to maintain the Principal and Interest Account may be waived by an instrument signed by the Note Insurer, a monthly servicing reportStandard & Poor's, Indenture Trustee, and Moodx'x, xxd the Master Servicer may be allowed to co-mingle with respect its general funds the amounts otherwise required to each Home Equity Groupbe deposited to the Principal and Interest Account, containing (without limitation) on such terms and subject to such conditions as the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In additionNote Insurer, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance DateTrustee, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such dateMoodx'x xxx Standard & Poor's may permit.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Advanta Conduit Receivables Inc)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account")Account to be held as a trust account. The Each Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titledidentified on the records of the Designated Depository Institution as follows: "[________________]Manufacturers and Traders Trust Company, as Indenture Trustee in trust for under the registered holders Pooling and Servicing Agreement dated as of Renaissance Home Equity Loan Asset-Backed Notes and the InsurerDecember 1, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account1998." If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately shall, within 30 days, be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture TrusteeInstitution. The Servicer shall notify the Indenture Trustee, the Certificate Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested (up to the limits insured by the FDIC) or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 hereoftrust in the name of the Trustee for the benefit of the Owners and the Certificate Insurer. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount (and the Monthly Excess Interest Amount included therein) by the Servicer. Any investment losses on funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than on the second Business Day after receipt, receipt all principal collected and interest due collections on the Home Equity Loans (net of received, and interest collections on the Servicing Fee related to such Home Equity Loans) on and Loans accrued after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) the Servicing Fee with respect to each Home Equity Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal collected and interest accrued on any Home Equity Loan on or prior to the Cut-Off Date, (iii) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aI) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bII) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) to the date of such liquidation, and (cIII) any unrecovered Cram Down LossesRealized Losses incurred during the related Remittance Period, (iiiv) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iiiv) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaidunpaid (all such net amount herein referred to as "Daily Collections").
(di) The Servicer may make withdrawals for its own account from the amounts on deposit in the Principal and Interest Account, with respect to each the Home Equity GroupLoans, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees withdraw interest paid with respect to any Home Equity Loans that had accrued for periods prior to the extent such Servicing Fees are not retained by the ServicerCut-Off Date;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to reimburse itself pursuant to Section 8.09(a) for unrecovered Delinquency Advances and Servicing Advances;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(FE) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;.
(iii) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Certificate Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance DateDate and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor Trustee and the Insurer, Certificate Insurer a monthly servicing report, with respect to each the Home Equity GroupLoans, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loanscollected, scheduled principal and interest that was due on the Home Equity Loansinterest, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan)Loans. In addition, the Servicer shall inform the Indenture Trustee and the Certificate Insurer on each Monthly Remittance Date, Date with respect to each the Home Equity Group, Loans of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such date.
(iiiii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b8.08(d)(ii)(b) and in Section 5.03 7.09(c) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 7.09 and the Trustee shall forward such information to make the allocations and disbursements set forth in Sections 5.01 and 5.04Underwriters within five Business Days of receipt thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Contisecurities Asset Funding Corp)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account")Account to be held as a trust account. The Each Principal and Interest Account shall be an Eligible Account. The Principal identified on the records of the Designated Depository Institution as follows: Manufacturers and Interest Account shall be titled: "[________________]Traders Trust Company, as Indenture Trustee in trust for under the registered holders Pooling and Servicing Agreement dated as of Renaissance Home Equity Loan Asset-Backed Notes and the InsurerJune 1, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." 1997. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately shall, within 30 days, be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture TrusteeInstitution. The Servicer shall notify the Indenture Trustee, the Insurer Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested (up to the limits insured by the FDIC) or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 hereoftrust in the name of the Trustee for the benefit of the Owners. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount (and the Monthly Excess Interest Amount included therein) by the Servicer. Any investment losses on funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than on the second Business Day after receipt, receipt all principal collected and interest due collections on the Home Equity Loans (net of received, and interest collections on the Servicing Fee related to such Home Equity Loans) on and Loans accrued after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) the Servicing Fee with respect to each Home Equity Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal collected and interest accrued on any Home Equity Loan on or prior to the Cut-Off Date, (iii) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aI) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bII) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) to the date of such liquidation, and (cIII) any unrecovered Cram Down LossesRealized Losses incurred during the related Remittance Period, (iiiv) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iiiv) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaidunpaid (all such net amount herein referred to as "Daily Collections").
(di) The Servicer may make withdrawals for its own account from the amounts on deposit in the Principal and Interest Account, with respect to each Home Equity Loan Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees withdraw interest paid with respect to any Home Equity Loans that had accrued for periods prior to the extent such Servicing Fees are not retained by the ServicerCut-Off Date;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to reimburse itself pursuant to Section 8.09(a) for unrecovered Delinquency Advances and Servicing Advances;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(FE) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;.
(iii) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Certificate Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance DateDate and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, Trustee a monthly servicing report, with respect to each Home Equity Loan Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loanscollected, scheduled principal and interest that was due on the Home Equity Loansinterest, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan)Loans. In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, Date with respect to each Home Equity Group, Loan Group of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such date.
(iiiii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b8.08(d)(ii)(b) and in Section 5.03 7.09(c) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 7.09 and the Trustee shall forward such information to make the allocations and disbursements set forth in Sections 5.01 and 5.04Underwriters within five Business Days of receipt thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Contimortgage Home Equity Loan Trust 1997-3)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect the name of the Trust for the benefit of the Owners of each Group will be separately deposited Series of the Notes and maintained (the "Note Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account"). The Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titled: "[________________], as Indenture Trustee funds held in trust for the registered holders of Renaissance Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth not be held as a trust account commingled with a qualifying Designated Depository Institution selected by the Indenture Trusteeany other funds. The Servicer shall notify the Indenture Trustee, the Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) Subject to Subsection (c) below, the Servicer and any Sub-Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Mortgage Loans to into the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). Subject to Subsection (c) below on the Closing Date, the Seller and/or the Servicer shall deposit into the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and invested as set forth for the benefit of the Owners of the Notes. Any investment earnings on funds held in Section 5.06 hereofthe Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on the second Business Day of the month for the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due collections on the Home Equity Mortgage Loans (net of the Servicing Fee related to such Home Equity Loans) on and received after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Home Equity Mortgage Loans received by the Servicer Servicer, Compensating Interest and Delinquency Advances together with any income amounts which are reimbursable from REO Properties, the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 4.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (a) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (b) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Mortgage Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(di) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, Account only in the following priority and for the following purposes:
(A) on each to effect the timely remittance to the Indenture Trustee of the Monthly Remittance Amounts due on the Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to reimburse itself pursuant to Section 4.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(CD) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(FE) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;V hereof.
(iii) The On the Determination Date of each month, commencing in July 1998, the Servicer shall send to the Indenture Trustee the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period and certifying the amounts and purpose of withdrawals permitted pursuant to (ad) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 4.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Note Insurer and the Indenture Trustee from time to time.
(iii) On each Remittance Date, commencing in July 1998 the Servicer shall remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available funds, without duplicationfunds for deposit to the Adjustable Rate Note Account, the Monthly Adjustable Rate Interest Remittance Amount allocable to a for such Remittance Period not later than Date and the related Monthly Adjustable Rate Principal Remittance Amount for such Remittance Date.
(iv) On each Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected commencing in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, July 1998 the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such date.
(ii) The Servicer shall provide remit to the Indenture Trustee by wire transfer, or otherwise make funds available in immediately available funds for deposit to the information described in Section 3.03(d)(i)(b) Fixed Rate Note Account, the Fixed Rate Interest Remittance Amount for such Remittance Date and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04Fixed Rate Principal Remittance Amount for such Remittance Date.
Appears in 1 contract
Samples: Sale and Servicing Agreement (First Alliance Mortgage Loan Trust 1998-2)
Principal and Interest Account. (a) The Master Servicer and/or each Sub-servicer, as applicable, shall establish an account, which includes three separate subaccounts into which amounts in respect the name of each Group will be separately deposited and maintained (the "Principal and Interest Account"). The Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titled: "[________________], as Indenture Trustee in trust Trust for the registered holders benefit of Renaissance Home Equity Loan Asset-Backed Notes the Owners of the Certificates and the Certificate Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." If the institution maintain at any time holding the Principal and Interest Account ceases to be eligible as a one or more Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Insurer and the Owners if there is a change in the name, account number or institution holding Institutions the Principal and Interest Account.
(b) . Subject to Subsection Subsections (c) and (e) below, the Master Servicer and any Sub-servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Mortgage Loans to the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). All funds in On the Principal and Interest Account shall be held and invested as set forth in Section 5.06 hereof.
(c) The Closing Day the Sponsor and/or the Master Servicer shall deposit to the Principal and Interest Account no later than all receipts related to the second Business Day Mortgage Loans which relate to or are received on or after receiptthe Cut-Off Date.
(b) All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the Certificates. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Master Servicer and may only be withdrawn from the Principal and Interest Account by the Master Servicer immediately following the remittance of the Monthly Remittance Amounts by the Master Servicer. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings. Any investment losses are at the expense of the Master Servicer and shall be replaced on or prior to the Remittance Date.
(c) Subject to Subsection (e) below, the Master Servicer shall deposit to the Principal and Interest Account all principal collected and interest due collections on the Home Equity Mortgage Loans (net of the Servicing Fee related to such Home Equity Loans) received on and or after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepaid Installments, Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Master Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Home Equity Mortgage Loans received by the Servicer Master Servicer, Compensating Interest and Delinquency Advances together with any income amounts which are reimbursable from REO Propertiesthe Principal and Interest Account, but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Master Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) collected on the related Mortgage Loans prior to the Cut-Off Date, (iii) interest accruing on the related Mortgage Loans prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (a) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (b) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Mortgage Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(di) The Master Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, Account only in the following priority and for the following purposes:
(A) on each to effect the timely remittance to the Trustee of the Monthly Remittance Amounts due on the Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to reimburse itself pursuant to Section 8.9 hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(CD) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(FE) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX;X.
(iii) The On the tenth day of each month, the Master Servicer shall send to the Trustee a report, in the form of a computer tape, detailing the payments on the Mortgage Loans during the prior Remittance Period. Such tape shall be in the form and have the specifications as may be agreed to between the Master Servicer and the Trustee from time to time.
(aiii) On each Remittance Date the Master Servicer shall remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication(x) for Group I, the Monthly Group I Interest Remittance Amount allocable to a and the Group I Principal Remittance Period not later than the related Monthly Remittance Date, Amount and (by) on each Monthly Remittance Date, deliver to the Indenture Trusteefor Group II, the Depositor Group II Interest Remittance Amount and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing Group II Principal Remittance Amount.
(without limitatione) To the following information: principal and interest collected in respect of extent that the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loansratings, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning then assigned to the servicing unsecured debt of the Home Equity Loans Master Servicer or of the Master Servicer's ultimate corporate parent are satisfactory to the Certificate Insurer, Moody's and any other information requested Standard & Poor's, then the requirement to maintain the Principal and Interest Account may be waived by an instrument signed by the Insurer (includingCertificate Insurer, without limitationStandard & Poor's and Moody's, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, Master Servicer may be allowed to co-mingle with respect to each Home Equity Group, of its general funds the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of otherwise required to be deposited to the Principal Balance of and Interest Account, on such terms and subject to such conditions as the Home Equity Loan having the largest Principal Balance as of such dateCertificate Insurer, Moody's and Standard & Poor's may permit.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Advanta Mortgage Loan Trust 1996-4)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (the "Principal and Interest Account"). The Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titled: "[________________], as Indenture Trustee in trust for the registered holders of Renaissance Centex Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[2000-__] _ Principal and Interest Account." If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt). All funds in the Principal and Interest Account shall be held and invested as set forth in Section 5.06 hereof.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (a) the Principal Balance of the related Home Equity Loan immediately prior to liquidation, plus (b) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(d) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(F) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;
(i) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such date.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.
Appears in 1 contract
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account"). The Principal and Interest Account , which shall be an Eligible Account. The Principal and Interest Account shall be titledidentified on the records of the Designated Depository Institution as follows: "[________________]JPMorgan Chase Bank, as Indenture Trustee in trust for on behalf of the registered holders Owners of Renaissance the Centex Home Equity Loan Trust 2004-D Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by at the Indenture Corporate Trust Office of the Trustee. The Servicer shall notify the Indenture Trustee, the Insurer Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested up to the amount insured by the FDIC or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 trust in the name of the Trust for the benefit of the Owners. The Trust shall be divided into three separate sub-trusts; one for Group I and any Trust assets allocable to Group I, one for Group II and any Trust assets allocable to Group II and one for Group III and any Trust assets allocable to Group III. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount by the Servicer in accordance with the terms hereof. Any investment losses on amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aA) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bB) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and plus (cC) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances and unreimbursed Servicing Advances (but in each case solely from amounts received on the related Home Equity Loan) as provided in Section 8.09 and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(d) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Loan Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered unreimbursed Delinquency Advances and unrecovered for unreimbursed Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan)) as provided in Section 8.09;
(E) to reimburse itself pursuant to Sections 8.09(a) and (b) for Nonrecoverable Advances; and
(F) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;.
(ie) The Servicer shall (ai) remit to the Indenture Trustee for deposit in the Distribution Certificate Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (bii) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor Trustee and the InsurerDepositor, a monthly servicing report, with respect to each Home Equity Loan Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan)Loans. In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Loan Balance of the Home Equity Loan having the largest Principal Loan Balance as of such date.
(iif) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b8.08(e)(ii) and in Section 5.03 7.09(b) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 7.09 and to make the allocations and disbursements set forth in Sections 5.01 7.02 and 5.047.03.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2004-D)
Principal and Interest Account. (a) The Master Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (the "Principal and Interest Account"). The Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titled: "[________________], as Indenture Trustee in trust for the registered holders of Renaissance Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." If the institution maintain at any time holding one or more Designated Depository Institutions the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereundersegregated account. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) Subject to Subsection Subsections (c) and (d) below, the Master Servicer and any Sub-Servicer shall deposit all receipts required pursuant to Subsection collections (cother than amounts escrowed for taxes and insurance) below and related to the Home Equity Mortgage Loans to the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). On or before the Startup Day, the Master Servicer shall deposit to the Principal and Interest Account (i) all scheduled payments due and collected (other than amounts escrowed for taxes and insurance) on the Mortgage Loans after the Cut-Off Date and prior to the Startup Day and (ii) all unscheduled collections (other than amounts escrowed for taxes and insurance) on the Mortgage Loans received on or after the Cut-Off Date and prior to the Startup Day.
(b) All funds in the Principal and Interest Account shall be invested in Eligible Investments maturing not later than the Business Day immediately preceding the related Remittance Date; provided, however, in the event that Trustee is acting as Successor Master Servicer, such amounts may be held uninvested. The Principal and invested as set forth Interest Account shall be held in Section 5.06 hereoftrust in the name of the Trustee for the benefit of the Owners. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Master Servicer and may only be withdrawn from the Principal and Interest Account by the Master Servicer immediately following the remittance of the Monthly Remittances by the Master Servicer. Any investment losses shall be paid by the Master Servicer to the Principal and Interest Account from the Master Servicer's own funds. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings and to additional amounts in respect of investment losses. The Trustee shall have no responsibility or liability for actions taken by the Master Servicer, including withdrawals, with respect to the Principal and Interest Accounts.
(c) The Master Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due on payments from the Home Equity Loans related Mortgagors received by the Master Servicer (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Prepayments), Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Mortgage Loans received by the Master Servicer, Compensating Interest, Delinquency Advances together with any amounts which are reimbursable to the Master Servicer from the Principal and Interest Account, the amount of any Loan Purchase Price received or paid by the Master Servicer, the amount of any Substitution Amount received by the Master Servicer, REO income pursuant to Section 10.13(c) hereof, and amounts required to be deposited therein pursuant to Section 10.11 hereof in connection with blanket insurance policies and any income from REO Propertiesproceeds received by the Master Servicer in connection with the termination of the Trust, but net of (i) the Master Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Master Servicer as permitted by Section 10.15 hereof, (ii) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aI) the Principal Balance of the related Home Equity Loan immediately prior to liquidationMortgage Loan, plus (bII) accrued and unpaid interest on such Home Equity Mortgage Loan at the Coupon Rate applicable to the related Remittance Period (net of the related Master Servicing Fee) and (ciii) any unrecovered Cram Down Losses, prepayment charges and similar amounts to be paid over to the Seller pursuant to Section 10.2 hereof. Amounts described in clause (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on of the preceding sentence 117 shall be retained by the Master Servicer as additional servicing compensation or paid over to the related Home Equity Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note Mortgagor if required by a Mortgagor which are subsequently returned by a depository institution as unpaidlaw.
(di) The Master Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, Account only in the following priority and for the following purposes:
(A) to effect the timely remittance to the Trustee of the related Monthly Remittance due on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency amounts which represent Reimbursable Advances made by the Master Servicer from its own funds and unrecovered Servicing Advances (in each case, solely subsequently collected from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable AdvancesMortgagor; and
(FE) to clear and terminate the Principal and Interest Account following in connection with the termination of the Trust pursuant Trust.
(ii) On the tenth day of each month (or the immediately following Business Day if the tenth day does not fall on a Business Day), the Master Servicer shall send to Article IXthe Trustee a report, in such electronic form as may be agreed upon by the Master Servicer, the Seller, the Certificate Insurer and the Trustee, detailing the payments on the Mortgage Loans for each of the Mortgage Loan Groups during the prior Remittance Period. Such report shall be in the form and have the specifications as may be agreed to between the Master Servicer, the Seller, and the Trustee from time to time and, in any event, shall have such information as shall be necessary to enable the Trustee to perform its obligations hereunder. In addition, on or prior to each Remittance Date, the Master Servicer will furnish to the Seller, the Transferor, the Trustee and to the Certificate Insurer the following information for each of the three Mortgage Loan Groups as of the close of business on the first business day of the current calendar month:
(A) the total number of Mortgage Loans and the aggregate Principal Balances thereof, together with the number and aggregate principal balances of Mortgage Loans (a) 30-59 days Delinquent, (b) 60-89 days Delinquent and (c) 90 or more days Delinquent;
(iB) The the number and aggregate principal balances of all Mortgage Loans in foreclosure proceedings (and whether any such Mortgage Loans are also included 118 in any of the statistics described in the foregoing clause (A));
(C) the number and aggregate principal balances of all Mortgage Loans relating to Mortgagors in bankruptcy proceedings (and whether any such Mortgage Loans are also included in any of the statistics described in the foregoing clauses (A) and (B));
(D) the number and aggregate principal balances of all Mortgage Loans relating to REO Properties (and whether any such Mortgage Loans are also included in any of the statistics described in the foregoing clauses (A), (B) and (C));
(E) the number and aggregate principal balances of all Mortgage Loans as to which foreclosure proceedings were commenced during the prior Remittance Period;
(F) a schedule regarding cumulative foreclosures since the Cut-Off Date;
(G) a schedule regarding the Group I Cumulative Net Realized Losses, the Group II Cumulative Net Realized Losses, and the Cumulative Net Realized Losses;
(H) the book value of any REO Property and any income received from REO Properties during the prior Remittance Period; and
(I) such other information as the Trustee, the Seller, the Certificate Insurer or the Transferor may reasonably request and as is produced by the Master Servicer in the ordinary course of its business.
(iii) On each Remittance Date the Master Servicer shall (a) remit the Group I Monthly Remittance and the Group II Monthly Remittance to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such date.
