Statements to Certificateholders. (a) On each Distribution Date, based, as applicable, on information provided to it by the Master Servicer, the Trustee shall prepare and make available on the Trustee’s website as set forth below, to each Holder of the Regular Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forth: (i) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein; (ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interest, separately identified; (iii) the applicable accrual periods for calculating distributions and general distribution dates; (iv) with respect to each Loan Group, the total cash flows received and the general sources thereof; (v) the Pass-Through Rate on each Class of Regular Certificates for such Distribution Date; (vi) the Pass-Through Rate for each Class of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate Cap; (vii) the aggregate amount of Advances included in the distribution on such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements; (viii) the Overcollateralized Amount and the Overcollateralization Target Amount; (ix) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract; (x) with respect to each Loan Group, the number and Aggregate Stated Principal Balance of, and Realized Loss on, the Mortgage Loans as of the end of the related Due Period; (xi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date; (xii) the number and Aggregate Stated Principal Balance of Mortgage Loans, using the OTS method, (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group; (xiii) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business on the last day of the calendar month preceding the month in which such Distribution Date occurs; (xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period; (xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses; (xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Period; (xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Distribution Account for such Distribution Date; (xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date; (xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date; (xx) the aggregate of any deposits to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals; (xxi) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III; (xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date; (xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer; (xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time; (xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date; (xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met; (xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and (xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the Trustee, based solely on, and to the extent of, information provided to the Trustee by the Master Servicer. The Trustee may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s website initially located at “xxx.xx.xxxxxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Trustee’s customer service desk at 000-000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (American Home Mortgage Assets Trust 2006-3), Pooling and Servicing Agreement (American Home Mortgage Assets Trust 2006-3), Pooling and Servicing Agreement (American Home Mortgage Assets Trust 2006-3)
Statements to Certificateholders. (a) On each Distribution Date, based, as applicable, on information provided concurrently with each distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trusteeparties hereto and each Certificateholder via the Securities Administrator’s internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $100:
(i) with respect to each Loan Group, the amount of the related distribution to Holders Current Principal Amount and/or Notional Amount of each Class allocable of Certificates immediately prior to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included thereinsuch Distribution Date;
(ii) the amount of the distribution made allocable to principal on such Distribution Date to the Holders of each applicable Class of Regular Certificates allocable to interest, separately identifiedCertificates;
(iii) the applicable accrual periods for calculating distributions and general distribution datesaggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Loan Group, the total cash flows received and the general sources thereofClass of Certificates;
(v) the Pass-Through Rate amount of the distribution allocable to interest on each Class of Regular Certificates for such Distribution Date;
(vi) the Pass-Through Rate Rates for each Class of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate CapDistribution Date;
(vii) the aggregate amount Current Principal Amount and/or Notional Amount of Advances included in the distribution on each Class of Certificates after such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Overcollateralization Target AmountMaster Servicer or the Servicer included in such distribution;
(ix) the proceeds aggregate amount of any Realized Losses (if anylisted separately for each category of Realized Loss) from during the Interest Rate Swap Agreement related Prepayment Period and cumulatively since the Cut-off Date and the Cap Contractamount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan Groupwhich incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) the amount of Scheduled Principal and Principal Prepayments, (including but separately identifying the principal amount of Principal Prepayments, Insurance Proceeds, the purchase price in connection with the purchase of Mortgage Loans, cash deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the number and Aggregate Stated principal balance of Mortgage Loans purchased or substituted for during the relevant period and cumulatively since the Cut-off Date;
(xii) the number of Mortgage Loans (excluding REO Property) remaining in the Trust Fund as of the end of the related Prepayment Period;
(xiii) information regarding any Mortgage Loan delinquencies as of the end of the related Prepayment Period, including the aggregate number and aggregate Outstanding Principal Balance ofof Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, (b) delinquent 60 to 89 days on a contractual basis, and Realized Loss on(c) delinquent 90 or more days on a contractual basis, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiv) the number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the aggregate Outstanding Principal Balance of such Mortgage Loans;
(xv) the number and aggregate Outstanding Principal Balance of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of such Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiiiforeclosure expenses) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of Property; provided that, in the close of business event that such information is not available to the Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Net Deferred Interest and Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution DateDates;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, withdrawn from the Class A/B Reserve Fund (with respect to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04first three distribution dates only), and the aggregate amount of Relief Act Interest Shortfalls for such on that Distribution Date;
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;Average Loss Severity Percentage; and
(xx) the aggregate of any deposits to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group IPercentage, Loan Group II and Loan Group III;
(xxii) the Group I Available Fundsin each case, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested party, the monthly statement to Certificateholders via the TrusteeSecurities Administrator’s website initially located at “xxx.xx.xxxxxxxxxx.xxxwxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the TrusteeSecurities Administrator’s customer service desk at (000-) 000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the TrusteeSecurities Administrator’s customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. .
(b) Within a reasonable period of time after the end of each the preceding calendar yearyear beginning in 2006, the Trustee shall prepare and forwardSecurities Administrator will, upon request, furnish a report to each Person who Holder of the Certificates of record at any time during the prior calendar year was a Holder as to the aggregate of a Certificate, a statement containing the information set forth in amounts reported pursuant to subclauses (ia)(ii) and (iia)(v) aboveabove with respect to the Certificates, aggregated plus information with respect to the amount of servicing compensation and such other customary information as the Securities Administrator may determine to be necessary and/or to be required by the Internal Revenue Service or by a federal or state law or rules or regulations to enable such Holders to prepare their tax returns for such calendar year or applicable portion thereof during which such person was a Certificateholderyear. Such obligation of the Trustee obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any the requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in forceCode.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (MortgageIT Trust 2005-Ar1), Pooling and Servicing Agreement (MortgageIT Trust 2005-Ar1), Pooling and Servicing Agreement (MortgageIT Trust 2005-Ar1)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trusteeparties hereto and each Certificateholder via the Securities Administrator’s internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestPrepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans using the MBA method of calculation (a) Delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) Delinquent 60 to 89 days on a contractual basis, and (c) Delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become foreclosure expenses) of any REO Property, Property in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect ; provided that, in the event that such information is not available to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution Date;Dates; and
(xviii) the aggregate amount of any Prepayment Interest Shortfalls Average Loss Severity Percentage for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;each Loan Group; and
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to then applicable Group I, Group II, Group III and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Group IV Senior Percentage, the Group I, Group II, Group III and Group IV Senior Prepayment Percentage, the Group I, Group II, Group III and Group IV Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan II, Group III;
(xxii) the Group I Available Funds, the Group II Available Funds III and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “IV Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested party, the monthly statement to Certificateholders via the TrusteeSecurities Administrator’s website initially located at “xxx.xx.xxxxxxxxxx.xxxwxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the TrusteeSecurities Administrator’s customer service desk at (000-) 000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the TrusteeSecurities Administrator’s customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end .
(b) By April 30 of each calendar yearyear beginning in 2007, the Trustee shall prepare and forward, Securities Administrator will furnish such report to each Person who Holder of the Certificates of record at any time during the prior calendar year was a Holder as to the aggregate of a Certificate, a statement containing the information set forth in amounts reported pursuant to subclauses (ia)(ii) and (iia)(v) aboveabove with respect to the Certificates, aggregated plus information with respect to the amount of servicing compensation and such other customary information as the Securities Administrator may determine to be necessary and/or to be required by the Internal Revenue Service or by a federal or state law or rules or regulations to enable such Holders to prepare their tax returns for such calendar year or applicable portion thereof during which such person was a Certificateholderyear. Such obligation of the Trustee obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year Securities Administrator or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any the requirements of the Code as from time to time are in forceCode.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns ARM Trust 2006-2), Pooling and Servicing Agreement (Bear Stearns ARM Trust 2006-2), Pooling and Servicing Agreement (Bear Stearns ARM Trust 2006-2)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee shall prepare and make available on the Trustee’s website as set forth below, forward by first-class mail to each Holder of Certificateholder, with a copy to the Regular Certificates, the TrusteeInitial Beneficial Holder, the Master Servicer and the Rating Agencies, a statement setting forth the following information, expressed with respect to clauses (i) through (vi) in the aggregate and as to a Fractional Undivided Interest representing an initial Current Principal Amount of $[ ], or, in the distributions made on such Distribution Date setting forthcase of a Class A-[ ] Certificate, a Class A-[ ] Notional Amount of $[ ], or, in the case of Class X Certificates, a Class X Notional Amount of $[ ], or in the case of the Class [ ] or [ ] Certificates, an initial Current Principal Amount of $[ ]:
(i) with respect to each Loan Group, the amount Current Principal Amount (or Notional Amount in the case of the related distribution to Holders Class X Certificates) of each Class allocable of Certificates immediately prior to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included thereinsuch Distribution Date;
(ii) the amount of the distribution made allocable to principal on such Distribution Date to the Holders of each applicable Class of Regular Certificates allocable to interest, separately identifiedCertificates;
(iii) the applicable accrual periods for calculating distributions and general distribution datesaggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class of Certificates (other than the Class PO Certificates) during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Loan Group, Class of Certificates (other than the total cash flows received and the general sources thereofClass PO Certificates);
(v) the Pass-Through Rate amount of the distribution allocable to interest on each Class of Regular Certificates for such Distribution Date(other than the Class PO Certificates);
(vi) the Pass-Through Rate Rates for each the Class of A-[ ], Class A-[ ], Class X and Class [ ] Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate CapDistribution Date;
(vii) the aggregate amount Current Principal Amount and/or Class A-[ ] Notional Amount or Class X Notional Amount of Advances included in the distribution on each applicable Class of Certificates after such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursementsClass PO Deferred Amount;
(viii) the Overcollateralized Amount amount of any Monthly Advances and Compensating Interest Payments by the Overcollateralization Target AmountMaster Servicer included in such distribution separately stated for each Mortgage Loan Group;
(ix) the proceeds amount of any Realized Losses (if anylisted separately for each category of Realized Loss and for each Mortgage Loan Group) from during the Interest Rate Swap Agreement related Prepayment Period and the Cap Contractamount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) the amount of Scheduled Principal and Principal Prepayments, (including but separately identifying the principal amount of principal prepayments, Insurance Proceeds, the purchase price in connection with the purchase of Mortgage Loans, cash deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) with respect to each Mortgage Loan Group, ;
(xi) the number and Aggregate Stated Principal Balance of, and Realized Loss on, the of Mortgage Loans (excluding REO Property) in each Mortgage Loan Group remaining in the Trust Fund as of the end of the related Due Period;
(xi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Principal Balance of information for each Mortgage Loans, using the OTS method, (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case Group regarding any Mortgage Loan delinquencies as of the end of the preceding calendar related Due Period, including the aggregate number, aggregate Outstanding Principal Balance and aggregate Scheduled Principal Balance of Mortgage Loans delinquent one month, determined in the aggregate two months and separately for each Loan Groupthree months or more;
(xiii) with respect to for each Mortgage Loan Group, the number, aggregate principal balance and book value number of any REO Properties Mortgage Loans in the foreclosure process as of the close of business on the last day end of the calendar month preceding related Due Period and the month in which aggregate Outstanding Principal Balance of such Distribution Date occursMortgage Loans;
(xiv) for each Mortgage Loan Group, the number and aggregate amount Outstanding Principal Balance of Principal Prepayments made during all Mortgage Loans which were REO Property as of the end of the related Prepayment Due Period;
(xv) the aggregate amount book value (the sum of Realized Losses incurred during (A) the related Prepayment Period Outstanding Principal Balance of the Mortgage Loan, (B) accrued interest through the date of foreclosure and (C) foreclosure expenses) of any REO Property in each Mortgage Loan Group; provided, that in the event that such information is not available to the Master Servicer and the cumulative amount of Realized LossesTrustee on the Distribution Date, such information shall be furnished promptly after it becomes available;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of Realized Losses allocated to each Class of Certificates since the Servicing Fees paid to or retained by prior Distribution Date and in the Servicer aggregate for the related Due Period;all prior Distribution Dates; and
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Distribution Account for such Distribution Date;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the then applicable Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated calculated, or reported, as the case may be, by the TrusteeTrustee based on data provided by the Master Servicer pursuant to Section 6.03(a) and, based solely onwith respect to prior periods, and Section 6.04, upon which the Trustee may conclusively rely. The information furnished by the Master Servicer shall be sufficient for the Trustee to calculate any statements it is required to make.
(b) By [May 15] of each year beginning in 200[ ], the Trustee will furnish a report to each Holder of the Certificates of record at any time during such calendar year as to the extent of, information provided aggregate of amounts reported pursuant to subclauses (a)(ii) and (a)(v) above with respect to the Certificates, plus information with respect to the amount of servicing compensation and such other customary information as the Master Servicer determines and advises the Trustee to be necessary and/or to be required by the Internal Revenue Service or by a federal or state law or rules or regulations to enable such Holders to prepare their tax returns for such calendar year. Copies of such report shall also be furnished to the Master Servicer. The Trustee may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s website initially located at “xxx.xx.xxxxxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Trustee’s customer service desk at 000-000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any the requirements of the Code and regulations thereunder as from time Code. The Master Servicer shall supply to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was in a Holder of a Residual Certificate a statement containing timely manner the information provided pursuant to required for the previous paragraph aggregated for such calendar year or applicable portion thereof during statements described above which, where appropriate, shall be the information from which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed can calculate the statements it is required to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in forcemake.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Gs Mortgage Securities Corp), Pooling and Servicing Agreement (Gs Mortgage Securities Corp)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestPrepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become foreclosure expenses) of any REO Property, Property in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect ; provided that, in the event that such information is not available to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution Date;Dates; and
(xviii) the aggregate amount of any Prepayment Interest Shortfalls Average Loss Severity Percentage for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;each Loan Group; and
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to then applicable Group I, Group II, Group III and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Group IV Senior Percentage, the Group I, Group II, Group III and Group IV Senior Prepayment Percentage, the Group I, Group II, Group III and Group IV Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan II, Group III;
(xxii) the Group I Available Funds, the Group II Available Funds III and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “IV Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s website initially located at “xxx.xx.xxxxxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Trustee’s customer service desk at 000-000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Arm Trust, Mortgage Pass-Through Certificates, Series 2004-11), Pooling and Servicing Agreement (Bear Stearns Arm Trust, Mortgage Pass-Through Certificates, Series 2004-5)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of each Holder Class of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount or Notional Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount or Notional Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestprepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become foreclosure expenses) of any REO Property, Property in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect ; provided that, in the event that such information is not available to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution Date;Dates; and
(xviii) the aggregate amount of any Prepayment Interest Shortfalls Average Loss Severity for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls prior calendar month for such Distribution Date;each Loan Group; and
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to then applicable Group 1, Group 2, Group 3, Group 4, Group 5, Group 6, Group 7 and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Group 8 Senior Percentage, the Group 1, Group 2, Group 3, Group 4, Group 5, Group 6, Group 7 and Group 8 Senior Prepayment Percentage, the Group 1, Group 2, Group 3, Group 4, Group 5, Group 6, Group 7 and Group 8 Senior Mezzanine and Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I1, Loan Group II and Loan 2, Group III;
(xxii) the 3, Group I Available Funds4, the Group II Available Funds 5, Group 6, Group 7 and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group 8 Senior Mezzanine and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested partyparty , the monthly statement to Certificateholders via the Trustee’s Securities Administrator's website initially located at “xxx.xx.xxxxxxxxxx.xxx"www.ctslink.com.” " Assistance in using the website can xxx xxxxxxx xxn be obtained by calling the Trustee’s Securities Administrator's customer service desk at 000(301) 815-000-00006600. Parties that are unable to use the unabxx xx xxx xxx above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s Securities Administrator's customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after Tot he extent timely received from the end of each calendar yearSecurities Administrator, the Trustee shall prepare and forward, will also make monthly statements available each month to each Person who certificateholders via the Trustee's internet website. The Trustee's internet website will initially be located at any time during www.jpmorgan.com/absmbs. Assistance ix xxxxx xxx Xxxxxxx'x xebsite service can be obtained by calling the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses Trustee's customer service desk at (i877) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force722-1095.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Structured Asset Mort Invest Inc Mort Pas THR Certs Ser 03 1), Pooling and Servicing Agreement (Structured Asset Mort Invest Inc Mort Pas THR Certs Ser 03 1)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, in the 106 case of the Regular Interest Only Certificates, a Notional Amount of $1,000, or in the Trusteecase of the Residual Certificates, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount or Notional Amount, as applicable, of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) any Group I Carryover Shortfall, any Group I Carryover Shortfall Amounts, any Group II Carryover Shortfall, any Group II Carryover Shortfall Amounts, the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount or Notional Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Trustee included in such distribution, separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses on the Mortgage Loans (listed separately for each category of Realized Loss and for each Loan Group) and Subsequent Recoveries on the Mortgage Loans during the related Prepayment Period and cumulatively since the Cut-off Date with respect to the Initial Mortgage Loans, and cumulatively since the related Subsequent Cut-off Date with respect to the Subsequent Mortgage Loans, as the case may be, and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Initial Mortgage Loan as of the Cut-off Date or such Subsequent Mortgage Loan as of the related Subsequent Cut-off Date, as the case may be, (iii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iv) the Net Liquidation Proceeds with respect to such Mortgage Loan and (v) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principal, Scheduled Principal and Principal Prepayments (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestprepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution Date;
(vi) the Pass-Through Rate for each Class of Certificates off Date with respect to the current Accrual PeriodInitial Mortgage Loans, and, if applicable, whether such Pass-Through Rate was limited by and cumulatively since the related Net Rate CapSubsequent Cut-off Date with respect to the Subsequent Mortgage Loans, as the case may be;
(viixii) the aggregate amount number of Advances included Mortgage Loans (excluding REO Property) in each Loan Group remaining in the distribution on such Distribution Date Trust Fund as of the end of the related Prepayment Period;
(xiii) information for each Loan Group and in the aggregate regarding any Mortgage Loan delinquencies as of the end of the related Prepayment Period, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate book value (the sum of (A) the Outstanding Principal Balance or Certificate Notional Amountof the related Mortgage Loan and (B) accrued interest through the date of foreclosure, as applicableminus (C) foreclosure expenses) of any REO Property in each Loan Group; provided that, in the event that such information is not available to the Securities Administrator on the Distribution Date, such information shall be furnished promptly after it becomes available;
(xvii) the amount of Realized Losses on the Mortgage Loans allocated to each Class before and after giving effect (i) to all distributions allocable to principal on such of Certificates since the prior Distribution Date and (ii) in the allocation of any Applied Realized Loss Amounts aggregate for such all prior Distribution DateDates;
(xiixviii) the number and Aggregate Stated Principal Balance of Mortgage Loans, using the OTS method, (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately Average Loss Severity Percentage for each Loan Group;
(xiiixix) with respect to each Loan Groupthe then applicable Group I Senior Percentage and Group II Senior Percentage, the numberGroup I Senior Prepayment Percentage and Group II Senior Prepayment Percentage, aggregate principal balance Group I Senior Mezzanine and book value of any REO Properties as of the close of business on the last day of the calendar month preceding the month in which such Distribution Date occurs;Subordinate Percentage and Group II Senior Mezzanine and Subordinate Percentage, and Group I Senior Mezzanine and Subordinate Prepayment Percentage and Group II Senior Mezzanine and Subordinate Prepayment Percentage; and 108
(xivxx) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Period;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Group I Pre-Funding Account and from the Group I Interest Coverage Account, respectively, and used to make payments to Class A-1 Certificateholders on that Distribution Date, the amount remaining on deposit in the Group I Pre-Funding Account for and in the Group I Interest Coverage Account, respectively, following such Distribution Date, and the amount withdrawn from the Group I Pre-Funding Account and used to buy Group I Subsequent Mortgage Loans prior to such Distribution Date;
(xviiixxi) the aggregate amount of any Prepayment withdrawn from the Group II Pre-Funding Account and from the Group II Interest Shortfalls for Coverage Account, respectively, and used to make payments to Class A-2B Certificateholders on that Distribution Date, the amount remaining on deposit in the Group II Pre-Funding Account and in the Group II Interest Coverage Account, respectively, following such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for withdrawn from the Group II Pre-Funding Account and used to buy Group II Subsequent Mortgage Loans prior to such Distribution Date;
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Mortgage Loan Groupwhich is purchased by the Investor pursuant to Section 4.15 or Section 4.21, as the amount case may be, of the Prepayment Charges remitted by related Servicing Agreement, (i) the Servicer;
loan number, (xxivii) unless otherwise set forth in the Form 10Scheduled Principal Balance of such Initial Mortgage Loan as of the Cut-D relating to off Date or such Distribution Subsequent Mortgage Loan as of the related Subsequent Cut-off Date, with respect to each Loan Group and if applicableas the case may be, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during (iii) the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Scheduled Principal Balance of, and Realized Loss on, of such Mortgage Loan as of the close beginning of business on the Determination Date preceding such Distribution Date;
related Due Period, (xxviiv) the purchase price paid by the Investor with respect to each such Mortgage Loan Group, whether and (v) the loss or delinquency or tests contained in amount of the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following Realized Loss with respect to each Loan Group: weighted average such Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occursLoan; and
(xxviiixxiii) unless otherwise set forth in the Form 10-D relating to amount of any Subsequent Recovery on the Mortgage Loans for such Distribution Date, with respect to each Loan Group, material breaches and the amount by which the Current Principal Amount of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for Senior Mezzanine Certificates and each Class of Subordinate Certificates was increased as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloombergresult thereof. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s website initially located at “xxx.xx.xxxxxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Trustee’s customer service desk at 000-000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments II Trust 2004-Ar8), Pooling and Servicing Agreement (Structured Asset Mortgage Investments II Trust 2004-Ar8)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trusteeparties hereto and each Certificateholder via the Securities Administrator’s internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestPrepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become foreclosure expenses) of any REO Property, Property in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect ; provided that, in the event that such information is not available to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution Date;Dates; and
(xviii) the aggregate amount of any Prepayment Interest Shortfalls Average Loss Severity Percentage for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;each Loan Group; and
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to then applicable Group I, Group II, Group III, Group IV and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Group V Senior Percentage, the Group I, Group II, Group III, Group IV and Group V Senior Prepayment Percentage, the Group I, Group II, Group III, Group IV and Group V Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan II, Group III;
(xxii) the , Group I Available Funds, the Group II Available Funds IV and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “V Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested party, the monthly statement to Certificateholders via the TrusteeSecurities Administrator’s website initially located at “xxx.xx.xxxxxxxxxx.xxxxxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the TrusteeSecurities Administrator’s customer service desk at (000-) 000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the TrusteeSecurities Administrator’s customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end .
