Servicing Accounts. (a) The Servicer will establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries and advances made from the Servicer’s own funds (less, in the case of the Servicer, the Servicing compensation, in whatever form and amounts as permitted by the Servicing Agreement) and all other amounts to be deposited in the Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the Servicing Account for purposes required or permitted by this Agreement and the Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof. (b) [Reserved]; (c) To the extent provided in the Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account and shall immediately remit or cause to be remitted to the Trustee for deposit into the Distribution Account, amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing: (i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer pursuant to the Servicing Agreement which were due on or before the related Due Date, net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if any; (ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing Fees; (iii) Principal Prepayments in part received by the Servicer for such Mortgage Loans in the related Prepayment Period; (iv) Recoveries received by the Servicer with respect to such Mortgage Loans; and (v) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the Servicing Agreement. (d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c), to reimburse the Servicer for advances which have been recovered by subsequent collection from the related Mortgagor, to remove amounts deposited in error, to remove fees, charges or other such amounts deposited on a temporary basis, or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01. As provided in Section 4.01(c), certain amounts otherwise due to the Servicer may be retained by them and need not be remitted to the Trustee.
Appears in 9 contracts
Samples: Pooling Agreement (Harborview Mortgage Loan Trust 2006-1), Pooling Agreement (Mortgage Loan Pass-Through Certificates Series 2005-12), Pooling and Servicing Agreement (HarborView Mortgage Loan Trust 2005-3)
Servicing Accounts. (a) The Master Servicer will shall enforce the obligation of each Servicer to establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the applicable Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the related Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the a Servicer, including Principal Prepayments, Prepayment Penalty Amounts, Insurance Proceeds, Liquidation Proceeds, Recoveries and advances made from the Servicer’s own funds (less, in the case of the each Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the applicable Servicing Agreement) and all other amounts to be deposited in the each such Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the related Servicing Account for purposes required or permitted by this Agreement and the applicable Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Each Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the related Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the each Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account and shall immediately remit or cause to be remitted to the Trustee Securities Administrator for deposit into the Distribution Account, Account amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Initial Cut-off Date, or, in the case of Subsequent Mortgage Loans, on or before the applicable Subsequent Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer Servicers pursuant to the Servicing Agreement Agreements which were due on or before the related Due Date, net of the amount thereof comprising the Servicing Fees and Lender-Lender Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer Servicers with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing FeesFees and any Recoveries received in the related Prepayment Period;
(iii) Principal Prepayments in part received by the Servicer Servicers for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by the Servicer with respect to such Mortgage LoansPrepayment Penalty Amounts, if any; and
(v) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the Servicing Agreement.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c), 4.02 and 4.03; to reimburse the Master Servicer or the Servicer for advances Advances which have been recovered by subsequent collection from the related Mortgagor, ; to remove amounts deposited in error, ; to remove fees, charges or other such amounts deposited on a temporary basis, ; or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01, or as otherwise provided in the Servicing Agreement. As provided in Section Sections 4.01(c) and 4.02(b), certain amounts otherwise due to the Servicer may be retained by them and need not be remitted to the TrusteeSecurities Administrator.
Appears in 8 contracts
Samples: Pooling and Servicing Agreement (HarborView 2007-2), Pooling and Servicing Agreement (HarborView 2007-7), Pooling and Servicing Agreement (HarborView 2007-4)
Servicing Accounts. (a) The Master Servicer will shall enforce the obligation of each Servicer to establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the applicable Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the related Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the a Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries and advances made from the Servicer’s own funds (less, in the case of the each Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the applicable Servicing Agreement) and all other amounts to be deposited in the each such Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the related Servicing Account for purposes required or permitted by this Agreement and the applicable Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Each Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the related Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the each Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account and shall immediately remit or cause to be remitted to the Trustee Master Servicer for deposit into the Distribution Account, amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer Servicers pursuant to the Servicing Agreement Agreements which were due on or before the related Due Date, net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer Servicers with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing Fees;
(iii) Principal Prepayments in part received by the Servicer Servicers for such Mortgage Loans in the related Prepayment Period;
(iv) Prepayment Penalty Amounts, if any, and only if required under the related Servicing Agreement;
(v) Recoveries received by the Servicer Servicers with respect to such Mortgage Loans; and
(vvi) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the related Servicing Agreement.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c), to reimburse the a Servicer for advances which have been recovered by subsequent collection from the related Mortgagor, to remove amounts deposited in error, to remove fees, charges or other such amounts deposited on a temporary basis, or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01. As provided in Section 4.01(c), certain amounts otherwise due to the Servicer Servicers may be retained by them and need not be remitted to the TrusteeMaster Servicer.
Appears in 7 contracts
Samples: Pooling and Servicing Agreement (HarborView Mortgage Loan Trust 2004-7), Pooling and Servicing Agreement (HarborView Mortgage Loan Trust 2005-15), Pooling and Servicing Agreement (HarborView Mortgage Loan Trust 2005-6)
Servicing Accounts. (a) The Master Servicer will shall enforce the obligation of the Servicer to establish and maintain one or more custodial accounts (the “Servicing AccountsAccount”) in accordance with the Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries Proceeds and advances made from the Servicer’s own funds (less, in the case of the each Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the Servicing Agreement) and all other amounts to be deposited in the Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the Servicing Account for purposes required or permitted by this Agreement and the Servicing Agreement. For the purposes of this Agreement, the Servicing Accounts Account shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related the Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account and shall immediately remit or cause to be remitted to the Trustee Master Servicer for deposit into the Distribution Account, amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer pursuant to the Servicing Agreement which were due on or before the related Due Date, net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if anyFee;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing FeesFee;
(iii) Principal Prepayments in part received by the Servicer for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by the Servicer with respect to such Mortgage Loans; and
(v) any amount to be used as a delinquency advance or to pay any Interest ShortfallsShortfalls due to prepayments on the Mortgage Loans, in each case, as required to be paid by the Servicer under the Servicing Agreement.
(d) Withdrawals may be made from a the Servicing Account only to make remittances as provided in Section 4.01(c), to reimburse the Servicer for advances which have been recovered by subsequent collection from the related Mortgagor, to remove amounts deposited in error, to remove fees, charges or other such amounts deposited on a temporary basis, or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01. As provided in Section 4.01(c), certain amounts otherwise due to the Servicer may be retained by them it and need not be remitted to the TrusteeMaster Servicer.
Appears in 6 contracts
Samples: Pooling and Servicing Agreement (Dsla Mortgage Loan Trust 2005-Ar5), Pooling and Servicing Agreement (DSLA Mortgage Loan Trust 2004-Ar4), Pooling and Servicing Agreement (DSLA Mortgage Loan Trust 2004-Ar3)
Servicing Accounts. (a) The Master Servicer will shall enforce the obligation of each Servicer to establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the applicable Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the related Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the a Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries Proceeds and advances made from the Servicer’s own funds (less, in the case of the each Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the applicable Servicing Agreement) and all other amounts to be deposited in the each such Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the related Servicing Account for purposes required or permitted by this Agreement and the applicable Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Each Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the related Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the each Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account and shall immediately remit or cause to be remitted to the Trustee Master Servicer for deposit into the Distribution Account, amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer Servicers pursuant to the Servicing Agreement Agreements which were due on or before the related Due Date, net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer Servicers with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing Fees;
(iii) Principal Prepayments in part received by the Servicer Servicers for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by Prepayment Penalty Amounts, if any, and only if required under the Servicer with respect to such Mortgage Loansrelated Servicing Agreement; and
(v) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the related Servicing Agreement.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c), to reimburse the a Servicer for advances which have been recovered by subsequent collection from the related Mortgagor, to remove amounts deposited in error, to remove fees, charges or other such amounts deposited on a temporary basis, or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01. As provided in Section 4.01(c), certain amounts otherwise due to the Servicer Servicers may be retained by them and need not be remitted to the TrusteeMaster Servicer.
Appears in 6 contracts
Samples: Pooling and Servicing Agreement (HarborView Mortgage Loan Trust 2004-5), Pooling and Servicing Agreement (Mortgage Loan Pass-Through Certificates Series 2003-1), Pooling and Servicing Agreement (Greenwich Capital Accept Inc Harborview Mort Loan Tr 2003 2)
Servicing Accounts. (a) The Master Servicer will shall enforce the obligation of each Servicer to establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the applicable Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the related Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the a Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries Proceeds and advances made from the Servicer’s own funds (less, in the case of the each Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the applicable Servicing Agreement) and all other amounts to be deposited in the each such Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the related Servicing Account for purposes required or permitted by this Agreement and the applicable Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Each Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the related Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the each Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account Accounts and shall immediately remit deposit or cause to be remitted to the Trustee for deposit into deposited in the Distribution Account, Account amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer Servicers pursuant to the Servicing Agreement Agreements which were due on or before the related Due Date, Date but net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer Servicers with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing FeesFees and any Recoveries received in the related Prepayment Period;
(iii) Principal Prepayments in part received by the Servicer Servicers for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by Prepayment Penalty Amounts, if any, and only if required under the Servicer with respect to such Mortgage Loansrelated Servicing Agreement; and
(v) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the related Servicing Agreement.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c), 4.02 and 4.03; to reimburse the Master Servicer or a Servicer for advances Advances which have been recovered by subsequent collection from the related Mortgagor, ; to remove amounts deposited in error, ; to remove fees, charges or other such amounts deposited on a temporary basis, ; or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01. As provided in Section Sections 4.01(c) and 4.02(b), certain amounts otherwise due to the Servicer Servicers may be retained by them and need not be remitted deposited in the Distribution Account. Notwithstanding anything herein to the Trusteecontrary, the Master Servicer shall not be responsible for verifying the accuracy of any Prepayment Penalty.
Appears in 6 contracts
Samples: Pooling and Servicing Agreement (Thornburg Mortgage Securities Trust 2007-4), Pooling and Servicing Agreement (Thornburg Mortgage Securities Corp), Pooling and Servicing Agreement (Thornburg Mortgage Securities Trust 2007-5)
Servicing Accounts. (a) The Master Servicer will shall enforce the obligation of each Servicer to establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the applicable Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the related Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the a Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries and advances made from the Servicer’s own funds (less, in the case of the each Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the applicable Servicing Agreement) and all other amounts to be deposited in the each such Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the related Servicing Account for purposes required or permitted by this Agreement and the applicable Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Each Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the related Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the each Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account and shall immediately remit or cause to be remitted to the Trustee Master Servicer for deposit into the Distribution Account, amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer Servicers pursuant to the Servicing Agreement Agreements which were due on or before the related Due Date, net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer Servicers with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing Fees;
(iii) Principal Prepayments in part received by the Servicer Servicers for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by the Servicer Servicers with respect to such Mortgage Loans; and
(v) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the related Servicing Agreement.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c), to reimburse the a Servicer for advances which have been recovered by subsequent collection from the related Mortgagor, to remove amounts deposited in error, to remove fees, charges or other such amounts deposited on a temporary basis, or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01. As provided in Section 4.01(c), certain amounts otherwise due to the Servicer Servicers may be retained by them and need not be remitted to the TrusteeMaster Servicer.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (HarborView Mortgage Loan Trust 2004-8), Pooling and Servicing Agreement (HarborView Mortgage Loan Trust 2005-7), Pooling and Servicing Agreement (HarborView Mortgage Loan Trust 2004-8)
Servicing Accounts. (a) The Servicer will establish and maintain one or more custodial accounts (the “Servicing AccountsAccount”) in accordance with the Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries Proceeds and advances made from the Servicer’s own funds (less, in the case of the each Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the Servicing Agreement) and all other amounts to be deposited in the Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the Servicing Account for purposes required or permitted by this Agreement and the Servicing Agreement. For the purposes of this Agreement, the Servicing Accounts Account shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related the Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account and shall immediately remit or cause to be remitted to the Trustee for deposit into the Distribution Account, amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer pursuant to the Servicing Agreement which were due on or before the related Due Date, net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if anyFee;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing FeesFee;
(iii) Principal Prepayments in part received by the Servicer for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by the Servicer with respect to such Mortgage Loans; and
(v) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the Servicing Agreement.