(iie) The In connection with any exercise by the Seller of its option and related termination under Article VIII hereof, upon written request of the Seller, the Master Servicer shall provide remit to the Indenture Trustee all amounts (net of investment earnings and providing for investment losses pursuant to Section 10.8(b), net of the information described Master Servicing Fee and net of amounts reimbursable for Delinquency Advances and Servicing Advances) then on deposit in Section 3.03(d)(i)(b) the Principal and in Section 5.03 Interest Account for deposit to enable the Indenture Trustee Certificate Account, which deposit shall be deemed to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04have occurred immediately preceding such purchase.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Access Financial Lending Corp)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect the name of each Group will be separately deposited the Trust for the benefit of the Owners of the Certificates and maintained (the "Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account"). The Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titled: "[________________], as Indenture Trustee funds held in trust for the registered holders of Renaissance Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth not be held as a trust account commingled with a qualifying Designated Depository Institution selected by the Indenture Trusteeany other funds. The Servicer shall notify the Indenture Trustee, the Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) Subject to Subsection (c) below, the Servicer and any Sub-Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Mortgage Loans to into the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). Subject to Subsection (c) below, within one Business Day following the Startup Day, the Company and/or the Servicer shall deposit into the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and invested as set forth for the benefit of the Owners of the Certificates. Any investment earnings on funds held in Section 5.06 hereofthe Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on the second Business Day of the month for the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account held by the Trustee, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the Trustee. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due collections on the Home Equity Mortgage Loans (net of the Servicing Fee related to such Home Equity Loans) on and received after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Home Equity Mortgage Loans received by the Servicer Servicer, Compensating Interest and Delinquency Advances together with any income amounts which are reimbursable from REO Properties, the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest accruing on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (a) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (b) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Mortgage Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(di) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, Account only in the following priority and for the following purposes:
(A) on each to effect the timely remittance to the Trustee of the Monthly Remittance Amounts due on the Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(CD) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(FE) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX;IX hereof.
(iii) The On the Determination Date of each month, commencing in April 1997 the Servicer shall send to the Trustee the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period and certifying the amounts and purpose of withdrawals permitted pursuant to (ad) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, commencing in April 1997 the Servicer shall remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available fundsfunds for deposit to the Certificate Account, without duplication(x) for Group I, the Monthly Group I Interest Remittance Amount allocable to a and the Group I Principal Remittance Period not later than the related Monthly Remittance Date, Amount and (by) on each Monthly Remittance Date, deliver to the Indenture Trusteefor Group II, the Depositor Group II Interest Remittance Amount and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Group II Principal Remittance Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such dateAmount.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Alliance Mortgage Loan Trust 1997-01)
Principal and Interest Account. (a) The Master Servicer and/or each Sub-servicer, as applicable, shall establish an account, which includes three separate subaccounts into which amounts in respect the name of each Group will be separately deposited and maintained (the "Principal and Interest Account"). The Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titled: "[________________], as Indenture Trustee in trust Trust for the registered holders benefit of Renaissance Home Equity Loan Asset-Backed Notes the Owners of the Certificates and the Class A-6 Certificate Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." If the institution 100 114 maintain at any time holding the Principal and Interest Account ceases to be eligible as a one or more Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Insurer and the Owners if there is a change in the name, account number or institution holding Institutions the Principal and Interest Account.
(b) . Subject to Subsection Subsections (c) and (e) below, the Master Servicer and any Sub-servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Mortgage Loans to the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). All funds in On the Principal and Interest Account shall be held and invested as set forth in Section 5.06 hereof.
(c) The Startup Day the Sponsor and/or the Master Servicer shall deposit to the Principal and Interest Account no later than all receipts related to the second Business Day Mortgage Loans which relate to or are received on or after receiptthe Cut-Off Date.
(b) All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the Certificates. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Master Servicer and may only be withdrawn from the Principal and Interest Account by the Master Servicer immediately following the remittance of the Monthly Remittance Amounts by the Master Servicer. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings. Any investment losses are at the expense of the Master Servicer and shall be replaced on or prior to the Remittance Date.
(c) Subject to Subsection (e) below, the Master Servicer shall deposit to the Principal and Interest Account all principal collected and interest due collections on the Home Equity Mortgage Loans (net of the Servicing Fee related to such Home Equity Loans) received on and or after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepaid Installments, Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Master Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Home Equity Mortgage Loans received by the Servicer Master Servicer, Compensating Interest and Delinquency Advances together with any income amounts which are reimbursable from REO Propertiesthe Principal and Interest Account, but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Master Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) collected on the related Mortgage Loans prior to the Cut-Off Date, (iii) interest accruing on the related Mortgage Loans prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (a) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (b) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Mortgage Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(di) The Master Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, Account only in the following priority and for the following purposes:
: 101 115 (A) on each Monthly Remittance Date, to pay itself effect the related Servicing Fees timely remittance to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(F) to clear and terminate the Principal and Interest Account following the termination Trustee of the Trust pursuant to Article IX;
(i) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was Amounts due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such date.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.;
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Advanta Mortgage Loan Trust 1997-2)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account")Account to be held as a trust account. The Each Principal and Interest Account shall be an Eligible Account. identified on the records of the Designated Depository Institution as follows: The Principal and Interest Account shall be titled: "[________________]Chase Manhattan Bank, as Indenture Trustee in trust for on behalf of the registered holders Owners of Renaissance the IMC Home Equity Loan AssetTrust 1996-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." 4 Home Equity Loan Pass-Through Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Certificate Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 hereoftrust in the name of the Trust for the benefit of the Owners. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount (and the Total Monthly Excess Spread included therein) by the Servicer. Any investment losses on funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than on the second Business Day after receipt, receipt all principal collected and interest due collections on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and due after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aI) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bII) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) to the date of such liquidation and (cIII) any unrecovered Cram Down LossesRealized Losses incurred during the related Remittance Period, (ii) principal and interest due (and Prepayments collected) on the Home Equity Loans on or prior to the Cut-Off Date or related Subsequent Cut-Off Date, as the case may be, (iii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iiiiv) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaidunpaid (all such net amount herein referred to as "Daily Collections").
(di) The Servicer may make withdrawals for its own account from the Principal and Interest Account, with respect to each Home Equity Group, Account only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the ServicerFee;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 8.09(a) for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(Eto retain any excess Compensating Interest received by it pursuant to Section 8.10(a) Nonrecoverable Advanceshereof; and
(FE) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;.
(iii) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Certificate Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance DateDate and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor Trustee and the Certificate Insurer, a monthly servicing report, with respect to each Home Equity Group, report containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan)Loans. In addition, the Servicer shall inform the Indenture Trustee and the Certificate Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, Date of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Loan Balance of the Home Equity Loan having the largest Principal Loan Balance as of such date.
(iiiii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b8.08(d)(ii)(b) and in Section 5.03 7.09(b) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.047.09.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Imc Home Equity Loan Trust 1996-4)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account"). The Principal and Interest Account , which shall be an Eligible Account. The Principal and Interest Account shall be titledidentified on the records of the Designated Depository Institution as follows: "[________________]JPMorgan Chase Bank, as Indenture Trustee in trust for on behalf of the registered holders Owners of Renaissance the Centex Home Equity Loan Trust 2004-C Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by at the Indenture Corporate Trust Office of the Trustee. The Servicer shall notify the Indenture Trustee, the Insurer Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested up to the amount insured by the FDIC or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 trust in the name of the Trust for the benefit of the Owners. The Trust shall be divided into three separate sub-trusts; one for Group I and any Trust assets allocable to Group I, one for Group II and any Trust assets allocable to Group II and one for Group III and any Trust assets allocable to Group III. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount by the Servicer in accordance with the terms hereof. Any investment losses on amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aA) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bB) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and plus (cC) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances and unreimbursed Servicing Advances (but in each case solely from amounts received on the related Home Equity Loan) as provided in Section 8.09 and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(d) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Loan Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered unreimbursed Delinquency Advances and unrecovered for unreimbursed Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan)) as provided in Section 8.09;
(E) to reimburse itself pursuant to Sections 8.09(a) and (b) for Nonrecoverable Advances; and
(F) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;.
(ie) The Servicer shall (ai) remit to the Indenture Trustee for deposit in the Distribution Certificate Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (bii) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor Trustee and the InsurerDepositor, a monthly servicing report, with respect to each Home Equity Loan Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan)Loans. In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Loan Balance of the Home Equity Loan having the largest Principal Loan Balance as of such date.
(iif) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b8.08(e)(ii) and in Section 5.03 7.09(b) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 7.09 and to make the allocations and disbursements set forth in Sections 5.01 7.02 and 5.047.03.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2004-C)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account")Account to be held as a trust account. The Each Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titledidentified on the records of the Designated Depository Institution as follows: "[________________]Manufacturers and Traders Trust Company, as Indenture Trustee in trust for under the registered holders Pooling and Servicing Agreement dated as of Renaissance Home Equity Loan Asset-Backed Notes and the InsurerMarch 1, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account1999." If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately shall, within 30 days, be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture TrusteeInstitution. The Servicer shall notify the Indenture Trustee, the Master Servicer, the Certificate Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested (up to the limits insured by the FDIC) or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 hereoftrust in the name of the Trustee for the benefit of the Owners and the Certificate Insurer. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount (and the Monthly Excess Interest Amount included therein) by the Servicer. Any investment losses on funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than on the second Business Day after receipt, receipt all principal collected and interest due collections on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on received, and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, and all interest accrued after February 28, 1999, but net of (i) the Servicing Fee with respect to each Home Equity Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal collected on or prior to the Cut-Off Date and interest accrued on or prior to February 28, 1999, (iii) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aI) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bII) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) to the date of such liquidation, and (cIII) any unrecovered Cram Down LossesRealized Losses incurred during the related Remittance Period, (iiiv) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iiiv) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaidunpaid (all such net amount herein referred to as "Daily Collections").
(di) The Servicer may make withdrawals for its own account from the amounts on deposit in the Principal and Interest Account, with respect to each the Home Equity GroupLoans, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Dateto withdraw interest paid with respect to any Home Equity Loans that had accrued for periods prior to March 1, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer1999;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to reimburse itself pursuant to Section 8.09(a) for unrecovered Delinquency Advances and Servicing Advances;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(FE) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;.
(iii) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Certificate Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance DateDate and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Remittance Date, deliver to the Indenture TrusteeMaster Servicer, the Depositor Trustee and the Insurer, Certificate Insurer a monthly servicing report, with respect to each the Home Equity GroupLoans, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loanscollected, scheduled principal and interest that was due on the Home Equity Loansinterest, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information as may reasonably be requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan)Master Servicer. In addition, the Servicer shall inform the Indenture Master Servicer, the Trustee and the Certificate Insurer on each Monthly Remittance Date, Date with respect to each the Home Equity Group, Loans of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such date.
(iiiii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b8.08(d)(ii)(b) and in Section 5.03 7.09(c) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 7.09 and the Trustee shall forward such information to make the allocations and disbursements set forth in Sections 5.01 and 5.04Underwriters within five Business Days of receipt thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Contimortgage Home Equity Trust 1999-1)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect the name of each Group will be separately deposited the Trust for the benefit of the Owners of the Certificates and maintained (the "Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account"). The Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titled: "[________________], as Indenture Trustee funds held in trust for the registered holders of Renaissance Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth not be held as a trust account commingled with a qualifying Designated Depository Institution selected by the Indenture Trusteeany other funds. The Servicer shall notify the Indenture Trustee, the Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Mortgage Loans to into the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). Subject to Subsection (c) below, on the Startup Day, the Seller and/or the Servicer shall deposit into the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and invested as set forth for the benefit of the Owners of the Certificates. Any investment earnings on funds held in Section 5.06 hereofthe Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on the second Business Day of the month for the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the Trustee. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due collections on the Home Equity Mortgage Loans (net of the Servicing Fee related to such Home Equity Loans) on and received after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Home Equity Mortgage Loans received by the Servicer Servicer, Compensating Interest and Delinquency Advances together with any income amounts which are reimbursable from REO Properties, the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing 203968.5d 72 compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (a) the Principal Loan Balance of the related Home Equity Mortgage Loan immediately prior to liquidation, plus (b) any accrued and unpaid interest on such Home Equity Loan (net of thereon through the related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on Remittance Period in which the related Home Equity Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaidliquidation occurred.
(di) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, Account only in the following priority and for the following purposes:
(A) on each to effect the timely remittance to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(CD) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(FE) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX;IX hereof.
(iii) The On the Determination Date of each month, the Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (aor, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available funds, without duplicationfunds for deposit to the Certificate Account, the Monthly Group I Interest Remittance Amount allocable to a and the Group I Principal Remittance Period not later than the related Monthly Amount for such Remittance Date, and .
(biv) on On each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform remit to the Indenture Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Insurer on each Monthly Remittance DateOversight Agent are not the same Person, shall provide the Oversight Agent with respect to each Home Equity Group, written notice (by facsimile or electronic mail) of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as amount of such datedeposit.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Alliance Mortgage Loan Trust 1999-2)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account")Account to be held as a trust account. The Each Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titledidentified on the records of the Designated Depository Institution as follows: "[________________]Manufacturers and Traders Trust Company, as Indenture Trustee in trust for under the registered holders Pooling and Servicing Agreement dated as of Renaissance Home Equity Loan Asset-Backed Notes and the InsurerJune 1, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account1999." If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately shall, within 30 days, be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture TrusteeInstitution. The Servicer shall notify the Indenture Trustee, the Master Servicer, the Certificate Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested (up to the limits insured by the FDIC) or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 hereoftrust in the name of the Trustee for the benefit of the Owners and the Certificate Insurer. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount (and the Monthly Excess Interest Amount included therein) by the Servicer. Any investment losses on funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than on the second Business Day after receipt, receipt all principal collected and interest due collections on the Home Equity Loans (net of received, and interest collections on the Servicing Fee related to such Home Equity Loans) on Loans due and received after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) the Servicing Fee with respect to each Home Equity Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal collected and interest due and received on or prior to the Cut-Off Date, (iii) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aA) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bB) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) to the date of such liquidation, and (cC) any unrecovered Cram Down LossesRealized Losses incurred during the related Remittance Period, (iiiv) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iiiv) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaidunpaid (all such net amounts being herein referred to as the "Daily Collections").
(di) The Servicer may make withdrawals for its own account from the amounts on deposit in the Principal and Interest Account, with respect to each the Home Equity GroupLoans, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees withdraw interest paid with respect to any Home Equity Loans that had accrued for periods prior to the extent such Servicing Fees are not retained by the ServicerCut-Off Date;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to reimburse itself pursuant to Section 8.09(a) for unrecovered Delinquency Advances and Servicing Advances;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(FE) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;.
(iii) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Certificate Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance DateDate and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Remittance Report Date, deliver to the Indenture TrusteeMaster Servicer, the Depositor Trustee and the Insurer, Certificate Insurer a monthly servicing report, with respect to each the Home Equity GroupLoans, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loanscollected, scheduled principal and interest that was due on the Home Equity Loansinterest, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information as may reasonably be requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan)Master Servicer. In addition, the Servicer shall inform the Indenture Master Servicer, the Trustee and the Certificate Insurer on each Monthly Remittance Date, Date with respect to each the Home Equity Group, Loans of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such date.
(iiiii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b8.08(d)(ii)(b) and in Section 5.03 7.09(c) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 7.09 and the Trustee shall forward such information to make the allocations and disbursements set forth in Sections 5.01 and 5.04Underwriters within five Business Days of receipt thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Contisecurities Asset Funding Corp)
Principal and Interest Account. (a) The Master Servicer and/or each Sub-Servicer, as applicable, shall establish an account, which includes three separate subaccounts into which amounts in respect the name of each Group will be separately deposited and maintained (the "Principal and Interest Account"). The Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titled: "[________________], as Indenture Trustee in trust Trust for the registered holders benefit of Renaissance Home Equity Loan Asset-Backed Notes the Owners of the Certificates and the Certificate Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] and maintain at one or more Designated Depository Institutions a Principal and Interest Account." If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) Subject to Subsection Subsections (c) and (e) below, the Master Servicer and any Sub-Servicer shall deposit all receipts required pursuant to Subsection (c) below of principal and accrued interest related to the Home Equity Mortgage Loans in each such Mortgage Loan Group to the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). .
(b) All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and invested as set forth for the benefit of the Owners of the Certificates and the Certificate Insurer. Any investment earnings on funds held in Section 5.06 hereofthe Principal and Interest Account shall be for the account of the Master Servicer and may only be withdrawn from the Principal and Interest Account by the Master Servicer immediately following the remittance of the Monthly Remittance Amounts by the Master Servicer. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings. Any investment losses are at the expense of the Master Servicer and shall be replaced on or prior to the Remittance Date.
(c) The Subject to Subsection (e) below, the Master Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due accrued on the Home Equity Mortgage Loans (net of the Servicing Fee related to such Home Equity Loans) on and or after the Initial Cut-Off Date and the Replacement or related Subsequent Cut-Off Date, as applicable, Date including any Prepaid Installments, Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Master Servicer with respect to such Mortgage Loans, other recoveries or amounts related to the Home Equity such Mortgage Loans received by the Servicer Master Servicer, Compensating Interest and Delinquency Advances together with any income amounts which are reimbursable from REO Propertiessuch Principal and Interest Account, but net of (i) the Servicing Fee with respect to each such Mortgage Loan and other servicing compensation due to the Master Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) collected on the related Mortgage Loans prior to the Cut-Off Date, (iii) interest accruing on the related Mortgage Loans prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (a) the Principal Loan Balance of the related Home Equity Mortgage Loan immediately prior to liquidation, plus (b) and accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaidthereon.
(di) The Master Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, Account only in the following priority and for the following purposes:
(A1) on each to effect the timely remittance to the Trustee of the Monthly Remittance Amounts due on the Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B2) to reimburse itself pursuant to Section 8.9(a) hereof for unreimbursed Delinquency Advances and Servicing Advances and Nonrecoverable Advances;
(3) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C4) to withdraw amounts that have been deposited to the a Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(F5) to clear and terminate the each Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX;X; and
(i6) The to invest in Eligible Investments.
(ii) On the tenth day of each month, the Master Servicer shall send to the Trustee a report, in the form of a computer tape, detailing the payments on the Mortgage Loans during the prior Remittance Period. Such tape shall be in the form and have the specifications as may be agreed to between the Master Servicer and the Trustee from time to time. The Certificate Insurer shall have the right to request this computer tape upon providing 3 Business Days written notice to the Master Servicer.
(aiii) On each Remittance Date the Master Servicer shall remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available fundsfunds for deposit in the Certificate Account the amounts specified in Section 7.5(a) of this Agreement, without duplication(A) for Group I, the Monthly Group I Interest Remittance Amount allocable to a and the Group I Principal Remittance Period not later than the related Monthly Remittance Date, Amount and (bB) on each Monthly Remittance Date, deliver to the Indenture Trusteefor Group II, the Depositor Group II Interest Remittance Amount and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing Group II Principal Remittance Amount.