(b) By April 30 of each calendar yearyear beginning in 2006, the Trustee shall prepare and forward, Securities Administrator will furnish such report to each Person who Holder of the Certificates of record at any time during the prior calendar year was a Holder as to the aggregate of a Certificate, a statement containing the information set forth in amounts reported pursuant to subclauses (ia)(ii) and (iia)(v) aboveabove with respect to the Certificates, aggregated plus information with respect to the amount of servicing compensation and such other customary information as the Securities Administrator may determine to be necessary and/or to be required by the Internal Revenue Service or by a federal or state law or rules or regulations to enable such Holders to prepare their tax returns for such calendar year or applicable portion thereof during which such person was a Certificateholderyear. Such obligation of the Trustee obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year Securities Administrator or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any the requirements of the Code as from time to time are in forceCode.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Arm Trust, Mortgage Pass-Through Certificates, Series 2005-6), Pooling and Servicing Agreement (Bear Stearns Arm Trust, Mortgage Pass-Through Certificates, Series 2005-11)
Statements to Certificateholders. (a) On a)Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Certificate Principal Balance of $1,000, in the case of the Regular Class B-IO Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthNotional Amount of $1,000:
(i) the Certificate Principal Balance or Notional Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Certificate Principal Balance of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Servicer or the Master Servicer included in such distribution, separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Stated Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Stated Principal Balance of such Mortgage Loan for such Distribution Date, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestprepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, Group the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become foreclosure expenses) of any REO Property, Property in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect ; provided that, in the event that such information is not available to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution DateDates;
(xviii) the aggregate amount Interest Carry Forward Amount and any Basis Risk Shortfall Carry Forward Amount for each Class of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution DateCertificates;
(xix) the Accrued Certificate Interest in respect amount of such distribution to Holders of each Class of Certificates for such Distribution Dateallocable to interest and the portion thereof, if any, provided by the Cap Contracts;
(xx) the aggregate cumulative amount of any deposits Applied Realized Loss Amounts to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;date; and
(xxi) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and BloombergTrigger Event exists. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s Securities Administrator's website initially located at “xxx.xx.xxxxxxxxxx.xxx"xxx.xxxxxxx.xxx.” " Assistance in using the website can be obtained by calling the Trustee’s Securities Administrator's customer service desk at (000-) 000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s Securities Administrator's customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after To the end of each calendar yearextent timely received from the Securities Administrator, the Trustee shall prepare and forward, will also make monthly statements available each month to each Person who Certificateholders via the Trustee's internet website. The Trustee's internet website will initially be located at any time during xxx.xxxxxxxx.xxx/xxx. Assistance in using the calendar year was a Holder of a Certificate, a statement containing Trustee's website service can be obtained by calling the information set forth in subclauses Trustee's customer service desk at (i000) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force000-0000.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Structured Asset Mort Inv Ii Inc Bear Stearns Alt a Tr 04 8), Pooling and Servicing Agreement (Structured Asset Mort Inv Ii Inc Bear Stearns Alt a Tr 04 8)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of each Holder Class of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount or Notional Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount or Notional Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestprepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Pass-Through Rate on each Class of Regular Certificates for such Distribution relevant period and cumulatively since the Cut- off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become foreclosure expenses) of any REO Property, Property in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect ; provided that, in the event that such information is not available to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution Date;Dates; and
(xviii) the aggregate amount of any Prepayment Interest Shortfalls Average Loss Severity for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls prior calendar month for such Distribution Date;each Loan Group; and
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to then applicable Group 1, Group 2, Group 3, Group 4, Group 5, Group 6 and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Group 7 Senior Percentage, the Group 1, Group 2, Group 3, Group 4, Group 5, Group 6 and Group 7 Senior Prepayment Percentage, the Group 1, Group 2, Group 3, Group 4, Group 5, Group 6 and Group 7 Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I1, Loan Group II and Loan 2, Group III;
(xxii) the 3, Group I Available Funds4, the Group II Available Funds 5, Group 6 and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “7 Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested partyparty , the monthly statement to Certificateholders via the Trustee’s Securities Administrator's website initially located at “xxx.xx.xxxxxxxxxx.xxx"www.ctslink.com.” Assistance in using " Axxxxxxxxx xx xxing the website can be obtained by calling the Trustee’s Securities Administrator's customer service desk at 000(301) 815-000-00006600. Parties that are Parxxxx xxxx xxx unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Arm Trust Mortgage Pass Thro Cert Series 2002-8), Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, in the case of the Regular Interest Only Certificates, a Notional Amount of $1,000, or in the Trusteecase of each Class of Residual Certificates, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount or Notional Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Servicer or the Master Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (iii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iv) the Net Liquidation Proceeds with respect to such Mortgage Loan and (v) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestprepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate book value (the sum of (A) the Outstanding Principal Balance or Certificate Notional Amountof the Mortgage Loan, as applicable(B) accrued interest through the date of foreclosure and (C) foreclosure expenses) of any REO Property in each Loan Group; provided that, in the event that such information is not available to the Securities Administrator on the Distribution Date, such information shall be furnished promptly after it becomes available;
(xvii) the amount of Realized Losses allocated to each Class before and after giving effect (i) to all distributions allocable to principal on such of Certificates since the prior Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Principal Balance of Mortgage Loans, using the OTS method, (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately for all prior Distribution Dates; and
(xviii) the Average Loss Severity for the prior calendar month for each Loan Group;
(xiiixix) with respect to each Loan Groupthe then applicable Group 1 Senior Percentage, the numberGroup 2 Senior Percentage, aggregate principal balance Group 1 Senior Prepayment Percentage, Group 2 Senior Prepayment Percentage, Group 1 Subordinate Percentage, Senior Mezzanine and book value of any REO Properties as of the close of business on the last day of the calendar month preceding the month in which such Distribution Date occurs;Subordinate Percentage, Group 1 Subordinate Prepayment Percentage, and Senior Mezzanine and Group 2 Subordinate Prepayment Percentage; and
(xivxx) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Period;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Distribution Account any Diverted Amount for such Distribution Date;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master ServicerServicer and the Trustee. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s Securities Administrator's website initially located at “xxx.xx.xxxxxxxxxx.xxx"www.ctslink.com.” Assistance in using " Axxxxxxxxx xx xxing the website can be obtained by calling the Trustee’s Securities Administrator's customer service desk at 000(301) 815-000-00006600. Parties that are Parxxxx xxxx xxx unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Structured Asset Mort Inv Inc Bear Stearns Arm Trust 2002-12), Pooling and Servicing Agreement (Structured Asset Mort Inv Inc Bear Stearns Arm Trust 2002-12)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee shall prepare and make available on the Trustee’s website as set forth below, forward by first-class mail to each Holder of Certificateholder, with a copy to the Regular CertificatesSeller, the Trustee, the each Master Servicer and the Rating Agencies, a statement setting forth the following information, expressed with respect to clauses (i) through (vi) in the aggregate and as to a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the distributions made on such Distribution Date setting forthcase of Class 1-A-X1, Class 1-A-X2, Class X, Class 3-X and Class 4-X Certificates, a Notional Amount of $1000, or in the case of the Class R-1 or R-2 Certificates, an initial Current Principal Amount of $100:
(i) with respect to each Loan Group, the amount Current Principal Amount (or Notional Amount in the case of the related distribution to Holders Class 1-A-X1, Class 1-A-X2, Class X, Class 3-X and Class 4-X Certificates) of each Class allocable of Certificates immediately prior to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included thereinsuch Distribution Date;
(ii) the amount of the distribution made allocable to principal on such Distribution Date to the Holders of each applicable Class of Regular Certificates allocable to interest, separately identifiedCertificates;
(iii) the applicable accrual periods for calculating distributions and general distribution datesaggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class of interest-bearing Certificates during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Loan Group, the total cash flows received and the general sources thereofClass of interest-bearing Certificates;
(v) the Pass-Through Rate amount of the distribution allocable to interest on each Class of Regular Certificates for such Distribution Dateinterest-bearing Certificates;
(vi) the Pass-Through Rate Rates for each Class of interest-bearing Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate CapDistribution Date;
(vii) the aggregate amount of Advances included Current Principal Amount (or Notional Amount in the distribution on case of the Class 1-A-X1, Class 1-A-X2, Class X, Class 3-X and Class 4-X Certificates) of each Class of Certificates after such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount amount of any Monthly Advances, Compensating Interest Payments and the Overcollateralization Target Amountoutstanding unreimbursed advances by each Master Servicer included in such distribution separately stated for each Mortgage Loan Group;
(ix) the proceeds amount of any Realized Losses (if anylisted separately for each Mortgage Loan Group) from during the Interest Rate Swap Agreement related Prepayment Period and cumulatively since the Cut-off Date and the Cap Contractamount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) the amount of Scheduled Principal and Principal Prepayments, (including but separately identifying the principal amount of principal prepayments, Insurance Proceeds, the purchase price in connection with the purchase of Mortgage Loans, cash deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) with respect to each Mortgage Loan Group, Group and the number and Aggregate Stated Principal Balance of, and Realized Loss on, the principal balance of Mortgage Loans purchased or substituted for during the relevant period and cumulatively since the Cut-off Date with respect to each Mortgage Loan Group;
(xi) the number of Mortgage Loans (excluding REO Property) in each Mortgage Loan Group remaining in the Trust Fund as of the end of the related Due Period;
(xi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Principal Balance of information for each Mortgage Loans, using the OTS method, (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case Loan Group regarding any Mortgage Loan delinquencies as of the end of the preceding calendar related Due Period, including the aggregate number, aggregate Outstanding Principal Balance and aggregate Scheduled Principal Balance of Mortgage Loans delinquent one month, determined in the aggregate two months and separately for each Loan Groupthree months or more;
(xiii) with respect to for each Mortgage Loan Group, the number, aggregate principal balance and book value number of any REO Properties Mortgage Loans in the foreclosure process as of the close of business on the last day end of the calendar month preceding related Due Period and the month in which aggregate Outstanding Principal Balance of such Distribution Date occursMortgage Loans;
(xiv) for each Mortgage Loan Group, the number and aggregate amount Outstanding Principal Balance of Principal Prepayments made during all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Prepayment Due Period;
(xv) the aggregate amount book value (the sum of Realized Losses incurred during (A) the related Prepayment Period Outstanding Principal Balance of the Mortgage Loan, (B) accrued interest through the date of foreclosure and (C) foreclosure expenses) of any REO Property in each Mortgage Loan Group; PROVIDED THAT, in the event that such information is not available to the relevant Master Servicer and the cumulative amount of Realized LossesTrustee on the Distribution Date, such information shall be furnished promptly after it becomes available;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of Realized Losses allocated to each Class of Certificates since the Servicing Fees paid to or retained by prior Distribution Date and in the Servicer aggregate for the related Due Period;all prior Distribution Dates; and
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Distribution Account for such Distribution Date;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the then applicable Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Certificate Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated calculated, or reported, as the case may be, by the Trustee, Trustee based solely on, and to the extent of, information on data provided to the Trustee by the Master Servicer. The Servicers pursuant to Subsection 6.05(a) and, with respect to prior periods, Section 6.06, upon which the Trustee may conclusively rely on such rely. The information and furnished by the Master Servicers shall not be sufficient for the Trustee to calculate any statements it is required to confirm, verify or recalculate any such information. The Trustee may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s website initially located at “xxx.xx.xxxxxxxxxx.xxxmake.” Assistance in using the website can be obtained by calling the Trustee’s customer service desk at 000-000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Mortgage Securities Inc), Pooling and Servicing Agreement (Bear Stearns Mortgage Securities Inc)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, in the case of the Regular Interest Only Certificates, a Notional Amount of $1,000, or in the Trusteecase of the Residual Certificates, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount or Notional Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) any Carryover Shortfall, any Carryover Shortfall Amounts, the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount or Notional Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Trustee included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) and Subsequent Recoveries during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (iii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iv) the Net Liquidation Proceeds with respect to such Mortgage Loan and (v) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principal, Scheduled Principal and Principal Prepayments (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestprepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the related Mortgage Loans, using the OTS method, (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure Loan and (cB) that have become accrued interest through the date of foreclosure, minus (C) foreclosure expenses) of any REO Property, Property in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect ; provided that, in the event that such information is not available to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution DateDates;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls Average Loss Severity Percentage for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;each Loan Group; and
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;then applicable Group I Senior Percentage, Group II Senior Percentage and Group III Senior Percentage, Group I Senior Prepayment Percentage, Group II Senior Prepayment Percentage and Group III Senior Prepayment Percentage, Group I Senior Mezzanine and Subordinate Percentage, Group II Senior Mezzanine and Subordinate Percentage and Group III Senior Mezzanine and Subordinate Percentage and Group I Senior Mezzanine and Subordinate Prepayment Percentage, Group II Senior Mezzanine and Subordinate Prepayment Percentage and Group III Senior Mezzanine and Subordinate Prepayment Percentage; and
(xx) the aggregate amount of any deposits to and withdrawals from the Cap Contract Reserve Fund Subsequent Recovery for such Distribution Date and the remaining amount on deposit in by which the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount Current Principal Amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Subordinate Certificates was increased as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloombergresult thereof. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s Securities Administrator's website initially located at “xxx.xx.xxxxxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Trustee’s customer service desk at 000-000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.initially
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Ii Trust Series 2004-Ar2), Pooling and Servicing Agreement (Structured Asset Mortgage Investments Ii Inc)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master Servicer, the Trustee shall prepare and make available on the Trustee’s website as set forth below, to each Holder of the Regular Certificates, the TrusteeCertificateholders, the Master Servicer shall prepare and deliver to the Trustee, and the Trustee shall forward by first-class mail to each Certificateholder, with a copy to the Seller and the Rating Agencies, a statement setting forth the following information, expressed with respect to clauses (i) through (vi) in the aggregate and as to a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the distributions made on such Distribution Date setting forthcase of each Class of Notional Amount Certificates, a Notional Amount of $1000, or in the case of the Residual Certificates, an initial Current Principal Amount of $50:
(i) with respect to each Loan Group, the amount Current Principal Amount (or Notional Amount in the case of the related distribution to Holders Notional Amount Certificates) of each Class allocable of Certificates immediately prior to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included thereinsuch Distribution Date;
(ii) the amount of the distribution made allocable to principal on such Distribution Date to the Holders of each applicable Class of Regular Certificates allocable to interest, separately identifiedCertificates;
(iii) the applicable accrual periods for calculating distributions and general distribution datesaggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class of interest-bearing Certificates during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Loan Group, the total cash flows received and the general sources thereofClass of interest-bearing Certificates;
(v) the Pass-Through Rate amount of the distribution allocable to interest on each Class of Regular Certificates for such Distribution Dateinterest-bearing Certificates;
(vi) the Pass-Through Rate Rates for each Class of interest-bearing Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate CapDistribution Date;
(vii) the aggregate amount of Advances included Current Principal Amount (or Notional Amount in the distribution on case of the Notional Amount Certificates) of each Class of Certificates after such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Overcollateralization Target AmountSub-Servicers or the Master Servicer included in such distribution separately stated for each Mortgage Loan Group;
(ix) the proceeds amount of any Realized Losses (if anylisted separately for each Mortgage Loan Group) from during the Interest Rate Swap Agreement related Prepayment Period and cumulatively since the Cut-off Date and the Cap Contractamount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) the amount of Scheduled Principal and Principal Prepayments, (including but separately identifying the principal amount of principal prepayments, Insurance Proceeds, the purchase price in connection with the purchase of Mortgage Loans, cash deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) with respect to each Mortgage Loan Group, Group and the number and Aggregate Stated Principal Balance of, and Realized Loss on, the principal balance of Mortgage Loans purchased or substituted for during the relevant period and cumulatively since the Cut-off Date with respect to each Mortgage Loan Group;
(xi) the number of Mortgage Loans (excluding REO Property) in each Mortgage Loan Group remaining in the Trust Fund as of the end of the related Due Period;
(xi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Principal Balance of information for each Mortgage Loans, using the OTS method, (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case Loan Group regarding any Mortgage Loan delinquencies as of the end of the preceding calendar related Due Period, including the aggregate number, aggregate Outstanding Principal Balance and aggregate Scheduled Principal Balance of Mortgage Loans delinquent one month, determined in the aggregate two months and separately for each Loan Groupthree months or more;
(xiii) with respect to for each Mortgage Loan Group, the number, aggregate principal balance and book value number of any REO Properties Mortgage Loans in the foreclosure process as of the close of business on the last day end of the calendar month preceding related Due Period and the month in which aggregate Outstanding Principal Balance of such Distribution Date occursMortgage Loans;
(xiv) for each Mortgage Loan Group, the number and aggregate amount Outstanding Principal Balance of Principal Prepayments made during all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Prepayment Due Period;
(xv) the aggregate amount book value (the sum of Realized Losses incurred during (A) the related Prepayment Period Outstanding Principal Balance of the Mortgage Loan, (B) accrued interest through the date of foreclosure and (C) foreclosure expenses) of any REO Property in each Mortgage Loan Group; PROVIDED THAT, in the event that such information is not available to the Master Servicer and the cumulative amount of Realized LossesTrustee on the Distribution Date, such information shall be furnished promptly after it becomes available;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of Realized Losses allocated to each Class of Certificates since the Servicing Fees paid to or retained by prior Distribution Date and in the Servicer aggregate for the related Due Period;all prior Distribution Dates; and
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Distribution Account for such Distribution Date;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the then applicable Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan each Certificate Group I, Loan (or Sub-Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “3 Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and BloombergCertificates). The information set forth above shall be calculated calculated, or reported, as the case may be, by the TrusteeMaster Servicer, based solely on, and to the extent of, information provided to upon which the Trustee may conclusively rely. The information furnished by the Master Servicer. The Servicer shall be sufficient for the Trustee may conclusively rely on such information and shall not be to calculate any payments or statements it is required to confirm, verify or recalculate any such information. The Trustee may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s website initially located at “xxx.xx.xxxxxxxxxx.xxxmake.” Assistance in using the website can be obtained by calling the Trustee’s customer service desk at 000-000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc), Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)
Statements to Certificateholders. (a) On a. Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master Servicer, the Trustee shall prepare and make available on the Trustee’s website as set forth below, Certificateholders pursuant to each Holder of the Regular CertificatesArticle VIII, the Trustee, in its capacity as Certificate Registrar and Paying Agent, shall cause to be mailed to S&P and to Fitch and to each Certificateholder at the Master Servicer and address appearing on the Rating Agencies, Certificate Register a statement as to of the distributions made on such Distribution related Payment Date prepared by the Servicer setting forth:
(i) with respect to each Loan Group, the amount of the related aggregate distribution to Holders of each Class allocable the Certificateholders which constitutes Monthly Principal, specifying the amounts attributable to scheduled payments by Obligors, to Principal Prepayments by Obligors, and to other payments with respect to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the aggregate distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interest, separately identifiedCertificateholders which constitutes Monthly Interest;
(iii) the applicable accrual periods for calculating distributions and general distribution datesremaining Aggregate Certificate Principal Balance (after giving effect to the payment of Monthly Principal on such Payment Date);
(iv) with respect to each Loan Group, the total cash flows received and Company's FHA Insurance reserve amount (as of the general sources thereofmost recent date available);
(v) the PassAverage Sixty-Through Rate on each Class of Regular Certificates for such Distribution DateDay Delinquency Ratio and the Cumulative Realized Loss Ratio;
(vi) the Pass-Through Rate for amount of fees paid out of the Trust, separately identifying each Class of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate Capfee;
(vii) the aggregate amount of Advances included in the distribution on Pool Factor immediately before and immediately after such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Payment Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount number and the Overcollateralization Target Amountaggregate principal balance of Contracts delinquent 31-59, 60-89 and 90+ days, respectively;
(ix) the proceeds (if any) from number of Contracts that became Liquidated Contracts during the Interest Rate Swap Agreement and the Cap Contractimmediately preceding Due Period;
(x) with respect the Guaranty Amount and the payment to each Loan Groupbe made by the Company, if any, relating to such Payment Date pursuant to the number and Aggregate Stated Principal Balance of, and Realized Loss on, the Mortgage Loans as of the end of the related Due PeriodLimited Guaranty;
(xi) such other customary factual information as is available to the Certificate Principal Balance Company or Certificate Notional Amount, as applicable, of each Class before and after giving effect the Servicer (iif different from the Company) to all distributions allocable enable Certificateholders to principal on such Distribution Date and (ii) prepare their tax returns, including information required with respect to computing the allocation accrual of any Applied Realized Loss Amounts for such Distribution Date;market discount; and
(xii) such other customary factual information as is available to the number and Aggregate Stated Principal Balance of Mortgage Loans, using Company or the OTS method, Servicer (aif different from the Company) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business on the last day of the calendar month preceding the month in which such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Period;can reasonably obtain from its existing data base to enable Certificateholders to comply with regulatory requirements.