(d) Withdrawals may be made from a the Servicing Account only to make remittances as provided in Section 4.01(c), to reimburse the Servicer for advances which have been recovered by subsequent collection from the related Mortgagor, to remove amounts deposited in error, to remove fees, charges or other such amounts deposited on a temporary basis, or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01. As provided in Section 4.01(c), certain amounts otherwise due to the Servicer may be retained by them it and need not be remitted to the Trustee.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (HarborView Mortgage Loan Trust 2004-3), Pooling and Servicing Agreement (FNBA Mortgage Loan Trust 2004 AR1), Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc Harborview Mort Ln Tr 03 3)
Servicing Accounts. (a) The Servicer will shall establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the Servicer, including Principal Prepayments, Prepayment Penalty Amounts, Insurance Proceeds, Liquidation Proceeds, Recoveries and advances made from the Servicer’s own funds (less, in the case of the Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the Servicing Agreement) and all other amounts to be deposited in the each such Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the Servicing Account for purposes required or permitted by this Agreement and the Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account Accounts and shall immediately remit or cause to be remitted to the Trustee for deposit into the Distribution Account, Account amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer pursuant to the Servicing Agreement which were due on or before the related Due Date, net of the amount thereof comprising the Servicing Fees and Lender-Lender Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing FeesFees and any Recoveries received in the related Prepayment Period;
(iii) Principal Prepayments in part received by the Servicer for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by the Servicer with respect to such Mortgage LoansPrepayment Penalty Amounts, if any; and
(v) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the Servicing Agreement.
(dc) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c4.01(b), to reimburse the Servicer for advances Advances which have been recovered by subsequent collection from the related Mortgagor, ; to remove amounts deposited in error, to remove fees, charges or other such amounts deposited on a temporary basis, or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01, or as otherwise provided in the Servicing Agreement. As provided in Section 4.01(c4.01(b), certain amounts otherwise due to the Servicer may be retained by them and need not be remitted to the Trustee.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (HarborView 2006-10), Pooling and Servicing Agreement (Harborview 2006-9), Pooling and Servicing Agreement (HarborView 2007-1)
Servicing Accounts. (a) The Master Servicer will shall enforce the obligation of the Servicer to establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries and advances made from the Servicer’s own funds (less, in the case of the Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the Servicing Agreement) and all other amounts to be deposited in the each such Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the Servicing Account for purposes required or permitted by this Agreement and the Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account Accounts and shall immediately remit deposit or cause to be remitted to the Trustee for deposit into deposited in the Distribution Account, Account amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer pursuant to the Servicing Agreement which were due on or before the related Due Date, Date but net of the amount thereof comprising the Servicing Fees and Lender-Lender Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing FeesFees and any Recoveries received in the related Prepayment Period;
(iii) Principal Prepayments in part received by the Servicer for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by the Servicer with respect to such Mortgage LoansPrepayment Penalty Amounts, if any; and
(v) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the Servicing Agreement.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c), 4.02 and 4.03; to reimburse the Master Servicer or the Servicer for advances Advances which have been recovered by subsequent collection from the related Mortgagor, ; to remove amounts deposited in error, ; to remove fees, charges or other such amounts deposited on a temporary basis, ; or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01. As provided in Section Sections 4.01(c) and 4.02(b), certain amounts otherwise due to the Servicer may be retained by them and need not be remitted to deposited in the TrusteeDistribution Account.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Dsla Mortgage Loan Trust 2006-Ar1), Pooling and Servicing Agreement (Dsla Mortgage Loan Trust 2006-Ar1)
Servicing Accounts. (a) The Master Servicer will shall enforce the obligation of each Servicer to establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the applicable Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the related Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the a Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Subsequent Recoveries and advances made from the Servicer’s own funds (less, in the case of the each Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the applicable Servicing Agreement) and all other amounts to be deposited in the each such Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the related Servicing Account for purposes required or permitted by this Agreement and the applicable Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Each Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the related Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the each Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account Accounts and shall immediately remit deposit or cause to be remitted to deposited in the Trustee for deposit into the Distribution Account, Collection Account amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer Servicers pursuant to the Servicing Agreement Agreements which were due on or before the related Due Date, Date but net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer Servicers with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing FeesFees and any Subsequent Recoveries received in the related Prepayment Period;
(iii) Principal Prepayments in part received by the Servicer Servicers for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by Prepayment Penalty Amounts, if any, and only if required under the Servicer with respect to such Mortgage Loansrelated Servicing Agreement; and
(v) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the related Servicing Agreement.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c), 4.02 and 4.03; to reimburse the Master Servicer or a Servicer for advances Advances which have been recovered by subsequent collection from the related Mortgagor, ; to remove amounts deposited in error, ; to remove fees, charges or other such amounts deposited on a temporary basis, ; or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01. As provided in Section Sections 4.01(c) and 4.02(b), certain amounts otherwise due to the Servicer Servicers may be retained by them and need not be remitted deposited in the Collection Account. Notwithstanding anything herein to the Trusteecontrary, the Master Servicer shall not be responsible for verifying the accuracy of any Prepayment Penalty.
Appears in 2 contracts
Samples: Sale and Servicing Agreement (Thornburg Mortgage Securities Trust 2007-2), Sale and Servicing Agreement (Thornburg Mortgage Securities Corp)
Servicing Accounts. (a) The Master Servicer will shall enforce the obligation of each Servicer to establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the applicable Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the related Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the a Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries Proceeds and advances made from the Servicer’s own funds (less, in the case of the each Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the applicable Servicing Agreement) and all other amounts to be deposited in the each such Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the related Servicing Account for purposes required or permitted by this Agreement and the applicable Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Each Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the related Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the each Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account Accounts and shall immediately remit deposit or cause to be remitted to deposited in the Trustee for deposit into the Distribution Account, Collection Account amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer Servicers pursuant to the Servicing Agreement Agreements which were due on or before the related Due Date, Date but net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer Servicers with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing FeesFees and any Recoveries received in the related Prepayment Period;
(iii) Principal Prepayments in part received by the Servicer Servicers for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by Prepayment Penalty Amounts, if any, and only if required under the Servicer with respect to such Mortgage Loansrelated Servicing Agreement; and
(v) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the related Servicing Agreement.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c), 4.02 and 4.03; to reimburse the Master Servicer or a Servicer for advances Advances which have been recovered by subsequent collection from the related Mortgagor, ; to remove amounts deposited in error, ; to remove fees, charges or other such amounts deposited on a temporary basis, ; or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01. As provided in Section Sections 4.01(c) and 4.02(b), certain amounts otherwise due to the Servicer Servicers may be retained by them and need not be remitted to deposited in the TrusteeCollection Account.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Thornburg Mortgage Securities Trust 2005-2), Pooling and Servicing Agreement (Thornburg Mortgage Securities Trust 2005-1)
Servicing Accounts. (a) The Servicer will shall establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the Servicer, including Principal Prepayments, Prepayment Penalty Amounts, Insurance Proceeds, Liquidation Proceeds, Recoveries and advances made from the Servicer’s own funds (less, in the case of the Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the Servicing Agreement) and all other amounts to be deposited in the each such Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the Servicing Account for purposes required or permitted by this Agreement and the Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account Accounts and shall immediately remit or cause to be remitted to the Trustee for deposit into the Distribution Account, Account amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Initial Cut-off Date, or, in the case of Subsequent Mortgage Loans, on or before the applicable Subsequent Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer pursuant to the Servicing Agreement which were due on or before the related Due Date, net of the amount thereof comprising the Servicing Fees and Lender-Lender Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing FeesFees and any Recoveries received in the related Prepayment Period;
(iii) Principal Prepayments in part received by the Servicer for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by the Servicer with respect to such Mortgage LoansPrepayment Penalty Amounts, if any; and
(v) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the Servicing Agreement.
(dc) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c4.01(b), to reimburse the Servicer for advances Advances which have been recovered by subsequent collection from the related Mortgagor, ; to remove amounts deposited in error, to remove fees, charges or other such amounts deposited on a temporary basis, or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01, or as otherwise provided in the Servicing Agreement. As provided in Section 4.01(c4.01(b), certain amounts otherwise due to the Servicer may be retained by them and need not be remitted to the Trustee.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (HarborView 2007-3), Pooling and Servicing Agreement (HarborView 2006-12)
Servicing Accounts. (a) The Servicer will establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries and advances made from the Servicer’s own funds (less, in the case of the Servicer, the Servicing compensation, in whatever form and amounts as permitted by the Servicing Agreement) and all other amounts to be deposited in the Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the Servicing Account for purposes required or permitted by this Agreement and the Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account and shall immediately remit or cause to be remitted to the Trustee for deposit into the Distribution Account, amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the applicable Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer pursuant to the Servicing Agreement which were due on or before the related Due Date, net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing Fees;
(iii) Principal Prepayments in part received by the Servicer for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by the Servicer with respect to such Mortgage Loans; and
(v) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the Servicing Agreement.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c), to reimburse the Servicer for advances which have been recovered by subsequent collection from the related Mortgagor, to remove amounts deposited in error, to remove fees, charges or other such amounts deposited on a temporary basis, or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01. As provided in Section 4.01(c), certain amounts otherwise due to the Servicer may be retained by them and need not be remitted to the Trustee.