(without limitatione) To the following information: principal and interest collected in respect of extent that the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loansratings, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning then assigned to the servicing unsecured debt of the Home Equity Loans Master Servicer or of the Master Servicer's ultimate corporate parent are satisfactory to the Certificate Insurer, the Trustee and any other information requested each Rating Agency, then the requirement to maintain the Principal and Interest Account and deposit of principal collections and accrued interest may be waived by an instrument signed by the Insurer (includingCertificate Insurer, without limitationTrustee and each Rating Agency, a liquidation report and the Master Servicer may be allowed to co-mingle with respect its general funds the amounts otherwise required to each Liquidated Loan). In additionbe deposited to the Principal and Interest Account, on such terms and subject to such conditions as the Certificate Insurer, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such dateRating Agency may permit.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Advanta Conduit Receivables Inc)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will cause to be separately deposited established and maintained (the "Principal and Interest Account")Account including two subaccounts, one designated as the Interest Collection Account and the other designated as the Principal Collection Account titled “Principal and Interest Account for NewStar Financial, Inc., its successors and assigns as Servicer for NewStar Commercial Loan Trust 2006-1 subject to the lien of U.S. Bank National Association, its successors and assigns, as Trustee on behalf of the registered holders of NewStar Commercial Loan Trust 2006-1 Notes”. The Principal and Interest Account shall be an held in one or more Eligible AccountDeposit Accounts with a Qualified Institution in the form of time deposit or demand accounts, which may be interest-bearing or such accounts may be trust accounts wherein the moneys therein are invested in Permitted Investments. The All funds in such Principal and Interest Account not so invested shall be titled: "[________________], as Indenture Trustee in trust for insured to the registered holders of Renaissance Home Equity Loan Asset-Backed Notes extent and the Insurer, and as Paying Agent for amount permitted by the Transferor in respect BIF or SAIF of the Ownership InterestFDIC to the maximum extent provided by law. The Servicer may, as their interests may appearupon written notice to the Trustee, Series 200[_]-[__] transfer any Principal and Interest Account to a different Eligible Deposit Account." If
(b) The Servicer shall deposit or cause to be deposited (within two Business Days of receipt thereof) in the institution at applicable Principal and Interest Account and retain therein, subject to withdrawal as permitted by this Section 7.03, the following amounts received by the Servicer (and shall segregate and deposit Interest Collections into the Interest Collections Account and Principal Collections into the Principal Collection Account):
(i) all Principal Collections accruing and received on or after the Closing Date or the related Cut-Off Date, as applicable;
(ii) all Interest Collections accruing and received on or after the Closing Date;
(iii) all Insurance Proceeds (other than amounts to be applied to restoration or repair of any time holding Related Property or to be released to the Obligor, other creditors or any other Person in accordance with the Required Loan Documents, the Credit and Collection Policy and the Servicing Standard);
(iv) any other proceeds from any other Related Property securing the Loans (other than amounts released to the Obligor, other creditors or any other Person in accordance with Applicable Law, the Required Loan Documents, the Credit and Collection Policy and the Servicing Standard);
(v) any amounts paid in connection with the purchase or repurchase of any Loan;
(vi) any amount required to be deposited in the Principal and Interest Account ceases pursuant to be eligible as a Designated Depository Institution hereunder, then Section 5.10 or this Section 7.03; and
(vii) the amount of any gains and interest incurred in connection with investments in Permitted Investments.
(c) The Servicer shall immediately be required have no obligation to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then deposit into the Principal and Interest Account shall thenceforth be held as any Excluded Amounts.
(d) Not later than the close of business on each Reference Date immediately preceding a trust account with Distribution Date, the Servicer will remit to the Principal and Interest Account any Scheduled Payment Advance that the Servicer determines to make.
(e) Notwithstanding Section 7.03(b), if (i) the Servicer makes a qualifying Designated Depository Institution selected deposit into the Principal and Interest Account in respect of a Collection of a Loan in the Collateral and such Collection was received by the Indenture Trustee. The Servicer in the form of a check that is not honored for any reason, or (ii) the Servicer makes a mistake with respect to the amount of any Collection and deposits an amount that is less than or more than the actual amount of such Collection, the Servicer shall notify appropriately adjust the Indenture Trustee, amount subsequently deposited into the Insurer Principal and the Owners if there Interest Account to reflect such dishonored check or mistake. Any Scheduled Payment in respect of which a dishonored check is a change received shall be deemed not to have been paid.
(f) The foregoing requirements for deposit in the namePrincipal and Interest Accounts shall be exclusive, account number or institution holding it being understood and agreed that, without limiting the generality of the foregoing, payments with respect to the Servicing Fee, Liquidation Expenses and Excluded Amounts may not be deposited by the Servicer in the Principal and Interest Account.
(bg) Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account Any Investment Earnings on a daily basis (but no later than the second Business Day after receipt). All funds held in the Principal and Interest Account shall be held deemed part of the Interest Collection Account and invested as set forth shall be deposited therein pursuant to this Section 7.03 and distributed on the next Distribution Date pursuant to Section 7.05. The amount of any losses incurred in Section 5.06 hereof.
(c) The Servicer shall deposit to connection with the investment of funds in the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received in Permitted Investments directed by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (a) the Principal Balance of the related Home Equity Loan immediately prior to liquidation, plus (b) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iii) reimbursements for amounts shall be deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution the Servicer from its own funds immediately as unpaidrealized without reimbursement therefor.
(dh) The Servicer may (and, for the purposes of clause (i) below, shall), at any time upon one Business Day’s notice to the Trustee or, if different, the depository institution then holding the Principal and Interest Account, make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, only in the following priority and Account for the following purposes:
(Ai) to remit to the Trustee on each Monthly Remittance the Business Day immediately preceding a Distribution Date, for deposit in the Note Distribution Account, Interest Collections and Principal Collections received during the immediately preceding Due Period (other than such amounts which are deemed herein not to pay be Principal Collections at such time);
(ii) subject to Section 5.02(o), to reimburse itself the related for any unreimbursed Scheduled Payment Advances and Servicing Fees Advances, together with accrued and unpaid interest due thereon, to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit deposited in the Principal and Interest AccountAccount (and not netted from Scheduled Payments or other amounts received from the Obligor of the related Loans or from other proceeds received with respect to such Obligor or the Related Properly);
(Ciii) to withdraw amounts any amount received from an Obligor that have been is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction;
(iv) to make investments in Permitted Investments;
(v) to withdraw any funds deposited to in the Principal and Interest Account that were not required or permitted to be deposited therein or were deposited therein in error;
(Dvi) prior to the replacement of the Servicer following a Servicer Default, to pay itself certain additional servicing compensation as permitted under Section 5.1 l(b) of this Agreement;
(vii) to reimburse itself acquire Substitute Loans as contemplated by Section 2.04(a) to the extent funds have been deposited by the Originator for such purpose pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan2.04(a)(i)(2);
(E) Nonrecoverable Advances; and
(Fviii) to clear and terminate the Principal and Interest Account following upon the termination of the Trust pursuant to Article IX;this Agreement.
(i) The If the depository institution then holding the Reserve Fund is not the Trustee, the Servicer shall, or shall (a) cause such depository institution to, remit to the Indenture Trustee no later than the Business Day immediately preceding a Distribution Date, for deposit in the Note Distribution Account by wire transferAccount, or otherwise make all funds available on deposit in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such dateReserve Fund.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.
Appears in 1 contract
Samples: Sale and Servicing Agreement (NewStar Financial, Inc.)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account")Account to be held as a trust account. The Each Principal and Interest Account shall be an Eligible Account. identified on the records of the Designated Depository Institution as follows: The Principal and Interest Account shall be titled: "[________________]Chase Manhattan Bank, as Indenture Trustee in trust for on behalf of the registered holders Owners of Renaissance the IMC Home Equity Loan AssetTrust 1997-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." 7 Home Equity Loan Pass-Through Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Certificate Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested up to the amount insured by the FDIC or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 hereoftrust in the name of the Trust for the benefit of the Owners. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount (and the Total Monthly Excess Spread included therein) by the Servicer. Any investment losses on funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than on the second Business Day after receipt, receipt all principal collected and interest due collections on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and due after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aI) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bII) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) to the date of such liquidation and (cIII) any unrecovered Cram Down LossesRealized Losses incurred during the related Remittance Period, (ii) principal and interest due (and Prepayments collected) on the Home Equity Loans on or prior to the Cut-Off Date or related Subsequent Cut-Off Date, as the case may be, (iii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iiiiv) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaidunpaid (all such net amount herein referred to as "Daily Collections").
(di) The Servicer may make withdrawals for its own account from the Principal and Interest Account, with respect to each Home Equity Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the ServicerFee;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 8.09(a) for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loanfor any excess Compensating Interest received by it pursuant to Section 8.10(a);
(E) Nonrecoverable Advances; and
(FE) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;.
(iii) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Certificate Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance DateDate and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Remittance Reporting Date, deliver to the Indenture Trustee, the Depositor Trustee and the Certificate Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan)Loans. In addition, the Servicer shall inform the Indenture Trustee and the Certificate Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, Reporting Date of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, Period and of the Principal Loan Balance of the Home Equity Loan having the largest Principal Loan Balance as of such date.
(iiiii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b8.08(d)(ii)(b) and in Section 5.03 7.09(b) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.047.09.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Imc Home Equity Loan Trust 1997-7)
Principal and Interest Account. (a) The Master Servicer and/or each Sub-Servicer, as applicable, shall establish an account, which includes three separate subaccounts into which amounts and maintain at one or more Designated Depository Institutions in respect the name of each Group will be separately deposited and maintained (the "Principal and Interest Account"). The Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titled: "[________________], as Indenture Trustee in trust Trust for the registered holders benefit of Renaissance Home Equity Loan Asset-Backed Notes the Owners of the Certificates and the Certificate Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] a Principal and Interest Account." If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then The establishment of the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected evidenced by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Insurer and the Owners if there is Master Servicer's delivery of a change notice in the nameform of Exhibit C hereto, account number or institution holding the Principal and Interest Account.
(b) properly completed. Subject to Subsection Subsections (c) and (e) below, the Master Servicer and any Sub-Servicer shall deposit all receipts required pursuant to Subsection (c) below of principal and accrued interest related to the Home Equity Mortgage Loans in each such Mortgage Loan Group to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt). .
(b) All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and invested as set forth for the benefit of the Owners of the Certificates and the Certificate Insurer. Any investment earnings on funds held in Section 5.06 hereofthe Principal and Interest Account shall be for the account of the Master Servicer. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings. Any investment losses are at the expense of the Master Servicer and shall be replaced on or prior to the Remittance Date.
(c) The With respect to the Mortgage Loans and subject to Section 8.08(e), the Master Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due accrued on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and or after the Cut-Off Date and the Replacement Initial Cut-Off Date, as applicable, related Subsequent Cut-Off Date or Replacement Cut-Off Date including any Prepayments and Prepaid Installments, Prepayments, Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Master Servicer, other recoveries or amounts related to the Home Equity Loans received by the Servicer Master Servicer, Compensating Interest and Delinquency Advances together with any income amounts which are reimbursable from REO Propertiessuch Principal and Interest Account, but net of (i) the Servicing Fee and other servicing compensation due to the Master Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) collected on the related Mortgage Loans prior to the Initial Cut-Off Date, Subsequent Cut-Off Date or Replacement Cut-Off Date (iii) interest accruing on the related Mortgage Loans prior to the Initial Cut-Off Date, Subsequent Cut-Off Date or Replacement Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (a) the Principal Loan Balance of the related Home Equity Mortgage Loan immediately prior to liquidation, plus (b) and accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaidthereon.
(di) The Master Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, Account only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(F) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;
(i) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such date.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Advanta Mortgage Loan Trust 2000-1)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect the name of each Group will be separately deposited the Trust for the benefit of the Owners of the Certificates and maintained (the "Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account"). The Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titled: "[________________], as Indenture Trustee funds held in trust for the registered holders of Renaissance Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth not be held as a trust account commingled with a qualifying Designated Depository Institution selected by the Indenture Trusteeany other funds. The Servicer shall notify the Indenture Trustee, the Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) Subject to Subsection (c) below, the Servicer and any Sub-Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Mortgage Loans to into the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). Subject to Subsection (c) below, within one Business Day following the Startup Day, the Company and/or the Servicer shall deposit into the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and invested as set forth for the benefit of the Owners of the Certificates. Any investment earnings on funds held in Section 5.06 hereofthe Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on the second Business Day of the month for the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account held by the Trustee, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the Trustee. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due collections on the Home Equity Mortgage Loans (net of the Servicing Fee related to such Home Equity Loans) on and received after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Home Equity Mortgage Loans received by the Servicer Servicer, Compensating Interest and Delinquency Advances together with any income amounts which are reimbursable from REO Properties, the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest accruing on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (a) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (b) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Mortgage Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(di) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, Account only in the following priority and for the following purposes:
(A) on each to effect the timely remittance to the Trustee of the Monthly Remittance Amounts due on the Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(CD) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(FE) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX;IX hereof.
(iii) The On the Determination Date of each month, commencing in October 1996 the Servicer shall send to the Trustee the Monthly Exception Report, in the form of a computer tape, detailing the payments on the Mortgage Loans during the prior Remittance Period and certifying the amounts and purpose of withdrawals permitted pursuant to (ad) above from the Principal and Interest Account. Such tape shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, commencing in October 1996 the Servicer shall remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available fundsfunds for deposit to the Certificate Account, without duplication(x) for Group I, the Monthly Group I Interest Remittance Amount allocable to a and the Group I Principal Remittance Period not later than the related Monthly Remittance Date, Amount and (by) on each Monthly Remittance Date, deliver to the Indenture Trusteefor Group II, the Depositor Group II Interest Remittance Amount and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Group II Principal Remittance Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such dateAmount.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Alliance Mortgage Loan Trust 1996-3)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect the name of each Group will be separately deposited the Trust for the benefit of the Owners of the Certificates and maintained (the "Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account"). The Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titled: "[________________], as Indenture Trustee funds held in trust for the registered holders of Renaissance Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth not be held as a trust account commingled with a qualifying Designated Depository Institution selected by the Indenture Trusteeany other funds. The Servicer shall notify the Indenture Trustee, the Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) Subject to Subsection (c) below, the Servicer and any Sub-Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Mortgage Loans to into the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). Subject to Subsection (c) below, within one Business Day following the Startup Day, the Company and/or the Servicer shall deposit into the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and invested as set forth for the benefit of the Owners of the Certificates. Any investment earnings on funds held in Section 5.06 hereofthe Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on the second Business Day of the month for the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the Trustee. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due collections on the Home Equity Mortgage Loans (net of the Servicing Fee related to such Home Equity Loans) on and received after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Home Equity Mortgage Loans received by the Servicer Servicer, Compensating Interest and Delinquency Advances together with any income amounts which are reimbursable from REO Properties, the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest accruing on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (a) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (b) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Mortgage Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(di) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, Account only in the following priority and for the following purposes:
(A) on each to effect the timely remittance to the Trustee of the Monthly Remittance Amounts due on the Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(CD) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(FE) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX;IX hereof.
(iii) The On the Determination Date of each month, commencing in October 1997 the Servicer shall send to the Trustee the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period and certifying the amounts and purpose of withdrawals permitted pursuant to (ad) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, commencing in October 1997 the Servicer shall remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available fundsfunds for deposit to the Certificate Account, without duplication(x) for Group I, the Monthly Group I Interest Remittance Amount allocable to a and the Group I Principal Remittance Period not later than the related Monthly Remittance Date, Amount and (by) on each Monthly Remittance Date, deliver to the Indenture Trusteefor Group II, the Depositor Group II Interest Remittance Amount and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Group II Principal Remittance Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such dateAmount.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Alliance Mortgage Loan Trust 1997-3)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account"). The Principal and Interest Account , which shall be an Eligible Account. The Principal and Interest Account shall be titledidentified on the records of the Designated Depository Institution as follows: "[________________]The Bank of New York, as Indenture Trustee in trust for on behalf of the registered holders Owners of Renaissance the Nationstar Home Equity Loan Trust 2007-B Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by at the Indenture applicable Corporate Trust Office of the Trustee. The Servicer shall notify the Indenture Trustee, the Insurer Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested up to the amount insured by the FDIC or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 trust in the name of the Trust for the benefit of the Owners. The Trust shall be divided into two separate subtrusts; one for Group 1 and any Trust assets allocable to Group 1 and one for Group 2 and any Trust assets allocable to Group 2. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount by the Servicer in accordance with the terms hereof. Any investment losses on amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, (x) all Prepayment Charges collected on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, and (y) all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aA) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bB) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and plus (cC) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Arrearages, if any, unreimbursed Delinquency Advances and unreimbursed Servicing Advances (but in each case solely from amounts received on the related Home Equity Loan) as provided in Section 8.09 and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(d) The Servicer may make withdrawals from the Principal and Interest Account, Account with respect to each Home Equity Loan Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered unreimbursed Arrearages, unreimbursed Delinquency Advances and unrecovered for unreimbursed Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan)) as provided in Section 8.09;
(E) to reimburse itself pursuant to Sections 8.09(a), (b) and (c) for Nonrecoverable Advances; and
(F) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;.
(ie) The Servicer shall (ai) remit to the Indenture Trustee for deposit in the Distribution Certificate Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (bii) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor Trustee and the InsurerDepositor, a monthly servicing report, with respect to each Home Equity Loan Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan)Loans. In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Loan Balance of the Home Equity Loan having the largest Principal Loan Balance as of such date.
(iif) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b8.08(e)(ii) and in Section 5.03 7.09(b) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 7.09 and to make the allocations and disbursements set forth in Sections 5.01 7.02 and 5.047.03.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Nationstar Home Equity Loan Trust 2007-B)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account"). The Principal and Interest Account , which shall be an Eligible Account. The Principal and Interest Account shall be titledidentified on the records of the Designated Depository Institution as follows: "[________________]JPMorgan Chase Bank, as Indenture Trustee in trust for on behalf of the registered holders Owners of Renaissance the Centex Home Equity Loan Trust 2004-B Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by at the Indenture Corporate Trust Office of the Trustee. The Servicer shall notify the Indenture Trustee, the Insurer Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested up to the amount insured by the FDIC or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 trust in the name of the Trust for the benefit of the Owners. The Trust shall be divided into four separate sub-trusts; one for Group I and any Trust assets allocable to Group I, one for Group II and any Trust assets allocable to Group II, one for Group III and any Trust assets allocable to Group III and one for Group IV and any Trust assets allocable to Group IV. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount by the Servicer in accordance with the terms hereof. Any investment losses on amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aA) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bB) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and plus (cC) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances and unreimbursed Servicing Advances (but in each case solely from amounts received on the related Home Equity Loan) as provided in Section 8.09 and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(d) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Loan Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered unreimbursed Delinquency Advances and unrecovered for unreimbursed Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan)) as provided in Section 8.09;
(E) to reimburse itself pursuant to Sections 8.09(a) and (b) for Nonrecoverable Advances; and
(F) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;.
(ie) The Servicer shall (ai) remit to the Indenture Trustee for deposit in the Distribution Certificate Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (bii) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor Trustee and the InsurerDepositor, a monthly servicing report, with respect to each Home Equity Loan Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan)Loans. In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Loan Balance of the Home Equity Loan having the largest Principal Loan Balance as of such date.
(iif) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b8.08(e)(ii) and in Section 5.03 7.09(b) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 7.09 and to make the allocations and disbursements set forth in Sections 5.01 7.02 and 5.047.03.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Chec Funding LLC Centex Home Equity Loan Trust 2004-B)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect the name of each Group will be separately deposited the Trust for the benefit of the Owners of the Certificates and maintained (the "Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account"). The Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titled: "[________________], as Indenture Trustee funds held in trust for the registered holders of Renaissance Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth not be held as a trust account commingled with a qualifying Designated Depository Institution selected by the Indenture Trusteeany other funds. The Servicer shall notify the Indenture Trustee, the Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) Subject to Subsection (c) below, the Servicer and any Sub-Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Mortgage Loans to into the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). Subject to Subsection (c) below, within one Business Day following the Startup Day, the Company and/or the Servicer shall deposit into the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and invested as set forth for the benefit of the Owners of the Certificates. Any investment earnings on funds held in Section 5.06 hereofthe Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on the second Business Day of the month for the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account held by the Trustee, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the Trustee. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due collections on the Home Equity Mortgage Loans (net of the Servicing Fee related to such Home Equity Loans) on and received after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Home Equity Mortgage Loans received by the Servicer Servicer, Compensating Interest and Delinquency Advances together with any income amounts which are reimbursable from REO Properties, the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest accruing on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (a) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (b) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Mortgage Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(di) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, Account only in the following priority and for the following purposes:
(A) on each to effect the timely remittance to the Trustee of the Monthly Remittance Amounts due on the Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(CD) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(FE) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX;IX hereof.