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Distribution Account for such Distribution Date;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the Trustee, based solely on, and to the extent of, information provided to the Trustee by the Master Servicer. The Trustee may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s website initially located at “xxx.xx.xxxxxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Trustee’s customer service desk at 000-000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such change. b. Within a reasonable period of time 75 days after the end of each calendar year, the Trustee Certificate Registrar shall prepare and forward, mail to each Person who Certificateholder of record at any time during such year a report prepared by the calendar year was a Holder Servicer as to the aggregate amounts of a Certificateinterest accrued and principal paid to such Certificateholder, a statement containing the and any additional information set forth in subclauses reported pursuant to subsections (ia)(x) and (iia)(xi) aboveof this Section 6.05, aggregated for attributable to such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation .
c. A Certificateholder holding Certificates representing in the aggregate at least 5% of the Trustee shall be deemed to have been satisfied Percentage Interest in the Trust shall, upon written request to the extent that substantially comparable information shall Trustee, be entitled to receive copies of all reports provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in forceTrustee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Green Tree Financial Corp)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to each Certificateholder via the Trustee’s Securities Administrator's internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, in the case of the Regular Interest Only Certificates, a Notional Amount of $1,000, or in the Trusteecase of each Class of Residual Certificates, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount or Notional Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount or Notional Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan, (iv) the amount, if any, included in Net Liquidation Proceeds representing a payment under the Supplemental PMI Policy and (v) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestprepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number, aggregate Outstanding Principal Balance and aggregate Scheduled Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate book value (the sum of (A) the Outstanding Principal Balance or Certificate Notional Amountof the Mortgage Loan, as applicable(B) accrued interest through the date of foreclosure and (C) foreclosure expenses) of any REO Property in each Loan Group; PROVIDED THAT, in the event that such information is not available to the Securities Administrator on the Distribution Date, such information shall be furnished promptly after it becomes available;
(xvii) the amount of Realized Losses allocated to each Class before and after giving effect (i) to all distributions allocable to principal on such of Certificates since the prior Distribution Date and (ii) in the allocation of any Applied Realized Loss Amounts aggregate for such all prior Distribution DateDates;
(xiixviii) the number and Aggregate Stated Principal Balance of Mortgage Loans, using Average Loss Severity for the OTS method, (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case as of the end of the preceding prior calendar month, determined in the aggregate and separately month for each Loan Group;
(xiii) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business on the last day of the calendar month preceding the month in which such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Period;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Distribution Account for such Distribution Date;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;
(xix) the Accrued Certificate Interest in respect of each then applicable Group 1, Class of Certificates for such Distribution Date2, Class 3 and Group 4 Senior Percentage, Group 1, Class 2, Class 3 and Group 4 Senior Prepayment Percentage, Group 1, Class 2, Class 3 and Group 4 Subordinate Percentage and Group 1, Class 2, Class 3 and Group 4 Subordinate Prepayment Percentage;
(xx) the aggregate Stop-Loss Amount as of any deposits to the Cut-off Date, the Stop-Loss Amount as of the end of the related Prepayment Period and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit reduction in the Cap Contract Reserve Fund after such deposits and withdrawals;Stop-Loss Amount during the related Prepayment Period; and
(xxi) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Groupthe related Prepayment Period, (i) the number of Mortgage Loans for which a payment was made by the Supplemental PMI Insurer under the Supplemental PMI Policy and the aggregate amount of any such payments, (ii) the Prepayment Charges remitted number of Mortgage Loans for which a claim has been presented to the Supplemental PMI Insurer under the Supplemental PMI Policy and the aggregate amount of any such outstanding claims, and (iii) the number of Mortgage Loans for which a claim was presented to the Supplemental PMI Insurer under the Supplemental PMI Policy which claim was denied by the Servicer;
(xxiv) unless otherwise set forth in Supplemental PMI Insurer and the Form 10-D relating to aggregate amount of any such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloombergdenied claims. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested partyparty , the monthly statement to Certificateholders via the Trustee’s Securities Administrator's website initially located at “xxx.xx.xxxxxxxxxx.xxx"www.ctslink.com.” Assistance in using " Asxxxxxxxx xx xxxng the website can be obtained by calling the Trustee’s Securities Administrator's customer service desk at 000(301) 815-000-00006600. Parties that are unable Partxxx xxxx xxx xnable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by Holders of the Master ServicerCertificates, the Trustee Securities Administrator shall prepare and make available on to the Trusteeparties hereto, each Rating Agency and each such Holder via the Securities Administrator’s internet website as set forth below, a Certificates Distribution Report containing the following information with respect to each Holder the Certificates and the Mortgage Loans, expressed with respect to clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of the Regular Class I-R, Class II-R-1, Class II-R-2 and Class II-R-3 Certificates, the Trusteean initial Current Principal Amount of $100, the Master Servicer $50, $50 and the Rating Agencies$50, a statement as to the distributions made on such Distribution Date setting forthrespectively:
(i) with respect to each Loan Group, the amount of the related distribution to Holders Current Principal Amount (or Notional Amount) of each Class allocable of Certificates immediately prior to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included thereinsuch Distribution Date;
(ii) the amount of the distribution made allocable to principal on such Distribution Date to the Holders of each applicable Class of Regular Certificates allocable to interest, separately identifiedCertificates;
(iii) the applicable accrual periods for calculating distributions and general distribution datesaggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Loan Group, the total cash flows received and the general sources thereofClass of Certificates;
(v) the Pass-Through Rate amount of the distribution allocable to interest on each Class of Regular Certificates for such Distribution DateCertificates;
(vi) the Pass-Through Rate Rates for each Class of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate CapDistribution Date;
(vii) the aggregate amount Current Principal Amount (or Notional Amount) of Advances included in the distribution on each Class of Certificates after such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Overcollateralization Target AmountMaster Servicer or the Servicers included in such distribution;
(ix) the proceeds aggregate amount of any Realized Losses (if anylisted separately for each category of Realized Loss) from during the Interest Rate Swap Agreement related Prepayment Period and cumulatively since the Cut-off Date and the Cap Contractamount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan Groupwhich incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) the amount of Scheduled Principal and Principal Prepayments, (including but separately identifying the principal amount of Principal Prepayments, Insurance Proceeds, the purchase price in connection with the purchase of Mortgage Loans, cash deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the number and Aggregate Stated principal balance of Mortgage Loans purchased or substituted for during the relevant period and cumulatively since the Cut-off Date;
(xii) the number of Mortgage Loans (excluding REO Property) remaining in the Trust Fund as of the end of the related Prepayment Period;
(xiii) information regarding any Mortgage Loan delinquencies as of the end of the related Prepayment Period, including the aggregate number and aggregate Outstanding Principal Balance ofof Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, (b) delinquent 60 to 89 days on a contractual basis, and Realized Loss on(c) delinquent 90 or more days on a contractual basis, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiv) the number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the aggregate Outstanding Principal Balance of such Mortgage Loans;
(xv) the number and aggregate Outstanding Principal Balance of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiiiforeclosure expenses) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of Property; provided that, in the close of business event that such information is not available to the Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution Date;Dates; and
(xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution DateAverage Loss Severity Percentage;
(xix) the Accrued Certificate Interest in respect amount of each Class of Certificates for Special Hazard Losses, Fraud Losses, Bankruptcy Losses and Extraordinary Losses on such Distribution DateDate and in the aggregate for all prior Distribution Dates;
(xx) the aggregate amount of any deposits to and withdrawals from Prepayment Charges collected on the Cap Contract Reserve Fund for Group II Mortgage Loans on such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;Date; and
(xxi) the then applicable Subgroup Senior Percentage, the Subgroup Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and BloombergSubgroup. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested party, the monthly statement Certificates Distribution Report to Certificateholders Holders of the Certificates via the TrusteeSecurities Administrator’s website initially located at “xxx.xx.xxxxxxxxxx.xxxxxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the TrusteeSecurities Administrator’s customer service desk at (000-) 000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the TrusteeSecurities Administrator’s customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after To the end extent timely received from the Securities Administrator, the Trustee will also make monthly statements available each month to Certificateholders via the Trustee’s internet website. The Trustee’s internet website will initially be located at “xxxxx://xxxxxxxxxxxxxxxxxxxxxx.xxxxxx.xxx”. Assistance in using the Trustee’s website service can be obtained by calling the Trustee’s customer service desk at (000) 000-0000.
(b) By April 30 of each calendar year, the Trustee shall prepare and forward, Securities Administrator will furnish such report to each Person who Holder of the Certificates of record at any time during the prior calendar year was a Holder as to the aggregate of a Certificate, a statement containing the information set forth in amounts reported pursuant to subclauses (ia)(ii) and (iia)(v) aboveabove with respect to the Certificates, aggregated plus information with respect to the amount of servicing compensation and such other customary information as the Securities Administrator may determine to be necessary and/or to be required by the Internal Revenue Service or by a federal or state law or rules or regulations to enable such Holders to prepare their tax returns for such calendar year or applicable portion thereof during which such person was a Certificateholderyear. Such obligation of the Trustee obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any the requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in forceCode.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Prime Mortgage Trust 2005-4)
Statements to Certificateholders. (a) On a. Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master Servicer, the Trustee shall prepare and make available on the Trustee’s website as set forth below, Certificateholders pursuant to each Holder of the Regular CertificatesArticle VIII, the Trustee, in its capacity as Certificate Registrar and Paying Agent, shall cause to be mailed to S&P and to Xxxxx'x and to each Certificateholder at the Master Servicer and address appearing on the Rating Agencies, Certificate Register a statement as to of the distributions made on such Distribution related Payment Date prepared by the Servicer setting forth:
(i) with respect to each Loan Group, the amount of the related aggregate distribution to Holders of each Class allocable the Certificateholders which constitutes Monthly Principal, specifying the amounts attributable to scheduled payments by Obligors, to Principal Prepayments by Obligors, and to other payments with respect to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the aggregate distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interest, separately identifiedCertificateholders which constitutes Monthly Interest;
(iii) the applicable accrual periods for calculating distributions and general distribution datesremaining Aggregate Certificate Principal Balance (after giving effect to the payment of Monthly Principal on such Payment Date);
(iv) with respect to each Loan Group, the total cash flows received and Company's FHA Insurance reserve amount (as of the general sources thereofmost recent date available);
(v) the PassAverage Sixty-Through Rate on each Class of Regular Certificates for such Distribution DateDay Delinquency Ratio and the Cumulative Realized Loss Ratio;
(vi) the Pass-Through Rate for amount of fees paid out of the Trust, separately identifying each Class of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate Capfee;
(vii) the aggregate amount of Advances included in the distribution on Pool Factor immediately before and immediately after such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Payment Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount number and the Overcollateralization Target Amountaggregate principal balance of Contracts delinquent 31-59, 60-89 and 90+ days, respectively;
(ix) the proceeds (if any) from number of Contracts that became Liquidated Contracts during the Interest Rate Swap Agreement and the Cap Contractimmediately preceding Due Period;
(x) with respect the Guaranty Amount and the payment to each Loan Groupbe made by the Company, if any, relating to such Payment Date pursuant to the number and Aggregate Stated Principal Balance of, and Realized Loss on, the Mortgage Loans as of the end of the related Due PeriodLimited Guaranty;
(xi) such other customary factual information as is available to the Certificate Principal Balance Company or Certificate Notional Amount, as applicable, of each Class before and after giving effect the Servicer (iif different from the Company) to all distributions allocable enable Certificateholders to principal on such Distribution Date and (ii) prepare their tax returns, including information required with respect to computing the allocation accrual of any Applied Realized Loss Amounts for such Distribution Date;market discount; and
(xii) such other customary factual information as is available to the number and Aggregate Stated Principal Balance of Mortgage Loans, using Company or the OTS method, Servicer (aif different from the Company) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business on the last day of the calendar month preceding the month in which such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Period;can reasonably obtain from its existing data base to enable Certificateholders to comply with regulatory requirements.
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Distribution Account for such Distribution Date;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the Trustee, based solely on, and to the extent of, information provided to the Trustee by the Master Servicer. The Trustee may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s website initially located at “xxx.xx.xxxxxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Trustee’s customer service desk at 000-000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such change. b. Within a reasonable period of time 75 days after the end of each calendar year, the Trustee Certificate Registrar shall prepare and forward, mail to each Person who Certificateholder of record at any time during such year a report prepared by the calendar year was a Holder Servicer as to the aggregate amounts of a Certificateinterest accrued and principal paid to such Certificateholder, a statement containing the and any additional information set forth in subclauses reported pursuant to subsections (ia)(x) and (iia)(xi) aboveof this Section 6.05, aggregated for attributable to such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation .
c. A Certificateholder holding Certificates representing in the aggregate at least 5% of the Trustee shall be deemed to have been satisfied Percentage Interest in the Trust shall, upon written request to the extent that substantially comparable information shall Trustee, be entitled to receive copies of all reports provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in forceTrustee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Green Tree Financial Corp)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as aFractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of the Regular CertificatesClass R-I Certificate, an initial Current Principal Amount of $100, or in the Trustee, case of each of the Master Servicer Class R-II Certificate and the Rating AgenciesClass R-III Certificate, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount or Notional Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Th Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount or Notional Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately feach category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestPrepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Pass-Through Rate on each Class of Regular Certificates for such Distribution relevant period and cumulatively since the Cut- off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included the end of the related Prepayment Period, including taggregate number and aggregate Outstanding Principal Balance of Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in the distribution on such Distribution Date (including the general purpose each case as of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate book value (the sum of (A) the Outstanding Principal Balance or Certificate Notional Amount, as applicable, of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Principal Balance of othe Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become foreclosure expenses) of any REO Property, Property in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect ; provided that, in the event that such information is not available to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution Date;Dates; and
(xviii) the aggregate amount of any Prepayment Interest Shortfalls Average Loss Severity for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls prior calendar month for such Distribution Date;each Loan Group; and
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to then applicable Group 1, Group 2 and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Group 3 Senior Percentage, the Group 1, Group 2 and Group 3 Senior Prepayment Percentage, the Group 1, Group 2 and Group 3 Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I1, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds 2 and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “3 Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested partyparty , the monthly statement to Certificateholders via the Trustee’s Securities Administrator's website initially located at “xxx.xx.xxxxxxxxxx.xxx"www.ctslink.com.” Assistance in using " Axxxxxxxxx xx xxing the website can be obtained by calling the Trustee’s Securities Administrator's customer service desk at 000(301) 815-000-00006600. Parties that are Parxxxx xxxx xxx unable to use the uthe above distribution distribuxxxx option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s Securities Administrator's customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall Securities Ashall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after To the end of each calendar yearextent timely received from the Securities Administrator, the Trustee shall prepare and forward, will also make monthly statements available each month to each Person who Certificateholders via the Trustee's iwebsite. The Trustee's internet website will initially be located at any time during www.jpmorgan.com/abxxxx. Xxxxxxxxxx xx xxxng the calendar year was a Holder of a Certificate, a statement containing Trustee's website service can be obtained by calling the information set forth in subclauses Trustee's customer service desk at (i877) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force722-1095.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Arm Trust 2003-4)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by Holders of the Master ServicerCertificates, the Trustee shall prepare and make available on to the parties hereto, each Rating Agency and each such Holder via the Trustee’s internet website as set forth below, a Certificates Distribution Report containing the following information with respect to each Holder the Certificates and the Mortgage Loans, expressed with respect to clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50 each:
(i) with respect to each Loan Group, the amount of the related distribution to Holders Current Principal Amount (or Notional Amount) of each Class allocable of Certificates immediately prior to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included thereinsuch Distribution Date;
(ii) the amount of the distribution made allocable to principal on such Distribution Date to the Holders of each applicable Class of Regular Certificates allocable to interest, separately identifiedCertificates;
(iii) the applicable accrual periods for calculating distributions and general distribution datesaggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Loan Group, the total cash flows received and the general sources thereofClass of Certificates;
(v) the Pass-Through Rate amount of the distribution allocable to interest on each Class of Regular Certificates for such Distribution DateCertificates;
(vi) the Pass-Through Rate Rates for each Class of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate CapDistribution Date;
(vii) the aggregate amount Current Principal Amount (or Notional Amount) of Advances included in the distribution on each Class of Certificates after such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Overcollateralization Target AmountMaster Servicer or the Servicers included in such distribution;
(ix) the proceeds aggregate amount of any Realized Losses (if anylisted separately for each category of Realized Loss) from during the Interest Rate Swap Agreement preceding calendar month and cumulatively since the Cut-off Date and the Cap Contractamount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan Groupwhich incurred a Realized Loss during the preceding calendar month, (i) the number and Aggregate Stated loan number, (ii) the Scheduled Principal Balance of, and Realized Loss on, the of such Mortgage Loans Loan as of the end Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) the Certificate amount of Scheduled Principal Balance and Principal Prepayments, (including but separately identifying the principal amount of Principal Prepayments, Insurance Proceeds, the purchase price in connection with the purchase of Mortgage Loans, cash deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the number and principal balance of Mortgage Loans purchased or Certificate Notional Amount, as applicable, of each Class before substituted for during the relevant period and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) cumulatively since the allocation of any Applied Realized Loss Amounts for such Distribution Cut-off Date;
(xii) the number and Aggregate Stated Principal Balance of Mortgage Loans, using the OTS method, Loans (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become excluding REO Property, ) remaining in each case the Trust Fund as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect information regarding any Mortgage Loan delinquencies as of the end of the previous calendar month, including the aggregate number and aggregate Outstanding Principal Balance of Mortgage Loans using the MBA method of calculation (a) Delinquent 30 to 59 days on a contractual basis, (b) Delinquent 60 to 89 days on a contractual basis, and (c) Delinquent 90 or more days on a contractual basis, in each Loan Group, the number, aggregate principal balance and book value of any REO Properties case as of the close of business on the last day Business Day of the calendar month immediately preceding the month in which such Distribution Date occursmonth;
(xiv) the aggregate amount number of Principal Prepayments made during Mortgage Loans in the foreclosure process as of the end of the related Prepayment PeriodDue Period and the aggregate Outstanding Principal Balance of such Mortgage Loans;
(xv) the number and aggregate amount Outstanding Principal Balance of Realized Losses incurred during all Mortgage Loans as to which the related Prepayment Period and Mortgaged Property was REO Property as of the cumulative amount end of Realized Lossesthe preceding calendar month;
(xvi) the amount, if any, book value (the sum of fees or expenses accrued and paid, with an identification (A) the Outstanding Principal Balance of the payee Mortgage Loan, (B) accrued interest through the date of foreclosure and (C) foreclosure expenses) of any REO Property; provided that, in the general purpose of event that such fees including information is not available to the related amount of Trustee on the Servicing Fees paid to or retained by the Servicer for the related Due PeriodDistribution Date, such information shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution Date;Dates; and
(xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution DateAverage Loss Severity Percentage;
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;[Reserved]
(xx) the aggregate of any deposits to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the then applicable Subgroup Senior Percentage, the Subgroup Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and BloombergSubgroup. The information set forth above shall be calculated or reported, as the case may be, by the Trustee, based solely on, and to the extent of, information provided to the Trustee by the Master Servicer. The Trustee may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee may make available each month, to any interested party, the monthly statement Certificates Distribution Report to Certificateholders Holders of the Certificates via the Trustee’s website initially located at “xxx.xx.xxxxxxxxxx.xxxwxx.xxxxxx.xxx/xxx.” Assistance in using the website can be obtained by calling the Trustee’s customer service desk at (000-) 000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end .
(b) By April 30 of each calendar yearyear beginning in 2007, the Trustee shall prepare and forward, will furnish such report to each Person who Holder of the Certificates of record at any time during the prior calendar year was a Holder as to the aggregate of a Certificate, a statement containing the information set forth in amounts reported pursuant to subclauses (ia)(ii) and (iia)(v) aboveabove with respect to the Certificates, aggregated plus information with respect to the amount of servicing compensation and such other customary information as the Trustee may determine to be necessary and/or to be required by the Internal Revenue Service or by a federal or state law or rules or regulations to enable such Holders to prepare their tax returns for such calendar year or applicable portion thereof during which such person was a Certificateholderyear. Such obligation of the Trustee obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any the requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in forceCode.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Prime Mortgage Trust 2006-2)
Statements to Certificateholders. (a) On each Distribution Date, based, as applicable, on information provided concurrently with each distribution to it by the Master ServicerCertificateholders, the Trustee shall prepare and make available on to the parties hereto and each Certificateholder via the Trustee’s internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $100:
(i) with respect to each Loan Group, the amount of the related distribution to Holders Current Principal Amount and/or Notional Amount of each Class allocable of Certificates immediately prior to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included thereinsuch Distribution Date;
(ii) the amount of the distribution made allocable to principal on such Distribution Date to the Holders of each applicable Class of Regular Certificates allocable to interest, separately identifiedCertificates;
(iii) the applicable accrual periods for calculating distributions and general distribution datesaggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Loan Group, the total cash flows received and the general sources thereofClass of Certificates;
(v) the Pass-Through Rate amount of the distribution allocable to interest on each Class of Regular Certificates for such Distribution DateCertificates;
(vi) the Pass-Through Rate Rates for each Class of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate CapDistribution Date;
(vii) the aggregate amount Current Principal Amount and/or Notional Amount of Advances included in the distribution on each Class of Certificates after such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Overcollateralization Target AmountServicer included in such distribution;
(ix) the proceeds aggregate amount of any Realized Losses (if anylisted separately for each category of Realized Loss) from during the Interest Rate Swap Agreement related Prepayment Period and cumulatively since the Cut-off Date, and the Cap Contractamount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan Groupwhich incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) the amount of Scheduled Principal and Principal Prepayments, (including but separately identifying the principal amount of Principal Prepayments, Insurance Proceeds, the purchase price in connection with the purchase of Mortgage Loans, cash deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the number and Aggregate Stated principal balance of Mortgage Loans purchased or substituted for during the relevant period and cumulatively since the Cut-off Date or the related;
(xii) the number of Mortgage Loans (excluding REO Property) remaining in the Trust Fund as of the end of the related Prepayment Period;
(xiii) information regarding any Mortgage Loan delinquencies as of the end of the related Prepayment Period, including the aggregate number and aggregate Outstanding Principal Balance ofof Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, (b) delinquent 60 to 89 days on a contractual basis, and Realized Loss on(c) delinquent 90 or more days on a contractual basis, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiv) the number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the aggregate Outstanding Principal Balance of such Mortgage Loans;
(xv) the number and aggregate Outstanding Principal Balance of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiiiforeclosure expenses) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of Property; provided that, in the close of business event that such information is not available to the Trustee on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Net Deferred Interest and Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution DateDates;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution DateAverage Loss Severity Percentage;
(xix) the Accrued Certificate Interest Senior Percentage, Senior Prepayment Percentage, Subordinate Percentage and Subordinate Prepayment Percentage, in respect of each Class of Certificates case, for such Distribution Date;; and
(xx) with respect to the aggregate of any deposits to and withdrawals initial Distribution Date only, the amount withdrawn from the Cap Contract Class A Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the Trustee, based solely on, and to the extent of, information provided to the Trustee by the Master Servicer. The Trustee may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee may will make available each month, to any interested party, month the monthly statement to Certificateholders via the Trustee’s website initially located at “xxx.xx.xxxxxxxxxx.xxxwxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Trustee’s customer service desk at (000-) 000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such change. .
(b) Within a reasonable period of time after the end of each the preceding calendar yearyear beginning in 2006, the Trustee shall prepare and forward, will furnish a report to each Person who Holder of the Certificates of record at any time during the prior calendar year was a Holder as to the aggregate of a Certificate, a statement containing the information set forth in amounts reported pursuant to subclauses (ia)(ii) and (iia)(v) aboveabove with respect to the Certificates, aggregated plus information with respect to the amount of servicing compensation and such other customary information as the Trustee determines may be necessary and/or to be required by the Internal Revenue Service or by a federal or state law or rules or regulations to enable such Holders to prepare their tax returns for such calendar year or applicable portion thereof during which such person was a Certificateholderyear. Such obligation of the Trustee obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any the requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in forceCode.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (GreenPoint MTA Trust 2005-Ar2)
Statements to Certificateholders. (a) On each Distribution Date, based, as applicable, on information provided concurrently with each distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trusteeparties hereto and each Certificateholder via the Securities Administrator’s internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $100:
(i) with respect to each Loan Group, the amount of the related distribution to Holders Current Principal Amount and/or Notional Amount of each Class allocable of Certificates immediately prior to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included thereinsuch Distribution Date;
(ii) the amount of the distribution made allocable to principal on such Distribution Date to the Holders of each applicable Class of Regular Certificates allocable to interest, separately identifiedCertificates;
(iii) the applicable accrual periods for calculating distributions and general distribution datesaggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Loan Group, the total cash flows received and the general sources thereofClass of Certificates;
(v) the Pass-Through Rate amount of the distribution allocable to interest on each Class of Regular Certificates for such Distribution DateCertificates;
(vi) the Pass-Through Rate Rates for each Class of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate CapDistribution Date;
(vii) the aggregate amount Current Principal Amount and/or Notional Amount of Advances included in the distribution on each Class of Certificates after such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Overcollateralization Target AmountMaster Servicer or the Servicer included in such distribution;
(ix) the proceeds aggregate amount of any Realized Losses (if anylisted separately for each category of Realized Loss) from during the Interest Rate Swap Agreement related Prepayment Period and cumulatively since the Cut-off Date or the Subsequent Cut-off Date, as the case may be, and the Cap Contractamount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan Groupwhich incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date or the Subsequent Cut-off Date, as the case may be, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) the amount of Scheduled Principal and Principal Prepayments, (including but separately identifying the principal amount of Principal Prepayments, Insurance Proceeds, the purchase price in connection with the purchase of Mortgage Loans, cash deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the number and Aggregate Stated principal balance of Mortgage Loans purchased or substituted for during the relevant period and cumulatively since the Cut-off Date or the related Subsequent Cut-off Date, as the case may be;
(xii) the number of Mortgage Loans (excluding REO Property) remaining in the Trust Fund as of the end of the related Prepayment Period;
(xiii) information regarding any Mortgage Loan delinquencies as of the end of the related Prepayment Period, including the aggregate number and aggregate Outstanding Principal Balance ofof Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, (b) delinquent 60 to 89 days on a contractual basis, and Realized Loss on(c) delinquent 90 or more days on a contractual basis, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiv) the number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the aggregate Outstanding Principal Balance of such Mortgage Loans;
(xv) the number and aggregate Outstanding Principal Balance of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiiiforeclosure expenses) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of Property; provided that, in the close of business event that such information is not available to the Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Net Deferred Interest and Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution DateDates;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution DateAverage Loss Severity Percentage;
(xix) the Accrued Certificate Interest Senior Percentage, Senior Prepayment Percentage, Subordinate Percentage and Subordinate Prepayment Percentage, in respect of each Class of Certificates case, for such Distribution Date;; and
(xx) the aggregate of any deposits to and withdrawals amount withdrawn from the Cap Contract Class A Reserve Fund for such (with respect to the initial Distribution Date only), the Pre-Funding Account, the Pre-Funding Reserve Account and the Interest Coverage Account on that Distribution Date, the amount remaining amount on deposit in the Cap Contract Reserve Fund after such deposits Pre-Funding Account and withdrawals;
(xxi) in the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for Interest Coverage Account following such Distribution Date;
(xxiii) with respect to each Loan Group, and the amount of withdrawn from the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10Pre-D relating Funding Account and used to buy Subsequent Mortgage Loans prior to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested party, the monthly statement to Certificateholders via the TrusteeSecurities Administrator’s website initially located at “xxx.xx.xxxxxxxxxx.xxxxxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the TrusteeSecurities Administrator’s customer service desk at (000-) 000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the TrusteeSecurities Administrator’s customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. To the extent timely received from the Securities Administrator, the Trustee will also make monthly statements available each month to Certificateholders via the Trustee’s internet website. The Trustee’s internet website will initially be located at xxx.xxxxxxxx.xxx/xxx. Assistance in using the Trustee’s website service can be obtained by calling the Trustee’s customer service desk at (000) 000-0000.