Appears in 2 contracts
Samples: Pooling Agreement (HarborView Mortgage Loan Trust 2005-10), Pooling Agreement (Greenwich Capital Acceptance Inc)
Servicing Accounts. (a) The Master Servicer will shall enforce the obligation of the Servicer to establish and maintain one or more custodial accounts (the “Servicing AccountsAccount”) in accordance with the Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries Proceeds and advances made from the Servicer’s own funds (less, in the case of the each Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the Servicing Agreement) and all other amounts to be deposited in the Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the Servicing Account for purposes required or permitted by this Agreement and the Servicing Agreement. For the purposes of this Agreement, the Servicing Accounts Account shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related the Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account and shall immediately remit or cause to be remitted to the Trustee Master Servicer for deposit into the Distribution Account, amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer pursuant to the Servicing Agreement which were due on or before the related Due Date, net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if anyFee;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing FeesFee;
(iii) Principal Prepayments in part received by the Servicer for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by the Servicer with respect to such Mortgage Loans; and
(v) any amount to be used as a delinquency advance or to pay any Interest ShortfallsShortfalls due to prepayments on the Mortgage Loans, in each case, as required to be paid by the Servicer under the Servicing Agreement.
(d) Withdrawals may be made from a the Servicing Account only to make remittances as provided in Section 4.01(c), to reimburse the Servicer for advances which have been recovered by subsequent collection from the related Mortgagor, to remove amounts deposited in error, to remove fees, charges or other such amounts deposited on a temporary basis, or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01. As provided in Section 4.01(c), certain amounts otherwise due to the Servicer may be retained by them it and need not be remitted to the TrusteeMaster Servicer.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (DSLA Mortgage Loan Trust 2004-Ar1), Pooling and Servicing Agreement (DSLA Mortgage Loan Trust 2004-Ar1)
Servicing Accounts. (a) The Master Servicer will shall enforce the obligation of the Servicer to establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries and advances made from the Servicer’s own funds (less, in the case of the Servicer, the Servicing compensation, in whatever form and amounts as permitted by the Servicing Agreement) and all other amounts to be deposited in each the Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the related Servicing Account for purposes required or permitted by this Agreement and the Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Each Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the Servicing Agreement and subject to this Article IV, on or before each the Servicer Remittance Date, the Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account and shall immediately remit or cause to be remitted to the Trustee Master Servicer for deposit into the Distribution Account, amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer pursuant to the Servicing Agreement which were due on or before the related Due Date, net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing Fees;
(iii) Principal Prepayments in part received by the Servicer for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by the Servicer with respect to such Mortgage Loans; and
(v) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the Servicing Agreement.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c), to reimburse the Servicer for advances which have been recovered by subsequent collection from the related Mortgagor, to remove amounts deposited in error, to remove fees, charges or other such amounts deposited on a temporary basis, or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01. As provided in Section 4.01(c), certain amounts otherwise due to the Servicer may be retained by them and need not be remitted to the TrusteeMaster Servicer.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement, Pooling and Servicing Agreement (HarborView Mortgage Loan Trust 2005-11)
Servicing Accounts. (a) The Master Servicer will shall enforce the obligation of each Servicer to establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the applicable Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the related Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the a Servicer, including Principal Prepayments, Prepayment Premium Amounts, Insurance Proceeds, Liquidation Proceeds, Recoveries and advances made from the Servicer’s own funds (less, in the case of the each Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the applicable Servicing Agreement) and all other amounts to be deposited in the each such Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the related Servicing Account for purposes required or permitted by this Agreement and the applicable Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Each Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the related Servicing Agreement and subject to this Article IV, on or before each applicable Servicer Remittance Date, the each Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account and shall immediately remit or cause to be remitted to the Trustee Securities Administrator for deposit into the Distribution Account, amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer Servicers pursuant to the Servicing Agreement Agreements which were due on or before the related Due Date, net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer Servicers with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing Fees;
(iii) Principal Prepayments in part received by the Servicer Servicers for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by the Servicer Servicers with respect to such Mortgage Loans; and
(v) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the related Servicing Agreement.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c), 4.02 and 4.03; to reimburse the Master Servicer or a Servicer for advances Advances which have been recovered by subsequent collection from the related Mortgagor, to remove amounts deposited in error, to remove fees, charges or other such amounts deposited on a temporary basis, or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.0110.01 or as otherwise provided in the Servicing Agreements. As provided in Section Sections 4.01(c) and 4.02(b), certain amounts otherwise due to the Servicer Servicers may be retained by them and need not be remitted to the TrusteeSecurities Administrator.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (HarborView 2006-13)
Servicing Accounts. (a) The Master Servicer will shall enforce the obligation of each Servicer to establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the applicable Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the related Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the a Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries and advances made from the Servicer’s own funds (less, in the case of the each Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the applicable Servicing Agreement) and all other amounts to be deposited in the each such Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the related Servicing Account for purposes required or permitted by this Agreement and the applicable Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Each Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the related Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the each Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account Accounts and shall immediately remit deposit or cause to be remitted to the Trustee for deposit into deposited in the Distribution Account, Account amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer Servicers pursuant to the Servicing Agreement Agreements which were due on or before the related Due Date, Date but net of the amount thereof comprising the Servicing Fees and Lender-Lender Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer Servicers with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing FeesFees and any Recoveries received in the related Prepayment Period;
(iii) Principal Prepayments in part received by the Servicer Servicers for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by the Servicer with respect to such Mortgage Loans; and
(viv) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the related Servicing Agreement.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c), 4.02 and 4.03; to reimburse the Master Servicer or a Servicer for advances Advances which have been recovered by subsequent collection from the related Mortgagor, ; to remove amounts deposited in error, ; to remove fees, charges or other such amounts deposited on a temporary basis, ; or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01. As provided in Section Sections 4.01(c) and 4.02(b), certain amounts otherwise due to the Servicer Servicers may be retained by them and need not be remitted to deposited in the TrusteeDistribution Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Luminent Mortgage Trust 2006-2)
Servicing Accounts. (a) The Servicer will establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries and advances made from the Servicer’s own funds (less, in the case of the Servicer, the Servicing compensationcompensation and the amount of any premiums for the Primary Insurance Policies on Lender-Paid Mortgage Insurance Loans, in whatever form and amounts as permitted by the Servicing Agreement) and all other amounts to be deposited in the Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the Servicing Account for purposes required or permitted by this Agreement and the Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent As provided in the Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the Servicer shall will withdraw or shall cause to be withdrawn from the related Servicing Account and shall will immediately remit or cause to be remitted to the Trustee for deposit into the Distribution Account, amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Actual Monthly Payments on the Mortgage Loans received or and any related portion thereof of the Minimum Monthly Payment advanced by the Servicer pursuant to the Servicing Agreement which were due on or before the related Due Date, net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing FeesFees and Lender-Paid Mortgage Insurance Fee, if any, and net of any Prepayment Interest Excess;
(iii) Principal Prepayments in part received by the Servicer for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by the Servicer with respect to such Mortgage Loans; and
(v) any amount to be used as a delinquency advance or Monthly Advance, to pay any Interest ShortfallsShortfalls or any other amounts, in each case, as required to be paid under the Servicing Agreement.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c), to reimburse the Servicer for advances which have been recovered by subsequent collection from or on behalf of the related Mortgagor, to remove amounts deposited in error, to remove fees, charges or other such amounts deposited on a temporary basis, or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01. As provided in Section 4.01(c), certain amounts otherwise due to the Servicer may be retained by them and need not be remitted to the Trustee.
Appears in 1 contract
Samples: Pooling Agreement (Harborview Mortgage Loan Trust 2006-Cb1)
Servicing Accounts. (a) The Master Servicer will shall enforce the obligation of each Servicer to establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the applicable Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the related Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the a Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries and advances made from the Servicer’s own funds (less, in the case of the each Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the applicable Servicing Agreement) and all other amounts to be deposited in the each such Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the related Servicing Account for purposes required or permitted by this Agreement and the applicable Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Each Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the related Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the each Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account Accounts and shall immediately remit deposit or cause to be remitted to deposited in the Trustee for deposit into the Distribution Account, Collection Account amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer Servicers pursuant to the Servicing Agreement Agreements which were due on or before the related Due Date, Date but net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer Servicers with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing FeesFees and any Recoveries received in the related Prepayment Period;
(iii) Principal Prepayments in part received by the Servicer Servicers for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by Prepayment Penalty Amounts, if any, and only if required under the Servicer with respect to such Mortgage Loansrelated Servicing Agreement; and
(v) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the related Servicing Agreement.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c), 4.02 and 4.03; to reimburse the Master Servicer or a Servicer for advances Advances which have been recovered by subsequent collection from the related Mortgagor, ; to remove amounts deposited in error, ; to remove fees, charges or other such amounts deposited on a temporary basis, ; or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01. As provided in Section Sections 4.01(c) and 4.02(b), certain amounts otherwise due to the Servicer Servicers may be retained by them and need not be remitted deposited in the Collection Account. Notwithstanding anything herein to the Trusteecontrary, the Master Servicer shall not be responsible for verifying the accuracy of any Prepayment Penalty.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Thornburg Mortgage Securities Trust 2007-1)
Servicing Accounts. (a) The Servicer will establish and maintain one or more custodial accounts (the “Servicing AccountsAccount”) in accordance with the Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries Proceeds and advances made from the Servicer’s own funds (less, in the case of the each Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the Servicing Agreement) and all other amounts to be deposited in the Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the Servicing Account for purposes required or permitted by this Agreement and the Servicing Agreement. For the purposes of this Agreement, the Servicing Accounts Account shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related the Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account and shall immediately remit or cause to be remitted to the Trustee for deposit into the Distribution Account, amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer pursuant to the Servicing Agreement which were due on or before the related Due Date, net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if anyFee;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing FeesFee;
(iii) Principal Prepayments in part received by the Servicer for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by the Servicer with respect to such Mortgage Loans; and
(v) any amount to be used as a delinquency advance or to pay any Interest ShortfallsShortfalls due to prepayments on the Mortgage Loans, in each case, as required to be paid by the Servicer under the Servicing Agreement.