(iii) The On the Determination Date of each month, commencing in January 1997 the Servicer shall send to the Trustee the Monthly Exception Report, in the form of a computer tape, detailing the payments on the Mortgage Loans during the prior Remittance Period and certifying the amounts and purpose of withdrawals permitted pursuant to (ad) above from the Principal and Interest Account. Such tape shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, commencing in January 1997 the Servicer shall remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available fundsfunds for deposit to the Certificate Account, without duplication(x) for Group I, the Monthly Group I Interest Remittance Amount allocable to a and the Group I Principal Remittance Period not later than the related Monthly Remittance Date, Amount and (by) on each Monthly Remittance Date, deliver to the Indenture Trusteefor Group II, the Depositor Group II Interest Remittance Amount and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Group II Principal Remittance Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such dateAmount.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Alliance Mortgage Loan Trust 1996-4)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account")Account to be held as a trust account. The Each Principal and Interest Account shall be an Eligible Account. The Principal identified on the records of the Designated Depository Institution as follows: Manufacturers and Interest Account shall be titled: "[________________]Traders Trust Company, as Indenture Trustee in trust for under the registered holders Pooling and Servicing Agreement dated as of Renaissance Home Equity Loan Asset-Backed Notes and the InsurerFebruary 1, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." 1997. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately shall, within 30 days, be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture TrusteeInstitution. The Servicer shall notify the Indenture Trustee, the Insurer Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). 80
(b) All funds in the Principal and Interest Account shall be held (i) uninvested (up to the limits insured by the FDIC) or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 hereoftrust in the name of the Trustee for the benefit of the Owners. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount (and the Monthly Excess Interest Amount included therein) by the Servicer. Any investment losses on funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than on the second Business Day after receipt, receipt all principal collected and interest due collections on the Home Equity Loans (net of received, and interest collections on the Servicing Fee related to such Home Equity Loans) on and Loans accrued after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) the Servicing Fee with respect to each Home Equity Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal collected and interest accrued on any Home Equity Loan on or prior to the Cut-Off Date, (iii) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aI) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bII) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) to the date of such liquidation, and (cIII) any unrecovered Cram Down LossesRealized Losses incurred during the related Remittance Period, (iiiv) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iiiv) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaidunpaid (all such net amount herein referred to as "Daily Collections").
(di) The Servicer may make withdrawals for its own account from the amounts on deposit in the Principal and Interest Account, with respect to each Home Equity Group, Account only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees withdraw interest paid with respect to any Home Equity Loans that had accrued for periods prior to the extent such Servicing Fees are not retained by the ServicerCut-Off Date;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to reimburse itself pursuant to Section 8.09(a) for unrecovered Delinquency Advances and Servicing Advances;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(FE) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;.
(iii) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Certificate Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance DateDate and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, Trustee a monthly servicing report, with respect to each Home Equity Group, report containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loanscollected, scheduled principal and interest that was due on the Home Equity Loansinterest, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan)Loans. In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, Date of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such date.
(iiiii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b8.08(d)(ii)(b) and in Section 5.03 7.09(b) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 7.09 and the Trustee shall forward such information to make the allocations and disbursements set forth in Sections 5.01 and 5.04Underwriters within five Business Days of receipt thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Contimortgage Home Equity Loan Trust 1997-1)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect the name of each Group will be separately deposited the Trust for the benefit of the Owners of the Certificates and maintained (the "Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account"). The Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titled: "[________________], as Indenture Trustee funds held in trust for the registered holders of Renaissance Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth not be held as a trust account commingled with a qualifying Designated Depository Institution selected by the Indenture Trusteeany other funds. The Servicer shall notify the Indenture Trustee, the Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) Subject to Subsection (c) below, the Servicer and any Sub-Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Mortgage Loans to into the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). Subject to Subsection (c) below, on the Startup Day, the Seller and/or the Servicer shall deposit into the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and invested as set forth for the benefit of the Owners of the Certificates. Any investment earnings on funds held in Section 5.06 hereofthe Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on the second Business Day of the month for the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the Trustee. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due collections on the Home Equity Mortgage Loans (net of the Servicing Fee related to such Home Equity Loans) on and received after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Home Equity Mortgage Loans received by the Servicer Servicer, Compensating Interest and Delinquency Advances together with any income amounts which are reimbursable from REO Properties, the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (a) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (b) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Mortgage Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(di) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, Account only in the following priority and for the following purposes:
(A) on each to effect the timely remittance to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(CD) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(FE) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX;IX hereof.
(iii) The On the Determination Date of each month, the Servicer shall send to the Trustee the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period and certifying the amounts and purpose of withdrawals permitted pursuant to (ad) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available funds, without duplicationfunds for deposit to the Certificate Account, the Monthly Group I Interest Remittance Amount allocable to a and the Group I Principal Remittance Period not later than the related Monthly Amount for such Remittance Date, and .
(biv) on On each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform remit to the Indenture Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Insurer on each Monthly Group II Principal Remittance Amount for such Remittance Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such date.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Alliance Mortgage Loan Trust 1998-3)
Principal and Interest Account. (a) The Master Servicer and/or each Sub-Servicer, as applicable, shall establish an account, which includes three separate subaccounts into which amounts and maintain at one or more Designated Depository Institutions in respect the name of each Group will be separately deposited and maintained (the "Principal and Interest Account"). The Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titled: "[________________], as Indenture Trustee in trust Trust for the registered holders benefit of Renaissance Home Equity Loan Asset-Backed Notes the Owners of the Certificates and the Certificate Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] a Principal and Interest Account." If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then The establishment of the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected evidenced by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Insurer and the Owners if there is Master Servicer's delivery of a change notice in the nameform of Exhibit C hereto, account number or institution holding the Principal and Interest Account.
(b) properly completed. Subject to Subsection Subsections (c) and (e) below, the Master Servicer and any Sub-Servicer shall deposit all receipts required pursuant to Subsection (c) below of principal and accrued interest related to the Home Equity Mortgage Loans to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt). .
(b) All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and invested as set forth for the benefit of the Owners of the Certificates and the Certificate Insurer. Any investment earnings on funds held in Section 5.06 hereofthe Principal and Interest Account shall be for the account of the Master Servicer. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings. Any investment losses are at the expense of the Master Servicer and shall be replaced on or prior to the Remittance Date.
(c) The With respect to the Mortgage Loans and subject to Section 8.08(e), the Master Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal 74 81 collected and interest due accrued on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and or after the Initial Cut-Off Date and the or Replacement Cut-Off Date, as applicable, Date including any Prepayments and Prepaid Installments, Prepayments, Net Liquidation Proceeds, all Loan Purchase Prices, Substitution Amounts and, until such time as the Overcollateralization Amounts first equals the Specified Overcollateralization Amount, all Prepayment Penalties received or paid by the Master Servicer, other recoveries or amounts related to the Home Equity Loans received by the Servicer Master Servicer, Compensating Interest and Delinquency Advances together with any income amounts which are reimbursable from REO Propertiessuch Principal and Interest Account, but net of (i) the Servicing Fee and other servicing compensation due to the Master Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) collected on the related Mortgage Loans prior to the Initial Cut-Off Date or Replacement Cut-Off Date (iii) interest accruing on the related Mortgage Loans prior to the Initial Cut-Off Date or Replacement Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (a) the Principal Loan Balance of the related Home Equity Mortgage Loan immediately prior to liquidation, plus (b) and accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaidthereon.
(di) The Master Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, Account only in the following priority and for the following purposes:
(A) on each to effect the timely remittance to the Trustee of the Monthly Remittance Amounts due on the Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to reimburse itself pursuant to Section 8.09(a) hereof for unreimbursed Delinquency Advances and Servicing Advances and Nonrecoverable Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account, if such investment earnings have been deposited in the Principal and Interest Account;
(CD) to withdraw amounts that have been deposited to the a Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(F) to clear and terminate the each Principal and Interest Account following the termination of the Trust pursuant to Article IX;X; and
(iF) The Servicer shall (a) remit to the Indenture Trustee for deposit invest in the Distribution Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such dateEligible Investments.
(ii) The On the tenth day of each month, the Master Servicer shall provide send to the Indenture Trustee a computer tape, detailing the information described payments on the Mortgage Loans during the prior Remittance Period. Such tape shall be in Section 3.03(d)(i)(bthe form and have the specifications as may be agreed to between the Master Servicer and the Trustee from time to time. The Certificate Insurer shall have the right to request this computer tape upon providing three (3) and Business Days' written notice to the Master Servicer. Upon any change in Section 5.03 the format of the electronic medium maintained by the Master Servicer in respect of the Mortgage Loans, the Master Servicer shall deliver a copy of such electronic medium to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04Trustee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Advanta Mortgage Loan Trust 2000 2)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account")Account to be held as a trust account. The Principal and Interest Account shall be an Eligible Account. The Each Principal and Interest Account shall be titledidentified on the records of the Designated Depository Institution as follows: "[________________]The Chase Manhattan Bank, as Indenture Trustee in trust for on behalf of MBIA Insurance Corporation and the registered holders Owners of Renaissance the Asset Backed Securities Corporation Home Equity Loan AssetTrust 1999-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." LB1 Home Equity Loan Pass-Through Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Certificate Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt). All funds in the Principal and Interest Account shall be held (i) uninvested up to the amount insured by the FDIC or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the Business Day prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 trust in the name of the Trust for the benefit of the Owners and the Certificate Insurer. The Trust shall be divided into two separate sub-trusts; one for Group I and any Trust assets allocable to such Group I and one for Group II and any Trust assets allocable to such Group II. Any net investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount and the Prepayment Penalties with respect to the related Prepayment Period (and the Total Monthly Excess Spread included therein) by the Servicer in accordance with the terms hereof. Any investment losses on amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such net loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer (or, with respect to collections in June and July previously remitted to the Depositor, the Depositor) shall deposit to the Principal and Interest Account no later than on the second third Business Day after receiptreceipt by it or a Sub-Servicer, all principal collected and interest due collected on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date, the related Subsequent Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments received during the related Prepayment Period, Prepayment Penalties and Net Liquidation Proceeds, other recoveries recoveries, Net Insurance Proceeds or amounts related to the Home Equity Loans received by the Servicer and any income from REO Mortgaged Properties, but net of (i) Net Liquidation Proceeds principal (including Prepayments) and due on the Home Equity Loans on or prior to the extent such Net Liquidation Proceeds exceed Cut-Off Date and interest due on the sum of (a) Home Equity Loans on or prior to the Principal Balance of July 1, 1999, the related Home Equity Loan immediately prior to liquidation, plus (b) accrued and unpaid interest on such Home Equity Loan (net of Subsequent Cut-Off Date or the related Servicing Fee) and (c) any unrecovered Cram Down LossesReplacement Cut-Off Date, as the case may be, (ii) reimbursements for unreimbursed Delinquency Advances and Servicing Advances (but solely from amounts received on the related Home Equity Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaidunpaid (all such net amounts herein referred to as "Daily Collections").
(d) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Loan Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees remit to the extent such Servicing Fees are not retained by Trustee amounts to be deposited in the ServicerCertificate Account;
(B) to withdraw net investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 8.09(a) for non-retained and unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity LoanLoan and to the extent deposited in the Principal and Interest Account);
(E) to reimburse itself for Nonrecoverable Advances; and
(F) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;; In addition, if (a) there has been a draw on any Certificate Insurance Policy for which Long Beach or the Servicer is required to reimburse the Certificate Insurer pursuant to the Insurance Agreement; (b) Long Beach or the Servicer has reimbursed the Certificate Insurer for all such amounts required by the Insurance Agreement, (c) the Certificate Insurer has paid the draw amount to the Trustee for the benefit of the Certificateholders and (d) the Servicer has received late payments on the related Home Equity Loans in respect of which such draw was made, then the Servicer may, upon notice to the Trustee and the Certificate Insurer, reimburse itself or Long Beach, as applicable, from such late payments for the draw amount.
(i) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Certificate Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Due Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Certificate Insurer, a monthly servicing report, with respect to each Home Equity Loan Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Certificate Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Certificate Insurer on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Due Period, and of the Principal Loan Balance of the Home Equity Loan having the largest Principal Loan Balance as of such date. The Servicer shall report to the Trustee and the Certificate Insurer on each Monthly Remittance Date (commencing in August 1999) all amounts netted against collections during the preceding Prepayment Period (or in the case of the first report, two Prepayment Periods), including, without limitation, the Servicing Fees retained, the amounts described in Section 8.08(c)(ii) and the expenses (including unreimbursed Servicing Advances and unreimbursed Delinquency Advances) retained from Liquidation Proceeds.
(ii) The Servicer shall provide on or before each Monthly Remittance Date to the Indenture Trustee the information described in Section 3.03(d)(i)(b8.08(d)(i)(b) and in Section 5.03 7.09(b) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 Sections 7.08 and 7.09 and to make the allocations and disbursements set forth in Sections 5.01 7.02 and 5.047.03.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset Backed Sec Corp Home Equity Loan Tr 1999-Lb1)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account")Account to be held as a trust account. The Each Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titledidentified on the records of the Designated Depository Institution as follows: "[________________]Manufacturers and Traders Trust Company, as Indenture Trustee in trust for under the registered holders Pooling and Servicing Agreement dated as of Renaissance Home Equity Loan Asset-Backed Notes and the InsurerMarch 1, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account1998." If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately shall, within 30 days, be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture TrusteeInstitution. The Servicer shall notify the Indenture Trustee, the Certificate Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested (up to the limits insured by the FDIC) or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 hereoftrust in the name of the Trustee for the benefit of the Owners and the Certificate Insurer. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount (and the Monthly Excess Interest Amount included therein) by the Servicer. Any investment losses on funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than on the second Business Day after receipt, receipt all principal collected and interest due collections on the Home Equity Loans (net of received, and interest collections on the Servicing Fee related to such Home Equity Loans) on and Loans accrued after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) the Servicing Fee with respect to each Home Equity Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal collected and interest accrued on any Home Equity Loan on or prior to the Cut-Off Date, (iii) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aI) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bII) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) to the date of such liquidation, and (cIII) any unrecovered Cram Down LossesRealized Losses incurred during the related Remittance Period, (iiiv) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iiiv) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaidunpaid (all such net amount herein referred to as "Daily Collections").
(di) The Servicer may make withdrawals for its own account from the amounts on deposit in the Principal and Interest Account, with respect to each the Home Equity GroupLoans, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees withdraw interest paid with respect to any Home Equity Loans that had accrued for periods prior to the extent such Servicing Fees are not retained by the ServicerCut-Off Date;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to reimburse itself pursuant to Section 8.09(a) for unrecovered Delinquency Advances and Servicing Advances;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(FE) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;.
(iii) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Certificate Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance DateDate and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor Trustee and the Insurer, Certificate Insurer a monthly servicing report, with respect to each the Home Equity GroupLoans, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loanscollected, scheduled principal and interest that was due on the Home Equity Loansinterest, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan)Loans. In addition, the Servicer shall inform the Indenture Trustee and the Certificate Insurer on each Monthly Remittance Date, Date with respect to each the Home Equity Group, Loans of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such date.
(iiiii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b8.08(d)(ii)(b) and in Section 5.03 7.09(c) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 7.09 and the Trustee shall forward such information to make the allocations and disbursements set forth in Sections 5.01 and 5.04Underwriters within five Business Days of receipt thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Contimortgage Home Equity Trust 1998-1)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account"). The Principal and Interest Account , which shall be an Eligible Account. The Principal and Interest Account shall be titledidentified on the records of the Designated Depository Institution as follows: "[________________]JPMorgan Chase Bank, as Indenture Trustee in trust for on behalf of the registered holders Owners of Renaissance the Centex Home Equity Loan Trust 2002-C Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by at the Indenture Corporate Trust Office of the Trustee. The Servicer shall notify the Indenture Trustee, the Insurer Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested up to the amount insured by the FDIC or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 trust in the name of the Trust for the benefit of the Owners. The Trust shall be divided into two separate sub-trusts; one for Group I and any Trust assets allocable to Group I and the other for Group II and any Trust assets allocable to Group II. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount by the Servicer in accordance with the terms hereof. Any investment losses on amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aA) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bB) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and plus (cC) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances and unreimbursed Servicing Advances (but in each case solely from amounts received on the related Home Equity Loan) as provided in Section 8.09 and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(d) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Loan Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered unreimbursed Delinquency Advances and unrecovered for unreimbursed Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan)) as provided in Section 8.09;
(E) to reimburse itself pursuant to Section 8.09(a) for Nonrecoverable Advances; and
(F) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;.
(ie) The Servicer shall (ai) remit to the Indenture Trustee for deposit in the Distribution Certificate Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (bii) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor Trustee and the InsurerDepositor, a monthly servicing report, with respect to each Home Equity Loan Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan)Loans. In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Loan Balance of the Home Equity Loan having the largest Principal Loan Balance as of such date.
(iif) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b8.08(e)(ii) and in Section 5.03 7.09(b) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 7.09 and to make the allocations and disbursements set forth in Sections 5.01 7.02 and 5.047.03.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2002-C)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account")Account to be held as a trust account. The Principal and Interest Account shall be an Eligible Account. The Each Principal and Interest Account shall be titledidentified on the records of the Designated Depository Institution as follows: "[________________]Norwest Bank Minnesota, National Association, as Indenture Trustee in trust for on behalf of Financial Security Assurance Inc. and the registered holders Owners of Renaissance the Centex Home Equity Loan AssetTrust 1998-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." 4 Home Equity Loan Pass-Through Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Certificate Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested up to the amount insured by the FDIC or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 trust in the name of the Trust for the benefit of the Owners. The Trust shall be divided into two separate sub-trusts; one for Group I and any Trust assets allocable to such Group I and the other for Group II and any Trust assets allocable to such Group II. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount (and the Total Monthly Excess Spread included therein) by the Servicer in accordance with the terms hereof. Any investment losses on amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than on the second Business Day after receipt, all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aI) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bII) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (cIII) any unrecovered Cram Down Losses, (ii) principal received and interest due on the Home Equity Loans prior to the Cut-Off Date or the related Replacement Cut-Off Date, as the case may be, (iii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iiiiv) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaidunpaid (all such net amount herein referred to as "Daily Collections").
(d) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Loan Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 8.09(a) for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(F) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;
(i) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Certificate Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Certificate Insurer, a monthly servicing report, with respect to each Home Equity Loan Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Certificate Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Certificate Insurer on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Loan Balance of the Home Equity Loan having the largest Principal Loan Balance as of such date.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b8.08(d)(ii)(b) and in Section 5.03 7.09(b) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 7.09 and to make the allocations and disbursements set forth in Sections 5.01 7.02 and 5.047.03.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Chec Asset Receivables Corp)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will cause to be separately deposited established and maintained (the "one or more Principal and Interest Accounts (including for each such account two (2) subaccounts, one designated as the Interest Collection Account and the other designated as the Principal Collection Account), in one or more Eligible Deposit Accounts, in the form of time deposit or demand accounts, which may be interest-bearing or such accounts may be trust accounts wherein the moneys therein are invested in Permitted Investments, titled "). The Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titled: "[________________]MCG Capital Corporation, as Indenture Trustee Servicer, in trust for the registered holders of Renaissance Home Equity MCG Commercial Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appearTrust Notes, Series 200[_]-[__] 2001-1 Class A, Class B and Class C Notes." All funds in such Principal and Interest Accounts not so invested shall be insured to the extent and the amount permitted by the BIF or SAIF of the FDIC to the maximum extent provided by law. The creation of any Principal and Interest Account shall be evidenced by a letter agreement in the form of Exhibit E hereto. A copy of such --------- letter agreement shall be furnished to the Indenture Trustee, the Owner Trustee and, upon request, any Noteholder or Certificateholder. The Servicer may, upon written notice to the Indenture Trustee, transfer any Principal and Interest Account to a different Eligible Deposit Account." If
(b) The Servicer and each Subservicer shall deposit without duplication (within two (2) Business Days of receipt thereof) in the institution at applicable Principal and Interest Account and retain therein the following amounts received by the Servicer (and shall segregate and deposit Interest Collections into the Interest Collections Account and Principal Collections into the Principal Collection Account):
(i) all Principal Collections accruing and received on or after the applicable Cut-Off Date;
(ii) all Interest Collections accruing and received on or after the first day of the month of the Closing Date (net of the Servicing Fee with respect to each Loan and other servicing compensation payable to the Servicer as permitted herein) and all origination and commitment fees;
(iii) all Net Liquidation Proceeds (other than Insurance Proceeds covered under clause (iv) below); -----------
(iv) all Insurance Proceeds (other than amounts to be applied to restoration or repair of any time holding related Collateral, or to be released to the Obligor in accordance with the Credit and Collection Policy);
(v) all Released Mortgaged Property Proceeds and any other proceeds from any other Collateral securing the Loans (other than amounts released to the Obligor in accordance with the Credit and Collection Policy);
(vi) any amounts paid in connection with the purchase or repurchase of any Loan;
(vii) any amount required to be deposited in the Principal and Interest Account ceases pursuant to be eligible as a Designated Depository Institution hereunder, then Sections 5.10 or 7.03; and ------------- ----
(viii) the amount of any gains and interest incurred in connection with investments in Permitted Investments.