(b) Within a reasonable period of time after the end of each the preceding calendar yearyear beginning in 2005, the Trustee shall prepare and forward, will furnish a report to each Person who Holder of the Certificates of record at any time during the prior calendar year was a Holder as to the aggregate of a Certificate, a statement containing the information set forth in amounts reported pursuant to subclauses (ia)(ii) and (iia)(v) aboveabove with respect to the Certificates, aggregated plus information with respect to the amount of servicing compensation and such other customary information as the Securities Administrator may determine and advises the Trustee to be necessary and/or to be required by the Internal Revenue Service or by a federal or state law or rules or regulations to enable such Holders to prepare their tax returns for such calendar year or applicable portion thereof during which such person was a Certificateholderyear. Such obligation of the Trustee obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year Securities Administrator or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any the requirements of the Code as from time to time are in forceCode.
Appears in 1 contract
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, in the case of the Regular Interest Only Certificates, a Notional Amount of $1,000, or in the Trusteecase of each Class of Residual Certificates, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount or Notional Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Servicer or the Master Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestprepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become foreclosure expenses) of any REO Property, Property in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect ; provided that, in the event that such information is not available to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution Date;Dates; and
(xviii) the aggregate amount of any Prepayment Interest Shortfalls Average Loss Severity for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls prior calendar month for such Distribution Date;each Loan Group; and
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to then applicable Group 1 and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Group 2 Senior Percentage, the Group 1 and Group 2 Senior Prepayment Percentage, the Group 1 and Group 2 Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds 1 and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “2 Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master ServicerServicer and the Trustee. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s website initially located at “xxx.xx.xxxxxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Trustee’s customer service desk at 000-000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)
Statements to Certificateholders. (a) On a)Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Certificate Principal Balance of $1,000, in the case of the Regular Class B-IO Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthNotional Amount of $1,000:
(i) the Certificate Principal Balance or Notional Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Certificate Principal Balance of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Servicer or the Master Servicer included in such distribution, separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Stated Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Stated Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestprepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, Group the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become foreclosure expenses) of any REO Property, Property in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect ; provided that, in the event that such information is not available to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution DateDates;
(xviii) the aggregate amount Interest Carry Forward Amount and any Basis Risk Shortfall Carry Forward Amount for each Class of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution DateCertificates;
(xix) the Accrued Certificate Interest in respect amount of such distribution to Holders of each Class of Certificates for such Distribution Dateallocable to interest and the portion thereof, if any, provided by the Cap Contracts;
(xx) the aggregate cumulative amount of any deposits Applied Realized Loss Amounts to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;date; and
(xxi) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and BloombergTrigger Event exists. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s Securities Administrator's website initially located at “xxx.xx.xxxxxxxxxx.xxx"xxx.xxxxxxx.xxx.” " Assistance in using the website can be obtained by calling the Trustee’s Securities Administrator's customer service desk at (000-) 000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s Securities Administrator's customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after To the end of each calendar yearextent timely received from the Securities Administrator, the Trustee shall prepare and forward, will also make monthly statements available each month to each Person who Certificateholders via the Trustee's internet website. The Trustee's internet website will initially be located at any time during xxx.xxxxxxxx.xxx/xxx. Assistance in using the calendar year was a Holder of a Certificate, a statement containing Trustee's website service can be obtained by calling the information set forth in subclauses Trustee's customer service desk at (i000) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force000-0000.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mort Inv Ii Inc Bear Stearns Alt a Tr 04 6)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trusteeparties hereto and each Certificateholder via the Securities Administrator’s internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related calendar month and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestPrepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related calendar month, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans using the MBA method of calculation (a) Delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) Delinquent 60 to 89 days on a contractual basis, and (c) Delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate book value (the sum of (A) the Outstanding Principal Balance or Certificate Notional Amountof the Mortgage Loan, as applicable(B) accrued interest through the date of foreclosure and (C) foreclosure expenses) of any REO Property in each Loan Group; provided that, in the event that such information is not available to the Securities Administrator on the Distribution Date, such information shall be furnished promptly after it becomes available;
(xvii) the amount of Realized Losses allocated to each Class before and after giving effect (i) to all distributions allocable to principal on such of Certificates since the prior Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Principal Balance of Mortgage Loans, using the OTS method, (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately for all prior Distribution Dates; and
(xviii) the Average Loss Severity Percentage for each Loan Group;
(xiii) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business on the last day of the calendar month preceding the month in which such Distribution Date occurs;
(xivxix) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Period;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Distribution Group II Pre-Funding Account for such and the Group II Interest Coverage Account pursuant to Section 4.06 and Section 4.07, respectively, prior to a Distribution Date;
, the amount remaining on deposit in the Group II Pre-Funding Account (xviiiexclusive of investment income) and in the aggregate amount Group II Interest Coverage Account (exclusive of any Prepayment Interest Shortfalls for investment income), following such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for withdrawn from the Group II Pre-Funding Account and used to buy Group II Subsequent Mortgage Loans prior to such Distribution Date;
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;; and
(xx) the aggregate of any deposits to then applicable Group I-1, Group I-2, Group II-1 and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Group II-2 Senior Percentage, the Group I-1, Group I-2, Group II-1 and Group II-2 Senior Prepayment Percentage, the Group I-1, Group I-2, Group II-1 and Group II-2 Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group II-1, Loan Group II and Loan I-2, Group III;
(xxii) the Group I Available Funds, the Group II Available Funds II-1 and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “II-2 Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested party, the monthly statement to Certificateholders via the TrusteeSecurities Administrator’s website initially located at “xxx.xx.xxxxxxxxxx.xxxwxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the TrusteeSecurities Administrator’s customer service desk at (000-) 000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the TrusteeSecurities Administrator’s customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end .
(b) By April 30 of each calendar yearyear beginning in 2008, the Trustee shall prepare and forward, Securities Administrator will furnish such report to each Person who Holder of the Certificates of record at any time during the prior calendar year was a Holder as to the aggregate of a Certificate, a statement containing the information set forth in amounts reported pursuant to subclauses (ia)(ii) and (iia)(v) aboveabove with respect to the Certificates, aggregated plus information, upon request, with respect to the amount of servicing compensation and such other customary information as the Securities Administrator may determine to be necessary and/or to be required by the Internal Revenue Service or by a federal or state law or rules or regulations to enable such Holders to prepare their tax returns for such calendar year or applicable portion thereof during which such person was a Certificateholderyear. Such obligation of the Trustee obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year Securities Administrator or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any the requirements of the Code as from time to time are in forceCode.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns ARM Trust 2007-4)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestPrepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become foreclosure expenses) of any REO Property, Property in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect ; provided that, in the event that such information is not available to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution Date;Dates; and
(xviii) the aggregate amount of any Prepayment Interest Shortfalls Average Loss Severity Percentage for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;each Loan Group; and
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to then applicable Group I, Group II and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Group III Senior Percentage, the Group I, Group II and Group III Senior Prepayment Percentage, the Group I, Group II and Group III Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s website initially located at “xxx.xx.xxxxxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Trustee’s customer service desk at 000-000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.
Appears in 1 contract
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount or Notional Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount or Notional Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestPrepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become foreclosure expenses) of any REO Property, Property in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect ; provided that, in the event that such information is not available to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution Date;Dates; and
(xviii) the aggregate amount of any Prepayment Interest Shortfalls Average Loss Severity Percentage for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;each Loan Group; and
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to then applicable Group I, Group II, Group III and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Group IV Senior Percentage, the Group I, Group II, Group III and Group IV Senior Prepayment Percentage, the Group I, Group II, Group III and Group IV Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan II, Group III;
(xxii) the Group I Available Funds, the Group II Available Funds III and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “IV Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s Securities Administrator's website initially located at “xxx.xx.xxxxxxxxxx.xxx"www.ctslink.com.” Assistance in using " Xxxxxxxxxx xx xsing the website can be obtained by calling the Trustee’s Securities Administrator's customer service desk at 000(301) 815-000-00006600. Parties that are Paxxxxx xxxx xxx unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s Securities Administrator's customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end .
(b) By April 30 of each calendar yearyear beginning in 2006, the Trustee shall prepare and forward, Securities Adminsitrator will furnish such report to each Person who Holder of the Certificates of record at any time during the prior calendar year was a Holder as to the aggregate of a Certificate, a statement containing the information set forth in amounts reported pursuant to subclauses (ia)(ii) and (iia)(v) aboveabove with respect to the Certificates, aggregated plus information with respect to the amount of servicing compensation and such other customary information as the Securities Administrator may determine to be necessary and/or to be required by the Internal Revenue Service or by a federal or state law or rules or regulations to enable such Holders to prepare their tax returns for such calendar year or applicable portion thereof during which such person was a Certificateholderyear. Such obligation of the Trustee obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year Securities Administrator or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any the requirements of the Code as from time to time are in forceCode.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns ARM Trust 2005-4)
Statements to Certificateholders. (a) On a)Concurrently with each Distribution Date, based, as applicable, on information provided -------------------------------- distribution to it by the Master ServicerCertificateholders, the Trustee shall prepare and make available on the Trustee’s website as set forth below, forward by first-class mail to each Holder of Certificateholder, with a copy to the Regular Certificates, the TrusteeSeller, the Master Servicer and the Rating Agencies, a statement setting forth the following information, expressed with respect to clauses (i) through (vi) in the aggregate and as to a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or, in the distributions made on such Distribution Date setting forthcase of the Class X Certificates, a Notional Amount of $1,000, or, in the case of the Class R-1 Certificate, an initial Current Principal Amount of $100:
(i) with respect to each Loan Group, the amount Current Principal Amount (or Notional Amount in the case of the related distribution to Holders Class X Certificates) of each Class allocable of Certificates immediately prior to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included thereinsuch Distribution Date;
(ii) the amount of the distribution made allocable to principal on such Distribution Date to the Holders of each applicable Class of Regular Certificates allocable to interest, separately identifiedCertificates;
(iii) the applicable accrual periods for calculating distributions and general distribution datesaggregate amount of interest accrued at the related Pass- Through Rate with respect to each Class of Certificates (other than the Class PO Certificates) during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Loan Group, Class of Certificates (other than the total cash flows received and the general sources thereofClass PO Certificates);
(v) the Pass-Through Rate amount of the distribution allocable to interest on each Class of Regular Certificates for such Distribution Date(other than the Class PO Certificates);
(vi) the Pass-Through Rate Rates for each the Class of A, Class X and Class R-1 Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate CapDistribution Date;
(vii) the aggregate amount Current Principal Amount and/or Notional Amount of Advances included in the distribution on each applicable Class of Certificates after such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursementsClass PO Deferred Amount;
(viii) the Overcollateralized Amount amount of any Monthly Advances and Compensating Interest Payments by the Overcollateralization Target AmountMaster Servicer included in such distribution separately stated for each Mortgage Loan Group;
(ix) the proceeds amount of any Realized Losses (if anylisted separately for each category of Realized Loss and for each Mortgage Loan Group) from during the Interest Rate Swap Agreement related Prepayment Period and the Cap Contractamount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) the amount of Scheduled Principal and Principal Prepayments, (including but separately identifying the principal amount of principal prepayments, Insurance Proceeds, the purchase price in connection with the purchase of Mortgage Loans, cash deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) with respect to each Mortgage Loan Group, ;
(xi) the number and Aggregate Stated Principal Balance of, and Realized Loss on, the of Mortgage Loans (excluding REO Property) in each Mortgage Loan Group remaining in the Trust Fund as of the end of the related Due Period;
(xi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Principal Balance of information for each Mortgage Loans, using the OTS method, (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case Loan Group regarding any Mortgage Loan delinquencies as of the end of the preceding calendar related Due Period, including the aggregate number, aggregate Outstanding Principal Balance and aggregate Scheduled Principal Balance of Mortgage Loans delinquent one month, determined in the aggregate two months and separately for each Loan Groupthree months or more;
(xiii) with respect to for each Mortgage Loan Group, the number, aggregate principal balance and book value number of any REO Properties Mortgage Loans in the foreclosure process as of the close of business on the last day end of the calendar month preceding related Due Period and the month in which aggregate Outstanding Principal Balance of such Distribution Date occursMortgage Loans;
(xiv) for each Mortgage Loan Group, the number and aggregate amount Outstanding Principal Balance of Principal Prepayments made during all Mortgage Loans which were REO Property as of the end of the related Prepayment Due Period;
(xv) the aggregate amount book value (the sum of Realized Losses incurred during (A) the related Prepayment Period Outstanding Principal Balance of the Mortgage Loan, (B) accrued interest through the date of foreclosure and (C) foreclosure expenses) of any REO Property in each Mortgage Loan Group; provided that, in the event that such information is not available to the Master Servicer and the cumulative amount of Realized LossesTrustee on the Distribution Date, such information shall be furnished promptly after it becomes available;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of Realized Losses allocated to each Class of Certificates since the Servicing Fees paid to or retained by prior Distribution Date and in the Servicer aggregate for the related Due Period;all prior Distribution Dates; and
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Distribution Account for such Distribution Date;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the then applicable Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated calculated, or reported, as the case may be, by the Trustee, Trustee based solely on, and to the extent of, information on data provided to the Trustee by the Master Servicer. The Servicer pursuant to Subsection 6.05(a) and, with respect to prior periods, Section 6.06, upon which the Trustee may conclusively rely on such rely. The information and furnished by the Master Servicer shall not be sufficient for the Trustee to calculate any statements it is required to confirm, verify or recalculate any such information. The Trustee may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s website initially located at “xxx.xx.xxxxxxxxxx.xxxmake.” Assistance in using the website can be obtained by calling the Trustee’s customer service desk at 000-000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Icifc Secured Assets Corp)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of each Holder Class of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestprepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become foreclosure expenses) of any REO Property, Property in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect ; provided that, in the event that such information is not available to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution Date;Dates; and
(xviii) the aggregate amount of any Prepayment Interest Shortfalls Average Loss Severity for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls prior calendar month for such Distribution Date;each Loan Group; and
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to then applicable Group 1 and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Group 2 Senior Percentage, the Group 1 and Group 2 Senior Prepayment Percentage, the Group 1 and Group 2 Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds 1 and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “2 Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested partyparty , the monthly statement to Certificateholders via the Trustee’s Securities Administrator's website initially located at “xxx.xx.xxxxxxxxxx.xxx"www.ctslink.com.” Assistance in using " Axxxxxxxxx xx xxing the website can be obtained by calling the Trustee’s Securities Administrator's customer service desk at 000(301) 815-000-00006600. Parties that are Parxxxx xxxx xxx unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee shall prepare and make available on via the Trustee’s 's internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, in the case of the Regular Interest Only Certificates, a Notional Amount of $1,000, or in the Trusteecase of the Residual Certificates, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount or Notional Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates and the amount of the distribution made to the Holders of the Class XP Certificates allocable to Prepayment Charges;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount or Notional Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Trustee included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date, the amount and source (separately identified) of any distribution in respect thereof included in such distribution, and, separately stated with respect to each Mortgage Loan for which a Realized Loss occurred, the amount of the proceeds, if any, from the Supplemental PMI Policy used in calculating the amount of the Realized Loss;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan, (iv) the amount, if any, included in Net Liquidation Proceeds representing a payment under the Supplemental PMI Policy and (v) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestprepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number, aggregate Outstanding Principal Balance and aggregate Scheduled Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate book value (the sum of (A) the Outstanding Principal Balance or Certificate Notional Amountof the Mortgage Loan, as applicable(B) accrued interest through the date of foreclosure and (C) foreclosure expenses) of any REO Property in each Loan Group; PROVIDED THAT, in the event that such information is not available to the Trustee on the Distribution Date, such information shall be furnished promptly after it becomes available;
(xvii) the amount of Realized Losses allocated to each Class before and after giving effect (i) to all distributions allocable to principal on such of Certificates since the prior Distribution Date and (ii) in the allocation of any Applied Realized Loss Amounts aggregate for such all prior Distribution DateDates;
(xiixviii) the number and Aggregate Stated Principal Balance of Mortgage Loans, using Average Loss Severity for the OTS method, (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case as of the end of the preceding prior calendar month, determined in the aggregate and separately month for each Loan Group;
(xiii) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business on the last day of the calendar month preceding the month in which such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Period;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Distribution Account for such Distribution Date;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Datethen applicable Group 1, Group 2 and Group 3 Senior Percentage, Group 1, Group 2 and Group 3 Senior Prepayment Percentage, Group 1, Group 2 and Group 3 Subordinate Percentage and Group 1, Group 2 and Group 3 Subordinate Prepayment Percentage;
(xx) the aggregate Stop-Loss Amount as of any deposits to the Cut-off Date, the Stop-Loss Amount as of the end of the related Prepayment Period and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit reduction in the Cap Contract Reserve Fund after such deposits and withdrawals;Stop-Loss Amount during the related Prepayment Period; and
(xxi) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Groupthe related Prepayment Period, (i) the number of Mortgage Loans for which a payment was made by the Supplemental PMI Insurer under the Supplemental PMI Policy and the aggregate amount of any such payments, (ii) the Prepayment Charges remitted number of Mortgage Loans for which a claim has been presented to the Supplemental PMI Insurer under the Supplemental PMI Policy and the aggregate amount of any such outstanding claims, and (iii) the number of Mortgage Loans for which a claim was presented to the Supplemental PMI Insurer under the Supplemental PMI Policy which claim was denied by the Servicer;
(xxiv) unless otherwise set forth in Supplemental PMI Insurer and the Form 10-D relating to aggregate amount of any such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloombergdenied claims. The information set forth above shall be calculated or reported, as the case may be, by the Trustee, based solely on, and to the extent of, information provided to the Trustee by the Master Servicer. The Trustee may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s website initially located at “xxx.xx.xxxxxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Trustee’s customer service desk at 000-000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trusteeparties hereto, the Counterparty and each Certificateholder via the Securities Administrator’s internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall, Net Deferred Interest and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestPrepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate book value (the sum of (A) the Outstanding Principal Balance or Certificate Notional Amountof the Mortgage Loan, as applicable(B) accrued interest through the date of foreclosure and (C) foreclosure expenses) of any REO Property in each Loan Group; provided that, in the event that such information is not available to the Securities Administrator on the Distribution Date, such information shall be furnished promptly after it becomes available;
(xvii) the amount of Net Deferred Interest and Realized Losses allocated to each Class before and after giving effect (i) to all distributions allocable to principal on such of Certificates since the prior Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Principal Balance of Mortgage Loans, using the OTS method, (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately for all prior Distribution Dates; and
(xviii) the Average Loss Severity Percentage for each Loan Group;
(xiii) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business on the last day of the calendar month preceding the month in which such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Period;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Distribution Account for such Distribution Date;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the then applicable Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer, the Servicer and the Counterparty. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested party, the monthly statement to Certificateholders via the TrusteeSecurities Administrator’s website initially located at “xxx.xx.xxxxxxxxxx.xxxwxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the TrusteeSecurities Administrator’s customer service desk at (000-) 000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the TrusteeSecurities Administrator’s customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end .
(b) By April 30 of each calendar yearyear beginning in 2006, the Trustee shall prepare and forward, Securities Administrator will furnish such report to each Person who Holder of the Certificates of record at any time during the prior calendar year was a Holder as to the aggregate of a Certificate, a statement containing the information set forth in amounts reported pursuant to subclauses (ia)(ii) and (iia)(v) aboveabove with respect to the Certificates, aggregated plus information with respect to the amount of servicing compensation and such other customary information as the Securities Administrator may determine to be necessary and/or to be required by the Internal Revenue Service or by a federal or state law or rules or regulations to enable such Holders to prepare their tax returns for such calendar year or applicable portion thereof during which such person was a Certificateholderyear. Such obligation of the Trustee obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year Securities Administrator or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any the requirements of the Code as from time to time are in forceCode.