(d) Withdrawals may be made from a the Servicing Account only to make remittances as provided in Section 4.01(c), to reimburse the Servicer for advances which have been recovered by subsequent collection from the related Mortgagor, to remove amounts deposited in error, to remove fees, charges or other such amounts deposited on a temporary basis, or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01. As provided in Section 4.01(c), certain amounts otherwise due to the Servicer may be retained by them it and need not be remitted to the Trustee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (HarborView Mortgage Loan Trust 2004-2)
Servicing Accounts. (a) The Master Servicer will shall enforce the obligation of each Servicer to establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the applicable Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the related Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the a Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries and advances made from the Servicer’s own funds (less, in the case of the each Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the applicable Servicing Agreement) and all other amounts to be deposited in the each such Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the related Servicing Account for purposes required or permitted by this Agreement and the applicable Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Each Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the related Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the each Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account and shall immediately remit or cause to be remitted to the Trustee Securities Administrator for deposit into the Distribution Account, amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer Servicers pursuant to the Servicing Agreement Agreements which were due on or before the related Due Date, net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer Servicers with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing Fees;
(iii) Principal Prepayments in part received by the Servicer Servicers for such Mortgage Loans in the related Prepayment Period;
(iv) Prepayment Penalty Amounts, if any, and only if required under the related Servicing Agreement;
(v) Recoveries received by the Servicer Servicers with respect to such Mortgage Loans; and
(vvi) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the related Servicing Agreement.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c), 4.02 and 4.03; to reimburse the Master Servicer or a Servicer for advances Advances which have been recovered by subsequent collection from the related Mortgagor, to remove amounts deposited in error, to remove fees, charges or other such amounts deposited on a temporary basis, or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.0110.01 or as otherwise provided in the Servicing Agreements. As provided in Section Sections 4.01(c) and 4.02(b), certain amounts otherwise due to the Servicer Servicers may be retained by them and need not be remitted to the TrusteeSecurities Adminstrator.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Harborview 2006-2)
Servicing Accounts. (a) The Master Servicer will shall enforce the obligation of each Servicer to establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the applicable Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the related Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the a Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries and advances made from the Servicer’s own funds (less, in the case of the each Servicer, the Servicing compensationapplicable servicing compensation and the amount of any premiums for the Primary Insurance Policies on Lender-Paid Mortgage Insurance Loans, in whatever form and amounts as permitted by the applicable Servicing Agreement) and all other amounts to be deposited in the each such Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the related Servicing Account for purposes required or permitted by this Agreement and the applicable Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Each Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the related Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the each Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account Accounts and shall immediately remit deposit or cause to be remitted to the Trustee for deposit into deposited in the Distribution Account, Account amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer Servicers pursuant to the Servicing Agreement Agreements which were due on or before the related Due Date, Date but net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer Servicers with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing FeesFees and any Recoveries received in the related Prepayment Period;
(iii) Principal Prepayments in part received by the Servicer Servicers for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by Prepayment Penalty Amounts, if any, and only if required under the Servicer with respect to such Mortgage Loansrelated Servicing Agreement; and
(v) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the related Servicing Agreement.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c), 4.02 and 4.03; to reimburse the Master Servicer or a Servicer for advances Advances which have been recovered by subsequent collection from the related Mortgagor, ; to remove amounts deposited in error, ; to remove fees, charges or other such amounts deposited on a temporary basis, ; or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01. As provided in Section Sections 4.01(c) and 4.02(b), certain amounts otherwise due to the Servicer Servicers may be retained by them and need not be remitted deposited in the Distribution Account. Notwithstanding anything herein to the Trusteecontrary, the Master Servicer shall not be responsible for verifying the accuracy of any Prepayment Penalty.
Appears in 1 contract
Servicing Accounts. (a) The Master Servicer will shall enforce the obligation of each Servicer to establish and maintain one or more custodial accounts (the “Servicing Accounts”"SERVICING ACCOUNTS") in accordance with the applicable Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the related Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the a Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries and advances made from the Servicer’s 's own funds (less, in the case of the each Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the applicable Servicing Agreement) and all other amounts to be deposited in the each such Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the related Servicing Account for purposes required or permitted by this Agreement and the applicable Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Each Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the related Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the each Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account Accounts and shall immediately remit deposit or cause to be remitted to the Trustee for deposit into deposited in the Distribution Account, Account amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer Servicers pursuant to the Servicing Agreement Agreements which were due on or before the related Due Date, Date but net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer Servicers with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing FeesFees and any Recoveries received in the related Prepayment Period;
(iii) Principal Prepayments in part received by the Servicer Servicers for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by Prepayment Penalty Amounts, if any, and only if required under the Servicer with respect to such Mortgage Loansrelated Servicing Agreement; and
(v) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the related Servicing Agreement.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c), 4.02 and 4.03; to reimburse the Master Servicer or a Servicer for advances Advances which have been recovered by subsequent collection from the related Mortgagor, ; to remove amounts deposited in error, ; to remove fees, charges or other such amounts deposited on a temporary basis, ; or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01. As provided in Section Sections 4.01(c) and 4.02(b), certain amounts otherwise due to the Servicer Servicers may be retained by them and need not be remitted deposited in the Distribution Account. Notwithstanding anything herein to the Trusteecontrary, the Master Servicer shall not be responsible for verifying the accuracy of any Prepayment Penalty.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Thornburg Mortgage Securities Trust 2006-5)
Servicing Accounts. (a) The Master Servicer will shall enforce the obligation of each Servicer to establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the applicable Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the related Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the a Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries and advances made from the Servicer’s own funds (less, in the case of the each Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the applicable Servicing Agreement) and all other amounts to be deposited in the each such Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the related Servicing Account for purposes required or permitted by this Agreement and the applicable Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Each Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the related Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the each Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account Accounts and shall immediately remit deposit or cause to be remitted to the Trustee for deposit into deposited in the Distribution Account, Account amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer Servicers pursuant to the Servicing Agreement Agreements which were due on or before the related Due Date, Date but net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer Servicers with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing FeesFees and any Recoveries received in the related Prepayment Period;
(iii) Principal Prepayments in part received by the Servicer Servicers for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by the Servicer with respect to such Mortgage Loans; and
(viv) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the related Servicing Agreement.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c), 4.02 and 4.03; to reimburse the Master Servicer or a Servicer for advances Advances which have been recovered by subsequent collection from the related Mortgagor, ; to remove amounts deposited in error, ; to remove fees, charges or other such amounts deposited on a temporary basis, ; or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01. As provided in Section Sections 4.01(c) and 4.02(b), certain amounts otherwise due to the Servicer Servicers may be retained by them and need not be remitted to deposited in the TrusteeDistribution Account.
Appears in 1 contract
Servicing Accounts. (a) The Master Servicer will shall enforce the obligation of each Servicer to establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the applicable Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the related Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the a Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries Proceeds and advances made from the Servicer’s own funds (less, in the case of the each Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the applicable Servicing Agreement) and all other amounts to be deposited in the each such Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the related Servicing Account for purposes required or permitted by this Agreement and the applicable Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Each Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the related Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the each Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account Accounts and shall immediately remit deposit or cause to be remitted to the Trustee for deposit into deposited in the Distribution Account, Account amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer Servicers pursuant to the Servicing Agreement Agreements which were due on or before the related Due Date, Date but net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer Servicers with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing FeesFees and any Recoveries received in the related Prepayment Period;
(iii) Principal Prepayments in part received by the Servicer Servicers for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by Prepayment Penalty Amounts, if any, and only if required under the Servicer with respect to such Mortgage Loansrelated Servicing Agreement; and
(v) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the related Servicing Agreement.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c), 4.02 and 4.03; to reimburse the Master Servicer or a Servicer for advances Advances which have been recovered by subsequent collection from the related Mortgagor, ; to remove amounts deposited in error, ; to remove fees, charges or other such amounts deposited on a temporary basis, ; or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01. As provided in Section Sections 4.01(c) and 4.02(b), certain amounts otherwise due to the Servicer Servicers may be retained by them and need not be remitted to deposited in the TrusteeDistribution Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Thornburg Mortgage Securities Trust 2006-1)
Servicing Accounts. (a) The Master Servicer will shall enforce the obligation of the Servicer to establish and maintain one or more custodial accounts (the “Servicing AccountsAccount”) in accordance with the Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries Proceeds and advances made from the Servicer’s own funds (less, in the case of the each Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the Servicing Agreement) and all other amounts to be deposited in the Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the Servicing Account for purposes required or permitted by this Agreement and the Servicing Agreement. For the purposes of this Agreement, the Servicing Accounts Account shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related the Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account and shall immediately remit or cause to be remitted to the Trustee Master Servicer for deposit into the Distribution Account, amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer pursuant to the Servicing Agreement which were due on or before the related Due Date, net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if anyFee;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing FeesFee;
(iii) Principal Prepayments in part received by the Servicer for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by the Servicer with respect to such Mortgage Loans; and
(v) any amount to be used as a delinquency advance or to pay any Interest ShortfallsShortfalls due to prepayments on the Mortgage Loans, in each case, as required to be paid by the Servicer under the Servicing Agreement.
(d) Withdrawals may be made from a the Servicing Account only to make remittances as provided in Section 4.01(c), to reimburse the Servicer for advances which have been recovered by subsequent collection from the related Mortgagor, to remove amounts deposited in error, to remove fees, charges or other such amounts deposited on a temporary basis, or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01. As provided in Section 4.01(c), certain amounts otherwise due to the Servicer may be retained by them it and need not be remitted to the TrusteeMaster Servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (DSLA Mortgage Loan Trust 2005-Ar6)
Servicing Accounts. (a) The Servicer will establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries and advances made from the Servicer’s own funds (less, in the case of the Servicer, the Servicing compensationcompensation and the amount of any premiums for the Primary Insurance Policies on Lender Paid Mortgage Insurance Loans, in whatever form and amounts as permitted by the Servicing Agreement) and all other amounts to be deposited in the Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the Servicing Account for purposes required or permitted by this Agreement and the Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account and shall immediately remit or cause to be remitted to the Trustee for deposit into the Distribution Account, amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer pursuant to the Servicing Agreement which were due on or before the related Due Date, net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing Fees;
(iii) Principal Prepayments in part received by the Servicer for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by the Servicer with respect to such Mortgage Loans; and
(v) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the Servicing Agreement.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c), to reimburse the Servicer for advances which have been recovered by subsequent collection from the related Mortgagor, to remove amounts deposited in error, to remove fees, charges or other such amounts deposited on a temporary basis, or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01. As provided in Section 4.01(c), certain amounts otherwise due to the Servicer may be retained by them and need not be remitted to the Trustee.
Appears in 1 contract
Servicing Accounts. (a) The Master Servicer will shall enforce the obligation of each Servicer to establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the applicable Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the related Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the a Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries amounts received under each Guaranty Surety Bond, and advances made from the Servicer’s own funds (less, in the case of the each Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the applicable Servicing Agreement) and all other amounts to be deposited in the each such Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the related Servicing Account for purposes required or permitted by this Agreement and the applicable Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Each Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 8.03 hereof.
(b) [Reserved];
(c) To the extent provided in the related Servicing Agreement and subject to this Article IVV, on or before each Servicer Remittance Date, the each Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account Accounts and shall immediately remit deposit or cause to be remitted to deposited in the Trustee for deposit into the Distribution Account, Collection Account amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer Servicers pursuant to the Servicing Agreement Agreements which were due on or before the related Due Date, amounts received under each Guaranty Surety Bond but net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds, Insurance Proceeds or condemnation proceeds received by the Servicer Servicers with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing Fees;
(iii) Principal Prepayments in part received by the Servicer Servicers for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by Prepayment Penalty Amounts, if any, and only if required under the Servicer with respect to such Mortgage Loansrelated Servicing Agreement; and
(v) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the related Servicing Agreement.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c5.01(c), 5.02 and 5.03; to reimburse the Master Servicer or a Servicer for advances Advances which have been recovered by subsequent collection from the related Mortgagor, ; to remove amounts deposited in error, ; to remove fees, charges or other such amounts deposited on a temporary basis, ; or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.017.01. As provided in Section 4.01(cSections 5.01(c) and 5.02(b), certain amounts otherwise due to the Servicer Servicers may be retained by them and need not be remitted to deposited in the TrusteeCollection Account.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Greenwich Capital Acceptance Thornburg Sec Tr 2003-4)
Servicing Accounts. (a) The Master Servicer will shall enforce the obligation of the Servicer to establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries and advances made from the Servicer’s own funds (less, in the case of the Servicer, the applicable servicing compensation and Servicing compensationFee, in whatever form and amounts as permitted by the Servicing Agreement) and all other amounts to be deposited in the each such Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the related Servicing Account for purposes required or permitted by this Agreement and the Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 8.03 hereof.