(c) The Servicer shall immediately be required have no obligation to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then deposit into the Principal and Interest Account shall thenceforth be held as any Retained Interest or Released Amounts.
(d) Not later than the close of business on each Determination Date immediately preceding a trust account with Remittance Date, the Servicer will remit to the Principal and Interest Account any Scheduled Payment Advance that the Servicer determines to make.
(e) Notwithstanding subsection 7.03(b), if (i) the Servicer makes a qualifying Designated Depository Institution selected deposit ----------------- into the Principal and Interest Account in respect of a Collection of a Loan in the Loan Pool and such Collection was received by the Indenture Trustee. The Servicer in the form of a check that is not honored for any reason, or (ii) the Servicer makes a mistake with respect to the amount of any Collection and deposits an amount that is less than or more than the actual amount of such Collection, the Servicer shall notify appropriately adjust the Indenture Trusteeamount subsequently deposited into the Principal and Interest Account to reflect such dishonored check or mistake. Any Scheduled Payment in respect of which a dishonored check is received shall be deemed not to have been paid.
(f) The foregoing requirements for deposit in the Principal and Interest Accounts shall be exclusive, it being understood and agreed that, without limiting the Insurer generality of the foregoing, payments with respect to the Servicing Fee, together with the difference between any Liquidation Proceeds and the Owners if there is a change related Net Liquidation Proceeds, may not be deposited by the Servicer in the name, account number or institution holding the Principal and Interest Account.
(bg) Subject to Subsection (c) belowSo long as no Servicer Default shall have occurred and be continuing, and consistent with any requirements of the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to Code, the Principal and Interest Accounts shall either be maintained with an Eligible Deposit Account on a daily basis as an interest-bearing account meeting the requirements set forth in subsection ---------- 7.03(a), or the funds held therein may be invested by the Servicer (but no later than to the second Business Day after receipt)------- extent practicable) in Permitted Investments, as directed in writing by the Servicer. All In either case, funds in the Principal and Interest Account shall Accounts must be held and invested as set forth in Section 5.06 hereof.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receiptavailable for withdrawal without penalty, all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (a) the Principal Balance of the related Home Equity Loan immediately prior to liquidation, plus (b) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(d) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(F) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;
(i) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period Permitted Investments must mature not later than the related Monthly Remittance Date, and Business Day immediately preceding the Determination Date next following the date of such investment (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect except that if such Permitted Investments is an obligation of the Home Equity Loansinstitution that maintains such account, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer then such Permitted Investments shall inform the Indenture Trustee and the Insurer on each Monthly Remittance mature not later than such Determination Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such date.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 shall not be sold or disposed of prior to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.maturity. All Permitted
Appears in 1 contract
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account")Account to be held as a trust account. The Each Principal and Interest Account shall be an Eligible Account. The Principal identified on the records of the Designated Depository Institution as follows: [Name of Trustee], as Trustee under the Pooling and Interest Account shall be titled: "[Servicing Agreement dated as of __________ 1, 199_______], as Indenture Trustee in trust for the registered holders of Renaissance Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." . If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately shall, within 30 days, be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture TrusteeInstitution. The Servicer shall notify the Indenture Trustee, the Certificate Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested (up to the limits insured by the FDIC) or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 hereoftrust in the name of the Trustee for the benefit of the Owners. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount (and the Total Monthly Excess Spread included therein) by the Servicer. Any investment losses on funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than on the second Business Day after receipt, receipt all principal collected and interest due collections on the Home Equity Loans (net of received, and interest collections on the Servicing Fee related to such Home Equity Loans) on and Loans accrued after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) the Servicing Fee with respect to each Home Equity Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal collected and interest accrued on any Home Equity Loan on or prior to the Cut-Off Date, (iii) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aI) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bII) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) to the date of such liquidation, and (cIII) any unrecovered Cram Down LossesRealized Losses incurred during the related Remittance Period, (iiiv) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iiiv) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaidunpaid (all such net amount herein referred to as "Daily Collections").
(di) The Servicer may make withdrawals for its own account from the amounts on deposit in the Principal and Interest Account, with respect to each Home Equity Loan Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees withdraw interest paid with respect to any Home Equity Loans that had accrued for periods prior to the extent such Servicing Fees are not retained by the ServicerCut-Off Date;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to reimburse itself pursuant to Section 8.09(a) for un- recovered Delinquency Advances and Servicing Advances;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(FE) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;.
(iii) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Certificate Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance DateDate and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor Trustee and the Insurer, Certificate Insurer a monthly servicing report, with respect to each Home Equity Loan Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loanscollected, scheduled principal and interest that was due on the Home Equity Loansinterest, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan)Loans. In addition, the Servicer shall inform the Indenture Trustee and the Certificate Insurer on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Loan Balance of the Home Equity Loan having the largest Principal Loan Balance as of such date.
(iiiii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b8.08(d)(ii)(b) and in Section 5.03 7.09(b) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 7.09 and the Trustee shall forward such information to make the allocations and disbursements set forth in Sections 5.01 and 5.04Underwriters within five Business Days of receipt thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Contisecurities Asset Funding Corp)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account")Account to be held as a trust account. The Each Principal and Interest Account shall be an Eligible Account. identified on the records of the Designated Depository Institution as follows: The Principal and Interest Account shall be titled: "[________________]Chase Manhattan Bank, as Indenture Trustee in trust for on behalf of the registered holders Owners of Renaissance the IMC Home Equity Loan AssetTrust 1997-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." 1 Home Equity Loan Pass-Through Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Certificate Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested up to the amount insured by the FDIC or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 hereoftrust in the name of the Trust for the benefit of the Owners. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount (and the Total Monthly Excess Spread included therein) by the Servicer. Any investment losses on funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than on the second Business Day after receipt, receipt all principal collected and interest due collections on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and due after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aI) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bII) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) to the date of such liquidation and (cIII) any unrecovered Cram Down LossesRealized Losses incurred during the related Remittance Period, (ii) principal and interest due (and Prepayments collected) on the Home Equity Loans on or prior to the Cut-Off Date or related Subsequent Cut-Off Date, as the case may be, (iii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iiiiv) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaidunpaid (all such net amount herein referred to as "Daily Collections").
(di) The Servicer may make withdrawals for its own account from the Principal and Interest Account, with respect to each Home Equity Loan Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the ServicerFees;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 8.09
(a) for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely for any excess interest collected from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advancesa Mortgagor; and
(FE) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;.
(iii) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Certificate Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance DateDate and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor Trustee and the Certificate Insurer, a monthly servicing report, with respect to each Home Equity Loan Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan)Loans. In addition, the Servicer shall inform the Indenture Trustee and the Certificate Insurer on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Loan Balance of the Home Equity Loan having the largest Principal Loan Balance as of such date.
(iiiii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b8.08(d)(ii)(b) and in Section 5.03 7.09(b) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.047.09.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Imc Home Equity Loan Trust 1997-1)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account")Account to be held as a trust account. The Each Principal and Interest Account shall be an Eligible Account. identified on the records of the Designated Depository Institution as follows: The Principal and Interest Account shall be titled: "[________________]Chase Manhattan Bank, as Indenture Trustee in trust for on behalf of the registered holders Owners of Renaissance the IMC Home Equity Loan AssetTrust 1997-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." 3 Home Equity Loan Pass-Through Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Insurer Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested up to the amount insured by the FDIC or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 hereoftrust in the name of the Trust for the benefit of the Owners. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount (and the Monthly Excess Interest Amount included therein) by the Servicer. Any investment losses on funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than on the second Business Day after receipt, receipt all principal collected and interest due collections on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and due after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aI) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bII) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) to the date of such liquidation and (cIII) any unrecovered Cram Down LossesRealized Losses incurred during the related Remittance Period, (ii) principal and interest due (and Prepayments collected) on the Home Equity Loans on or prior to the Cut-Off Date or related Subsequent Cut-Off Date, as the case may be, (iii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iiiiv) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaidunpaid (all such net amount herein referred to as "Daily Collections").
(di) The Servicer may make withdrawals for its own account from the Principal and Interest Account, with respect to each Home Equity Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the ServicerFees;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 8.09
(a) for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely for any excess interest collected from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advancesa Mortgagor; and
(FE) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;.
(iii) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Certificate Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance DateDate and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Remittance Reporting Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan)Loans. In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, Reporting Date of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such date.
(iiiii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b8.08(d)(ii)(b) and in Section 5.03 7.09(b) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.047.09.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Imc Home Equity Loan Trust 1997-3)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account"). The Principal and Interest Account , which shall be an Eligible Account. The Principal and Interest Account shall be titledidentified on the records of the Designated Depository Institution as follows: "[________________]JPMorgan Chase Bank, as Indenture Trustee in trust for on behalf of the registered holders Owners of Renaissance the Centex Home Equity Loan Trust 2004-A Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by at the Indenture Corporate Trust Office of the Trustee. The Servicer shall notify the Indenture Trustee, the Insurer Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested up to the amount insured by the FDIC or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 trust in the name of the Trust for the benefit of the Owners. The Trust shall be divided into three separate sub-trusts; one for Group I and any Trust assets allocable to Group I, one for Group II and any Trust assets allocable to Group II and one for Group III and any Trust assets allocable to Group III. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount by the Servicer in accordance with the terms hereof. Any investment losses on amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aA) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bB) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and plus (cC) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances and unreimbursed Servicing Advances (but in each case solely from amounts received on the related Home Equity Loan) as provided in Section 8.09 and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(d) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Loan Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered unreimbursed Delinquency Advances and unrecovered for unreimbursed Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan)) as provided in Section 8.09;
(E) to reimburse itself pursuant to Sections 8.09(a) and (b) for Nonrecoverable Advances; and
(F) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;.
(ie) The Servicer shall (ai) remit to the Indenture Trustee for deposit in the Distribution Certificate Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (bii) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor Trustee and the InsurerDepositor, a monthly servicing report, with respect to each Home Equity Loan Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan)Loans. In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Loan Balance of the Home Equity Loan having the largest Principal Loan Balance as of such date.
(iif) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b8.08(e)(ii) and in Section 5.03 7.09(b) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 7.09 and to make the allocations and disbursements set forth in Sections 5.01 7.02 and 5.047.03.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2004-A)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will cause to be separately deposited established and maintained (the "one or more Principal and Interest Accounts (including for each such account two subaccounts, one designated as the Interest Collection Account and the other designated as the Principal Collection Account"), in one or more Eligible Deposit Accounts, in the form of time deposit or demand accounts, which may be interest – bearing or such accounts may be trust accounts wherein the moneys therein are invested in Permitted Investments, titled “CapitalSource Finance LLC, as Servicer, in trust for the Hedge Counterparties and the registered holders of CapitalSource Commercial Loan Trust 2006-1 Notes, Class A, Class B, Class C, Class D, Class E Notes and Class F Notes.” All funds in such Principal and Interest Accounts not so invested shall be insured to the extent and the amount permitted by the BIF or SAIF of the FDIC to the maximum extent provided by law. The creation of any Principal and Interest Account shall be an Eligible Accountevidenced by a letter agreement in the form of Exhibit E hereto. A copy of such letter agreement shall be furnished to the Indenture Trustee, the Owner Trustee and, upon request, any Securityholder or Hedge Counterparty. The Servicer may, upon written notice to the Indenture Trustee, transfer any Principal and Interest Account to a different Eligible Deposit Account.
(b) The Servicer and each Subservicer shall be titled: "[________________], as Indenture Trustee deposit without duplication (within two Business Days of receipt thereof) in trust for the registered holders of Renaissance Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] applicable Principal and Interest Account and retain therein the following amounts received by the Servicer (and shall segregate and deposit Interest Collections into the Interest Collections Account and Principal Collections into the Principal Collection Account." If ):
(i) all Principal Collections accruing and received on or after the institution at applicable Cut – Off Date;
(ii) all Interest Collections accruing and received on or after the applicable Cut – Off Date (net of the Servicing Fee with respect to each Loan and other servicing compensation payable to the Servicer as permitted herein) and all origination and commitment fees;
(iii) all Net Liquidation Proceeds (other than Insurance Proceeds covered under clause (iv) below);
(iv) all Insurance Proceeds (other than amounts to be applied to restoration or repair of any time holding related Collateral or amounts in excess of the Outstanding Loan Balance of the related Loan to be released to the Obligor in accordance with the Credit and Collection Policy);
(v) all Released Mortgaged Property Proceeds and any other proceeds from any other Collateral securing the Loans (other than amounts released to the Obligor in accordance with the Credit and Collection Policy);
(vi) any amounts paid in connection with the purchase or repurchase of any Loan;
(vii) any amount required to be deposited in the Principal and Interest Account ceases pursuant to be eligible as a Designated Depository Institution hereunder, then Section 5.10 or Section 7.03; and
(viii) the amount of any gains and interest incurred in connection with investments in Permitted Investments.
(c) The Servicer shall immediately be required have no obligation to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then deposit into the Principal and Interest Account shall thenceforth be held as any Retained Interest or Released Amounts.
(d) Not later than the close of business on each Determination Date immediately preceding a trust account with Payment Date, the Servicer will remit to the Principal and Interest Account any Scheduled Payment Advance that the Servicer determines to make.
(e) Notwithstanding Section 7.03(b), if (i) the Servicer makes a qualifying Designated Depository Institution selected deposit into the Principal and Interest Account in respect of a Collection of a Loan in the Loan Pool and such Collection was received by the Indenture Trustee. The Servicer in the form of a check that is not honored for any reason, or (ii) the Servicer makes a mistake with respect to the amount of any Collection and deposits an amount that is less than or more than the actual amount of such Collection, the Servicer shall notify appropriately adjust the Indenture Trustee, amount subsequently deposited into the Insurer Principal and the Owners if there Interest Account to reflect such dishonored check or mistake. Any Scheduled Payment in respect of which a dishonored check is a change received shall be deemed not to have been paid.
(f) The foregoing requirements for deposit in the namePrincipal and Interest Accounts shall be exclusive, account number or institution holding it being understood and agreed that, without limiting the generality of the foregoing, Liquidation Expenses may not be deposited by the Servicer in the Principal and Interest Account.
(bg) Subject to Subsection (c) belowSo long as no Servicer Default shall have occurred and be continuing, and consistent with any requirements of the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to Code, the Principal and Interest Accounts shall either be maintained with an Eligible Deposit Account on as an interest – bearing account meeting the requirements set forth in Section 7.03(a), or the funds held therein may be invested by the Servicer (to the extent practicable) in Permitted Investments, as directed in writing by the Servicer, and, in each case, with a daily basis stated maturity (but giving effect to any applicable grace period) no later than the second fourth Business Day after receipt)immediately preceding the Payment Date next following the Due Period in which the date of investment occurs; provided, however, that Permitted Investments shall not include any interest-only security, any security purchased at a price in excess of 100% of par or any security whose repayment is subject to substantial non-credit related risk as determined by the Servicer. All Permitted Investments must be held by or registered in the name of “CapitalSource, as Servicer, in trust for the Hedge Counterparties and the registered holders of CapitalSource Commercial Loan Trust 2006-1 Notes.” Any Investment Interest Earnings on funds held in the Principal and Interest Account shall be held deemed part of the Interest Collection Account and invested as set forth shall be deposited therein pursuant to Section 7.03 and distributed on the next Payment Date pursuant to Section 7.05. The amount of any losses incurred in Section 5.06 hereof.
(c) The Servicer shall deposit to connection with the investment of funds in the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (a) the Principal Balance of the related Home Equity Loan immediately prior to liquidation, plus (b) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iii) reimbursements for amounts in Permitted Investments shall be deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution the Servicer from its own funds immediately as unpaidrealized without reimbursement therefor.
(dh) The Servicer may (and, for the purposes of clause (ii) below, shall), at any time upon one Business Day’s notice to the Indenture Trustee, make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, only in the following priority and Account for the following purposes:
(Ai) to remit to the Trust Depositor, in connection with the transfer of a Substitute Loan to the Issuer in place of a Prepaid Loan, an amount equal to the Prepaid Loan Amount;
(ii) to remit to the Indenture Trustee on each Monthly Remittance Determination Date immediately preceding a Payment Date, for deposit in the Note Distribution Account, the Interest Collections and Principal Collections received during the immediately preceding Due Period less any amounts remitted to pay the Trust Depositor pursuant to clause (i) above prior to such Determination Date;
(iii) prior to a Servicer Default, and subject to Section 5.02(p), to reimburse itself the related for any unreimbursed Servicing Fees Advances to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit deposited in the Principal and Interest AccountAccount (and not netted from Scheduled Payments received from the related Loans);
(Civ) to withdraw amounts any amount received from an Obligor that have been is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction;
(v) to make investments in Permitted Investments;
(vi) to withdraw any funds deposited to in the Principal and Interest Account that were not required or permitted to be deposited therein or were deposited therein in error;
(vii) prior to a Servicer Default, to pay itself certain additional servicing compensation as permitted under Section 5.11(b) of the Agreement;
(viii) prior to (A) a payment default on the related Loan (and in the case of Asset Based Revolvers, a payment default shall mean any failure to make a payment on the date such payment is due and such failure continues for more than one calendar day), (B) a Servicer Default, (C) an Event of Default, or (D) an Accelerated Amortization Event, with respect to reimburse itself Revolving Loans secured by Collateral only, to advance to an Obligor in a given Due Period prior to the Monthly Reconciliation Date an amount not to exceed the Principal Collections received from such Obligor during that Due Period;
(ix) to purchase Substitute Loans as contemplated by Section 2.04(a) to the extent funds have been deposited by the Originator for such purpose pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan2.04(a)(i)(B);
(E) Nonrecoverable Advances; and
(Fx) to clear and terminate the Principal and Interest Account following upon the termination of the Trust pursuant to Article IX;
(i) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such datethis Agreement.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.
Appears in 1 contract
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account")Account to be held as a trust account. The Each Principal and Interest Account shall be an Eligible Account. identified on the records of the Designated Depository Institution as follows: The Principal and Interest Account shall be titled: "[________________]Chase Manhattan Bank, as Indenture Trustee in trust for the registered holders benefit of Renaissance the Owners of the IMC Adjustable Rate Home Equity Loan Asset-Asset Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appearNotes, Series 200[_]-[__] Principal and Interest Account." 1997-8. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Note Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested up to the amount insured by the FDIC or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. Any investment earnings on funds held in Section 5.06 hereofthe Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount (and the Total Monthly Excess Spread included therein) by the Servicer. Any investment losses on funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than on the second Business Day after receipt, receipt all principal collected and interest due collections on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and due after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aI) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bII) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(d) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(F) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;
(i) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such date.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.Equity
Appears in 1 contract
Samples: Sale and Servicing Agreement (Imc Home Equity Loan Owner Trust 1997-8)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account")Account to be held as a trust account. The Each Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titledidentified on the records of the Designated Depository Institution as follows: "[________________]Manufacturers and Traders Trust Company, as Indenture Trustee in trust for under the registered holders Pooling and Servicing Agreement dated as of Renaissance Home Equity Loan Asset-Backed Notes and the InsurerDecember 1, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account1997." If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately shall, within 30 days, be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture TrusteeInstitution. The Servicer shall notify the Indenture Trustee, the Certificate Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested (up to the limits insured by the FDIC) or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 hereoftrust in the name of the Trustee for the benefit of the Owners and the Certificate Insurer. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount (and the Monthly Excess Interest Amount included therein) by the Servicer. Any investment losses on funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than on the second Business Day after receipt, receipt all principal collected and interest due collections on the Home Equity Loans (net of received, and interest collections on the Servicing Fee related to such Home Equity Loans) on and Loans accrued after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) the Servicing Fee with respect to each Home Equity Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal collected and interest accrued on any Home Equity Loan on or prior to the Cut-Off Date, (iii) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aI) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bII) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) to the date of such liquidation, and (cIII) any unrecovered Cram Down LossesRealized Losses incurred during the related Remittance Period, (iiiv) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iiiv) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaidunpaid (all such net amount herein referred to as "Daily Collections").