Appears in 1 contract
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, in the case of the Regular Interest Only Certificates, a Notional Amount of $1,000, or in the Trusteecase of the Residual Certificates, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) with respect to each Loan Group, the amount of the related distribution to Holders Current Principal Amount or Notional Amount of each Class allocable of Certificates immediately prior to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included thereinsuch Distribution Date;
(ii) the amount of the distribution made allocable to principal on such Distribution Date to the Holders of each applicable Class of Regular Certificates allocable to interest, separately identifiedCertificates;
(iii) the applicable accrual periods for calculating distributions and general distribution datesaggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) any Carryover Shortfall, any Carryover Shortfall Amounts, the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Loan Group, the total cash flows received and the general sources thereofClass of Certificates;
(v) the Pass-Through Rate amount of the distribution allocable to interest on each Class of Regular Certificates for such Distribution DateCertificates;
(vi) the Pass-Through Rate Rates for each Class of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate CapDistribution Date;
(vii) the aggregate amount Current Principal Amount or Notional Amount of Advances included in the distribution on each Class of Certificates after such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Overcollateralization Target AmountMaster Servicer or the Trustee included in such distribution;
(ix) the proceeds (if any) from aggregate amount of any Realized Losses during the Interest Rate Swap Agreement Prepayment Period and cumulatively since the Cut-off Date and the Cap Contractamount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan Groupwhich incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) the amount of Scheduled Principal and Principal Prepayments, (including but separately identifying the principal amount of principal prepayments, Insurance Proceeds, the purchase price in connection with the purchase of Mortgage Loans, cash deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the number and Aggregate Stated principal balance of Mortgage Loans purchased or substituted for during the relevant period and cumulatively since the Cut-off Date;
(xii) the number of Mortgage Loans (excluding REO Property) remaining in the Trust Fund as of the end of the related Prepayment Period;
(xiii) information regarding any Mortgage Loan delinquencies as of the end of the related Prepayment Period, including the aggregate number and aggregate Outstanding Principal Balance ofof Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, (b) delinquent 60 to 89 days on a contractual basis, and Realized Loss on(c) delinquent 90 or more days on a contractual basis, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiv) the number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the aggregate Outstanding Principal Balance of such Mortgage Loans;
(xv) the number and aggregate Outstanding Principal Balance of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiiiforeclosure expenses) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of Property; PROVIDED THAT, in the close of business event that such information is not available to the Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution DateDates;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls Average Loss Severity for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Dateprior calendar month;
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;then applicable Senior Percentage, Senior Prepayment Percentage, Senior Mezzanine and Subordinate Percentage and Senior Mezzanine and Subordinate Prepayment Percentage; and
(xx) the aggregate of any deposits to and withdrawals amount withdrawn from the Cap Contract Reserve Fund for such Distribution Date Pre-Funding Account and the Interest Coverage Account and used to make payments to Certificateholders on that Distribution Date, the amount remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for following such Distribution Date;
(xxiii) with respect to each Loan Group, and the amount of withdrawn from the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10Pre-D relating Funding Account used to buy Subsequent Mortgage Loans prior to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s Securities Administrator's website initially located at “xxx.xx.xxxxxxxxxx.xxx"www.ctslink.com.” Assistance in using " Axxxxxxxxx xx xxing the website can be obtained by calling the Trustee’s Securities Administrator's customer service desk at 000(301) 815-000-00006600. Parties that are Parxxxx xxxx xxx unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mort Inv Inc Mort Pass THR Cert 2002-Ar3)
Statements to Certificateholders. (a) On each Distribution Date, based, as applicable, on information provided concurrently with each distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trusteeparties hereto and each Certificateholder via the Securities Administrator’s internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Certificate Principal Balance of $1,000, or in the case of the Regular Class B-IO Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Notional Amount of $1,000:
(i) the Certificate Principal Balance of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Certificate Principal Balance of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Stated Principal Balance of such Mortgage Loan as of the Cut-off Date, (iii) the Stated Principal Balance of such Mortgage Loan for such Distribution Date, (iv) the Net Liquidation Proceeds with respect to such Mortgage Loan and (v) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of Scheduled Principal and Principal Prepayments, (including but separately identifying the principal amount of Principal Prepayments, Insurance Proceeds, the purchase price in connection with the purchase of Mortgage Loans, cash deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the number and principal balance of Mortgage Loans purchased or substituted for during the relevant period and cumulatively since the Cut-off Date;
(xii) the number of Mortgage Loans (excluding REO Property) in each Loan Group remaining in the Trust Fund as of the end of the related distribution Prepayment Period;
(xiii) information for each Loan Group and in the aggregate regarding any Mortgage Loan delinquencies as of the end of the related Prepayment Period, including the aggregate number and aggregate Outstanding Principal Balance of Mortgage Loans (a) delinquent 30 to Holders 59 days on a contractual basis, (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiv) for each Class allocable Loan Group, the number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the aggregate Outstanding Principal Balance of such Mortgage Loans;
(xv) for each Loan Group, the number and aggregate Outstanding Principal Balance of all Mortgage Loans as to principal, separately identifying which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xvi) the book value (the sum of (A) the aggregate amount Outstanding Principal Balance of any Principal Prepayments included therein and the Mortgage Loan, (B) accrued interest through the aggregate date of all scheduled payments foreclosure and (C) foreclosure expenses) of principal included thereinany REO Property in each Loan Group; provided that, in the event that such information is not available to the Securities Administrator on the Distribution Date, such information shall be furnished promptly after it becomes available;
(iixvii) the amount of Realized Losses allocated to each Class of Certificates since the prior Distribution Date and in the aggregate for all prior Distribution Dates;
(xviii) the Average Loss Severity Percentage for each Loan Group;
(xix) the Senior Percentage, Senior Prepayment Percentage, Subordinate Percentage and Subordinate Prepayment Percentage, in each case, for such Distribution Date;
(xx) the Interest Carry Forward Amount and any Basis Risk Shortfall Carry Forward Amount for each Class of Certificates;
(xxi) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interest, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan Group, the total cash flows received interest and the general sources portion thereof;
(v) the Pass-Through Rate on each Class of Regular Certificates for such Distribution Date;
(vi) the Pass-Through Rate for each Class of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate Cap;
(vii) the aggregate amount of Advances included in the distribution on such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount and the Overcollateralization Target Amount;
(ix) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to each Loan Group, the number and Aggregate Stated Principal Balance of, and Realized Loss on, the Mortgage Loans as of the end of the related Due Period;
(xi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Principal Balance of Mortgage Loans, using the OTS method, (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business on the last day of the calendar month preceding the month in which such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained provided by the Servicer for the related Due Period;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Distribution Account for such Distribution Date;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group IIIContracts;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;cumulative amount of Applied Realized Loss Amounts to date; and
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and BloombergTrigger Event exists. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested party, the monthly statement to Certificateholders via the TrusteeSecurities Administrator’s website initially located at “xxx.xx.xxxxxxxxxx.xxxwxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the TrusteeSecurities Administrator’s customer service desk at (000-) 000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the TrusteeSecurities Administrator’s customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. To the extent timely received from the Securities Administrator, the Trustee will also make monthly statements available each month to Certificateholders via the Trustee’s internet website. The Trustee’s internet website will initially be located at wxx.xxxxxxxx.xxx/xxx. Assistance in using the Trustee’s website service can be obtained by calling the Trustee’s customer service desk at (000) 000-0000.
(b) Within a reasonable period of time after the end of each the preceding calendar yearyear beginning in 2006, the Trustee shall prepare and forward, Securities Administrator will furnish a report to each Person who Holder of the Certificates of record at any time during the prior calendar year was a Holder as to the aggregate of a Certificate, a statement containing the information set forth in amounts reported pursuant to subclauses (ia)(ii) and (iia)(v) aboveabove with respect to the Certificates, aggregated plus information with respect to the amount of servicing compensation and such other customary information as the Securities Administrator may determine to be necessary and/or to be required by the Internal Revenue Service or by a federal or state law or rules or regulations to enable such Holders to prepare their tax returns for such calendar year or applicable portion thereof during which such person was a Certificateholderyear. Such obligation of the Trustee obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year Securities Administrator or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any the requirements of the Code as from time to time are in forceCode.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns ALT-A Trust, Series 2005-8)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of the Regular CertificatesClass R-I Certificate, an initial Current Principal Amount of $100, or in the Trustee, case of each of the Master Servicer Class R-II Certificate and the Rating AgenciesClass R-III Certificate, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount or Notional Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount or Notional Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestPrepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Pass-Through Rate on each Class of Regular Certificates for such Distribution relevant period and cumulatively since the Cut- off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become foreclosure expenses) of any REO Property, Property in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect ; provided that, in the event that such information is not available to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution Date;Dates; and
(xviii) the aggregate amount of any Prepayment Interest Shortfalls Average Loss Severity for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls prior calendar month for such Distribution Date;each Loan Group; and
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to then applicable Group 1, Group 2, Group 3 and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Group 4 Senior Percentage, the Group 1, Group 2, Group 3 and Group 4 Senior Prepayment Percentage, the Group 1, Group 2, Group 3 and Group 4 Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I1, Loan Group II and Loan 2, Group III;
(xxii) the Group I Available Funds, the Group II Available Funds 3 and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “4 Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested partyparty , the monthly statement to Certificateholders via the Trustee’s Securities Administrator's website initially located at “xxx.xx.xxxxxxxxxx.xxx.” www.___________.com. Assistance in using the website can be obtained by calling the Trustee’s Securities Administrator's customer service desk at 000-000-0000_______________. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s Securities Administrator's customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after Tot he extent timely received from the end of each calendar yearSecurities Administrator, the Trustee shall prepare and forward, will also make monthly statements available each month to each Person who Certificateholders via the Trustee's internet website. The Trustee's internet website will initially be located at any time during www.___________.com. Assistance in using the calendar year was a Holder of a Certificate, a statement containing Trustee's website service can be obtained by calling the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who Trustee's customer service desk at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force__________________.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Ii Inc)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trusteeparties hereto and each Certificateholder via the Securities Administrator’s internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000 or an initial Current Notional Amount of $1,000, as the Regular Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthcase may be:
(i) the Current Principal Amount or Notional Amount, as applicable, of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount or Notional Amount, as applicable, of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestPrepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become foreclosure expenses) of any REO Property, Property in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect ; provided that, in the event that such information is not available to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution Date;Dates; and
(xviii) the aggregate amount of any Prepayment Interest Shortfalls Average Loss Severity Percentage for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;each Loan Group; and
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;then applicable Group I, Group II and Group III Senior Percentage, Group I, Group II and Group III Senior Prepayment Percentage, Group I, Group II and Group III Subordinate Percentage and Group I, Group II and Group III Subordinate Prepayment Percentage.
(xx) the aggregate of any deposits amount if any, to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawalsbe paid by a Derivative Counterparty under a Derivative Contract;
(xxi) the Senior Percentageamount withdrawn from the Pre-Funding Reserve Account and the Interest Coverage Account pursuant to Section 4.06(c) and Section 4.07(c), respectively, on that Distribution Date, the Senior Prepayment Percentageamount remaining on deposit in the Pre-Funding Reserve Account and in the Interest Coverage Account, the Subordinate Percentage following such Distribution Date, and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II amount withdrawn from the Pre-Funding Reserve Account and Loan Group III;used to buy Subsequent Mortgage Loans prior to such Distribution Date; and
(xxii) the any Group I Available FundsCarryover Shortfall, the any Group I Carryover Shortfall Amounts, any Group II Available Funds and Carryover Shortfall, any Group II Carryover Shortfall Amounts, any Group III Available Funds Carryover Shortfall, any Group III Carryover Shortfall Amounts the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for such Distribution Date;
(xxiii) any difference between interest accrued and aggregate interest distributed with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. Certificates; The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested party, the monthly statement to Certificateholders via the TrusteeSecurities Administrator’s website initially located at “xxx.xx.xxxxxxxxxx.xxxxxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the TrusteeSecurities Administrator’s customer service desk at (000-) 000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the TrusteeSecurities Administrator’s customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end .
(b) By April 30 of each calendar yearyear beginning in 2006, the Trustee shall prepare and forward, Securities Administrator will furnish such report to each Person who Holder of the Certificates of record at any time during the prior calendar year was a Holder as to the aggregate of a Certificate, a statement containing the information set forth in amounts reported pursuant to subclauses (ia)(ii) and (iia)(v) aboveabove with respect to the Certificates, aggregated plus information with respect to the amount of servicing compensation and such other customary information as the Securities Administrator may determine to be necessary and/or to be required by the Internal Revenue Service or by a federal or state law or rules or regulations to enable such Holders to prepare their tax returns for such calendar year or applicable portion thereof during which such person was a Certificateholderyear. Such obligation of the Trustee obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year Securities Administrator or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any the requirements of the Code as from time to time are in forceCode.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Ii Trust 2005-Ar5)
Statements to Certificateholders. (a) On each Distribution Date, based, as applicable, on information provided concurrently with each distribution to it by the Master ServicerCertificateholders, the Trustee shall prepare and make available on to the parties hereto, the Certificate Insurer and each Certificateholder via the Trustee’s 's internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $100,000, or in the case of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $100:
(i) with respect to each Loan Group, the amount of the related distribution to Holders Current Principal Amount and/or Notional Amount of each Class allocable and Component of Certificates immediately prior to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included thereinsuch Distribution Date;
(ii) the amount of the distribution made allocable to principal on such Distribution Date to the Holders of each applicable Class of Regular Certificates allocable to interest, separately identifiedCertificates;
(iii) the applicable accrual periods for calculating distributions and general distribution datesaggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall (including a break-down of the components thereof) for each Loan Group and Sub-Group and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Loan Group, the total cash flows received and the general sources thereofClass or Components of Certificates;
(v) the Pass-Through Rate amount of the distribution allocable to interest on each Class or Components of Regular Certificates for such Distribution Date;
(vi) the Pass-Through Rate Rates for each Class and Component of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate CapDistribution Date;
(vii) the aggregate amount Current Principal Amount and/or Notional Amount of Advances included in the distribution on each Class and Component of Certificates after such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Overcollateralization Target AmountServicer included in such distribution separately stated for each Loan Group and Sub-Group;
(ix) the proceeds aggregate amount of any Realized Losses (if anylisted separately for each category of Realized Loss and for each Loan Group and Sub-Group) from during the Interest Rate Swap Agreement related Prepayment Period and cumulatively since the Cut-off Date and the Cap Contractamount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group and Sub-Group, the amount of Scheduled Principal and Principal Prepayments, (including but separately identifying the principal amount of Principal Prepayments, Insurance Proceeds, the purchase price in connection with the purchase of Mortgage Loans, cash deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the number and principal balance of Mortgage Loans purchased or substituted for during the relevant period and cumulatively since the Cut-off Date or the related;
(xii) the number of Mortgage Loans (excluding REO Property) in each Loan Group and Sub-Group remaining in the Trust Fund as of the end of the related Prepayment Period;
(xiii) information in each Loan Group and Sub-Group and in the aggregate regarding any Mortgage Loan delinquencies as of the end of the related Prepayment Period, including the aggregate number and aggregate Outstanding Principal Balance of Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiv) for each Loan Group and Sub-Group, the number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the aggregate Outstanding Principal Balance of such Mortgage Loans;
(xv) for each Loan Group and Sub-Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of such Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiiiforeclosure expenses) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of Property in each Loan Group and Sub-Group; provided that, in the close of business event that such information is not available to the Trustee on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Net Deferred Interest and Realized Losses allocated to each Class or Component of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution DateDates;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls Average Loss Severity Percentage for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, each Loan Group and the aggregate amount of Relief Act Interest Shortfalls for such Distribution DateSub-Group;
(xix) the Accrued Certificate Interest Senior Percentage, Senior Prepayment Percentage, Subordinate Percentage and Subordinate Prepayment Percentage, in respect of each Class of Certificates case, for such Distribution Date;
(xx) the aggregate of any deposits to and withdrawals amount withdrawn from the Cap Contract Class A Reserve Fund for such (with respect to the initial Distribution Date and the remaining amount only), on deposit in the Cap Contract Reserve Fund after such deposits and withdrawalsthat Distribution Date;
(xxi) the Senior Percentageamount withdrawn from the Class I-A-2 Reserve Fund (with respect to the first three Distribution Dates only), the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group IIIon such Distribution Date;
(xxii) the Group I Available Fundsamount withdrawn from the Subordinate Reserve Fund (with respect to the initial Distribution Date only), the Group II Available Funds and Group III Available Funds for such on that Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;Reimbursement Amount, if any; and
(xxiv) unless otherwise set forth in the Form 10-D relating Deficiency Amount, if any, to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during be paid by the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and BloombergCertificate Insurer. The information set forth above shall be calculated or reported, as the case may be, by the Trustee, based solely on, and to the extent of, information provided to the Trustee by the Master Servicer. The Trustee may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee may will make available each month, to any interested party, month the monthly statement to Certificateholders and the Certificate Insurer via the Trustee’s 's website initially located at “xxx.xx.xxxxxxxxxx.xxx"xxx.xxxxxxx.xxx.” " Assistance in using the website can be obtained by calling the Trustee’s 's customer service desk at (000-) 000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s 's customer service desk and indicating such. The Trustee shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such change. .
(b) Within a reasonable period of time after the end of each the preceding calendar yearyear beginning in 2006, the Trustee shall prepare and forward, will furnish a report to each Person who Holder of the Certificates of record at any time during the prior calendar year was a Holder as to the aggregate of a Certificate, a statement containing the information set forth in amounts reported pursuant to subclauses (ia)(ii) and (iia)(v) aboveabove with respect to the Certificates, aggregated plus information with respect to the amount of servicing compensation and such other customary information as the Trustee determines may be necessary and/or to be required by the Internal Revenue Service or by a federal or state law or rules or regulations to enable such Holders to prepare their tax returns for such calendar year or applicable portion thereof during which such person was a Certificateholderyear. Such obligation of the Trustee obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any the requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in forceCode.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (GreenPoint MTA Trust 2005-Ar5)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of each Holder Class of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestprepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become foreclosure expenses) of any REO Property, Property in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect ; provided that, in the event that such information is not available to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution Date;Dates; and
(xviii) the aggregate amount of any Prepayment Interest Shortfalls Average Loss Severity for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls prior calendar month for such Distribution Date;each Loan Group; and
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to then applicable Group 1, Group 2, Group 3, Group 4, Group 5, Group 6 and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Group 7 Senior Percentage, the Group 1, Group 2, Group 3, Group 4 , Group 5, Group 6 and Group 7 Senior Prepayment Percentage, the Group 1, Class 2, Class 3, Group 4, Group 5, Group 6 and Group 7 Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I1, Loan Group II and Loan 2, Group III;
(xxii) the 3, Group I Available Funds4, the Group II Available Funds 5, Group 6 and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “7 Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested partyparty , the monthly statement to Certificateholders via the Trustee’s Securities Administrator's website initially located at “xxx.xx.xxxxxxxxxx.xxx"www.ctslink.com.” Assistance in using " Axxxxxxxxx xx xxing the website can be obtained by calling the Trustee’s Securities Administrator's customer service desk at 000(301) 815-000-00006600. Parties that are Parxxxx xxxx xxx unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)
Statements to Certificateholders. (a) On The Master Servicer shall prepare and deliver to the Trustee at least two Business Days prior to each Distribution Date, based, as applicable, on information provided with a copy to it by the Master Servicer, the Trustee shall prepare and make available on the Trustee’s website as set forth below, to each Holder of the Regular Certificates, the Trustee, the Master Servicer Seller and the Rating Agencies, a statement as setting forth the following information, expressed with respect to the distributions made on such Distribution Date setting forth:
clauses (i) through (vi) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of the Residual Certificates, an initial Current Principal Amount of $50 and expressed with respect to clauses (viii) through (xv) and (xvii) with respect to each Loan Group, Group separately:
(i) the amount of the related distribution to Holders Current Principal Amount of each Class allocable of Certificates immediately prior to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included thereinsuch Distribution Date;
(ii) the amount of the distribution made allocable to principal on such Distribution Date to the Holders of each applicable Class of Regular Certificates allocable to interest, separately identifiedCertificates;
(iii) the applicable accrual periods for calculating distributions and general distribution datesaggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Loan Group, the total cash flows received and the general sources thereofClass of Certificates;
(v) the Pass-Through Rate amount of the distribution allocable to interest on each Class of Regular Certificates for such Distribution DateCertificates;
(vi) the Pass-Through Rate Rates for each Class of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate CapDistribution Date;
(vii) the aggregate amount Current Principal Amount of Advances included in the distribution on each Class of Certificates after such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Overcollateralization Target AmountMaster Servicer or the related Servicers included in such distribution;
(ix) the proceeds (if any) from amount of any Realized Losses during the Interest Rate Swap Agreement related Prepayment Period and cumulatively since the Cut-off Date and the Cap Contractamount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) the amount of Scheduled Principal and Principal Prepayments, (including but separately identifying the principal amount of principal prepayments, Insurance Proceeds, the purchase price in connection with respect to each Loan Groupthe purchase of Mortgage Loans, cash deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the number and Aggregate Stated principal balance of Mortgage Loans purchased or substituted for during the relevant period and cumulatively since the Cut-off Date;
(xi) the number of Mortgage Loans (excluding REO Property) remaining in the Trust Fund as of the end of the related Prepayment Period;
(xii) information regarding any Mortgage Loan delinquencies as of the end of the related Prepayment Period, including the aggregate number, aggregate Outstanding Principal Balance of, and Realized Loss on, the aggregate Scheduled Principal Balance of Mortgage Loans delinquent one month, two months and three months or more;
(xiii) the number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the aggregate Outstanding Principal Balance of such Mortgage Loans;
(xiv) the number and aggregate Outstanding Principal Balance of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixv) the Certificate book value (the sum of (A) the Outstanding Principal Balance or Certificate Notional Amountof the Mortgage Loan, as applicable(B) accrued interest through the date of foreclosure and (C) foreclosure expenses) of any REO Property; provided that, in the event that such information is not available to the Master Servicer and the Trustee on the Distribution Date, such information shall be furnished promptly after it becomes available;
(xvi) the amount of Realized Losses allocated to each Class before and after giving effect (i) to all distributions allocable to principal on such of Certificates since the prior Distribution Date and (ii) in the allocation of any Applied Realized Loss Amounts aggregate for such all prior Distribution DateDates;
(xiixvii) the number and Aggregate Stated Principal Balance of Mortgage Loans, using Average Loss Severity for the OTS method, (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case as of the end of the preceding prior calendar month, determined in the aggregate and separately for each Loan Group;
(xiiixviii) the then applicable Senior Percentages, Senior Prepayment Percentages, Subordinate Percentages and Subordinate Prepayment Percentages; and
(xix) with respect to each Mortgage Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business on the last day of the calendar month preceding the month in which such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made incurred a Realized Loss during the related Prepayment Period;
, (xvi) the aggregate amount loan number, (ii) the Scheduled Principal Balance of Realized Losses incurred during such Mortgage Loan as of the Cut-off Date, (iii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Prepayment Period and Due Period, (iv) the cumulative amount of Realized Losses;
Net Liquidation Proceeds with respect to such Mortgage Loan, (xviv) the amount, if any, of fees or expenses accrued included in Net Liquidation Proceeds representing a payment under the PMI Policy and paid, with an identification of (vi) the payee and the general purpose of such fees including the related amount of the Servicing Fees paid Realized Loss with respect to or retained such Mortgage Loan; and
(xx) with respect to the related Prepayment Period, (i) the number of Mortgage Loans for which a payment was made by the Servicer for PMI Insurer under the related Due Period;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Distribution Account for such Distribution Date;
(xviii) PMI Policy and the aggregate amount of any Prepayment Interest Shortfalls such payments, (ii) the number of Mortgage Loans for such Distribution Date, which a claim has been presented to the extent not covered by payments by PMI Insurer under the Servicer or Master Servicer pursuant to Section 1.04, PMI Policy and the aggregate amount of Relief Act Interest Shortfalls any such outstanding claims, and (iii) the number of Mortgage Loans for which a claim was presented to the PMI Insurer under the PMI Policy which claim was denied by the PMI Insurer and the aggregate amount of any such Distribution Date;denied claims.