(b) [Reserved];
(c) To the extent provided in the Servicing Agreement and subject to this Article IVV, on or before each Servicer Remittance Date, the Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account Accounts and shall immediately remit deposit or cause to be remitted to deposited in the Trustee for deposit into the Distribution Account, Collection Account amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer pursuant to the Servicing Agreement which were due on or before the related Due Date, net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds, Insurance Proceeds or condemnation proceeds received by the Servicer with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing Fees;
(iii) Principal Prepayments in part received by the Servicer for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by the Servicer with respect to such Mortgage Loans[reserved];
(v) Subsequent Recoveries; and
(vvi) any amount to be used as a delinquency advance or to pay any Prepayment Interest Shortfalls, in each case, as required to be paid under the Servicing Agreement.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c5.01(c), 5.02 and 5.03; to reimburse the Master Servicer or the Servicer for advances Advances which have been recovered by subsequent collection from the related Mortgagor, ; to remove amounts deposited in error, ; to remove fees, charges or other such amounts deposited on a temporary basis, ; or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.017.01. As provided in Section 4.01(cSections 5.01(c) and 5.02(b), certain amounts otherwise due to the Servicer may be retained by them and need not be remitted to deposited in the TrusteeCollection Account.
Appears in 1 contract
Samples: Sale and Servicing Agreement (New York Mortgage Trust 2005-2)
Servicing Accounts. (a) The Master Servicer will shall enforce the obligation of each Servicer to establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the applicable Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the related Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the a Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries and advances made from the Servicer’s own funds (less, in the case of the each Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the applicable Servicing Agreement) and all other amounts to be deposited in the each such Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the related Servicing Account for purposes required or permitted by this Agreement and the applicable Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Each Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the related Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the each Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account Accounts and shall immediately remit deposit or cause to be remitted to the Trustee for deposit into deposited in the Distribution Account, Account amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer Servicers pursuant to the Servicing Agreement Agreements which were due on or before the related Due Date, Date but net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer Servicers with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing FeesFees and any Recoveries received in the related Prepayment Period;
(iii) Principal Prepayments in part received by the Servicer Servicers for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by Prepayment Penalty Amounts, if any, and only if required under the Servicer with respect to such Mortgage Loansrelated Servicing Agreement; and
(v) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the related Servicing Agreement.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c), 4.02 and 4.03; to reimburse the Master Servicer or a Servicer for advances Advances which have been recovered by subsequent collection from the related Mortgagor, ; to remove amounts deposited in error, ; to remove fees, charges or other such amounts deposited on a temporary basis, ; or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01. As provided in Section Sections 4.01(c) and 4.02(b), certain amounts otherwise due to the Servicer Servicers may be retained by them and need not be remitted deposited in the Distribution Account. Notwithstanding anything herein to the Trusteecontrary, the Master Servicer shall not be responsible for verifying the accuracy of any Prepayment Penalty.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Thornburg Mortgage Securities Trust 2006-6)
Servicing Accounts. (a) The Master Servicer will shall enforce the obligation of each Servicer to establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the applicable Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the related Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the a Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries amounts received under the Certificate Guaranty Surety Bond, and advances made from the Servicer’s own funds (less, in the case of the each Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the applicable Servicing Agreement) and all other amounts to be deposited in the each such Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the related Servicing Account for purposes required or permitted by this Agreement and the applicable Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Each Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the related Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the each Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account Accounts and shall immediately remit deposit or cause to be remitted to deposited in the Trustee for deposit into the Distribution Account, Collection Account amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer Servicers pursuant to the Servicing Agreement Agreements which were due on or before the related Due Date, amounts received under the Certificate Guaranty Surety Bond but net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer Servicers with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing Fees;
(iii) Principal Prepayments in part received by the Servicer Servicers for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by Prepayment Penalty Amounts, if any, and only if required under the Servicer with respect to such Mortgage Loansrelated Servicing Agreement; and
(v) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the related Servicing Agreement.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c), 4.02 and 4.03; to reimburse the Master Servicer or a Servicer for advances Advances which have been recovered by subsequent collection from the related Mortgagor, ; to remove amounts deposited in error, ; to remove fees, charges or other such amounts deposited on a temporary basis, ; or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01. As provided in Section Sections 4.01(c) and 4.02(b), certain amounts otherwise due to the Servicer Servicers may be retained by them and need not be remitted to deposited in the TrusteeCollection Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc Thorn Mort Sec Tr 2003-1)
Servicing Accounts. (a) The Master Servicer will shall enforce the obligation of each Servicer to establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the applicable Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the related Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the a Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries amounts received under the Guaranty Surety Bond, and advances made from the Servicer’s own funds (less, in the case of the each Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the applicable Servicing Agreement) and all other amounts to be deposited in the each such Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the related Servicing Account for purposes required or permitted by this Agreement and the applicable Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Each Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 8.03 hereof.
(b) [Reserved];
(c) To the extent provided in the related Servicing Agreement and subject to this Article IVV, on or before each Servicer Remittance Date, the each Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account Accounts and shall immediately remit deposit or cause to be remitted to deposited in the Trustee for deposit into the Distribution Account, Collection Account amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer Servicers pursuant to the Servicing Agreement Agreements which were due on or before the related Due Date, amounts received under the Guaranty Surety Bond but net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds, Insurance Proceeds or condemnation proceeds received by the Servicer Servicers with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing Fees;
(iii) Principal Prepayments in part received by the Servicer Servicers for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by Prepayment Penalty Amounts, if any, and only if required under the Servicer with respect to such Mortgage Loansrelated Servicing Agreement; and
(v) any amount to be used as a delinquency advance or to pay any Prepayment Interest Shortfalls, in each case, as required to be paid under the related Servicing Agreement.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c5.01(c), 5.02 and 5.03; to reimburse the Master Servicer or a Servicer for advances Advances which have been recovered by subsequent collection from the related Mortgagor, ; to remove amounts deposited in error, ; to remove fees, charges or other such amounts deposited on a temporary basis, ; or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.017.01. As provided in Section 4.01(cSections 5.01(c) and 5.02(b), certain amounts otherwise due to the Servicer Servicers may be retained by them and need not be remitted to deposited in the TrusteeCollection Account.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Structured Asset Sec Corp Thornburg Mort Sec Trust 2003 6)
Servicing Accounts. (a) The Master Servicer will shall enforce the obligation of each Servicer to establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the applicable Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the related Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the a Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries Recoveries, amounts received under the Certificate Guaranty Surety Bond, and advances made from the Servicer’s own funds (less, in the case of the each Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the applicable Servicing Agreement) and all other amounts to be deposited in the each such Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the related Servicing Account for purposes required or permitted by this Agreement and the applicable Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Each Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the related Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the each Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account Accounts and shall immediately remit deposit or cause to be remitted to deposited in the Trustee for deposit into the Distribution Account, Collection Account amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer Servicers pursuant to the Servicing Agreement Agreements which were due on or before the related Due Date, amounts received under the Certificate Guaranty Surety Bond but net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer Servicers with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing FeesFees and any Recoveries received in this related Prepayment Period;
(iii) Principal Prepayments in part received by the Servicer Servicers for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by Prepayment Penalty Amounts, if any, and only if required under the Servicer with respect to such Mortgage Loansrelated Servicing Agreement; and
(v) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the related Servicing Agreement.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c), 4.02 and 4.03; to reimburse the Master Servicer or a Servicer for advances Advances which have been recovered by subsequent collection from the related Mortgagor, ; to remove amounts deposited in error, ; to remove fees, charges or other such amounts deposited on a temporary basis, ; or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01. As provided in Section Sections 4.01(c) and 4.02(b), certain amounts otherwise due to the Servicer Servicers may be retained by them and need not be remitted to deposited in the TrusteeCollection Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Thornburg Mortgage Securities Trust 2004-2)
Servicing Accounts. (a) The Servicer will shall establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the Servicer, including Principal Prepayments, Prepayment Penalty Amounts, Insurance Proceeds, Liquidation Proceeds, Recoveries and advances made from the Servicer’s own funds (less, in the case of the Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the Servicing Agreement) and all other amounts to be deposited in the each such Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the Servicing Account for purposes required or permitted by this Agreement and the Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account Accounts and shall immediately remit or cause to be remitted to the Trustee for deposit into the Distribution Account, Account amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer pursuant to the Servicing Agreement which were due on or before the related Due Date, net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing FeesFees and any Recoveries received in the related Prepayment Period;
(iii) Principal Prepayments in part received by the Servicer for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by the Servicer with respect to such Mortgage LoansPrepayment Penalty Amounts, if any; and
(v) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the Servicing Agreement.