(di) The Servicer may make withdrawals for its own account from the amounts on deposit in the Principal and Interest Account, with respect to each the Home Equity GroupLoans, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees withdraw interest paid with respect to any Home Equity Loans that had accrued for periods prior to the extent such Servicing Fees are not retained by the ServicerCut-Off Date;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to reimburse itself pursuant to Section 8.09(a) for unrecovered Delinquency Advances and Servicing Advances;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(FE) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;.
(iii) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Certificate Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance DateDate and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor Trustee and the Insurer, Certificate Insurer a monthly servicing report, with respect to each the Home Equity GroupLoans, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loanscollected, scheduled principal and interest that was due on the Home Equity Loansinterest, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan)Loans. In addition, the Servicer shall inform the Indenture Trustee and the Certificate Insurer on each Monthly Remittance Date, Date with respect to each the Home Equity Group, Loans of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such date.
(iiiii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b8.08(d)(ii)(b) and in Section 5.03 7.09(c) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 7.09 and the Trustee shall forward such information to make the allocations and disbursements set forth in Sections 5.01 and 5.04Underwriters within five Business Days of receipt thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Contimortgage Home Equity Trust 1997-5)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account"). The Principal and Interest Account , which shall be an Eligible Account. The Principal and Interest Account shall be titledidentified on the records of the Designated Depository Institution as follows: "[________________]JPMorgan Chase Bank, National Association, as Indenture Trustee in trust for on behalf of the registered holders Owners of Renaissance the Centex Home Equity Loan Trust 2005-C Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by at the Indenture Corporate Trust Office of the Trustee. The Servicer shall notify the Indenture Trustee, the Insurer Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested up to the amount insured by the FDIC or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 trust in the name of the Trust for the benefit of the Owners. The Trust shall be divided into two separate sub-trusts; one for Group I and any Trust assets allocable to Group I and one for Group II and any Trust assets allocable to Group II. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount by the Servicer in accordance with the terms hereof. Any investment losses on amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aA) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bB) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and plus (cC) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances and unreimbursed Servicing Advances (but in each case solely from amounts received on the related Home Equity Loan) as provided in Section 8.09 and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(d) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Loan Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered unreimbursed Delinquency Advances and unrecovered for unreimbursed Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan)) as provided in Section 8.09;
(E) to reimburse itself pursuant to Sections 8.09(a) and (b) for Nonrecoverable Advances; and
(F) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;.
(ie) The Servicer shall (ai) remit to the Indenture Trustee for deposit in the Distribution Certificate Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (bii) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor Trustee and the InsurerDepositor, a monthly servicing report, with respect to each Home Equity Loan Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan)Loans. In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Loan Balance of the Home Equity Loan having the largest Principal Loan Balance as of such date.
(iif) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b8.08(e)(ii) and in Section 5.03 7.09(b) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 7.09 and to make the allocations and disbursements set forth in Sections 5.01 7.02 and 5.047.03.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2005-C)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account"). The Principal and Interest Account , which shall be an Eligible Account. The Principal and Interest Account shall be titledidentified on the records of the Designated Depository Institution as follows: "[________________]Xxxxx Fargo Bank, N.A., as Indenture Trustee in trust for Securities Administrator on behalf of the registered holders Owners of Renaissance the Home Equity Loan Trust 2007-FRE1 Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appearCertificates, Series 200[_]-[__] Principal and Interest Account." 2007-FRE1. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by at the Indenture Trusteeapplicable Corporate Trust Office of the Securities Administrator. The Servicer shall notify the Indenture Trustee, the Insurer Master Servicer, the Securities Administrator and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested up to the amount insured by the FDIC or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 trust in the name of the Trust for the benefit of the Owners. The Trust shall be divided into two separate subtrusts; one for Group 1 and any Trust assets allocable to Group 1 and one for Group 2 and any Trust assets allocable to Group 2. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount by the Servicer in accordance with the terms hereof. Any investment losses on amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, (x) all Prepayment Charges collected on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, and (y) all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aA) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bB) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and plus (cC) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances and unreimbursed Servicing Advances (but in each case solely from amounts received on the related Home Equity Loan) as provided in Section 8.09 and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(d) The Servicer may make withdrawals from the Principal and Interest Account, Account with respect to each Home Equity GroupLoan Group , only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered unreimbursed Delinquency Advances and unrecovered for unreimbursed Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan)) as provided in Section 8.09;
(E) to reimburse itself pursuant to Sections 8.09(a), (b) and (c) for Nonrecoverable Advances; and
(F) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;.
(ie) The Servicer shall (ai) remit to the Indenture Trustee Securities Administrator for deposit in the Distribution Certificate Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (bii) on the 10th calendar day of each Monthly Remittance Datemonth, deliver to the Indenture TrusteeSecurities Administrator, the Depositor Master Servicer and the InsurerDepositor, a monthly servicing reportreport in substance similar to Exhibit O attached hereto or as mutually agreed upon by the Servicer and the Securities Administrator, with respect to each Home Equity Loan Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan)Loans. In addition, the Servicer shall inform the Indenture Trustee and the Insurer Securities Administrator on each Monthly Remittance Date, with respect to each Home Equity GroupLoan Group , of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Loan Balance of the Home Equity Loan having the largest Principal Loan Balance as of such date.
(iif) The Servicer shall provide to the Indenture Trustee Securities Administrator the information described in Section 3.03(d)(i)(b8.08(e)(ii) and in Section 5.03 7.09(b) to enable the Indenture Trustee Securities Administrator to perform its reporting requirements under Section 5.03 7.09 and to make the allocations and disbursements set forth in Sections 5.01 7.02 and 5.047.03.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Home Equity Loan Trust 2007-Fre1)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will cause to be separately deposited established and maintained (the "Principal and Interest Account")Account including two subaccounts, one designated as the Interest Collection Account and the other designated as the Principal Collection Account titled “Principal and Interest Account for NewStar Financial, Inc., its successors and assigns as Servicer for NewStar Trust 2005-1 subject to the lien of U.S. Bank National Association, its successors and assigns, as Indenture Trustee on behalf of the registered holders of NewStar Trust 2005-1, Series 2005-1 Notes”. The Principal and Interest Account shall be an held in one or more Eligible AccountDeposit Accounts with a Qualified Institution in the form of time deposit or demand accounts, which may be interest-bearing or such accounts may be trust accounts wherein the moneys therein are invested in Permitted Investments. The All funds in such Principal and Interest Account not so invested shall be titled: "[________________], as Indenture Trustee in trust for insured to the registered holders of Renaissance Home Equity Loan Asset-Backed Notes extent and the Insurer, and as Paying Agent for amount permitted by the Transferor in respect BIF or SAIF of the Ownership InterestFDIC to the maximum extent provided by law. The Servicer may, as their interests may appearupon written notice to the Indenture Trustee, Series 200[_]-[__] transfer any Principal and Interest Account to a different Eligible Deposit Account." If
(b) The Servicer shall deposit or cause to be deposited (within two Business Days of receipt thereof) in the institution at applicable Principal and Interest Account and retain therein, subject to withdrawal as permitted by this Section 7.03, the following amounts received by the Servicer (and shall segregate and deposit Interest Collections into the Interest Collections Account and Principal Collections into the Principal Collection Account):
(i) all Principal Collections accruing and received on or after the Initial Cut-Off Date or the related Cut-Off Date, as applicable;
(ii) all Interest Collections accruing and received on or after the Closing Date;
(iii) all Insurance Proceeds (other than amounts to be applied to restoration or repair of any time holding Related Property or to be released to the Obligor, other creditors or any other Person in accordance with the Required Loan Documents, the Credit and Collection Policy and the Servicing Standard);
(iv) any other proceeds from any other Related Property securing the Loans (other than amounts released to the Obligor, other creditors or any other Person in accordance with Applicable Law, the Required Loan Documents, the Credit and Collection Policy and the Servicing Standard);
(v) any amounts paid in connection with the purchase or repurchase of any Loan;
(vi) any amount required to be deposited in the Principal and Interest Account ceases pursuant to be eligible as a Designated Depository Institution hereunder, then Section 5.10 or this Section 7.03; and
(vii) the amount of any gains and interest incurred in connection with investments in Permitted Investments.
(c) The Servicer shall immediately be required have no obligation to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then deposit into the Principal and Interest Account shall thenceforth be held as any Excluded Amounts.
(d) Not later than the close of business on each Determination Date immediately preceding a trust account with Distribution Date, the Servicer will remit to the Principal and Interest Account any Scheduled Payment Advance that the Servicer determines to make.
(e) Notwithstanding Section 7.03(b), if (i) the Servicer makes a qualifying Designated Depository Institution selected deposit into the Principal and Interest Account in respect of a Collection of a Loan in the Collateral and such Collection was received by the Indenture Trustee. The Servicer in the form of a check that is not honored for any reason, or (ii) the Servicer makes a mistake with respect to the amount of any Collection and deposits an amount that is less than or more than the actual amount of such Collection, the Servicer shall notify appropriately adjust the Indenture Trustee, amount subsequently deposited into the Insurer Principal and the Owners if there Interest Account to reflect such dishonored check or mistake. Any Scheduled Payment in respect of which a dishonored check is a change received shall be deemed not to have been paid.
(f) The foregoing requirements for deposit in the namePrincipal and Interest Accounts shall be exclusive, account number or institution holding it being understood and agreed that, without limiting the generality of the foregoing, payments with respect to the Servicing Fee, Liquidation Expenses and Excluded Amounts may not be deposited by the Servicer in the Principal and Interest Account.
(bg) Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Any Investment Interest Account Earnings on a daily basis (but no later than the second Business Day after receipt). All funds held in the Principal and Interest Account shall be held deemed part of the Interest Collection Account and invested as set forth shall be deposited therein pursuant to Section 7.03 and distributed on the next Distribution Date pursuant to Section 7.05. The amount of any losses incurred in Section 5.06 hereof.
(c) The Servicer shall deposit to connection with the investment of funds in the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received in Permitted Investments directed by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (a) the Principal Balance of the related Home Equity Loan immediately prior to liquidation, plus (b) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iii) reimbursements for amounts shall be deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution the Servicer from its own funds immediately as unpaidrealized without reimbursement therefor.
(dh) The Servicer may (and, for the purposes of clause (i) below, shall), at any time upon one Business Day’s notice to the Indenture Trustee or, if different, the depository institution then holding the Principal and Interest Account, make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, only in the following priority and Account for the following purposes:
(Ai) to remit to the Indenture Trustee on each Monthly Remittance the Business Day immediately preceding a Distribution Date, for deposit in the Note Distribution Account, Interest Collections and Principal Collections received during the immediately preceding Due Period (other than such amounts which are deemed herein not to pay be Principal Collections at such time);
(ii) subject to Section 5.02(o), to reimburse itself the related for any unreimbursed Scheduled Payment Advances and Servicing Fees Advances, together with accrued and unpaid interest due thereon, to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit deposited in the Principal and Interest AccountAccount (and not netted from Scheduled Payments or other amounts received from the Obligor of the related Loans or from other proceeds received with respect to such Obligor or the Related Property);
(Ciii) to withdraw amounts any amount received from an Obligor that have been is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction;
(iv) to make investments in Permitted Investments;
(v) to withdraw any funds deposited to in the Principal and Interest Account that were not required or permitted to be deposited therein or were deposited therein in error;
(Dvi) prior to a Servicer Default, to pay itself certain additional servicing compensation as permitted under Section 5.11(b) of this Agreement;
(vii) to reimburse itself purchase Substitute Loans as contemplated by Section 2.04(a) to the extent funds have been deposited by the Originator for such purpose pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan2.04(a)(i)(2);
(E) Nonrecoverable Advances; and
(Fviii) to clear and terminate the Principal and Interest Account following upon the termination of the Trust pursuant to Article IX;Agreement.
(i) The If the depository institution then holding the Reserve Fund is not the Indenture Trustee, the Servicer shall, or shall (a) cause such depository institution to, remit to the Indenture Trustee no later than the Business Day immediately preceding a Distribution Date, for deposit in the Note Distribution Account by wire transferAccount, or otherwise make all funds available on deposit in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such dateReserve Fund.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.
Appears in 1 contract
Samples: Sale and Servicing Agreement (NewStar Financial, Inc.)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account"). The Principal and Interest Account , which shall be an Eligible Account. The Principal and Interest Account shall be titledidentified on the records of the Designated Depository Institution as follows: "[________________]JPMorgan Chase Bank, as Indenture Trustee in trust for on behalf of the registered holders Owners of Renaissance the Centex Home Equity Loan Trust 2002-D Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by at the Indenture Corporate Trust Office of the Trustee. The Servicer shall notify the Indenture Trustee, the Insurer Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested up to the amount insured by the FDIC or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 trust in the name of the Trust for the benefit of the Owners. The Trust shall be divided into two separate sub-trusts; one for Group I and any Trust assets allocable to Group I and the other for Group II and any Trust assets allocable to Group II. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount by the Servicer in accordance with the terms hereof. Any investment losses on amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aA) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bB) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and plus (cC) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances and unreimbursed Servicing Advances (but in each case solely from amounts received on the related Home Equity Loan) as provided in Section 8.09 and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(d) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Loan Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered unreimbursed Delinquency Advances and unrecovered for unreimbursed Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan)) as provided in Section 8.09;
(E) to reimburse itself pursuant to Section 8.09(a) for Nonrecoverable Advances; and
(F) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;.
(ie) The Servicer shall (ai) remit to the Indenture Trustee for deposit in the Distribution Certificate Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (bii) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor Trustee and the InsurerDepositor, a monthly servicing report, with respect to each Home Equity Loan Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan)Loans. In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Loan Balance of the Home Equity Loan having the largest Principal Loan Balance as of such date.
(iif) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b8.08(e)(ii) and in Section 5.03 7.09(b) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 7.09 and to make the allocations and disbursements set forth in Sections 5.01 7.02 and 5.047.03.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Chec Funding LLC Centex Home Equity Loan Trust 2002 D)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account")Account to be held as a trust account. The Each Principal and Interest Account shall be an Eligible Account. identified on the records of the Designated Depository Institution as follows: The Principal and Interest Account shall be titled: "[________________]Chase Manhattan Bank, as Indenture Trustee in trust for on behalf of the registered holders Owners of Renaissance the IMC Home Equity Loan AssetTrust 1998-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." 5 Home Equity Loan Pass-Through Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Insurer Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested up to the amount insured by the FDIC or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 hereoftrust in the name of the Trust for the benefit of the Owners. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount (and the Monthly Excess Interest Amount included therein) by the Servicer. Any investment losses on funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than on the second Business Day after receipt, receipt all principal collected and interest due collections on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and due after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aI) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bII) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) to the date of such liquidation and (cIII) any unrecovered Cram Down LossesRealized Losses incurred during the related Remittance Period, (ii) principal and interest due (and Prepayments collected) on the Home Equity Loans on or prior to the Cut-Off Date, (iii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iiiiv) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaidunpaid (all such net amount herein referred to as "Daily Collections").
(di) The Servicer may make withdrawals for its own account from the Principal and Interest Account, with respect to each Home Equity Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the ServicerFee;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 8.09
(a) for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely for any excess interest collected from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advancesa Mortgagor; and
(FE) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;.
(iii) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Certificate Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance DateDate and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Remittance Reporting Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan)Loans. In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, Reporting Date of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such date.
(iiiii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b8.08(d)(ii)(b) and in Section 5.03 7.09(b) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.047.09.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Imc Home Equity Loan Trust 1998 5)
Principal and Interest Account. (a) The Master Servicer and/or each Sub-Servicer, as applicable, shall establish an account, which includes three separate subaccounts into which amounts and maintain at one or more Designated Depository Institutions in respect the name of each Group will be separately deposited and maintained (the "Principal and Interest Account"). The Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titled: "[________________], as Indenture Trustee in trust Trust for the registered holders benefit of Renaissance Home Equity Loan Asset-Backed Notes the Owners of the Certificates and the Certificate Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] a Principal and Interest Account." If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then The establishment of the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected evidenced by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Insurer and the Owners if there is Master Servicer's delivery of a change notice in the nameform of Exhibit B hereto, account number or institution holding the Principal and Interest Account.
(b) properly completed. Subject to Subsection Subsections (c) and (e) below, the Master Servicer and any Sub-Servicer shall deposit all receipts required pursuant to Subsection (c) below of principal and accrued interest related to the Home Equity Mortgage Loans in each such Mortgage Loan Group to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt). .
(b) All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and invested as set forth for the benefit of the Owners of the Certificates and the Certificate Insurer. Any investment earnings on funds held in Section 5.06 hereofthe Principal and Interest Account shall be for the account of the Master Servicer. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings. Any investment losses are at the expense of the Master Servicer and shall be replaced on or prior to the Remittance Date.
(c) The With respect to the Mortgage Loans and subject to Section 8.8(e), the Master Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due accrued on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and or after the Cut-Off Date and the Replacement Initial Cut-Off Date, as applicable, related Subsequent Cut-Off Date or Replacement Cut-Off Date including any Prepayments and Prepaid Installments, Prepayments, Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Master Servicer, other recoveries or amounts related to the Home Equity Loans received by the Servicer Master Servicer, Compensating Interest and Delinquency Advances together with any income amounts which are reimbursable from REO Propertiessuch Principal and Interest Account, but net of (i) the Servicing Fee and other servicing compensation due to the Master Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) collected on the related Mortgage Loans prior to the Initial Cut-Off Date, Subsequent Cut-Off Date or Replacement Cut-Off Date (iii) interest accruing on the related Mortgage Loans prior to the Initial Cut-Off Date, Subsequent Cut-Off Date or Replacement Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (a) the Principal Loan Balance of the related Home Equity Mortgage Loan immediately prior to liquidation, plus (b) and accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaidthereon.
(di) The Master Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, Account only in the following priority and for the following purposes:
(A1) on each Monthly Remittance Date, to pay itself effect the related Servicing Fees timely remittance to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(F) to clear and terminate the Principal and Interest Account following the termination Trustee of the Trust pursuant to Article IX;
(i) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was Amounts due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such date.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.;
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Advanta Mortgage Loan Trust 1999-3)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will cause to be separately deposited established and maintained (the "one or more Principal and Interest Accounts (including for each such account two subaccounts, one designated as the Interest Collection Account and the other designated as the Principal Collection Account"), in one or more Eligible Deposit Accounts, in the form of time deposit or demand accounts, which may be interest–bearing or such accounts may be trust accounts wherein the moneys therein are invested in Permitted Investments, titled “CapitalSource Finance LLC, as Servicer, in trust for the Hedge Counterparties and the registered holders of CapitalSource Commercial Loan Trust Notes, Series 2005-1 Class A-1, Class A-2, Class B, Class C, Class D, Class E and Class F Notes.” All funds in such Principal and Interest Accounts not so invested shall be insured to the extent and the amount permitted by the BIF or SAIF of the FDIC to the maximum extent provided by law. The creation of any Principal and Interest Account shall be an Eligible Accountevidenced by a letter agreement in the form of Exhibit E hereto. A copy of such letter agreement shall be furnished to the Indenture Trustee, the Owner Trustee and, upon request, any Securityholder or Hedge Counterparty. The Servicer may, upon written notice to the Indenture Trustee, transfer any Principal and Interest Account to a different Eligible Deposit Account.