(xixb) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the Trustee, based solely on, and to the extent of, information provided to the Trustee reported by the Master ServicerServicer pursuant to this Section 6.04 based on information provided by the Servicers. The information furnished by the Master Servicer shall be sufficient for the Trustee to make any payments it is required to make upon which the Trustee may conclusively rely on such information and which the Trustee shall not be required to confirmconfirm or verify.
(c) At the Trustee's request, verify or recalculate any such information. The Trustee may the Master Servicer will make available each month, to any interested party, the monthly statement to Certificateholders (and, at the Master Servicer's option, any additional files containing the same information in an alternative format) via the Trustee’s Master Servicer's internet website. The Master Servicer's internet website initially will be located at “xxx.xx.xxxxxxxxxx.xxx"xxx.xxxxxxx.xxx.” " Assistance in using the internet website can be obtained by calling the Trustee’s Master Servicer's customer service desk at (000-) 000-0000. Parties that are unable to use the above distribution option options are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee Master Servicer shall have the right to change the way such reports monthly statements are distributed in order to make such distribution more convenient and/or more accessible to the parties, above parties and the Trustee Master Servicer shall provide timely and adequate notification to all above parties regarding any such change. Within a reasonable period of time after the end changes.
(d) By April 30 of each calendar yearyear beginning in 2002, the Trustee shall prepare and forward, will furnish a report to each Person who Holder of the Certificates of record at any time during the prior calendar year was a Holder as to the aggregate of a Certificate, a statement containing the information set forth in amounts reported pursuant to subclauses (ia)(ii) and (iia)(v) aboveabove with respect to the Certificates, aggregated plus information with respect to the amount of servicing compensation and such other customary information as the Master Servicer determines and advises the Trustee to be necessary and/or to be required by the Internal Revenue Service or by a federal or state law or rules or regulations to enable such Holders to prepare their tax returns for such calendar year or applicable portion thereof during which such person was a Certificateholderyear. Such obligation of the Trustee obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any the requirements of the Code and regulations thereunder as from time Code. The Master Servicer shall supply to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was in a Holder of a Residual Certificate a statement containing timely manner the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are described in forcethis Subsection (b).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)
Statements to Certificateholders. (a) On each Distribution Date, based, as applicable, on information provided concurrently with each distribution to it by the Master ServicerCertificateholders, the Trustee shall prepare and make available on to the parties hereto and each Certificateholder via the Trustee’s internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $100:
(i) with respect to each Loan Group, the amount of the related distribution to Holders Current Principal Amount and/or Notional Amount of each Class allocable of Certificates immediately prior to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included thereinsuch Distribution Date;
(ii) the amount of the distribution made allocable to principal on such Distribution Date to the Holders of each applicable Class of Regular Certificates allocable to interest, separately identifiedCertificates;
(iii) the applicable accrual periods for calculating distributions and general distribution datesaggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall (including a break-down of the components thereof) for each Loan Group and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Loan Group, the total cash flows received and the general sources thereofClass of Certificates;
(v) the Pass-Through Rate amount of the distribution allocable to interest on each Class of Regular Certificates for such Distribution Date;
(vi) the Pass-Through Rate Rates for each Class of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate CapDistribution Date;
(vii) the aggregate amount Current Principal Amount and/or Notional Amount of Advances included in the distribution on each Class of Certificates after such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Overcollateralization Target AmountServicer included in such distribution separately stated for each Loan Group;
(ix) the proceeds aggregate amount of any Realized Losses (if anylisted separately for each category of Realized Loss and for each Loan Group) from during the Interest Rate Swap Agreement related Prepayment Period and cumulatively since the Cut-off Date or the Subsequent Cut-off Date, as the case may be, and the Cap Contractamount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date or the Subsequent Cut-off Date, as the case may be, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of Scheduled Principal and Principal Prepayments, (including but separately identifying the principal amount of Principal Prepayments, Insurance Proceeds, the purchase price in connection with the purchase of Mortgage Loans, cash deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the number and principal balance of Mortgage Loans purchased or substituted for during the relevant period and cumulatively since the Cut-off Date or the related;
(xii) the number of Mortgage Loans (excluding REO Property) in each Loan Group remaining in the Trust Fund as of the end of the related Prepayment Period;
(xiii) information in each Loan Group and in the aggregate regarding any Mortgage Loan delinquencies as of the end of the related Prepayment Period, including the aggregate number and aggregate Outstanding Principal Balance of Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiv) for each Loan Group, the number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the aggregate Outstanding Principal Balance of such Mortgage Loans;
(xv) for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate book value (the sum of (A) the Outstanding Principal Balance or Certificate Notional Amountof such Mortgage Loan, as applicable(B) accrued interest through the date of foreclosure and (C) foreclosure expenses) of any REO Property in each Loan Group; provided that, in the event that such information is not available to the Trustee on the Distribution Date, such information shall be furnished promptly after it becomes available;
(xvii) the amount of Net Deferred Interest and Realized Losses allocated to each Class before and after giving effect (i) to all distributions allocable to principal on such of Certificates since the prior Distribution Date and (ii) in the allocation of any Applied Realized Loss Amounts aggregate for such all prior Distribution DateDates;
(xiixviii) the number and Aggregate Stated Principal Balance of Mortgage Loans, using the OTS method, (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately Average Loss Severity Percentage for each Loan Group;
(xiii) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business on the last day of the calendar month preceding the month in which such Distribution Date occurs;
(xivxix) the aggregate amount of Principal Prepayments made during the related Senior Percentage, Senior Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Percentage, Subordinate Percentage and Subordinate Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amountPercentage, if anyin each case, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Period;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Distribution Account for such Distribution Date;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;; and
(xx) the aggregate of any deposits to and withdrawals amount withdrawn from the Cap Contract Class A Reserve Fund for such (with respect to the initial Distribution Date only), the Pre-Funding Account, the Pre-Funding Reserve Account and the Interest Coverage Account on that Distribution Date, the amount remaining amount on deposit in the Cap Contract Reserve Fund after such deposits Pre-Funding Account and withdrawals;
(xxi) in the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for Interest Coverage Account following such Distribution Date;
(xxiii) with respect to each Loan Group, and the amount of withdrawn from the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10Pre-D relating Funding Account and used to buy Subsequent Mortgage Loans prior to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the Trustee, based solely on, and to the extent of, information provided to the Trustee by the Master Servicer. The Trustee may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee may will make available each month, to any interested party, month the monthly statement to Certificateholders via the Trustee’s website initially located at “xxx.xx.xxxxxxxxxx.xxxwxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Trustee’s customer service desk at (000-) 000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such change. .
(b) Within a reasonable period of time after the end of each the preceding calendar yearyear beginning in 2006, the Trustee shall prepare and forward, will furnish a report to each Person who Holder of the Certificates of record at any time during the prior calendar year was a Holder as to the aggregate of a Certificate, a statement containing the information set forth in amounts reported pursuant to subclauses (ia)(ii) and (iia)(v) aboveabove with respect to the Certificates, aggregated plus information with respect to the amount of servicing compensation and such other customary information as the Trustee determines may be necessary and/or to be required by the Internal Revenue Service or by a federal or state law or rules or regulations to enable such Holders to prepare their tax returns for such calendar year or applicable portion thereof during which such person was a Certificateholderyear. Such obligation of the Trustee obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any the requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in forceCode.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (GreenPoint MTA Trust 2005-Ar4)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trusteeparties hereto, the Counterparty and each Certificateholder via the Securities Administrator’s internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall, Net Deferred Interest and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestPrepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate book value (the sum of (A) the Outstanding Principal Balance or Certificate Notional Amountof the Mortgage Loan, as applicable(B) accrued interest through the date of foreclosure and (C) foreclosure expenses) of any REO Property in each Loan Group; provided that, in the event that such information is not available to the Securities Administrator on the Distribution Date, such information shall be furnished promptly after it becomes available;
(xvii) the amount of Net Deferred Interest and Realized Losses allocated to each Class before and after giving effect (i) to all distributions allocable to principal on such of Certificates since the prior Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Principal Balance of Mortgage Loans, using the OTS method, (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately for all prior Distribution Dates; and
(xviii) the Average Loss Severity Percentage for each Loan Group;
(xiii) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business on the last day of the calendar month preceding the month in which such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Period;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Distribution Account for such Distribution Date;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the then applicable Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer, the Servicer and the Counterparty. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested party, the monthly statement to Certificateholders via the TrusteeSecurities Administrator’s website initially located at “xxx.xx.xxxxxxxxxx.xxxxxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the TrusteeSecurities Administrator’s customer service desk at (000-) 000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the TrusteeSecurities Administrator’s customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end .
(b) By April 30 of each calendar yearyear beginning in 2006, the Trustee shall prepare and forward, Securities Administrator will furnish such report to each Person who Holder of the Certificates of record at any time during the prior calendar year was a Holder as to the aggregate of a Certificate, a statement containing the information set forth in amounts reported pursuant to subclauses (ia)(ii) and (iia)(v) aboveabove with respect to the Certificates, aggregated plus information with respect to the amount of servicing compensation and such other customary information as the Securities Administrator may determine to be necessary and/or to be required by the Internal Revenue Service or by a federal or state law or rules or regulations to enable such Holders to prepare their tax returns for such calendar year or applicable portion thereof during which such person was a Certificateholderyear. Such obligation of the Trustee obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year Securities Administrator or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any the requirements of the Code as from time to time are in forceCode.
Appears in 1 contract
Statements to Certificateholders. (a) On With respect to each Series, on each Distribution Date, based, as applicable, on information provided to it by the Master Servicer, the Trustee shall prepare and make available on the Trustee’s website as set forth below, forward or cause to be forwarded by mail to each Holder of a Certificate of such Series and to the Regular CertificatesSeller, the Trustee, Loan Seller and the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date distribution with respect to such Series setting forth:
(i) with respect to each Loan Group, the amount of the related such distribution to Holders of each Class allocable to principal, separately identifying the amounts referred to in paragraphs (A) the aggregate amount of any Principal Prepayments included therein 1), (3), (5), (7), (9), and (B11) the aggregate of all scheduled payments of principal Section 4.01(b) above included thereinin such distribution;
(ii) the amount of the such distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interest, separately identifiedidentifying the amounts referred to in paragraphs (2), (4), (6), (8), (10) and (11) of Section 4.01(b) above included in such distribution;
(iii) the applicable accrual periods for calculating distributions amount of Realized Losses, with the respective amounts of Deficient Valuations, Excess Fraud Losses, Excess Special Hazard Losses and general distribution datesExtraordinary Losses set forth separately, and Debt Service Reductions on the Mortgage Loans incurred on the Mortgage Loans in the respective Loan Group since the immediately preceding Distribution Date;
(iv) with respect to each the aggregate amount of Prepayment Interest Shortfalls incurred on the Mortgage Loans in the respective Loan Group, Group since the total cash flows received and the general sources thereofimmediately preceding Distribution Date;
(v) the Pass-Through Rate principal balances of the Mortgage Loans in the respective Loan Group at the opening of business on each Class the first day of Regular Certificates for the month of distribution after (A) giving effect to payments on the Mortgage Loans due on the Due Date and distributed either as collections or advances and (B) reducing such balances by the amount of Realized Losses attributable to the Mortgage Loans in such Loan Group since the immediately preceding Distribution Date;
(vi) the Pass-Through Rate for each Class aggregate scheduled principal balance, as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate Cap;
(vii) the aggregate amount of Advances included in the distribution on such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount and the Overcollateralization Target Amount;
(ix) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to each Loan Group, the number and Aggregate Stated Principal Balance of, and Realized Loss on, the Mortgage Loans as of the end of the related Due Period;
(xi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Principal Balance of Mortgage Loans, using the OTS method, (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each respective Loan Group;
(xiii) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business on the last day of the calendar month preceding the month in which such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvivii) the amount, if any, of fees or expenses accrued by which the aggregate amount remitted from the Certificate Account exceeds the aggregate remittances referred to in clauses (i) and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Period(ii) above;
(xviiviii) the aggregate cumulative amount of extraordinary Trust Fund expenses withdrawn Realized Losses, with the respective amounts of Deficient Valuations, Excess Fraud Losses, Excess Special Hazard Losses and Extraordinary Losses set forth separately from the Distribution Account for such Distribution Date;
(xviii) the aggregate amount all other causes of any Realized Losses, Debt Service Reductions and Prepayment Interest Shortfalls on the Mortgage Loans in the related Loan Group; and The Trustee shall have no liability or responsibility to any Certificateholder for such Distribution Date, to the extent not covered by payments accuracy or completeness of the information provided by the Servicer or Master Servicer under Section 4.03. The parties hereto acknowledge that in the event that The First National Bank of Chicago in its capacity as Indenture Trustee for the holders of collateralized mortgage obligations issued by the Issuer, or a qualified nominee thereof, is the sole Certificateholder, then the Trustee may elect not to deliver a written statement to any Certificateholder pursuant to Section 1.044.03. The Trustee shall forward to the Master Servicer a copy of each written statement, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;if any, delivered to any Certificateholder.
(xixix) Within sixty (60) calendar days after the Accrued Certificate Interest in respect end of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Dateyear, the Trustee shall furnish to each Person who at any time during the calendar year was a Certificateholder a statement containing the information set forth in subclauses (i) and (ii) above aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code, as from time to time in force. Upon request, the Master Servicer agrees to provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable information to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as necessary to meet such requirements of the case may be, by the Trustee, based solely on, and to the extent of, information provided to the Trustee by the Master Servicer. The Trustee may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s website initially located at “xxx.xx.xxxxxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Trustee’s customer service desk at 000-000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such changeCode. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, Certificate a statement containing the information set forth in subclauses (i) and (iii)-(iii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CMC Securities Corp Iv)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trusteeparties hereto and each Certificateholder via the Securities Administrator’s internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related calendar month and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestPrepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related calendar month, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans using the MBA method of calculation (a) Delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) Delinquent 60 to 89 days on a contractual basis, and (c) Delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become foreclosure expenses) of any REO Property, Property in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect ; provided that, in the event that such information is not available to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution Date;Dates; and
(xviii) the aggregate amount of any Prepayment Interest Shortfalls Average Loss Severity Percentage for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;each Loan Group; and
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to then applicable Group I, Group II, Group III, Group IV and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Group V Senior Percentage, the Group I, Group II, Group III, Group IV and Group V Senior Prepayment Percentage, the Group I, Group II, Group III, Group IV and Group V Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan II, Group III;
(xxii) the , Group I Available Funds, the Group II Available Funds IV and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “V Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested party, the monthly statement to Certificateholders via the TrusteeSecurities Administrator’s website initially located at “xxx.xx.xxxxxxxxxx.xxxwxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the TrusteeSecurities Administrator’s customer service desk at (000-) 000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the TrusteeSecurities Administrator’s customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end .
(b) By April 30 of each calendar yearyear beginning in 2008, the Trustee shall prepare and forward, Securities Administrator will furnish such report to each Person who Holder of the Certificates of record at any time during the prior calendar year was a Holder as to the aggregate of a Certificate, a statement containing the information set forth in amounts reported pursuant to subclauses (ia)(ii) and (iia)(v) aboveabove with respect to the Certificates, aggregated plus information, upon request, with respect to the amount of servicing compensation and such other customary information as the Securities Administrator may determine to be necessary and/or to be required by the Internal Revenue Service or by a federal or state law or rules or regulations to enable such Holders to prepare their tax returns for such calendar year or applicable portion thereof during which such person was a Certificateholderyear. Such obligation of the Trustee obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year Securities Administrator or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any the requirements of the Code as from time to time are in forceCode.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns ARM Trust 2007-1)
Statements to Certificateholders. (a) On each Distribution Date, based, as applicable, on information provided concurrently with each distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trusteeparties hereto and each Certificateholder via the Securities Administrator’s internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Certificate Principal Balance of $1,000, or in the case of the Regular Class II-X Certificates and the Class B-IO Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Notional Amount of $1,000:
(i) the Certificate Principal Balance or Notional Amount, as applicable, of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Certificate Principal Balance or Notional Amount, as applicable, of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date, and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Stated Principal Balance of such Mortgage Loan as of the Cut-off Date, (iii) the Stated Principal Balance of such Mortgage Loan for such Distribution Date, (iv) the Net Liquidation Proceeds with respect to such Mortgage Loan and (v) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestPrepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business on the last day of the calendar month preceding the month in which such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Period;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Distribution Account for such Distribution Date;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the Trustee, based solely on, and to the extent of, information provided to the Trustee by the Master Servicer. The Trustee may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s website initially located at “xxx.xx.xxxxxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Trustee’s customer service desk at 000-000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.foreclosure
Appears in 1 contract
Samples: Pooling and Servicing Agreement (BSALTA 2005-10, Mortgage Pass-Through Certificates, Series 2005-10)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by Holders of the Master ServicerCertificates, the Trustee shall prepare and make available on to the parties hereto, each Rating Agency and each such Holder via the Trustee’s internet website as set forth below, a Certificates Distribution Report containing the following information with respect to each Holder the Certificates and the Mortgage Loans, expressed with respect to clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount (or Notional Amount) of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount (or Notional Amount) of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicers included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the preceding calendar month and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the preceding calendar month, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestPrepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and the general sources thereof;
(vNet Liquidation Proceeds) the Pass-Through Rate on each Class of Regular Certificates for such Distribution Date;
(vi) the Pass-Through Rate for each Class of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate Cap;
(vii) the aggregate amount of Advances included in the distribution on such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount and the Overcollateralization Target Amount;
(ix) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to each Loan Group, the number and Aggregate Stated Principal Balance of, and Realized Loss on, the principal balance of Mortgage Loans as of purchased or substituted for during the end of relevant period and cumulatively since the related Due Period;
(xi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Cut-off Date;
(xii) the number and Aggregate Stated Principal Balance of Mortgage Loans, using the OTS method, Loans (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (bexcluding REO Property) in foreclosure and (c) that have become REO Property, each Loan Group remaining in each case the Trust Fund as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect to information for each Loan GroupGroup regarding any Mortgage Loan delinquencies as of the end of the previous calendar month, including the numberaggregate number and aggregate Outstanding Principal Balance of Mortgage Loans using the MBA method of calculation (a) Delinquent 30 to 59 days on a contractual basis, aggregate principal balance (b) Delinquent 60 to 89 days on a contractual basis, and book value of any REO Properties (c) Delinquent 90 or more days on a contractual basis, in each case as of the close of business on the last day Business Day of the calendar month immediately preceding the month in which such Distribution Date occursmonth;
(xiv) for each Loan Group, the number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the aggregate amount Outstanding Principal Balance of Principal Prepayments made during the related Prepayment Periodsuch Mortgage Loans;
(xv) for each Loan Group, the number and aggregate amount Outstanding Principal Balance of Realized Losses incurred during all Mortgage Loans as to which the related Prepayment Period and Mortgaged Property was REO Property as of the cumulative amount end of Realized Lossesthe preceding calendar month;
(xvi) the amount, if any, book value (the sum of fees or expenses accrued and paid, with an identification (A) the Outstanding Principal Balance of the payee Mortgage Loan, (B) accrued interest through the date of foreclosure and (C) foreclosure expenses) of any REO Property; provided that, in the general purpose of event that such fees including information is not available to the related amount of Trustee on the Servicing Fees paid to or retained by the Servicer for the related Due PeriodDistribution Date, such information shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution Date;Dates; and
(xviii) the aggregate amount of any Prepayment Interest Shortfalls Average Loss Severity Percentage for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Dateeach Loan Group;
(xix) On each Distribution Date, beginning with the Accrued Certificate Interest Distribution Date in respect September 2007, the Trustee shall either forward by mail or otherwise make available to Standard & Poor’s, a statement setting forth (i) whether any exchanges of Exchangeable Certificates or Exchanged Certificates have taken place since the preceding Distribution Date, (ii) the Exchanged Certificates or Exchangeable Certificates received by the Certificateholder as a result of each such exchange that took place since the preceding Distribution Date, and (iii) a fraction, expressed as a percentage, the numerator of which is the aggregate Current Principal Amount of all Certificates of any Class of Certificates for such that were exchanged since the preceding Distribution Date;, and the denominator of which is the initial Current Principal Amount of such Class of Certificates.
(xx) the aggregate of any deposits to then applicable Group I and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Group I Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the Trustee, based solely on, and to the extent of, information provided to the Trustee by the Master Servicer. The Trustee may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee may make available each month, to any interested party, the monthly statement Certificates Distribution Report to Certificateholders Holders of the Certificates via the Trustee’s website initially located at “xxx.xx.xxxxxxxxxx.xxxwxx.xxxxxx.xxx/xxx.” Assistance in using the website can be obtained by calling the Trustee’s customer service desk at (000-) 000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end .