(dc) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c4.01(b), to reimburse the Servicer for advances Advances which have been recovered by subsequent collection from the related Mortgagor, ; to remove amounts deposited in error, to remove fees, charges or other such amounts deposited on a temporary basis, or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01, or as otherwise provided in the Servicing Agreement. As provided in Section 4.01(c4.01(b), certain amounts otherwise due to the Servicer may be retained by them and need not be remitted to the Trustee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (HarborView 2006-11)
Servicing Accounts. (a) The Master Servicer will shall enforce the obligation of each Servicer to establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the related Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the related Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the any Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries and advances made from the such Servicer’s own funds (less, in the case of the such Servicer, the Servicing compensation, in whatever form and amounts as permitted by the related Servicing Agreement) and all other amounts to be deposited in the each Servicing Account. The Each Servicer is hereby authorized to make withdrawals from and deposits to the related Servicing Account for purposes required or permitted by this Agreement and the related Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the each Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Each Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the each Servicing Agreement and subject to this Article IV, on or before each the Servicer Remittance Date, the each Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account and shall immediately remit or cause to be remitted to the Trustee Master Servicer for deposit into the Distribution Account, amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the related Servicer pursuant to the related Servicing Agreement which were due on or before the related Due Date, net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the related Servicer with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing Fees;
(iii) Principal Prepayments in part received by the related Servicer for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by the related Servicer with respect to such Mortgage Loans; and
(v) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the related Servicing Agreement.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c), to reimburse the related Servicer for advances which have been recovered by subsequent collection from the related Mortgagor, to remove amounts deposited in error, to remove fees, charges or other such amounts deposited on a temporary basis, or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01. As provided in Section 4.01(c), certain amounts otherwise due to the related Servicer may be retained by them and need not be remitted to the TrusteeMaster Servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc)
Servicing Accounts. (a) The Master Servicer will shall enforce the obligation of the Servicer to establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the Servicer, including Principal Prepayments, Prepayment Penalty Amounts, Insurance Proceeds, Liquidation Proceeds, Recoveries and advances made from the Servicer’s own funds (less, in the case of the Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the Servicing Agreement) and all other amounts to be deposited in the each such Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the Servicing Account for purposes required or permitted by this Agreement and the Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the Servicing Agreement and subject to this Article IV, on or before each the Servicer Remittance Date, the Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account and shall immediately remit or cause to be remitted to the Trustee Securities Administrator for deposit into the Distribution Account, Account amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Initial Cut-off Date, or, in the case of Subsequent Mortgage Loans, on or before the applicable Subsequent Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer pursuant to the Servicing Agreement which were due on or before the related Due Date, net of the amount thereof comprising the Servicing Fees and Lender-Lender Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing FeesFees and any Recoveries received in the related Prepayment Period;
(iii) Principal Prepayments in part received by the Servicer for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by the Servicer with respect to such Mortgage LoansPrepayment Penalty Amounts, if any; and
(v) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the Servicing Agreement.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c), 4.02 and 4.03; to reimburse the Master Servicer or the Servicer for advances Advances which have been recovered by subsequent collection from the related Mortgagor, ; to remove amounts deposited in error, ; to remove fees, charges or other such amounts deposited on a temporary basis, ; or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01, or as otherwise provided in the Servicing Agreement. As provided in Section Sections 4.01(c) and 4.02(b), certain amounts otherwise due to the Servicer may be retained by them and need not be remitted to the TrusteeSecurities Administrator.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (HarborView 2007-5)
Servicing Accounts. (a) The Master Servicer will shall enforce the obligation of each Servicer to establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the applicable Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the related Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the a Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries amounts received under the Certificate Guaranty Surety Bond, and advances made from the Servicer’s own funds (less, in the case of the each Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the applicable Servicing Agreement) and all other amounts to be deposited in the each such Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the related Servicing Account for purposes required or permitted by this Agreement and the applicable Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Each Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the related Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the each Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account Accounts and shall immediately remit deposit or cause to be remitted to deposited in the Trustee for deposit into the Distribution Account, Collection Account amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer Servicers pursuant to the Servicing Agreement Agreements which were due on or before the related Due Date, amounts received under the Certificate Guaranty Surety Bond but net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer Servicers with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing Fees;
(iii) Principal Prepayments in part received by the Servicer Servicers for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by Prepayment Penalty Amounts, if any, and only if required under the Servicer with respect to such Mortgage Loansrelated Servicing Agreement; and
(v) any amount to be used as a delinquency advance an Advance or to pay any Compensating Interest Shortfalls, in each case, as required to be paid under the Servicing AgreementPayment.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c), 4.02 and 4.03; to reimburse the Master Servicer or a Servicer for advances Advances which have been recovered by subsequent collection from the related Mortgagor, ; to remove amounts deposited in error, ; to remove fees, charges or other such amounts deposited on a temporary basis, ; or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01. As provided in Section Sections 4.01(c) and 4.02(b), certain amounts otherwise due to the Servicer Servicers may be retained by them and need not be remitted to deposited in the TrusteeCollection Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc)
Servicing Accounts. (a) The Master Servicer will shall enforce the obligation of the Servicer to establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries and advances made from the Servicer’s own funds (less, in the case of the Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the Servicing Agreement) and all other amounts to be deposited in the each such Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the Servicing Account for purposes required or permitted by this Agreement and the Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account Accounts and shall immediately remit or cause to be remitted to the Trustee Securities Administrator for deposit into the Distribution Account, Account amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Initial Cut-off Date, or, in the case of Subsequent Mortgage Loans, on or before the applicable Subsequent Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer pursuant to the Servicing Agreement which were due on or before the related Due Date, net of the amount thereof comprising the Servicing Fees and Lender-Lender Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing FeesFees and any Recoveries received in the related Prepayment Period;
(iii) Principal Prepayments in part received by the Servicer for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by the Servicer with respect to such Mortgage LoansPrepayment Penalty Amounts, if any; and
(v) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the Servicing Agreement.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c), 4.02 and 4.03; to reimburse the Master Servicer or the Servicer for advances Advances which have been recovered by subsequent collection from the related Mortgagor, ; to remove amounts deposited in error, ; to remove fees, charges or other such amounts deposited on a temporary basis, ; or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01, or as otherwise provided in the Servicing Agreement. As provided in Section Sections 4.01(c) and 4.02(b), certain amounts otherwise due to the Servicer may be retained by them and need not be remitted to the TrusteeSecurities Administrator.
Appears in 1 contract
Servicing Accounts. (a) The Master Servicer will shall enforce the obligation of each Servicer to establish and maintain one or more custodial accounts (the “"Servicing Accounts”") in accordance with the applicable Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the related Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the a Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries amounts received under the Guaranty Surety Bond, and advances made from the Servicer’s 's own funds (less, in the case of the each Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the applicable Servicing Agreement) and all other amounts to be deposited in the each such Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the related Servicing Account for purposes required or permitted by this Agreement and the applicable Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Each Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 8.03 hereof.
(b) [Reserved];
(c) To the extent provided in the related Servicing Agreement and subject to this Article IVV, on or before each Servicer Remittance Date, the each Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account Accounts and shall immediately remit deposit or cause to be remitted to deposited in the Trustee for deposit into the Distribution Account, Collection Account amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer Servicers pursuant to the Servicing Agreement Agreements which were due on or before the related Due Date, amounts received under the Guaranty Surety Bond but net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds, Insurance Proceeds or condemnation proceeds received by the Servicer Servicers with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing Fees;
(iii) Principal Prepayments in part received by the Servicer Servicers for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by Prepayment Penalty Amounts, if any, and only if required under the Servicer with respect to such Mortgage Loansrelated Servicing Agreement; and
(v) any amount to be used as a delinquency advance or to pay any Prepayment Interest Shortfalls, in each case, as required to be paid under the related Servicing Agreement.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c5.01(c), 5.02 and 5.03; to reimburse the Master Servicer or a Servicer for advances Advances which have been recovered by subsequent collection from the related Mortgagor, ; to remove amounts deposited in error, ; to remove fees, charges or other such amounts deposited on a temporary basis, ; or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.017.
01. As provided in Section 4.01(c), certain amounts otherwise due to the Servicer may be retained by them Sections 5.01(c) and need not be remitted to the Trustee.5.02
Appears in 1 contract
Samples: Sale and Servicing Agreement (Thornburg Mortgage Inc)
Servicing Accounts. (a) The Master Servicer will shall enforce the obligation of each Servicer to establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the applicable Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the related Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the a Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries and advances made from the Servicer’s own funds (less, in the case of the each Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the applicable Servicing Agreement) and all other amounts to be deposited in the each such Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the related Servicing Account for purposes required or permitted by this Agreement and the applicable Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Each Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the related Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the each Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account Accounts and shall immediately remit deposit or cause to be remitted to the Trustee for deposit into deposited in the Distribution Account, Account amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer Servicers pursuant to the Servicing Agreement Agreements which were due on or before the related Due Date, Date but net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer Servicers with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing FeesFees and any Recoveries received in the related Prepayment Period;
(iii) Principal Prepayments in part received by the Servicer Servicers for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by the Servicer with respect to such Mortgage LoansPrepayment Penalty Amounts, if any; and
(v) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the related Servicing Agreement.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c), 4.02 and 4.03; to reimburse the Master Servicer or a Servicer for advances Advances which have been recovered by subsequent collection from the related Mortgagor, ; to remove amounts deposited in error, ; to remove fees, charges or other such amounts deposited on a temporary basis, ; or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01. As provided in Section Sections 4.01(c) and 4.02(b), certain amounts otherwise due to the Servicer Servicers may be retained by them and need not be remitted to deposited in the TrusteeDistribution Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (MortgageIT Mortgage Loan Trust 2006-1)
Servicing Accounts. (a) The Master Servicer will shall enforce the obligation of the Servicer to establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries and advances made from the Servicer’s own funds (less, in the case of the Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the Servicing Agreement) and all other amounts to be deposited in the each such Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the Servicing Account for purposes required or permitted by this Agreement and the Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account Accounts and shall immediately remit or cause to be remitted to the Trustee Securities Administrator for deposit into the Distribution Account, Account amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer pursuant to the Servicing Agreement which were due on or before the related Due Date, net of the amount thereof comprising the Servicing Fees and Lender-Lender Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing FeesFees and any Recoveries received in the related Prepayment Period;
(iii) Principal Prepayments in part received by the Servicer for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by the Servicer with respect to such Mortgage LoansPrepayment Penalty Amounts, if any; and
(v) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the Servicing Agreement.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c), 4.02 and 4.03; to reimburse the Master Servicer or the Servicer for advances Advances which have been recovered by subsequent collection from the related Mortgagor, ; to remove amounts deposited in error, ; to remove fees, charges or other such amounts deposited on a temporary basis, ; or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01, or as otherwise provided in the Servicing Agreement. As provided in Section Sections 4.01(c) and 4.02(b), certain amounts otherwise due to the Servicer may be retained by them and need not be remitted to the TrusteeSecurities Administrator.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Harborview 2006-7)
Servicing Accounts. (a) The Servicer will shall establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the Servicer, including Principal Prepayments, Prepayment Penalty Amounts, Insurance Proceeds, Liquidation Proceeds, Recoveries and advances made from the Servicer’s own funds (less, in the case of the Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the Servicing Agreement) and all other amounts to be deposited in the each such Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the Servicing Account for purposes required or permitted by this Agreement and the Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account Accounts and shall immediately remit or cause to be remitted to the Trustee for deposit into the Distribution Account, Account amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer pursuant to the Servicing Agreement which were due on or before the related Due Date, net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing FeesFees and any Recoveries received in the related Prepayment Period;
(iii) Principal Prepayments in part received by the Servicer for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by the Servicer with respect to such Mortgage LoansPrepayment Penalty Amounts, if any; and
(v) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the Servicing Agreement.
(dc) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c4.01(b), to reimburse the Servicer for advances Advances which have been recovered by subsequent collection from the related Mortgagor, ; to remove amounts deposited in error, to remove fees, charges or other such amounts deposited on a temporary basis, or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01, or as otherwise provided in the Servicing Agreement. As provided in Section 4.01(c4.01(b), certain amounts otherwise due to the Servicer may be retained by them and need not be remitted to the Trustee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (HarborView 2006-Sb1)
Servicing Accounts. (a) The Master Servicer will shall enforce the obligation of each Servicer to establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the applicable Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the related Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the a Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries and advances made from the each Servicer’s own funds (less, in the case of the each Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the applicable Servicing Agreement) and all other amounts to be deposited in the each such Servicing Account. The Each Servicer is hereby authorized to make withdrawals from and deposits to the related Servicing Account for purposes required or permitted by this Agreement and the applicable Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Each Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 8.03 hereof.