(b) The Servicer and each Subservicer shall be titled: "[________________], as Indenture Trustee deposit without duplication (within two Business Days of receipt thereof) in trust for the registered holders of Renaissance Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] applicable Principal and Interest Account and retain therein the following amounts received by the Servicer (and shall segregate and deposit Interest Collections into the Interest Collections Account and Principal Collections into the Principal Collection Account." If ):
(i) all Principal Collections accruing and received on or after the institution at applicable Cut–Off Date;
(ii) all Interest Collections accruing and received on or after the applicable Cut–Off Date (net of the Servicing Fee with respect to each Loan and other servicing compensation payable to the Servicer as permitted herein) and all origination and commitment fees;
(iii) all Net Liquidation Proceeds (other than Insurance Proceeds covered under clause (iv) below);
(iv) all Insurance Proceeds (other than amounts to be applied to restoration or repair of any time holding related Collateral or amounts in excess of the Outstanding Loan Balance of the related Loan to be released to the Obligor in accordance with the Credit and Collection Policy);
(v) all Released Mortgaged Property Proceeds and any other proceeds from any other Collateral securing the Loans (other than amounts released to the Obligor in accordance with the Credit and Collection Policy);
(vi) any amounts paid in connection with the purchase or repurchase of any Loan;
(vii) any amount required to be deposited in the Principal and Interest Account ceases pursuant to be eligible as a Designated Depository Institution hereunder, then Section 5.10 or Section 7.03; and
(viii) the amount of any gains and interest incurred in connection with investments in Permitted Investments.
(c) The Servicer shall immediately be required have no obligation to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then deposit into the Principal and Interest Account shall thenceforth be held as any Retained Interest or Released Amounts.
(d) Not later than the close of business on each Determination Date immediately preceding a trust account with Remittance Date, the Servicer will remit to the Principal and Interest Account any Scheduled Payment Advance that the Servicer determines to make.
(e) Notwithstanding Section 7.03(b), if (i) the Servicer makes a qualifying Designated Depository Institution selected deposit into the Principal and Interest Account in respect of a Collection of a Loan in the Loan Pool and such Collection was received by the Indenture Trustee. The Servicer in the form of a check that is not honored for any reason, or (ii) the Servicer makes a mistake with respect to the amount of any Collection and deposits an amount that is less than or more than the actual amount of such Collection, the Servicer shall notify appropriately adjust the Indenture Trustee, amount subsequently deposited into the Insurer Principal and the Owners if there Interest Account to reflect such dishonored check or mistake. Any Scheduled Payment in respect of which a dishonored check is a change received shall be deemed not to have been paid.
(f) The foregoing requirements for deposit in the namePrincipal and Interest Accounts shall be exclusive, account number or institution holding it being understood and agreed that, without limiting the generality of the foregoing, payments with respect to the Servicing Fee, together with the Liquidation Expenses, may not be deposited by the Servicer in the Principal and Interest Account.
(bg) Subject to Subsection (c) belowSo long as no Servicer Default shall have occurred and be continuing, and consistent with any requirements of the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to Code, the Principal and Interest Accounts shall either be maintained with an Eligible Deposit Account on as an interest–bearing account meeting the requirements set forth in Section 7.03(a), or the funds held therein may be invested by the Servicer (to the extent practicable) in Permitted Investments, as directed in writing by the Servicer, and, in each case, with a daily basis stated maturity (but giving effect to any applicable grace period) no later than the second fourth Business Day after receipt)immediately preceding the Remittance Date next following the Due Period in which the date of investment occurs; provided, however, that Permitted Investments shall not include any interest-only security, any security purchased at a price in excess of 100% of par or any security whose repayment is subject to substantial non-credit related risk as determined by the Servicer. All Permitted Investments must be held by or registered in the name of “CapitalSource, as Servicer, in trust for the Hedge Counterparties and the registered holders of CapitalSource Commercial Loan Trust Notes, Series 2005-1.” Any Investment Interest Earnings on funds held in the Principal and Interest Account shall be held deemed part of the Interest Collection Account and invested as set forth shall be deposited therein pursuant to Section 7.03 and distributed on the next Remittance Date pursuant to Section 7.05. The amount of any losses incurred in Section 5.06 hereof.
(c) The Servicer shall deposit to connection with the investment of funds in the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (a) the Principal Balance of the related Home Equity Loan immediately prior to liquidation, plus (b) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iii) reimbursements for amounts in Permitted Investments shall be deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution the Servicer from its own funds immediately as unpaidrealized without reimbursement therefor.
(dh) The Servicer may (and, for the purposes of clause (ii) below, shall), at any time upon one Business Day’s notice to the Indenture Trustee, make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, only in the following priority and Account for the following purposes:
(Ai) to remit to the Trust Depositor, in connection with the transfer of a Substitute Loan to the Issuer in place of a Prepaid Loan, an amount equal to the Prepaid Loan Amount;
(ii) to remit to the Indenture Trustee on each Monthly Determination Date immediately preceding a Remittance Date, for deposit in the Note Distribution Account, the Interest Collections and Principal Collections received during the immediately preceding Due Period less any amounts remitted to pay the Trust Depositor pursuant to clause (i) above prior to such Determination Date;
(iii) prior to a Servicer Default, and subject to Section 5.02(p), to reimburse itself the related for any unreimbursed Servicing Fees Advances to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit deposited in the Principal and Interest AccountAccount (and not netted from Scheduled Payments received from the related Loans);
(Civ) to withdraw amounts any amount received from an Obligor that have been is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction;
(v) to make investments in Permitted Investments;
(vi) to withdraw any funds deposited to in the Principal and Interest Account that were not required or permitted to be deposited therein or were deposited therein in error;
(vii) prior to a Servicer Default, to pay itself certain additional servicing compensation as permitted under Section 5.11(b) of the Agreement;
(viii) prior to (A) a payment default on the related Loan (and in the case of Asset Based Revolvers, a payment default shall mean any failure to make a payment on the date such payment is due and such failure continues for more than one calendar day), (B) a Servicer Default, (C) an Event of Default, or (D) an Accelerated Amortization Event, with respect to reimburse itself Revolving Loans secured by Collateral only, to advance to an Obligor in a given Due Period prior to the Monthly Reconciliation Date an amount not to exceed the Principal Collections received from such Obligor during that Due Period;
(ix) to purchase substitute Loans as contemplated by Section 2.04(a) to the extent funds have been deposited by the Originator for such purpose pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan2.04(a)(i)(B);
(E) Nonrecoverable Advances; and
(Fx) to clear and terminate the Principal and Interest Account following upon the termination of the Trust pursuant to Article IX;
(i) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such datethis Agreement.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.
Appears in 1 contract
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will cause to be separately deposited established and maintained (the "one or more Principal and Interest Accounts (including for each such account two (2) subaccounts, one designated as the Interest Collection Account and the other designated as the Principal Collection Account), in one or more Eligible Deposit Accounts, in the form of time deposit or demand accounts, which may be interest-bearing or such accounts may be trust accounts wherein the moneys therein are invested in Permitted Investments, titled ")CapitalSource Finance LLC, as Servicer, in trust for the Swap Counterparties and the registered holders of CapitalSource Commercial Loan Trust Notes, Series 2002-1 Class A, Class B, Class C and Class D Notes." All funds in such Principal and Interest Accounts not so invested shall be insured to the extent and the amount permitted by the BIF or SAIF of the FDIC to the maximum extent provided by law. The creation of any Principal and Interest Account shall be an Eligible Accountevidenced by a letter agreement in the form of Exhibit E hereto. A copy of such letter agreement shall be furnished to the Indenture Trustee, the Owner Trustee and, upon request, any Securityholder or Swap Counterparty. The Servicer may, upon written notice to the Indenture Trustee, transfer any Principal and Interest Account to a different Eligible Deposit Account.
(b) The Servicer and each Subservicer shall be titled: "[________________], as Indenture Trustee deposit without duplication (within two (2) Business Days of receipt thereof) in trust for the registered holders of Renaissance Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] applicable Principal and Interest Account and retain therein the following amounts received by the Servicer (and shall segregate and deposit Interest Collections into the Interest Collections Account and Principal Collections into the Principal Collection Account." If ):
(i) all Principal Collections accruing and received on or after the institution at applicable Cut-Off Date;
(ii) all Interest Collections accruing and received on or after the first day of the month of the Closing Date (net of the Servicing Fee with respect to each Loan and other servicing compensation payable to the Servicer as permitted herein) and all origination and commitment fees;
(iii) all Net Liquidation Proceeds (other than Insurance Proceeds covered under clause (iv) below);
(iv) all Insurance Proceeds (other than amounts to be applied to restoration or repair of any time holding related Collateral or amounts in excess of the Outstanding Loan Balance of the related Loan to be released to the Obligor in accordance with the Credit and Collection Policy);
(v) all Released Mortgaged Property Proceeds and any other proceeds from any other Collateral securing the Loans (other than amounts released to the Obligor in accordance with the Credit and Collection Policy);
(vi) any amounts paid in connection with the purchase or repurchase of any Loan;
(vii) any amount required to be deposited in the Principal and Interest Account ceases pursuant to be eligible as a Designated Depository Institution hereunder, then Sections 5.10 or 7.03; and
(viii) the amount of any gains and interest incurred in connection with investments in Permitted Investments.
(c) The Servicer shall immediately be required have no obligation to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then deposit into the Principal and Interest Account shall thenceforth be held as any Retained Interest or Released Amounts.
(d) Not later than the close of business on each Determination Date immediately preceding a trust account with Remittance Date, the Servicer will remit to the Principal and Interest Account any Scheduled Payment Advance that the Servicer determines to make.
(e) Notwithstanding subsection 7.03(b), if (i) the Servicer makes a qualifying Designated Depository Institution selected deposit into the Principal and Interest Account in respect of a Collection of a Loan in the Loan Pool and such Collection was received by the Indenture Trustee. The Servicer in the form of a check that is not honored for any reason, or (ii) the Servicer makes a mistake with respect to the amount of any Collection and deposits an amount that is less than or more than the actual amount of such Collection, the Servicer shall notify appropriately adjust the Indenture Trustee, amount subsequently deposited into the Insurer Principal and the Owners if there Interest Account to reflect such dishonored check or mistake. Any Scheduled Payment in respect of which a dishonored check is a change received shall be deemed not to have been paid.
(f) The foregoing requirements for deposit in the namePrincipal and Interest Accounts shall be exclusive, account number or institution holding it being understood and agreed that, without limiting the generality of the foregoing, payments with respect to the Servicing Fee, together with the Liquidation Expenses, may not be deposited by the Servicer in the Principal and Interest Account.
(bg) Subject to Subsection (c) belowSo long as no Servicer Default shall have occurred and be continuing, and consistent with any requirements of the Code, the Principal and Interest Accounts shall either be maintained with an Eligible Deposit Account as an interest-bearing account meeting the requirements set forth in subsection 7.03(a), or the funds held therein may be invested by the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans extent practicable) in Permitted Investments, as directed in writing by the Servicer. In either case, funds in the Principal and Interest Accounts must be available for withdrawal without penalty, and any Permitted Investments must mature not later than the Business Day immediately preceding the Determination Date next following the date of such investment (except that if such Permitted Investments is an obligation of the institution that maintains such account, then such Permitted Investments shall mature not later than such Determination Date) and shall not be sold or disposed of prior to its maturity. All Permitted Investments must be held by or registered in the name of "CapitalSource, as Servicer, in trust for the Swap Counterparties and the registered holders of CapitalSource Commercial Loan Trust Notes, Series 2002-1." Any Investment Interest Earnings on funds held in the Principal and Interest Account Class A, Class B and Class C Notes shall be deemed part of the Interest Collection Account and shall be deposited therein pursuant to Section 7.03 and distributed on a daily basis (but no later than the second Business Day after receipt)next Remittance Date pursuant to Section 7.05. All The amount of any losses incurred in connection with the investment of funds in the Principal and Interest Account in Permitted Investments shall be held and invested as set forth in Section 5.06 hereof.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (a) the Principal Balance of the related Home Equity Loan immediately prior to liquidation, plus (b) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(d) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely Servicer from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(F) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;
(i) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make its own funds available in immediately available funds, as realized without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such datereimbursement therefor.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.
Appears in 1 contract
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account")Account to be held as a trust account. The Each Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titledidentified on the records of the Designated Depository Institution as follows: "[_________ ________________], as Indenture Trustee in trust for on behalf of the registered holders Owners of Renaissance the Notes of the IMC Home Equity Loan Trust 19__-_ Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." Back Notes. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Note Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested up to the amount insured by the FDIC or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 hereoftrust in the name of the Issuer for the benefit of the Owners. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount (and the Total Monthly Excess Spread included therein) by the Servicer. Any investment losses on funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than on the second Business Day after receipt, receipt all principal collected and interest due collections on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and due after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aI) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bII) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) to the date of such liquidation and (cIII) any unrecovered Cram Down LossesRealized Losses incurred during the related Remittance Period, (ii) principal and interest due (and Prepayments collected) on the Home Equity Loans on or prior to the Cut-Off Date or related Subsequent Cut-Off Date, as the case may be, (iii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iiiiv) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Mortgage Note by a Mortgagor which are subsequently returned by a depository institution as unpaidunpaid (all such net amount herein referred to as "Daily Collections").
(di) The Servicer may make withdrawals for its own account from the Principal and Interest Account, with respect to each Home Equity Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the ServicerFees;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 7.09(a) for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely for any excess interest collected from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advancesa Mortgagor; and
(FE) to clear and terminate the Principal and Interest Account following the termination satisfaction and discharge of the Trust pursuant to Article IX;Notes.
(iii) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Note Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance DateDate and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Remittance Reporting Date, deliver to the Indenture Trustee, the Depositor Trustee and the Note Insurer, a monthly servicing report, with respect to each Home Equity Loan Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan)Loans. In addition, the Servicer shall inform the Indenture Trustee and the Note Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, of Reporting Date the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Loan Balance of the Home Equity Loan having the largest Principal Loan Balance as of such date.
(iiiii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b7.08(d)(ii)(b) and in Section 5.03 6.09(b) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.046.09.
Appears in 1 contract
Samples: Indenture (Imc Securities Inc)
Principal and Interest Account. (a) The Master Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain and shall cause any Sub-Servicer to establish and maintain at one or more Designated Depository Institutions the "Principal and Interest Account")Account to be held as a trust account. The Each Principal and Interest Account shall be an Eligible Account. identified on the records of the Designated Depository Institution as follows: The Principal and Interest Account shall be titled: "[________________]Chase Manhattan Bank, as Indenture Trustee in trust for on behalf of the registered holders Owners of Renaissance the First Greensboro Home Equity Loan AssetTrust 1997-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." 2 Home Equity Loan Pass-Through Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Master Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Master Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture Trustee. The Master Servicer shall notify the Indenture Trustee, the Certificate Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
. Notwithstanding any provision of this Section 8.08 to the contrary, in the event the Backup Master Servicer becomes the Master Servicer, the Principal and Interest Account may be maintained as segregated account or accounts the deposits in which are fully insured by the FDIC (b) to the limits established by such corporation); provided that at such time as amounts in such account equal or exceed $75,000, all such amounts in excess of $75,000 shall be transferred to the Certificate Account or another Eligible Account or an account meeting the requirements of this Section 8.08(a). Subject to Subsection (c) below, the Master Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 hereoftrust in the name of the Trust for the benefit of the Owners.
(c) The Master Servicer shall deposit to the Principal and Interest Account no later than on the second Business Day after receipt, receipt all principal collected and interest due collections on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and due after the Cut-Off Date and or the Replacement related Subsequent Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Master Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aI) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bII) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) to the date of such liquidation and (cIII) any unrecovered Cram Down LossesRealized Losses incurred during the related Remittance Period, (ii) principal and interest due (and Prepayments collected) on the Home Equity Loans prior to the Cut-Off Date or related Subsequent Cut-Off Date, excluding payments received and applied prior to the Cut-Off Date or related Subsequent Cut-Off Date which are applicable to periods on and after the Cut-Off Date or related Subsequent Cut-Off Date, (iii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loanand Servicing Advances pursuant to Section 8.08(d)(i)(D) and (iiiiv) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaidunpaid (all such net amount herein referred to as "Daily Collections").
(di) Except as provided in Section 8.09(b), The Master Servicer may make withdrawals for its own account from the Principal and Interest Account, with respect to each Home Equity Group, only in the following priority and Account for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the ServicerFee;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 8.09(a) for unrecovered Delinquency Advances and to retain any excess Compensating Interest received by it pursuant to Section 8.10(a) hereof (and if the Backup Master Servicer is the Master Servicer, unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loanpursuant to Section 8.09(b));
(E) Nonrecoverable Advances; and
(F) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;; and
(iF) to reimburse the Master Servicer for expenses incurred by, or reimbursable to, the Master Servicer pursuant to Section 8.05 and Section 8.20(f).
(ii) The Master Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Certificate Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance DateDate and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor Backup Master Servicer (on computer disk) and the Certificate Insurer, a monthly servicing report, with respect to each Home Equity Group, report containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan)Loans. In addition, the Master Servicer shall inform the Indenture Trustee Trustee, the Backup Master Servicer and the Certificate Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, Date of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such date.
(iiiii) The Master Servicer shall provide to the Indenture Trustee (and the Backup Master Servicer on computer disk) the information described in Section 3.03(d)(i)(b8.08(d)(ii)(b) and in Section 5.03 7.09(b) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.047.09.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (DLJ Mortgage Acceptance Corp)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account")Account to be held as a trust account. The Each Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titledidentified on the records of the Designated Depository Institution as follows: "[________________]Manufacturers and Traders Trust Company, as Indenture Trustee in trust for under the registered holders Pooling and Servicing Agreement dated as of Renaissance Home Equity Loan Asset-Backed Notes and the InsurerMarch 1, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account1999." If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately shall, within 30 days, be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture TrusteeInstitution. The Servicer shall notify the Indenture Trustee, the Certificate Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested (up to the limits insured by the FDIC) or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 hereoftrust in the name of the Trustee for the benefit of the Owners and the Certificate Insurer. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount (and the Monthly Excess Interest Amount included therein) by the Servicer. Any investment losses on funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than on the second Business Day after receipt, receipt all principal collected and interest due collections on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on received, and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, and all interest accrued after February 28, 1999, but net of (i) the Servicing Fee with respect to each Home Equity Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof (exclusive of any portion of the Servicing Fee to be used to pay any Back-Up Servicer Fee), (ii) principal collected on or prior to the Cut-Off Date and interest accrued on or prior to February 28, 1999, (iii) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aI) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bII) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee (exclusive of any portion of the Servicing Fee to be used to pay any Back-Up Servicer Fee) to the date of such liquidation, and (cIII) any unrecovered Cram Down LossesRealized Losses incurred during the related Remittance Period, (iiiv) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iiiv) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaidunpaid (all such net amount herein referred to as "Daily Collections").
(di) The Servicer may make withdrawals for its own account from the amounts on deposit in the Principal and Interest Account, with respect to each the Home Equity GroupLoans, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Dateto withdraw interest paid with respect to any Home Equity Loans that had accrued for periods prior to March 1, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer1999;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to reimburse itself pursuant to Section 8.09(a) for unrecovered Delinquency Advances and Servicing Advances;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(FE) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;.
(iii) The Servicer shall (a) remit to the Indenture Trustee for deposit in the Distribution Certificate Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance DateDate and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor Trustee and the Insurer, Certificate Insurer a monthly servicing report, with respect to each the Home Equity GroupLoans, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loanscollected, scheduled principal and interest that was due on the Home Equity Loansinterest, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan)Loans. In addition, the Servicer shall inform the Indenture Trustee and the Certificate Insurer on each Monthly Remittance Date, Date with respect to each the Home Equity Group, Loans of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such date.