(b) By April 30 of each calendar yearyear beginning in 2008, the Trustee shall prepare and forward, will furnish such report to each Person who Holder of the Certificates of record at any time during the prior calendar year was a Holder as to the aggregate of a Certificate, a statement containing the information set forth in amounts reported pursuant to subclauses (ia)(ii) and (iia)(v) aboveabove with respect to the Certificates, aggregated plus information with respect to the amount of servicing compensation and such other customary information as the Trustee may determine to be necessary and/or to be required by the Internal Revenue Service or by a federal or state law or rules or regulations to enable such Holders to prepare their tax returns for such calendar year or applicable portion thereof during which such person was a Certificateholderyear. Such obligation of the Trustee obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any the requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in forceCode.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Prime Mortgage Trust 2007-3)
Statements to Certificateholders. (a) On each Distribution Date, based, as applicable, on information provided concurrently with each distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Certificate Principal Balance of $1,000, or in the case of the Regular Class B-IO Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Notional Amount of $1,000:
(i) the Certificate Principal Balance of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Certificate Principal Balance of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and Subsequent Cut-off Date, as the case may be, and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Stated Principal Balance of such Mortgage Loan as of the Cut-off Date and Subsequent Cut-off Date, as the case may be, (iii) the Stated Principal Balance of such Mortgage Loan for such Distribution Date, (iv) the Net Liquidation Proceeds with respect to such Mortgage Loan and (v) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of Scheduled Principal and Principal Prepayments, (including but separately identifying the principal amount of Principal Prepayments, Insurance Proceeds, the purchase price in connection with the purchase of Mortgage Loans, cash deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the number and principal balance of Mortgage Loans purchased or substituted for during the relevant period and cumulatively since the Cut-off Date or the related distribution Subsequent Cut-off Date, as the case may be;
(xii) the number of Mortgage Loans (excluding REO Property) in each Loan Group remaining in the Trust Fund as of the end of the related Prepayment Period;
(xiii) information for each Loan Group and in the aggregate regarding any Mortgage Loan delinquencies as of the end of the related Prepayment Period, including the aggregate number and aggregate Outstanding Principal Balance of Mortgage Loans (a) delinquent 30 to Holders 59 days on a contractual basis, (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiv) for each Class allocable Loan Group, the number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the aggregate Outstanding Principal Balance of such Mortgage Loans;
(xv) for each Loan Group, the number and aggregate Outstanding Principal Balance of all Mortgage Loans as to principal, separately identifying which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xvi) the book value (the sum of (A) the aggregate amount Outstanding Principal Balance of any Principal Prepayments included therein and the Mortgage Loan, (B) accrued interest through the aggregate date of all scheduled payments foreclosure and (C) foreclosure expenses) of principal included thereinany REO Property in each Loan Group; provided that, in the event that such information is not available to the Securities Administrator on the Distribution Date, such information shall be furnished promptly after it becomes available;
(iixvii) the amount of Realized Losses allocated to each Class of Certificates since the prior Distribution Date and in the aggregate for all prior Distribution Dates;
(xviii) the Average Loss Severity Percentage for each Loan Group;
(xix) the Senior Percentage, Senior Prepayment Percentage, Subordinate Percentage and Subordinate Prepayment Percentage, in each case, for such Distribution Date;
(xx) the Interest Carry Forward Amount and any Basis Risk Shortfall Carry Forward Amount for each Class of Certificates;
(xxi) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interest, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan Group, the total cash flows received interest and the general sources portion thereof;
(v) the Pass-Through Rate on each Class of Regular Certificates for such Distribution Date;
(vi) the Pass-Through Rate for each Class of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate Cap;
(vii) the aggregate amount of Advances included in the distribution on such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount and the Overcollateralization Target Amount;
(ix) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to each Loan Group, the number and Aggregate Stated Principal Balance of, and Realized Loss on, the Mortgage Loans as of the end of the related Due Period;
(xi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Principal Balance of Mortgage Loans, using the OTS method, (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business on the last day of the calendar month preceding the month in which such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained provided by the Servicer for the related Due Period;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Distribution Account for such Distribution Date;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group IIIContracts;
(xxii) the Group I Available Fundsamount withdrawn from the Pre-Funding Account, the Group II Available Pre-Funding Reserve Account and the Interest Coverage Account and deemed to be Principal Funds or Interest Funds on that Distribution Date, the amount remaining on deposit in the Pre-Funding Account and Group III Available Funds for in the Interest Coverage Account, following such Distribution Date, and the amount withdrawn from the Pre-Funding Account and used to buy Subsequent Mortgage Loans prior to such Distribution Date;
(xxiii) with respect to each Loan Group, the cumulative amount of the Prepayment Charges remitted by the Servicer;Applied Realized Loss Amounts to date; and
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and BloombergTrigger Event exists. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s Securities Administrator's website initially located at “xxx.xx.xxxxxxxxxx.xxx"xxx.xxxxxxx.xxx.” " Assistance in using the website can be obtained by calling the Trustee’s Securities Administrator's customer service desk at (000-) 000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s Securities Administrator's customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. To the extent timely received from the Securities Administrator, the Trustee will also make monthly statements available each month to Certificateholders via the Trustee's internet website. The Trustee's internet website will initially be located at xxx.xxxxxxxx.xxx/xxx. Assistance in using the Trustee's website service can be obtained by calling the Trustee's customer service desk at (000) 000-0000.
(b) Within a reasonable period of time after the end of each the preceding calendar yearyear beginning in 2006, the Trustee shall prepare and forward, Securities Administrator will furnish a report to each Person who Holder of the Certificates of record at any time during the prior calendar year was a Holder as to the aggregate of a Certificate, a statement containing the information set forth in amounts reported pursuant to subclauses (ia)(ii) and (iia)(v) aboveabove with respect to the Certificates, aggregated plus information with respect to the amount of servicing compensation and such other customary information as the Securities Administrator may determine to be necessary and/or to be required by the Internal Revenue Service or by a federal or state law or rules or regulations to enable such Holders to prepare their tax returns for such calendar year or applicable portion thereof during which such person was a Certificateholderyear. Such obligation of the Trustee obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year Securities Administrator or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any the requirements of the Code as from time to time are in forceCode.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns ALT-A Trust, Series 2005-9)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by Holders of the Master ServicerMortgage Pass-Through Certificates, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto, Radian, each Rating Agency and each such Holder via the Securities Administrator's internet website as set forth below, a Mortgage Pass-Through Certificates Distribution Report containing the following information with respect to each Holder the Mortgage Pass-Through Certificates and the Mortgage Loans, expressed with respect to clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of the Regular class I-R Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $100:
(i) with respect to each Loan Group, the amount of the related distribution to Holders Current Principal Amount (or Notional Amount) of each Class allocable of Mortgage Pass-Through Certificates immediately prior to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included thereinsuch Distribution Date;
(ii) the amount of the distribution made allocable to principal on such Distribution Date to the Holders of each applicable Class of Regular Certificates allocable to interest, separately identifiedMortgage Pass-Through Certificates;
(iii) the applicable accrual periods for calculating distributions and general distribution datesaggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Loan Group, the total cash flows received and the general sources thereofClass of Mortgage Pass-Through Certificates;
(v) the Pass-Through Rate amount of the distribution allocable to interest on each Class of Regular Certificates for such Distribution DateMortgage Pass-Through Certificates;
(vi) the Pass-Through Rate Rates for each Class of Mortgage Pass-Through Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate CapDistribution Date;
(vii) the aggregate amount Current Principal Amount (or Notional Amount) of Advances included in the distribution on each Class of Mortgage Pass-Through Certificates after such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Overcollateralization Target AmountMaster Servicer or the Servicers included in such distribution;
(ix) the proceeds aggregate amount of any Realized Losses (if anylisted separately for each category of Realized Loss) from during the Interest Rate Swap Agreement related Prepayment Period and cumulatively since the Cut-off Date and the Cap Contractamount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan Groupwhich incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) the amount of Scheduled Principal and Principal Prepayments, (including but separately identifying the principal amount of Principal Prepayments, Insurance Proceeds, the purchase price in connection with the purchase of Mortgage Loans, cash deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the number and Aggregate Stated principal balance of Mortgage Loans purchased or substituted for during the relevant period and cumulatively since the Cut-off Date;
(xii) the number of Mortgage Loans (excluding REO Property) remaining in the Trust Fund as of the end of the related Prepayment Period;
(xiii) information regarding any Mortgage Loan delinquencies as of the end of the related Prepayment Period, including the aggregate number and aggregate Outstanding Principal Balance ofof Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, (b) delinquent 60 to 89 days on a contractual basis, and Realized Loss on(c) delinquent 90 or more days on a contractual basis, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiv) the number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the aggregate Outstanding Principal Balance of such Mortgage Loans;
(xv) the number and aggregate Outstanding Principal Balance of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiiiforeclosure expenses) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of Property; provided that, in the close of business event that such information is not available to the Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Mortgage Pass-Through Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution Date;Dates; and
(xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution DateAverage Loss Severity Percentage;
(xix) the Accrued Certificate Interest in respect amount of each Class of Certificates for Special Hazard Losses, Fraud Losses, Bankruptcy Losses and Extraordinary Losses on such Distribution Date;Date and in the aggregate for all prior Distribution Dates; and
(xx) the aggregate of any deposits to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the then applicable Subgroup Senior Percentage, the Subgroup Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and BloombergSubgroup. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested party, the monthly statement Mortgage Pass-Through Certificates Distribution Report to Certificateholders Holders of the Mortgage Pass-Through Certificates via the Trustee’s Securities Administrator's website initially located at “xxx.xx.xxxxxxxxxx.xxx"www.ctslink.com.” " Assistance in using the website can be obtained by calling the Trustee’s caxxxxx xxx Xxxxxities Administrator's customer service desk at 000(301) 815-000-00006600. Parties that are unable to use the above distribution option are entitled oxxxxx xxx xxxxtled to have a paper copy mailed to them via first class mail by calling - 105 - the Trustee’s Securities Administrator's customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within To the extent timely received from the Securities Administrator, the Trustee will also make monthly statements available each month to Certificateholders and Radian via the Trustee's internet website. The Trustee's internet website will initially be located at "www.jpmorgan.com/sfr". Assistance in using the Trustee's website servicx xxx xx xxxxxxxx xx calling the Trustee's customer service desk at (877) 722-1095.
(b) By April 30 of each year beginning in 2006, xxx Xxxxxxx xxll furnish such report to each Holder of the Certificates of record at any time during the prior calendar year as to the aggregate of amounts reported pursuant to subclauses (a)(ii) and (a)(v) above with respect to the Certificates, plus information with respect to the amount of servicing compensation and such other customary information as the Securities Administrator may determine and advises the Trustee to be necessary and/or to be required by the Internal Revenue Service or by a reasonable period federal or state law or rules or regulations to enable such Holders to prepare their tax returns for such calendar year. Such obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Securities Administrator or the Trustee pursuant to the requirements of time the Code.
(c) On each Distribution Date, based solely upon the information provided in the related Underlying Certificates Payment Date Statement, the Securities Administrator shall make available on its website at www.ctslink.com a statement with respect to the Re-REMIC Certificates axx xxx Xxxxxxxxng Certificates to each Rating Agency, each Holder of the Re-REMIC Certificates and the Depositor setting forth:
(i) the Re-REMIC Available Funds payable to the Re-REMIC Certificates for such Distribution Date, separately stating for each Class the amounts being distributed as interest and the amounts, if any, being distributed as principal;
(ii) the Pass-Through Rate for each Class of Re-REMIC Certificates constituted by the application of the portion of the Re-REMIC Available Funds being paid as interest on the Re-REMIC Certificates of such Class;
(iii) the Certificate Principal Balance for the Re-REMIC Certificates before and after the Distribution Date to which the statement relates;
(iv) the Underlying Certificate Balances of the Underlying Certificates, reported separately for each of the Underlying Certificates, immediately preceding and immediately following the preceding Underlying Certificates Payment Date;
(v) the realized losses and any additional underlying trust expenses, with respect to the Underlying Certificates, reported separately for each of the Underlying Certificates for the preceding Underlying Certificates Payment Date; and
(vi) delinquencies on the related Underlying Mortgage Loans; reported separately for each of the Underlying Certificates and separately indicating Underlying Mortgage Loans that are 30 to 59, 60 to 89, and 90 plus days delinquent, Underlying Mortgage Loans which are subject to foreclosure or similar proceedings and Underlying Mortgage Loans, the mortgaged properties related to which are currently held as real estate owned; Each such statement shall be furnished by the Securities Administrator to the Trustee no later than one Business Day prior to the related Distribution Date. In the case of the information furnished pursuant to clause (i) above, the amount shall also be expressed as a dollar amount per Single Certificate.
(d) As soon as reasonably practicable following each Distribution Date if received, and in any event no later than one Business Day after the Distribution Date, the Trustee shall make available to the Depositor a copy of each such Underlying Certificates Payment Date Statement and Aggregate Collateral Report received by it from the trustees for the Underlying Certificates. The Trustee shall also mail any specific Underlying Certificates Payment Date Statement or Aggregate Collateral Report if received to a Holder of the Re-REMIC Certificates upon their request and at their expense.
(e) After the end of each calendar year, beginning with calendar year 2005, but no later than the latest date permitted by law, the Trustee shall prepare and forward, deliver by first class mail to each Person who at any time during the previous calendar year was a Holder of a Certificate, the Re-REMIC Certificates of record a statement containing the information required to be contained in the regular monthly report to Holder of the Re-REMIC Certificates, as set forth in subclauses clause (ic) and (ii) above, above aggregated for such calendar year or the applicable portion thereof during which such person Person was a CertificateholderHolder of the Re-REMIC Certificates. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee or the Securities Administrator pursuant to any requirements of the Code and regulations thereunder as from time to time are in force.
(f) The Trustee shall furnish to each Holder of the Re-REMIC Certificates, during the term of this Agreement, such periodic, special, or other reports or information, whether or not provided for herein, as shall be necessary, reasonable or appropriate with respect to the Certificateholder, or otherwise with respect to the purposes of this Agreement, all such reports or information to be provided by and in accordance with such applicable instructions and directions as the Certificateholder may reasonably require and at the expense of such Holder of the Re-REMIC Certificates. Within a reasonable period For purposes of time after the end of each calendar yearthis Section 6.05, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied Trustee's duties are limited to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of receives timely reports as Underlying Certificateholder under the Code as from time to time are in forcerelevant Underlying Documents.
Appears in 1 contract
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of each Holder Class of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Servicer or the Securities Administrator included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestprepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become foreclosure expenses) of any REO Property, Property in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect ; provided that, in the event that such information is not available to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution Date;Dates; and
(xviii) the aggregate amount of any Prepayment Interest Shortfalls Average Loss Severity for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls prior calendar month for such Distribution Date;each Loan Group; and
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to then applicable Group 1 and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Group 2 Senior Percentage, the Group 1 and Group 2 Senior Prepayment Percentage, the Group 1 and Group 2 Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds 1 and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “2 Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master ServicerServicer and the Trustee. The Trustee shall provide the Securities Administrator with a report in a mutually agreeable format, no later than one Business Day prior to each Distribution Date, detailing the distributions to be made on the Class R-X Certificates. The Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested partyparty , the monthly statement to Certificateholders via the Trustee’s Securities Administrator's website initially located at “xxx.xx.xxxxxxxxxx.xxx"www.ctslink.com.” Assistance in using " Axxxxxxxxx xx xxing the website can be obtained by calling the Trustee’s Securities Administrator's customer service desk at 000(301) 815-000-00006600. Parties that are Parxxxx xxxx xxx unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee shall prepare and make available on the Trustee’s website as set forth below, forward by first-class mail to each Holder of Certificateholder, with a copy to the Regular Certificates, the TrusteeSeller, the Master Servicer and the Rating AgenciesAgency, a statement setting forth the following information, expressed with respect to clauses (i), (ii), (iii), (iv), (v) and (vii) in the aggregate and as to a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000 or in the distributions made on such Distribution Date setting forthcase of the Class R Certificate, an initial Current Principal Amount of $100:
(i) with respect to each Loan Group, the amount of the related distribution to Holders Current Principal Amount of each Class allocable of Certificates immediately prior to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included thereinsuch Distribution Date;
(ii) the amount of the distribution made allocable to principal on such Distribution Date to the Holders of each applicable Class of Regular Certificates allocable to interest, separately identifiedCertificates;
(iii) the applicable accrual periods for calculating distributions and general distribution datesaggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class of Certificates during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Loan Group, the total cash flows received and the general sources thereofClass of Certificates;
(v) the Pass-Through Rate amount of the distribution allocable to interest on each Class of Regular Certificates for such Distribution DateCertificates;
(vi) the Pass-Through Rate Rates for each Class of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate CapDistribution Date;
(vii) the aggregate amount Current Principal Amount of Advances included in the distribution on each Class of Certificates after such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount amount of any Monthly Advances and Compensating Interest Payments by the Overcollateralization Target Amount;Master Servicer included in such distribution
(ix) the proceeds amount of any Realized Losses (if anylisted separately for Bankruptcy Losses) from during the Interest Rate Swap Agreement related Prepayment Period and the Cap Contractamount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Loan Groupthe amount of Scheduled Principal and Principal Prepayments, (including but separately identifying the principal amount of principal prepayments, Insurance Proceeds, the number and Aggregate Stated Principal Balance ofpurchase price in connection with the purchase of Mortgage Loans, and Realized Loss on, the cash deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds);
(xi) the number of Mortgage Loans (excluding REO Property) remaining in the Trust Fund as of the end of the related Due Period;
(xi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Principal Balance of information regarding any Mortgage Loans, using the OTS method, (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case Loan delinquencies as of the end of the preceding calendar related Due Period, including the aggregate number, aggregate Outstanding Principal Balance and aggregate Scheduled Principal Balance of Mortgage Loans delinquent one month, determined in the aggregate two months and separately for each Loan Groupthree months or more;
(xiii) with respect to each Loan Group, the number, aggregate principal balance and book value number of any REO Properties Mortgage Loans in the foreclosure process as of the close of business on the last day end of the calendar month preceding related Due Period and the month in which aggregate Outstanding Principal Balance of such Distribution Date occursMortgage Loans;
(xiv) the number and aggregate amount Outstanding Principal Balance of Principal Prepayments made during all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Prepayment Due Period;
(xv) the aggregate amount book value (the sum of Realized Losses incurred during (A) the related Prepayment Period Outstanding Principal Balance of the Mortgage Loan, (B) accrued interest through the date of foreclosure and (C) foreclosure expenses) of any REO Property; PROVIDED THAT, in the event that such information is not available to the Master Servicer and the cumulative amount of Realized LossesTrustee on the Distribution Date, such information shall be furnished promptly after it becomes available;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of Realized Losses allocated to each Class of Certificates since the Servicing Fees paid to or retained by prior Distribution Date and in the Servicer aggregate for the related Due Period;all prior Distribution Dates; and
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Distribution Account for such Distribution Date;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the then applicable Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated calculated, or reported, as the case may be, by the Trustee, Trustee based solely on, and to the extent of, information on data provided to the Trustee by the Master Servicer. The Servicer pursuant to Subsection 6.05(a) and, with respect to prior periods, Section 6.06, upon which the Trustee may conclusively rely on such rely. The information and furnished by the Master Servicer shall not be sufficient for the Trustee to calculate any statements it is required to confirm, verify or recalculate any such information. The Trustee may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s website initially located at “xxx.xx.xxxxxxxxxx.xxxmake.” Assistance in using the website can be obtained by calling the Trustee’s customer service desk at 000-000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Mortgage Securities Inc)
Statements to Certificateholders. (a) On a)Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trusteeparties hereto and each Certificateholder via the Securities Administrator’s internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Certificate Principal Balance of $1,000, in the case of the Regular Class B-IO Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthNotional Amount of $1,000:
(i) with respect to each Loan Group, the amount of the related distribution to Holders Certificate Principal Balance or Notional Amount of each Class allocable of Certificates immediately prior to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included thereinsuch Distribution Date;
(ii) the amount of the distribution made allocable to principal on such Distribution Date to the Holders of each applicable Class of Regular Certificates allocable to interest, separately identifiedCertificates;
(iii) the applicable accrual periods for calculating distributions and general distribution datesaggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Loan Group, the total cash flows received and the general sources thereofClass of Certificates;
(v) the Pass-Through Rate amount of the distribution allocable to interest on each Class of Regular Certificates for such Distribution DateCertificates;
(vi) the Pass-Through Rate Rates for each Class of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate CapDistribution Date;
(vii) the aggregate amount Certificate Principal Balance of Advances included in the distribution on each Class of Certificates after such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Overcollateralization Target AmountServicer or the Master Servicer included in such distribution;
(ix) the proceeds aggregate amount of any Realized Losses (if anylisted separately for each category of Realized Loss) from during the Interest Rate Swap Agreement related Prepayment Period and cumulatively since the Cut-off Date and the Cap Contractamount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan Groupwhich incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Stated Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Stated Principal Balance of such Mortgage Loan for such Distribution Date, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) the amount of Scheduled Principal and Principal Prepayments, (including but separately identifying the principal amount of principal prepayments, Insurance Proceeds, the purchase price in connection with the purchase of Mortgage Loans, cash deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the number and Aggregate Stated principal balance of Mortgage Loans purchased or substituted for during the relevant period and cumulatively since the Cut-off Date;
(xii) the number of Mortgage Loans (excluding REO Property) remaining in the Trust Fund as of the end of the related Prepayment Period;
(xiii) information in the aggregate regarding any Mortgage Loan delinquencies as of the end of the related Prepayment Period, including the aggregate number and aggregate Outstanding Principal Balance ofof Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, (b) delinquent 60 to 89 days on a contractual basis, and Realized Loss on(c) delinquent 90 or more days on a contractual basis, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiv) the number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the aggregate Outstanding Principal Balance of such Mortgage Loans;
(xv) the number and aggregate Outstanding Principal Balance of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiiiforeclosure expenses) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of Property; provided that, in the close of business event that such information is not available to the Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution DateDates;
(xviii) the aggregate amount Interest Carry Forward Amount and any Basis Risk Shortfall Carry Forward Amount for each Class of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution DateCertificates;
(xix) the Accrued Certificate Interest in respect amount of such distribution to Holders of each Class of Certificates for such Distribution Dateallocable to interest and the portion thereof, if any, provided by the Cap Contracts;
(xx) the aggregate cumulative amount of any deposits Applied Realized Loss Amounts to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;date; and
(xxi) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and BloombergTrigger Event exists. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested party, the monthly statement to Certificateholders via the TrusteeSecurities Administrator’s website initially located at “xxx.xx.xxxxxxxxxx.xxxxxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the TrusteeSecurities Administrator’s customer service desk at (000-) 000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the TrusteeSecurities Administrator’s customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after To the end of each calendar yearextent timely received from the Securities Administrator, the Trustee shall prepare and forward, will also make monthly statements available each month to each Person who Certificateholders via the Trustee’s internet website. The Trustee’s internet website will initially be located at any time during xxx.xxxxxxxx.xxx/xxx. Assistance in using the calendar year was a Holder of a Certificate, a statement containing Trustee’s website service can be obtained by calling the information set forth in subclauses Trustee’s customer service desk at (i000) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force000-0000.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns BSALTA 2005-1)
Statements to Certificateholders. (a) On each Distribution Date, based, as applicable, on information provided concurrently with each distribution to it by the Master ServicerCertificateholders, the Trustee shall prepare and make available on to the parties hereto and each Certificateholder via the Trustee’s internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $100:
(i) the Current Principal Amount and/or Notional Amount of each Class or Component of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class or Component of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class or Component during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class or Component of Certificates;
(v) the amount of the distribution allocable to interest on each Class or Component of Certificates;
(vi) the Pass-Through Rates for each Class or Component of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount and/or Notional Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date or the Subsequent Cut-off Date, as the case may be, and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date or the Subsequent Cut-off Date, as the case may be, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein Prepayments, Insurance Proceeds, the purchase price in connection with the purchase of Mortgage Loans, cash deposits in connection with substitutions of Mortgage Loans and (BNet Liquidation Proceeds) and the aggregate number and principal balance of all scheduled payments of principal included thereinMortgage Loans purchased or substituted for during the relevant period and cumulatively since the Cut-off Date or the related;
(iixii) the amount number of Mortgage Loans (excluding REO Property) in each Loan Group remaining in the Trust Fund as of the distribution made on such Distribution Date to end of the Holders of each Class of Regular Certificates allocable to interest, separately identifiedrelated Prepayment Period;
(iiixiii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to information in each Loan Group, Group and in the total cash flows received and aggregate regarding any Mortgage Loan delinquencies as of the general sources thereof;
(v) end of the Pass-Through Rate on each Class of Regular Certificates for such Distribution Date;
(vi) the Pass-Through Rate for each Class of Certificates with respect to the current Accrual related Prepayment Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate Cap;
(vii) including the aggregate amount number and aggregate Outstanding Principal Balance of Advances included Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in the distribution on such Distribution Date (including the general purpose each case as of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate book value (the sum of (A) the Outstanding Principal Balance or Certificate Notional Amountof such Mortgage Loan, as applicable(B) accrued interest through the date of foreclosure and (C) foreclosure expenses) of any REO Property in each Loan Group; provided that, in the event that such information is not available to the Trustee on the Distribution Date, such information shall be furnished promptly after it becomes available;
(xvii) the amount of Net Deferred Interest and Realized Losses allocated to each Class before and after giving effect (i) to all distributions allocable to principal on such or Component of Certificates since the prior Distribution Date and (ii) in the allocation of any Applied Realized Loss Amounts aggregate for such all prior Distribution DateDates;
(xiixviii) the number and Aggregate Stated Principal Balance of Mortgage Loans, using the OTS method, (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately Average Loss Severity Percentage for each Loan Group;
(xiii) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business on the last day of the calendar month preceding the month in which such Distribution Date occurs;
(xivxix) the aggregate amount of Principal Prepayments made during the related Senior Percentage, Senior Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Percentage, Subordinate Percentage and Subordinate Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amountPercentage, if anyin each case, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Period;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Distribution Account for such Distribution Date;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;; and
(xx) the aggregate of any deposits to and withdrawals amount withdrawn from the Cap Contract Class A Reserve Fund for such (with respect to the initial Distribution Date only), the Pre-Funding Account, the Pre-Funding Reserve Account and the Interest Coverage Account on that Distribution Date, the amount remaining amount on deposit in the Cap Contract Reserve Fund after such deposits Pre-Funding Account and withdrawals;
(xxi) in the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for Interest Coverage Account following such Distribution Date;
(xxiii) with respect to each Loan Group, and the amount of withdrawn from the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10Pre-D relating Funding Account and used to buy Subsequent Mortgage Loans prior to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the Trustee, based solely on, and to the extent of, information provided to the Trustee by the Master Servicer. The Trustee may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee may will make available each month, to any interested party, month the monthly statement to Certificateholders via the Trustee’s website initially located at “xxx.xx.xxxxxxxxxx.xxxxxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Trustee’s customer service desk at (000-) 000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such change. .