(b) [Reserved];
(c) To the extent provided in the related Servicing Agreement and subject to this Article IVV, on or before each Servicer Remittance Date, the each Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account Accounts and shall immediately remit deposit or cause to be remitted to deposited in the Trustee for deposit into the Distribution Account, Collection Account amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer Servicers pursuant to the Servicing Agreement Agreements which were due on or before the related Due Date, net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds, Insurance Proceeds or condemnation proceeds received by the Servicer Servicers with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing Fees;
(iii) Principal Prepayments in part received by the Servicer Servicers for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by the Servicer with respect to such Mortgage Loans[reserved];
(v) Subsequent Recoveries; and
(vvi) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the related Servicing Agreement.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c5.01(c), 5.02 and 5.03; to reimburse the Master Servicer or a Servicer for advances Advances which have been recovered by subsequent collection from the related Mortgagor, ; to remove amounts deposited in error, ; to remove fees, charges or other such amounts deposited on a temporary basis, ; or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.017.01. As provided in Section 4.01(cSections 5.01(c) and 5.02(b), certain amounts otherwise due to the Servicer Servicers may be retained by them and need not be remitted to deposited in the TrusteeCollection Account.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Greenwich Capital Acceptance, Inc New York Mortgage Trust 2005-1)
Servicing Accounts. (a) The Servicer will establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries and advances made from the Servicer’s own funds (less, in the case of the Servicer, the Servicing compensationFee, in whatever form and amounts as permitted by the Servicing Agreement) and all other amounts to be deposited in the Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the Servicing Account for purposes required or permitted by this Agreement and the Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account and shall immediately remit or cause to be remitted to the Trustee for deposit into the Distribution Account, amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer pursuant to the Servicing Agreement which were due on or before the related Due Date, net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if any;
(iid) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing Fees;
(iiii) Principal Prepayments in part received by the Servicer for such Mortgage Loans in the related Prepayment Period;
(ivii) Recoveries received by the Servicer with respect to such Mortgage Loans; and
(viii) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the Servicing Agreement.
(de) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c), to reimburse the Servicer for advances which have been recovered by subsequent collection from the related Mortgagor, to remove amounts deposited in error, to remove fees, charges or other such amounts deposited on a temporary basis, or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01. As provided in Section 4.01(c), certain amounts otherwise due to the Servicer may be retained by them and need not be remitted to the Trustee.
Appears in 1 contract
Samples: Pooling Agreement (HarborView Mortgage Loan Trust 2005-9)
Servicing Accounts. (a) The Master Servicer will shall enforce the obligation of each Servicer to establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the applicable Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the related Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the a Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries and advances made from the Servicer’s own funds (less, in the case of the each Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the applicable Servicing Agreement) and all other amounts to be deposited in the each such Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the related Servicing Account for purposes required or permitted by this Agreement and the applicable Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Each Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the related Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the each Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account and shall immediately remit or cause to be remitted to the Trustee Securities Administrator for deposit into the Distribution Account, amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer Servicers pursuant to the Servicing Agreement Agreements which were due on or before the related Due Date, net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer Servicers with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing Fees;
(iii) Principal Prepayments in part received by the Servicer Servicers for such Mortgage Loans in the related Prepayment Period;
(iv) [Reserved];
(v) Recoveries received by the Servicer Servicers with respect to such Mortgage Loans; and
(vvi) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the related Servicing Agreement.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c), 4.02 and 4.03; to reimburse the Master Servicer or a Servicer for advances Advances which have been recovered by subsequent collection from the related Mortgagor, to remove amounts deposited in error, to remove fees, charges or other such amounts deposited on a temporary basis, or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.0110.01 or as otherwise provided in the Servicing Agreements. As provided in Section Sections 4.01(c) and 4.02(b), certain amounts otherwise due to the Servicer Servicers may be retained by them and need not be remitted to the TrusteeSecurities Administrator.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Harborview 2006-6)
Servicing Accounts. (a) The Master Servicer will shall enforce the obligation of each Servicer to establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the applicable Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the related Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the a Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries Proceeds and advances made from the Servicer’s own funds (less, in the case of the each Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the applicable Servicing Agreement) and all other amounts to be deposited in the each such Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the related Servicing Account for purposes required or permitted by this Agreement and the applicable Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Each Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the related Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the each Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account Accounts and shall immediately remit deposit or cause to be remitted to the Trustee for deposit into deposited in the Distribution Account, Account amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer Servicers pursuant to the Servicing Agreement Agreements which were due on or before the related Due Date, Date but net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer Servicers with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing FeesFees and any Recoveries received in the related Prepayment Period;
(iii) Principal Prepayments in part received by the Servicer Servicers for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by Prepayment Penalty Amounts, if any, and only if required under the Servicer with respect to such Mortgage Loansrelated Servicing Agreement; and
(v) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the related Servicing Agreement.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c), 4.02 and 4.03; to reimburse the Master Servicer, as successor servicer, or a Servicer for advances Advances which have been recovered by subsequent collection from the related Mortgagor; to reimburse the Master Servicer, as successor servicer, or a Servicer for Capitalization Reimbursement Amounts; to remove amounts deposited in error, ; to remove fees, charges or other such amounts deposited on a temporary basis, ; or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01. As provided in Section Sections 4.01(c) and 4.02(b), certain amounts otherwise due to the Servicer Servicers may be retained by them and need not be remitted deposited in the Distribution Account. Notwithstanding anything herein to the Trusteecontrary, the Master Servicer shall not be responsible for verifying the accuracy of any Prepayment Penalty.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Thornburg Mortgage Securities Trust 2008-1)
Servicing Accounts. (a) The Servicer will establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the Servicer, including Principal Prepayments, Prepayment Penalty Amounts, Insurance Proceeds, Liquidation Proceeds, Recoveries and advances made from the Servicer’s own funds (less, in the case of the Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the Servicing Agreement) and all other amounts to be deposited in the Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the Servicing Account for purposes required or permitted by this Agreement and the Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account and shall immediately remit or cause to be remitted to the Trustee for deposit into the Distribution Account, amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer pursuant to the Servicing Agreement which were due on or before the related Due Date, net of the amount thereof comprising the Servicing Fees Fees, and Lender-Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing FeesFees and any Recoveries received in the related Prepayment Period;
(iii) Principal Prepayments in part received by the Servicer for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by the Servicer with respect to such Mortgage LoansPrepayment Penalty Amounts, if any; and
(v) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the Servicing Agreement.
(dc) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c4.01(b), to reimburse the Servicer for advances which have been recovered by subsequent collection from the related Mortgagor, to remove amounts deposited in error, to remove fees, charges or other such amounts deposited on a temporary basis, or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01, or as otherwise provided in the Servicing Agreement. As provided in Section 4.01(c), certain amounts otherwise due to the Servicer may be retained by them and need not be remitted to the Trustee.
Appears in 1 contract
Servicing Accounts. (a) The Servicer will establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries and advances made from the Servicer’s own funds (less, in the case of the Servicer, the Servicing compensationcompensation and the amount of any premiums for the Primary Insurance Policies on Lender Paid Mortgage Insurance Loans, in whatever form and amounts as permitted by the Servicing Agreement) and all other amounts to be deposited in the Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the Servicing Account for purposes required or permitted by this Agreement and the Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account and shall immediately remit or cause to be remitted to the Trustee for deposit into the Distribution Account, amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer pursuant to the Servicing Agreement which were due on or before the related Due Date, net of the amount thereof comprising the Servicing Fees Fees, and Lender-Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing Fees;
(iii) Principal Prepayments in part received by the Servicer for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by the Servicer with respect to such Mortgage Loans; and
(v) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the Servicing Agreement.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c), to reimburse the Servicer for advances which have been recovered by subsequent collection from the related Mortgagor, to remove amounts deposited in error, to remove fees, charges or other such amounts deposited on a temporary basis, or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01. As provided in Section 4.01(c), certain amounts otherwise due to the Servicer may be retained by them and need not be remitted to the Trustee.
Appears in 1 contract
Servicing Accounts. (a) The Master Servicer will shall enforce the obligation of the Company to cause the Servicer to establish and maintain one or more custodial accounts (the “Servicing AccountsAccount”) in accordance with the Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries Proceeds and advances made from the Servicer’s own funds (less, in the case of the Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the Servicing Agreement) and all other amounts to be deposited in the Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the Servicing Account for purposes required or permitted by this Agreement and the Servicing Agreement. For the purposes of this Agreement, the Servicing Accounts Account shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related the Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 11.01 hereof.
(b) [Reserved];
(c) To the extent provided in the Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the Company shall cause the Servicer shall to withdraw or shall cause to be withdrawn from the related Servicing Account and shall immediately remit or cause to be remitted to the Trustee Master Servicer for deposit into the Distribution Account, amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it the Servicer is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer pursuant to the Servicing Agreement which were due on or before the related Due Date, net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if anyFee;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing FeesFee;
(iii) Principal Prepayments in part received by the Servicer for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by the Servicer with respect to such Mortgage Loans; and
(v) any amount to be used as a delinquency advance or to pay any Interest ShortfallsShortfalls due to prepayments on the Mortgage Loans, in each case, as required to be paid by the Servicer under the Servicing Agreement.
(d) Withdrawals may be made from a the Servicing Account only to make remittances as provided in Section 4.01(c), to reimburse the Servicer for advances which have been recovered by subsequent collection from the related Mortgagor, to remove amounts deposited in error, to remove fees, charges or other such amounts deposited on a temporary basis, or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01. As provided in Section 4.01(c), certain amounts otherwise due to the Servicer may be retained by them it and need not be remitted to the TrusteeMaster Servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Charlie Mac Trust 2004-2)
Servicing Accounts. (a) The Servicer will establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries and advances made from the Servicer’s own funds (less, in the case of the Servicer, the Servicing compensation, in whatever form and amounts as permitted by the Servicing Agreement) and all other amounts to be deposited in the Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the Servicing Account for purposes required or permitted by this Agreement and the Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account and shall immediately remit or cause to be remitted to the Trustee for deposit into the Distribution Account, amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Initial Cut-off Date, or, in the case of Subsequent Mortgage Loans, after the applicable Subsequent Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer pursuant to the Servicing Agreement which were due on or before the related Due Date, net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing Fees;
(iii) Principal Prepayments in part received by the Servicer for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by the Servicer with respect to such Mortgage Loans; and
(v) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the Servicing Agreement.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c), to reimburse the Servicer for advances which have been recovered by subsequent collection from the related Mortgagor, to remove amounts deposited in error, to remove fees, charges or other such amounts deposited on a temporary basis, or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01. As provided in Section 4.01(c), certain amounts otherwise due to the Servicer may be retained by them and need not be remitted to the Trustee.