(iiiii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b8.08(d)(ii)(b) and in Section 5.03 7.09(c) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 7.09 and the Trustee shall forward such information to make the allocations and disbursements set forth in Sections 5.01 and 5.04Underwriters within five Business Days of receipt thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Contisecurities Asset Funding Corp)
Principal and Interest Account. (a) The Master Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (the "Principal and Interest Account"). The Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titled: "[________________], as Indenture Trustee in trust for the registered holders of Renaissance Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." If the institution maintain at any time holding one or more Designated Depository Institutions the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereundersegregated account. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) Subject to Subsection Subsections (c) and (d) below, the Master Servicer and any Sub-Servicer shall deposit all receipts required pursuant to Subsection collections (cother than amounts escrowed for taxes and insurance) below and related to the Home Equity Mortgage Loans to the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). On or before the Startup Day, the Master Servicer shall deposit to the Principal and Interest Account (i) all scheduled payments due and collected (other than amounts escrowed for taxes and insurance) on the Mortgage Loans after the Cut-Off Date and prior to the Startup Day and (ii) all unscheduled collections (other than amounts escrowed for taxes and insurance) on the Mortgage Loans received on or after the Cut-Off Date and prior to the Startup Day.
(b) All funds in the Principal and Interest Account shall be invested in Eligible Investments maturing not later than the Business Day immediately preceding the related Remittance Date; provided, however, in the event that Trustee is acting as Successor Master Servicer, such amounts may be held uninvested. The Principal and invested as set forth Interest Account shall be held in Section 5.06 hereoftrust in the name of the Trustee for the benefit of the Owners. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Master Servicer and may only be withdrawn from the Principal and Interest Account by the Master Servicer immediately following the remittance of the Monthly Remittances by the Master Servicer. Any investment losses shall be paid by the Master Servicer to the Principal and Interest Account from the Master Servicer's own funds. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings and to additional amounts in respect of investment losses. The Trustee shall have no responsibility or liability for actions taken by the Master Servicer, including withdrawals, with respect to the Principal and Interest Accounts.
(c) The Master Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due on payments from the Home Equity Loans related Mortgagors received by the Master Servicer (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Prepayments), Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Mortgage Loans received by the Master Servicer, Compensating Interest, Delinquency Advances together with any amounts which are reimbursable to the Master Servicer from the Principal and Interest Account, the amount of any Loan Purchase Price received or paid by the Master Servicer, the amount of any Substitution Amount received by the Master Servicer, REO income pursuant to Section 10.13(c) hereof, and amounts required to be deposited therein pursuant to Section 10.11 hereof in connection with blanket insurance policies and any income from REO Propertiesproceeds received by the Master Servicer in connection with the termination of the Trust, but net of (i) the Master Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Master Servicer as permitted by Section 10.15 hereof, (ii) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aI) the Principal Balance of the related Home Equity Loan immediately prior to liquidationMortgage Loan, plus (bII) accrued and unpaid interest on such Home Equity Mortgage Loan at the Coupon Rate applicable to the related Remittance Period (net of the related Master Servicing Fee) and (ciii) any unrecovered Cram Down Losses, prepayment charges and similar amounts to be paid over to the Depositor pursuant to Section 10.2 hereof. Amounts described in clause (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on of the preceding sentence shall be retained by the Master Servicer as additional servicing compensation or paid over to the related Home Equity Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note Mortgagor if required by a Mortgagor which are subsequently returned by a depository institution as unpaidlaw.
(di) The Master Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, Account only in the following priority and for the following purposes:
(A) to effect the timely remittance to the Trustee of the related Monthly Remittance due on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;; 84
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency amounts which represent Reimbursable Advances made by the Master Servicer from its own funds and unrecovered Servicing Advances (in each case, solely subsequently collected from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable AdvancesMortgagor; and
(FE) to clear and terminate the Principal and Interest Account following in connection with the termination of the Trust pursuant Trust.
(ii) On the tenth day of each month (or the immediately following Business Day if the tenth day does not fall on a Business Day), the Master Servicer shall send to Article IXthe Trustee a report, in such electronic form as may be agreed upon by the Master Servicer, the Depositor, the Certificate Insurer and the Trustee, detailing the payments on the Mortgage Loans for each of the Mortgage Loan Groups during the prior Remittance Period. Such report shall be in the form and have the specifications as may be agreed to between the Master Servicer, the Depositor, and the Trustee from time to time and, in any event, shall have such information as shall be necessary to enable the Trustee to perform its obligations hereunder. In addition, on or prior to each Remittance Date, the Master Servicer will furnish to the Depositor, the Trustee and to the Certificate Insurer the following information for the three Mortgage Loan Groups as of the close of business on the first business day of the current calendar month:
(A) the total number of Mortgage Loans and the aggregate Principal Balances thereof, together with the number and aggregate principal balances of Mortgage Loans (a) 30-59 days Delinquent, (b) 60-89 days Delinquent and (c) 90 or more days Delinquent;
(iB) The the number and aggregate principal balances of all Mortgage Loans in foreclosure proceedings (and whether any such Mortgage Loans are also included in any of the statistics described in the foregoing clause (A));
(C) the number and aggregate principal balances of all Mortgage Loans relating to Mortgagors in bankruptcy proceedings (and whether any such Mortgage Loans are also included in any of the statistics described in the foregoing clauses (A) and (B));
(D) the number and aggregate principal balances of all Mortgage Loans relating to REO Properties (and whether any such Mortgage Loans are also included in any of the statistics described in the foregoing clauses (A), (B) and (C));
(E) the number and aggregate principal balances of all Mortgage Loans as to which foreclosure proceedings were commenced during the prior Remittance Period;
(F) a schedule regarding cumulative foreclosures since the Cut-Off Date;
(G) a schedule regarding the Group I Cumulative Net Realized Losses, the Group II Cumulative Net Realized Losses and the Cumulative Net Realized Losses;
(H) the book value of any REO Property and any income received from REO Properties during the prior Remittance Period;
(I) such other information as the Trustee, the Depositor or the Certificate Insurer may reasonably request and as is produced by the Master Servicer in the ordinary course of its business; and
(J) the number and Principal Balance of any Mortgage Loans repurchased during the related Remittance Period pursuant to Section 10.13(f) and the number and cumulative Principal Balance of all Mortgage Loans so repurchased since the Cut-Off Date.
(iii) On each Remittance Date the Master Servicer shall (a) remit the Group I Monthly Remittance and the Group II Monthly Remittance to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such date.
(iie) The In connection with any exercise by the Depositor of its option and related termination under Article VIII hereof, upon written request of the Depositor, the Master Servicer shall provide remit to the Indenture Trustee all amounts (net of investment earnings and providing for investment losses pursuant to Section 10.8(b), net of the information described Master Servicing Fee and net of amounts reimbursable for Delinquency Advances and Servicing Advances) then on deposit in Section 3.03(d)(i)(b) the Principal and in Section 5.03 Interest Account for deposit to enable the Indenture Trustee Certificate Account, which deposit shall be deemed to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04have occurred immediately preceding such purchase.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Home Equity Securitization Corp)
Principal and Interest Account. (a) The Master Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (the "Principal and Interest Account"). The Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titled: "[________________], as Indenture Trustee in trust for the registered holders of Renaissance Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." If the institution maintain at any time holding one or more Designated Depository Institutions the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereundersegregated account. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) Subject to Subsection Subsections (c) and (d) below, the Master Servicer and any Sub-Servicer shall deposit all receipts required pursuant to Subsection collections (cother than amounts escrowed for taxes and insurance) below and related to the Home Equity Mortgage Loans to the Principal and Interest Account on a daily basis (but no later than the second first Business Day after receipt). On or before the Startup Day, the Master Servicer shall deposit to the Principal and Interest Account (i) all scheduled payments due and collected (other than amounts escrowed for taxes and insurance) on the Mortgage Loans after the Cut-Off Date and prior to the Startup Day and (ii) all unscheduled collections (other than amounts escrowed for taxes and insurance) on the Mortgage Loans received on or after the Cut-Off Date and prior to the Startup Day.
(b) All funds in the Principal and Interest Account shall be invested in Eligible Investments maturing not later than the Business Day immediately preceding the related Remittance Date; provided, however, in the event that Trustee is acting as Successor Master Servicer, such amounts may be held uninvested. The Principal and invested as set forth Interest Account shall be held in Section 5.06 hereoftrust in the name of the Trustee for the benefit of the Owners. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Master Servicer and may only be withdrawn from the Principal and Interest Account by the Master Servicer immediately following the remittance of the Monthly Remittances by the Master Servicer. Any investment losses shall be paid by the Master Servicer to the Principal and Interest Account from the Master Servicer's own funds. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings and to additional amounts in respect of investment losses. The Trustee shall have no responsibility or liability for actions taken by the Master Servicer, including withdrawals, with respect to the Principal and Interest Accounts.
(c) The Master Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest due on payments from the Home Equity Loans related Mortgagors received by the Master Servicer (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Prepayments), Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Mortgage Loans received by the Master Servicer, Compensating Interest, Delinquency Advances together with any amounts which are reimbursable to the Master Servicer from the Principal and Interest Account, the amount of any Loan Purchase Price received or paid by the Master Servicer, the amount of any Substitution Amount received by the Master Servicer, REO income pursuant to Section 10.13(c) hereof, and amounts required to be deposited therein pursuant to Section 10.11 hereof in connection with blanket insurance policies and any income from REO Propertiesproceeds received by the Master Servicer in connection with the termination of the Trust, but net of (i) the Master Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Master Servicer as permitted by Section 10.15 hereof, (ii) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aI) the Principal Balance of the related Home Equity Loan immediately prior to liquidationMortgage Loan, plus (bII) accrued and unpaid interest on such Home Equity Mortgage Loan at the Coupon Rate applicable to the related Remittance Period (net of the related Master Servicing Fee) and (ciii) any unrecovered Cram Down Losses, prepayment charges and similar amounts to be paid over to the Seller pursuant to Section 10.2 hereof. Amounts described in clause (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on of the preceding sentence shall be retained by the Master Servicer as additional servicing compensation or paid over to the related Home Equity Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note Mortgagor if required by a Mortgagor which are subsequently returned by a depository institution as unpaidlaw.
(di) The Master Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, Account only in the following priority and for the following purposes:
(A) to effect the timely remittance to the Trustee of the related Monthly Remittance due on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency amounts which represent Reimbursable Advances made by the Master Servicer from its own funds and unrecovered Servicing Advances (in each case, solely subsequently collected from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable AdvancesMortgagor; and
(FE) to clear and terminate the Principal and Interest Account following in connection with the termination of the Trust pursuant Trust.
(ii) On the tenth day of each month (or the immediately following Business Day if the tenth day does not fall on a Business Day), the Master Servicer shall send to Article IXthe Trustee a report, in such electronic form as may be agreed upon by the Master Servicer, the Seller, the Certificate Insurer and the Trustee, detailing the payments on the Mortgage Loans for each of the Mortgage Loan Groups during the prior Remittance Period. Such report shall be in the form and have the specifications as may be agreed to between the Master Servicer, the Seller, and the Trustee from time to time and, in any event, shall have such information as shall be necessary to enable the Trustee to perform its obligations hereunder. In addition, on or prior to each Remittance Date, the Master Servicer will furnish to the Seller, the Transferor, the Trustee and to the Certificate Insurer the following information for each of the three Mortgage Loan Groups as of the close of business on the first business day of the current calendar month:
(A) the total number of Mortgage Loans and the aggregate Principal Balances thereof, together with the number and aggregate principal balances of Mortgage Loans (a) 30-59 days Delinquent, (b) 60-89 days Delinquent and (c) 90 or more days Delinquent;
(iB) The the number and aggregate principal balances of all Mortgage Loans in foreclosure proceedings (and whether any such Mortgage Loans are also included in any of the statistics described in the foregoing clause (A));
(C) the number and aggregate principal balances of all Mortgage Loans relating to Mortgagors in bankruptcy proceedings (and whether any such Mortgage Loans are also included in any of the statistics described in the foregoing clauses (A) and (B));
(D) the number and aggregate principal balances of all Mortgage Loans relating to REO Properties (and whether any such Mortgage Loans are also included in any of the statistics described in the foregoing clauses (A), (B) and (C));
(E) the number and aggregate principal balances of all Mortgage Loans as to which foreclosure proceedings were commenced during the prior Remittance Period;
(F) a schedule regarding cumulative foreclosures since the Cut-Off Date;
(G) a schedule regarding the Group I Cumulative Net Realized Losses, the Group II Cumulative Net Realized Losses, the Group III Cumulative Net Realized Losses and the Cumulative Net Realized Losses;
(H) the book value of any REO Property and any income received from REO Properties during the prior Remittance Period; and
(I) such other information as the Trustee, the Seller, the Certificate Insurer or the Transferor may reasonably request and as is produced by the Master Servicer in the ordinary course of its business.
(iii) On each Remittance Date the Master Servicer shall (a) remit the Group I Monthly Remittance, the Group II Monthly Remittance and the Group III Monthly Remittance to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such date.
(iie) The In connection with any exercise by the Seller of its option and related termination under Article VIII hereof, upon written request of the Seller, the Master Servicer shall provide remit to the Indenture Trustee all amounts (net of investment earnings and providing for investment losses pursuant to Section 10.8(b), net of the information described Master Servicing Fee and net of amounts reimbursable for Delinquency Advances and Servicing Advances) then on deposit in Section 3.03(d)(i)(b) the Principal and in Section 5.03 Interest Account for deposit to enable the Indenture Trustee Certificate Account, which deposit shall be deemed to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04have occurred immediately preceding such purchase.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Access Financial Lending Corp)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (maintain at one or more Designated Depository Institutions the "Principal and Interest Account"). The Principal and Interest Account , which shall be an Eligible Account. The Principal and Interest Account shall be titledidentified on the records of the Designated Depository Institution as follows: "[________________]JPMorgan Chase Bank, National Association, as Indenture Trustee in trust for on behalf of the registered holders Owners of Renaissance the N Home Equity Loan Trust 2006-A Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by at the Indenture Corporate Trust Office of the Trustee. The Servicer shall notify the Indenture Trustee, the Insurer Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) . Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt). .
(b) All funds in the Principal and Interest Account shall be held (i) uninvested up to the amount insured by the FDIC or (ii) invested in Eligible Investments. Any investments of funds in the Principal and invested as set forth Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. The Principal and Interest Account shall be held in Section 5.06 trust in the name of the Trust for the benefit of the Owners. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amount by the Servicer in accordance with the terms hereof. Any investment losses on amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, (x) all Trust Prepayment Charges collected on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, and (y) all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, other recoveries or amounts related to the Home Equity Loans received by the Servicer and any income from REO Properties, but net of (i) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aA) the Principal Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (bB) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) and plus (cC) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances and unreimbursed Servicing Advances (but in each case solely from amounts received on the related Home Equity Loan) as provided in Section 8.09 and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid.
(d) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered unreimbursed Delinquency Advances and unrecovered for unreimbursed Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan)) as provided in Section 8.09;
(E) to reimburse itself pursuant to Sections 8.09(a) and (b) for Nonrecoverable Advances; and
(F) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;.
(ie) The Servicer shall (ai) remit to the Indenture Trustee for deposit in the Distribution Certificate Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (bii) on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor Trustee and the InsurerDepositor, a monthly servicing report, with respect to each Home Equity Group, report containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan)Loans. In addition, the Servicer shall inform the Indenture Trustee and the Insurer on each Monthly Remittance Date, with respect to each Home Equity Group, Date of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Loan Balance of the Home Equity Loan having the largest Principal Loan Balance as of such date.
(iif) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b8.08(e)(ii) and in Section 5.03 7.09(b) to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 7.09 and to make the allocations and disbursements set forth in Sections 5.01 7.02 and 5.047.03.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2006-A)
Principal and Interest Account. (a) The Servicer and/or each Sub-Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect the name of each Group will be separately deposited and maintained (the "Principal and Interest Account"). The Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titled: "[________________], as Indenture Trustee in trust Trust for the registered holders benefit of Renaissance Home Equity Loan Asset-Backed Notes the Owners of the Certificates and the Insurer, Certificate Insurer and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." If the institution maintain at any time holding the Principal and Interest Account ceases to be eligible as a one or more Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Insurer and the Owners if there is a change in the name, account number or institution holding Institutions the Principal and Interest Account.
(b) . Subject to Subsection (c) below, the Servicer and any Sub-Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Mortgage Loans to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt). On the Startup Day, the Sponsor and/or the Servicer shall deposit to the Principal and Interest Account all scheduled payments of principal and interest due and received, and all Prepayments received after the Cut-Off Date.
(b) All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and invested as set forth for the benefit of the Owners of the Certificates and the Certificate Insurer. Any investment earnings on funds held in Section 5.06 hereofthe Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amounts by the Servicer. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings. The amount of any losses on investments in the Principal and Interest Account, to the extent not offset by earnings on other investments held therein, shall be deposited in the Principal and Interest Account by the Servicer promptly upon the recognition of such net losses.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all payments of principal collected and interest (including Prepaid Installments) due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date Date, any Prepayments and Net Liquidation Proceeds collected after the Replacement Cut-Off Date, as applicable, including any Prepayments all Loan Purchase Prices and Net Liquidation ProceedsSubstitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Home Equity Mortgage Loans received by the Servicer Servicer, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account, amounts on account of net investment losses and any income from REO Propertiescondemnation proceeds, but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, and (ii) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (aA) the Principal Loan Balance of the related Home Equity Mortgage Loan immediately prior to liquidation, plus (bB) accrued and unpaid interest on such Home Equity Mortgage Loan at the Coupon Rate (net of the related any Servicing Fee) and (c) any unrecovered Cram Down Losses, to the date of such liquidation. Amounts described in clause (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on of the preceding sentence shall be retained by the Servicer as additional servicing compensation or paid over to the related Home Equity Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note Mortgagor if required by a Mortgagor which are subsequently returned by a depository institution as unpaidlaw.
(di) The Servicer may make withdrawals from the Principal and Interest Account, with respect to each Home Equity Group, Account only in the following priority and for the following purposes:
(A) to effect the timely remittance to the Trustee of the Monthly Remittance Amounts due on each Monthly Remittance Date, to pay itself the related Servicing Fees to the extent such Servicing Fees are not retained by the Servicer;
(B) to reimburse itself pursuant to Section 8.9 hereof for any unreimbursed Reimbursable Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(CD) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(FE) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX;.
(iii) The On each Remittance Date, the Servicer shall send to the Trustee a report, in print and/or electronic form, detailing the payments on the Mortgage Loans during the prior Remittance Period. Such report shall be in the form and have the specifications as may be agreed to between the Servicer and the Trustee from time to time. The Trustee shall have no duty or obligation with respect to the accuracy of the information contained in the report referred to in this Section 8.8(d)(ii).
(aiii) On each Remittance Date, the Servicer shall remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available funds, without duplication, funds all amounts then on deposit in the Monthly Remittance Amount allocable Principal and Interest Account which relate to a Remittance Period not later than the related Monthly Remittance Date, and (b) collections on each Monthly Remittance Date, deliver to the Indenture Trustee, the Depositor and the Insurer, a monthly servicing report, or with respect to each Home Equity Group, containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information Mortgage Loans with respect to Liquidated Loansthe immediately preceding Remittance Period, including the amount of any Delinquency Advance, any Compensating Interest, Loan Purchase Prices and Substitution Amounts; such amount being the "Monthly Remittance Amount."
(e) The Servicer shall furnish the Trustee monthly statements of the Principal and Interest Account, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning it is not held by the servicing of the Home Equity Loans and Trustee.
(f) Notwithstanding any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Liquidated Loan). In additionprovisions of this Agreement, the Servicer shall inform be entitled to reimburse itself for any previously unreimbursed expense otherwise reimbursable pursuant to the Indenture Trustee terms of this Agreement, including, but not limited to, any Delinquency Advance, any Servicing Advance, and any Liquidation Expense, that the Insurer Servicer determines (as evidenced by an Officer's Certificate) to be otherwise nonrecoverable by withdrawal from the Principal and Interest Account of amounts on each Monthly Remittance Date, with respect deposit therein attributable to each Home Equity Group, any of the amounts Mortgage Loans on any Business Day prior to the Payment Date succeeding the date of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such datedetermination.
(ii) The Servicer shall provide to the Indenture Trustee the information described in Section 3.03(d)(i)(b) and in Section 5.03 to enable the Indenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Equivantage Acceptance Corp)