Appears in 1 contract
Samples: Pooling Agreement (HarborView Mortgage Loan Trust 2005-16)
Servicing Accounts. (a) The Master Servicer will shall enforce the obligation of the Servicer to establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries and advances made from the Servicer’s own funds (less, in the case of the Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the Servicing Agreement) and all other amounts to be deposited in the each such Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the Servicing Account for purposes required or permitted by this Agreement and the Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account Accounts and shall immediately remit deposit or cause to be remitted to the Trustee for deposit into deposited in the Distribution Account, Account amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer pursuant to the Servicing Agreement which were due on or before the related Due Date, Date but net of the amount thereof comprising the Servicing Fees and Lender-Lender Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing FeesFees and any Recoveries received in the related Prepayment Period;
(iii) Principal Prepayments in part received by the Servicer for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by the Servicer with respect to such Mortgage LoansPrepayment Penalty Amounts, if any; and
(v) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the Servicing Agreement.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c), 4.02 and 4.03; to reimburse the Master Servicer or the Servicer for advances Advances which have been recovered by subsequent collection from the related Mortgagor, ; to remove amounts deposited in error, ; to remove fees, charges or other such amounts deposited on a temporary basis, ; or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01, or as otherwise provided in the Servicing Agreement. As provided in Section Sections 4.01(c) and 4.02(b), certain amounts otherwise due to the Servicer may be retained by them and need not be remitted to deposited in the TrusteeDistribution Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Harborview 2006-Bu1)
Servicing Accounts. (a) The Master Servicer will shall enforce the obligation of each Servicer to establish and maintain one or more custodial accounts (the “"Servicing Accounts”") in accordance with the applicable Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the related Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the a Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Subsequent Recoveries and advances made from the Servicer’s 's own funds (less, in the case of the each Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the applicable Servicing Agreement) and all other amounts to be deposited in the each such Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the related Servicing Account for purposes required or permitted by this Agreement and the applicable Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Each Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the related Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the each Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account Accounts and shall immediately remit deposit or cause to be remitted to deposited in the Trustee for deposit into the Distribution Account, Collection Account amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer Servicers pursuant to the Servicing Agreement Agreements which were due on or before the related Due Date, Date but net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer Servicers with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing FeesFees and any Subsequent Recoveries received in the related Prepayment Period;
(iii) Principal Prepayments in part received by the Servicer Servicers for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by Prepayment Penalty Amounts, if any, and only if required under the Servicer with respect to such Mortgage Loansrelated Servicing Agreement; and
(v) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the related Servicing Agreement.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c), 4.02 and 4.03; to reimburse the Master Servicer or a Servicer for advances Advances which have been recovered by subsequent collection from the related Mortgagor, ; to remove amounts deposited in error, ; to remove fees, charges or other such amounts deposited on a temporary basis, ; or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01. As provided in Section Sections 4.01(c) and 4.02(b), certain amounts otherwise due to the Servicer Servicers may be retained by them and need not be remitted deposited in the Collection Account. Notwithstanding anything herein to the Trusteecontrary, the Master Servicer shall not be responsible for verifying the accuracy of any Prepayment Penalty.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Structured Asset Mortgage Investments Ii Inc)
Servicing Accounts. (a) The Servicer will establish and maintain one or more custodial accounts (the “Servicing AccountsAccount”) in accordance with the Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries Proceeds and advances made from the Servicer’s own funds (less, in less the case of the Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the Servicing Agreement) and all other amounts to be deposited in the Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the Servicing Account for purposes required or permitted by this Agreement and the Servicing Agreement. For the purposes of this Agreement, the Servicing Accounts Account shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related the Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account and shall immediately remit or cause to be remitted to the Trustee for deposit into the Distribution Account, amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer pursuant to the Servicing Agreement which were due on or before the related Due Date, net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if anyFee;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing FeesFee;
(iii) Principal Prepayments in part received by the Servicer for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by the Servicer with respect to such Mortgage Loans; and
(v) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the Servicing Agreement.
(d) Withdrawals may be made from a the Servicing Account only to make remittances as provided in Section 4.01(c)) above, to reimburse the Servicer for advances which have been recovered by subsequent collection from the related Mortgagor, to remove amounts deposited in error, to remove fees, charges or other such amounts deposited on a temporary basis, or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.0110.01 hereof. As provided in Section 4.01(c)) above, certain amounts otherwise due to the Servicer may be retained by them it and need not be remitted to the Trustee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenpoint Mortgage Loan Trust 2004-1)
Servicing Accounts. (a) The Master Servicer will shall enforce the obligation of each Servicer to establish and maintain one or more custodial accounts (the “"Servicing Accounts”") in accordance with the applicable Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the related Servicing Agreement) of receipt all collections of 83836 Xxxxxxxxx 2003-4[10203-023] Sale and Servicing Agreement principal and interest on any Mortgage Loan and with respect to any REO Property received by the a Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries amounts received under the Guaranty Surety Bond, and advances made from the Servicer’s 's own funds (less, in the case of the each Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the applicable Servicing Agreement) and all other amounts to be deposited in the each such Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the related Servicing Account for purposes required or permitted by this Agreement and the applicable Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Each Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 8.03 hereof.
(b) [Reserved];
(c) To the extent provided in the related Servicing Agreement and subject to this Article IVV, on or before each Servicer Remittance Date, the each Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account Accounts and shall immediately remit deposit or cause to be remitted to deposited in the Trustee for deposit into the Distribution Account, Collection Account amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer Servicers pursuant to the Servicing Agreement Agreements which were due on or before the related Due Date, amounts received under the Guaranty Surety Bond but net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds, Insurance Proceeds or condemnation proceeds received by the Servicer Servicers with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing Fees;
(iii) Principal Prepayments in part received by the Servicer Servicers for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by Prepayment Penalty Amounts, if any, and only if required under the Servicer with respect to such Mortgage Loansrelated Servicing Agreement; and
(v) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the related Servicing Agreement.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c5.01(c), 5.02 and 5.03; to reimburse the Master Servicer or a Servicer for advances Advances which have been recovered by subsequent collection from the related Mortgagor, ; to remove amounts deposited in error, ; to remove fees, charges or other such amounts deposited on 83836 Xxxxxxxxx 2003-4[10203-023] Sale and Servicing Agreement a temporary basis, ; or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.017.01. As provided in Section 4.01(cSections 5.01(c) and 5.02(b), certain amounts otherwise due to the Servicer Servicers may be retained by them and need not be remitted to deposited in the TrusteeCollection Account.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Thornburg Mortgage Inc)
Servicing Accounts. (a) The Master Servicer will shall enforce the obligation of the Servicer to establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the Servicer, including Principal Prepayments, Prepayment Penalty Amounts, Insurance Proceeds, Liquidation Proceeds, Recoveries and advances made from the Servicer’s own funds (less, in the case of the Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the Servicing Agreement) and all other amounts to be deposited in the each such Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the related Servicing Account for purposes required or permitted by this Agreement and the Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Each Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the Servicing Agreement and subject to this Article IV, on or before each the Servicer Remittance Date, the Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account and shall immediately remit or cause to be remitted to the Trustee Securities Administrator for deposit into the Distribution Account, Account amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Initial Cut-off Date, or, in the case of Subsequent Mortgage Loans, on or before the applicable Subsequent Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer pursuant to the Servicing Agreement which were due on or before the related Due Date, net of the amount thereof comprising the Servicing Fees and Lender-Lender Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing FeesFees and any Recoveries received in the Prepayment Period;
(iii) Principal Prepayments in part received by the Servicer for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by the Servicer with respect to such Mortgage LoansPrepayment Penalty Amounts, if any; and
(v) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the Servicing Agreement.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c), 4.02 and 4.03; to reimburse the Master Servicer or the Servicer for advances Advances which have been recovered by subsequent collection from the related Mortgagor, ; to remove amounts deposited in error, ; to remove fees, charges or other such amounts deposited on a temporary basis, ; or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01, or as otherwise provided in the Servicing Agreement. As provided in Section Sections 4.01(c) and 4.02(b), certain amounts otherwise due to the Servicer may be retained by them and need not be remitted to the TrusteeSecurities Administrator.
Appears in 1 contract
Servicing Accounts. (a) The Master Servicer will shall enforce the obligation of each Servicer to establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the applicable Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the related Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the a Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries and advances made from the Servicer’s own funds (less, in the case of the each Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the applicable Servicing Agreement) and all other amounts to be deposited in the each such Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the related Servicing Account for purposes required or permitted by this Agreement and the applicable Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Each Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the related Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the each Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account Accounts and shall immediately remit deposit or cause to be remitted to the Trustee for deposit into deposited in the Distribution Account, Account amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer Servicers pursuant to the Servicing Agreement Agreements which were due on or before the related Due Date, Date but net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer Servicers with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing FeesFees and any Recoveries received in the related Prepayment Period;
(iii) Principal Prepayments in part received by the Servicer Servicers for such Mortgage Loans in the related Prepayment Period;
(iv) Recoveries received by the Servicer with respect to such Mortgage Loans; and
(viv) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the related Servicing Agreement.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c), 4.02 and 4.03; to reimburse the Master Servicer or a Servicer for advances Advances which have been recovered by subsequent collection from the related Mortgagor, ; to remove amounts deposited in error, ; to remove fees, charges or other such amounts deposited on a temporary basis, ; or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01. As provided in Section Sections 4.01(c) and 4.02(b), certain amounts otherwise due to the Servicer Servicers may be retained by them and need not be remitted to deposited in the TrusteeDistribution Account.
Appears in 1 contract
Servicing Accounts. (a) The Master Servicer will shall enforce the obligation of each Servicer to establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the applicable Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the related Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the a Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries and advances made from the Servicer’s own funds (less, in the case of the each Servicer, the Servicing applicable servicing compensation, in whatever form and amounts as permitted by the applicable Servicing Agreement) and all other amounts to be deposited in the each such Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the related Servicing Account for purposes required or permitted by this Agreement and the applicable Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Each Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the related Servicing Agreement and subject to this Article IV, on or before each applicable Servicer Remittance Date, the each Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account and shall immediately remit or cause to be remitted to the Trustee Securities Administrator for deposit into the Distribution Account, amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing:
(i) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer Servicers pursuant to the Servicing Agreement Agreements which were due on or before the related Due Date, net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquidation Proceeds received by the Servicer Servicers with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing Fees;
(iii) Principal Prepayments in part received by the Servicer Servicers for such Mortgage Loans in the related Prepayment Period;
(iv) [Reserved];
(v) Recoveries received by the Servicer Servicers with respect to such Mortgage Loans; and
(vvi) any amount to be used as a delinquency advance or to pay any Interest Shortfalls, in each case, as required to be paid under the related Servicing Agreement.
(d) Withdrawals may be made from a Servicing Account only to make remittances as provided in Section 4.01(c), 4.02 and 4.03; to reimburse the Master Servicer or a Servicer for advances Advances which have been recovered by subsequent collection from the related Mortgagor, to remove amounts deposited in error, to remove fees, charges or other such amounts deposited on a temporary basis, or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.0110.01 or as otherwise provided in the Servicing Agreements. As provided in Section Sections 4.01(c) and 4.02(b), certain amounts otherwise due to the Servicer Servicers may be retained by them and need not be remitted to the TrusteeSecurities Administrator.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Harborview 2006-8)