(b) Within a reasonable period of time after the end of each the preceding calendar yearyear beginning in 2006, the Trustee shall prepare and forward, will furnish a report to each Person who Holder of the Certificates of record at any time during the prior calendar year was a Holder as to the aggregate of a Certificate, a statement containing the information set forth in amounts reported pursuant to subclauses (ia)(ii) and (iia)(v) aboveabove with respect to the Certificates, aggregated plus information with respect to the amount of servicing compensation and such other customary information as the Trustee determines may be necessary and/or to be required by the Internal Revenue Service or by a federal or state law or rules or regulations to enable such Holders to prepare their tax returns for such calendar year or applicable portion thereof during which such person was a Certificateholderyear. Such obligation of the Trustee obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any the requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in forceCode.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (GreenPoint MTA Trust 2005-Ar3)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of the Regular Class R-I, Class R-II and Class R-III Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestprepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate book value (the sum of (A) the Outstanding Principal Balance or Certificate Notional Amountof the Mortgage Loan, as applicable(B) accrued interest through the date of foreclosure and (C) foreclosure expenses) of any REO Property in each Loan Group; provided that, in the event that such information is not available to the Securities Administrator on the Distribution Date, such information shall be furnished promptly after it becomes available;
(xvii) the amount of Realized Losses allocated to each Class before and after giving effect (i) to all distributions allocable to principal on such of Certificates since the prior Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Principal Balance of Mortgage Loans, using the OTS method, (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately for all prior Distribution Dates; and
(xviii) the Average Loss Severity for the prior calendar month for each Loan Group;
(xiiixix) with respect to each Loan Groupthe then applicable Group I-1, Group I-2, Group I-3, Group I-4, Group II-1 and Group II-2 Senior Percentage, Group I-1, Group I-2, Group I-3, Group I-4, Group II-1 and Group II-2 Senior Prepayment Percentage, the numberGroup I-1, aggregate principal balance Group I-2, Group I-3 and book value of any REO Properties as of Group I-4 Senior Mezzanine and Subordinate Prepayment Percentage, the close of business on Group II-1 and Group II-2 Subordinate Prepayment Percentage, the last day of the calendar month preceding the month in which such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period Group I-1, Group I-2, Group I-3 and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued Group I-4 Senior Mezzanine and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Period;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Distribution Account for such Distribution Date;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04Subordinate Percentage, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution DateGroup II-1 and Group II Subordinate Percentage;
(xx) the aggregate of any deposits to and withdrawals from the Cap Contract Reserve Fund Diverted Amount for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;Date; and
(xxi) the Senior Percentageamount withdrawn from the Pre-Funding Account and the Interest Coverage Account and used to make payments to Certificateholders on that Distribution Date, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for amount remaining on deposit following such Distribution Date;
(xxiii) with respect to each Loan Group, and the amount of withdrawn from the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10Pre-D relating Funding Account used to buy Subsequent Mortgage Loans prior to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s website initially located at “xxx.xx.xxxxxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Trustee’s customer service desk at 000-000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.-85-
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mort Inv Inc Bear Stearns Arm Trust 2002-11)
Statements to Certificateholders. (a) On Concurrently with each Distribution Datedistribution to Certificateholders, basedthe Trustee shall make available to each Certificateholder, as applicablethe Seller, on information provided to it by the Master Servicer, the Trustee shall prepare and make available on the Trustee’s website as set forth below, to each Holder of the Regular Certificates, the Trustee, the Master Servicer Certificate Insurer and the Rating AgenciesAgency, a statement as to setting forth the distributions made on such Distribution Date setting forthfollowing information:
(i) with respect to each Loan Group, the amount of the related distribution to Holders Current Principal Amount of each Class allocable of Certificates immediately prior to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included thereinsuch Distribution Date;
(ii) the amount of the distribution made allocable to principal on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interest, separately identifiedCertificates;
(iii) the applicable accrual periods for calculating distributions and general distribution datesaggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class of Certificates during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Loan Group, the total cash flows received and the general sources thereofClass of Certificates;
(v) the Pass-Through Rate amount of the distribution allocable to interest on each Class of Regular Certificates for such Distribution DateCertificates;
(vi) the Pass-Through Rate for each Class of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate CapDistribution Date;
(vii) the aggregate amount Current Principal Amount of Advances included in the distribution on each Class of Certificates after such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount amount of any Monthly Advances, Compensating Interest Payments and unreimbursed advances by the Overcollateralization Target AmountMaster Servicer included in such distribution, stated separately for each Mortgage Loan Group;
(ix) the proceeds amount of any Realized Losses (if anystated separately for each Mortgage Loan Group) from during the Interest Rate Swap Agreement related Prepayment Period and cumulatively since the Cut-off Date and the Cap Contractamount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) the amount of Scheduled Principal and Principal Prepayments, (including the principal amount of principal prepayments, Insurance Proceeds, the purchase price in connection with the purchase of Mortgage Loans, cash deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) with respect to each Mortgage Loan Group, ;
(xi) the number and Aggregate Stated Principal Balance of, and Realized Loss on, the of Mortgage Loans remaining in the Trust Fund as of the end of the related Due Period;
(xi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, of stated separately for each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution DateMortgage Loan Group;
(xii) the number and Aggregate Stated Principal Balance of information regarding any Mortgage Loans, using the OTS method, (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case Loan delinquencies as of the end of the preceding calendar monthrelated Due Period, determined in including the aggregate and number, aggregate Outstanding Principal Balance of Mortgage Loans delinquent 30, 60, 90 or more days, stated separately for each Mortgage Loan Group;
(xiii) with respect to each Loan Group, the number, aggregate principal balance and book value number of any REO Properties Mortgage Loans in the foreclosure process as of the close of business on the last day end of the calendar month preceding related Due Period and the month in which aggregate Outstanding Principal Balance of such Distribution Date occursMortgage Loans, stated separately for each Mortgage Loan Group;
(xiv) the number and aggregate amount Outstanding Principal Balance of Principal Prepayments made during all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Prepayment Due Period, stated separately for each Mortgage Loan Group;
(xv) the aggregate amount book value (the sum of Realized Losses incurred during (A) the related Prepayment Period Outstanding Principal Balance of the Mortgage Loan, (B) accrued interest through the date of foreclosure and (C) foreclosure expenses) of any REO Property; PROVIDED THAT, in the event that such information is not available to the Master Servicer and the cumulative amount of Realized LossesTrustee on the Distribution Date, such information shall be furnished promptly after it becomes available;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of Realized Losses allocated to each Class of Certificates since the Servicing Fees paid to or retained by prior Distribution Date and in the Servicer aggregate for the related Due Period;all prior Distribution Dates; and
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Distribution Account then applicable Senior Percentage for such Distribution Date;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Dateeach Senior Certificate Group, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Senior Percentage, the Senior Prepayment PercentagePercentage for each Senior Certificate Group, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated calculated, or reported, as the case may be, by the Trustee, Trustee based solely on, and to the extent of, information on data provided to the Trustee by the Master Servicer. The Servicer pursuant to Section 6.07 and, with respect to prior periods, Section 6.06, upon which the Trustee may conclusively rely on such rely. The information and furnished by the Master Servicer shall not be sufficient for the Trustee to calculate any payments or statements it is required to confirm, verify or recalculate any such informationmake. The Trustee may make the foregoing monthly statement (and, at its option, any additional files containing the same information in an alternative format) available each month, to any interested party, the monthly statement month to Certificateholders via the Trustee’s 's internet website. The Trustee's internet website shall initially be located at “xxx.xx.xxxxxxxxxx.xxx"www.ctslink.com.” " Assistance in using the website can be obtained by calling the obtainex xx xxxxxxx xxe Trustee’s 's customer service desk at 000(301) 815-000-00006600. Parties that are unable to use the above distribution option distribxxxxx xxxxxxx are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee shall have the right to may change the way such reports monthly statements are distributed in order to make such distribution distributions more convenient and/or or more accessible to the above parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trusteeparties hereto and each Certificateholder via the Securities Administrator’s internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Certificate Principal Balance of $1,000, in the case of the Regular Interest Only Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthNotional Amount of $1,000:
(i) with respect to each Loan Group, the amount of the related distribution to Holders Certificate Principal Balance or Notional Amount of each Class allocable of Certificates immediately prior to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included thereinsuch Distribution Date;
(ii) the amount of the distribution made allocable to principal on such Distribution Date to the Holders of each applicable Class of Regular Certificates allocable to interest, separately identifiedCertificates;
(iii) the applicable accrual periods for calculating distributions and general distribution datesaggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Loan Group, the total cash flows received and the general sources thereofClass of Certificates;
(v) the Pass-Through Rate amount of the distribution allocable to interest on each Class of Regular Certificates for such Distribution DateCertificates;
(vi) the Pass-Through Rate Rates for each Class of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate CapDistribution Date;
(vii) the aggregate amount Certificate Principal Balance of Advances included in the distribution on each Class of Certificates after such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Overcollateralization Target AmountServicer or the Master Servicer included in such distribution;
(ix) the proceeds aggregate amount of any Realized Losses (if anylisted separately for each category of Realized Loss) from during the Interest Rate Swap Agreement related Prepayment Period and cumulatively since the Cut-off Date and the Cap Contractamount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan Groupwhich incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Stated Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Stated Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) the amount of Scheduled Principal and Principal Prepayments, (including but separately identifying the principal amount of principal prepayments, Insurance Proceeds, the purchase price in connection with the purchase of Mortgage Loans, cash deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the number and Aggregate Stated principal balance of Mortgage Loans purchased or substituted for during the relevant period and cumulatively since the Cut-off Date;
(xii) the number of Mortgage Loans (excluding REO Property) remaining in the Trust Fund as of the end of the related Prepayment Period;
(xiii) information in the aggregate regarding any Mortgage Loan delinquencies as of the end of the related Prepayment Period, including the aggregate number and aggregate Outstanding Principal Balance ofof Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, (b) delinquent 60 to 89 days on a contractual basis, and Realized Loss on(c) delinquent 90 or more days on a contractual basis, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiv) the number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the aggregate Outstanding Principal Balance of such Mortgage Loans;
(xv) the number and aggregate Outstanding Principal Balance of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiiiforeclosure expenses) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of Property; provided that, in the close of business event that such information is not available to the Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution DateDates;
(xviii) the aggregate amount Interest Carry Forward Amount and any Basis Risk Shortfall Carry Forward Amount for each Class of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution DateCertificates;
(xix) the Accrued Certificate Interest in respect amount of such distribution to Holders of each Class of Certificates for such Distribution Dateallocable to interest and the portion thereof, if any, provided by the Cap Contracts;
(xx) the aggregate cumulative amount of Applied Realized Loss Amounts to date and, in addition, if the Certificate Principal Balances of the Class M-1, Class M-2 and Class M-3 Certificates have all been reduced to zero, the cumulative amount of any deposits Realized Losses that have not been allocated to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;any Certificates; and
(xxi) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and BloombergTrigger Event exists. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested partyparty , the monthly statement to Certificateholders via the TrusteeSecurities Administrator’s website initially located at “xxx.xx.xxxxxxxxxx.xxxxxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the TrusteeSecurities Administrator’s customer service desk at (000-) 000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the TrusteeSecurities Administrator’s customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after To the end of each calendar yearextent timely received from the Securities Administrator, the Trustee shall prepare and forward, will also make monthly statements available each month to each Person who Certificateholders via the Trustee’s internet website. The Trustee’s internet website will initially be located at any time during xxx.xxxxxxxx.xxx/xxxxxx. Assistance in using the calendar year was a Holder of a Certificate, a statement containing Trustee’s website service can be obtained by calling the information set forth in subclauses Trustee’s customer service desk at (i000) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force000-0000.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trusteeparties hereto and each Certificateholder via the Securities Administrator’s internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestPrepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become foreclosure expenses) of any REO Property, Property in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect ; provided that, in the event that such information is not available to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution Date;Dates; and
(xviii) the aggregate amount of any Prepayment Interest Shortfalls Average Loss Severity Percentage for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;each Loan Group; and
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to then applicable Group I-1, Group I-2, Group I-3, Group II-1, Group II-2, Group II-3, Group II-4 and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Group II-5 Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested party, the monthly statement to Certificateholders via the TrusteeSecurities Administrator’s website initially located at “xxx.xx.xxxxxxxxxx.xxxxxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the TrusteeSecurities Administrator’s customer service desk at (000-) 000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the TrusteeSecurities Administrator’s customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end .
(b) By April 30 of each calendar yearyear beginning in 2006, the Trustee shall prepare and forward, Securities Administrator will furnish such report to each Person who Holder of the Certificates of record at any time during the prior calendar year was a Holder as to the aggregate of a Certificate, a statement containing the information set forth in amounts reported pursuant to subclauses (ia)(ii) and (iia)(v) aboveabove with respect to the Certificates, aggregated plus information with respect to the amount of servicing compensation and such other customary information as the Securities Administrator may determine to be necessary and/or to be required by the Internal Revenue Service or by a federal or state law or rules or regulations to enable such Holders to prepare their tax returns for such calendar year or applicable portion thereof during which such person was a Certificateholderyear. Such obligation of the Trustee obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year Securities Administrator or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any the requirements of the Code as from time to time are in forceCode.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Arm Trust 2005-12)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee shall prepare and make available on the Trustee’s website as set forth below, forward by first-class mail to each Holder of Certificateholder, with a copy to the Regular Certificates, the TrusteeSeller, the Master Servicer and the Rating Agencies, a statement setting forth the following information, expressed with respect to clauses (i) through (vi) in the aggregate and as to a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or, in the distributions made on such Distribution Date setting forthcase of the Class X Certificates, a Notional Amount of $1,000, or, in the case of the Class R Certificates, an initial Current Principal Amount of $100:
(i) with respect to each Loan Group, the amount Current Principal Amount (or Notional Amount in the case of the related distribution to Holders Class X Certificates) of each Class allocable of Certificates immediately prior to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included thereinsuch Distribution Date;
(ii) the amount of the distribution made allocable to principal on such Distribution Date to the Holders of each applicable Class of Regular Certificates allocable to interest, separately identifiedCertificates;
(iii) the applicable accrual periods for calculating distributions and general distribution datesaggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class of Certificates (other than the Class PO Certificates) during the related Interest Accrual Period;
(iv) the Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Loan Group, Class of Certificates (other than the total cash flows received and the general sources thereofClass PO Certificates);
(v) the amount of the distribution allocable to interest on each Class of Certificates (other than the Class PO Certificates);
(vi) the Class X Pass-Through Rate on each Class of Regular Certificates for with respect to such Distribution Date;
(vivii) the Pass-Through Rate for Current Principal Amount and/or Notional Amount of each applicable Class of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate Cap;
(vii) the aggregate amount of Advances included in the distribution on after such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursementsClass PO Deferred Amount;
(viii) the Overcollateralized Amount amount of any Monthly Advances and Compensating Interest Payments by the Overcollateralization Target AmountMaster Servicer included in such distribution;
(ix) the proceeds amount of any Realized Losses (if anylisted separately for each category of Realized Loss) from during the Interest Rate Swap Agreement related Prepayment Period and the Cap Contractamount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Loan Groupthe amount of Scheduled Principal and Principal Prepayments, (including but separately identifying the principal amount of Net Liquidation Proceeds);
(xi) the number and Aggregate Stated Principal Balance of, and Realized Loss on, the of Mortgage Loans (excluding REO Property), remaining in the Trust Fund as of the end of the related Due Period;
(xi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Principal Balance of information regarding any Mortgage Loans, using the OTS method, (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case Loan delinquencies as of the end of the preceding calendar related Due Period, including the aggregate number, aggregate Outstanding Principal Balance and aggregate Scheduled Principal Balance of Mortgage Loans delinquent one month, determined in the aggregate two months and separately for each Loan Groupthree months or more;
(xiii) with respect to each Loan Group, the number, aggregate principal balance and book value number of any REO Properties Mortgage Loans in the foreclosure process as of the close of business on the last day end of the calendar month preceding related Due Period and the month in which aggregate Outstanding Principal Balance of such Distribution Date occursMortgage Loans;
(xiv) the number and aggregate amount Outstanding Principal Balance of Principal Prepayments made during all Mortgage Loans which were REO Property as of the end of the related Prepayment Due Period;
(xv) the aggregate amount book value (the sum of Realized Losses incurred during (A) the related Prepayment Period Outstanding Principal Balance of the Mortgage Loan, (B) accrued interest through the date of foreclosure and (C) foreclosure expenses) of any REO Property; provided that, in the event that such information is not available to the Master Servicer and the cumulative amount of Realized LossesTrustee on the Distribution Date, such information shall be furnished promptly after it becomes available;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of Realized Losses allocated to each Class of Certificates since the Servicing Fees paid to or retained by prior Distribution Date and in the Servicer aggregate for the related Due Period;all prior Distribution Dates; and
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Distribution Account for such Distribution Date;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the then applicable Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated calculated, or reported, as the case may be, by the Trustee, Trustee based solely on, and to the extent of, information on data provided to the Trustee by the Master Servicer. The Servicer pursuant to Subsection 6.05(a) and, with respect to prior periods, Section 6.06, upon which the Trustee may conclusively rely on such rely. The information and furnished by the Master Servicer shall not be sufficient for the Trustee to calculate any statements it is required to confirm, verify or recalculate any such information. The Trustee may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s website initially located at “xxx.xx.xxxxxxxxxx.xxxmake.” Assistance in using the website can be obtained by calling the Trustee’s customer service desk at 000-000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.
Appears in 1 contract
Samples: Terms Agreement (Bear Stearns Mortgage Securities Inc)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestPrepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become foreclosure expenses) of any REO Property, Property in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect ; provided that, in the event that such information is not available to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution Date;Dates; and
(xviii) the aggregate amount of any Prepayment Interest Shortfalls Average Loss Severity Percentage for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;each Loan Group; and
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to then applicable Group I, Group II, Group III, Group IV and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Group V Senior Percentage, the Group I, Group II, Group III, Group IV and Group V Senior Prepayment Percentage, the Group I, Group II, Group III, Group IV and Group V Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan II, Group III;
(xxii) the , Group I Available Funds, the Group II Available Funds IV and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “V Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s Securities Administrator's website initially located at “xxx.xx.xxxxxxxxxx.xxx"xxx.xxxxxxx.xxx.” " Assistance in using the website can be obtained by calling the Trustee’s Securities Administrator's customer service desk at (000-) 000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s Securities Administrator's customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after To the end of each calendar yearextent timely received from the Securities Administrator, the Trustee shall prepare and forward, will also make monthly statements available each month to each Person who Certificateholders via the Trustee's internet website. The Trustee's internet website will initially be located at any time during xxx.xxxxxxxx.xxx/xxx. Assistance in using the calendar year was a Holder of a Certificate, a statement containing Trustee's website service can be obtained by calling the information set forth in subclauses Trustee's customer service desk at (i000) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force000-0000.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Arm Trust Mort Pass THR Certs Ser 2003-8)
Statements to Certificateholders. (a) On each Distribution Date, based, as applicable, on information provided concurrently with each distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $100:
(i) the Current Principal Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestPrepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become foreclosure expenses) of any REO Property, Property in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect ; provided that, in the event that such information is not available to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution DateDates;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls Average Loss Severity Percentage for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;each Loan Group; and
(xix) the Accrued Certificate Interest Senior Percentage, Senior Prepayment Percentage, Subordinate Percentage and Subordinate Prepayment Percentage, in respect of each Class of Certificates case, for such Distribution Date;
(xx) the aggregate of any deposits to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s Securities Administrator's website initially located at “xxx.xx.xxxxxxxxxx.xxx"www.ctslink.com.” " Assistance in using the website can be obtained by calling obtainex xx xxxxxxx the Trustee’s Securities Administrator's customer service desk at 000(301) 815-000-00006600. Parties that are unable to use the above distribution option are distribuxxxx xxxxxx xre entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s Securities Administrator's customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. To the extent timely received from the Securities Administrator, the Trustee will also make monthly statements available each month to Certificateholders via the Trustee's internet website. The Trustee's internet website will initially be located at www.jpmorgan.com/sfr. Assistance in using the Trustee's website sxxxxxx xxx xx xxxxxxed by calling the Trustee's customer service desk at (877) 722-1095.
(b) Within a reasonable period of time after xxxxx xxx xxx of the end of each preceding calendar yearyear beginning in 2005, the Trustee shall prepare and forward, will furnish such report to each Person who Holder of the Certificates of record at any time during the prior calendar year was a Holder as to the aggregate of a Certificate, a statement containing the information set forth in amounts reported pursuant to subclauses (ia)(ii) and (iia)(v) aboveabove with respect to the Certificates, aggregated plus information with respect to the amount of servicing compensation and such other customary information as the Securities Administrator may determine and advises the Trustee to be necessary and/or to be required by the Internal Revenue Service or by a federal or state law or rules or regulations to enable such Holders to prepare their tax returns for such calendar year or applicable portion thereof during which such person was a Certificateholderyear. Such obligation of the Trustee obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year Securities Administrator or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any the requirements of the Code as from time to time are in forceCode.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mort Inv Ii Inc Bear Stearns Alt a Tr 04 9)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount (or Notional Amount) of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount (or Notional Amount) of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestPrepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate book value (the sum of (A) the Outstanding Principal Balance or Certificate Notional Amountof the Mortgage Loan, as applicable(B) accrued interest through the date of foreclosure and (C) foreclosure expenses) of any REO Property in each Loan Group; provided that, in the event that such information is not available to the Securities Administrator on the Distribution Date, such information shall be furnished promptly after it becomes available;
(xvii) the amount of Realized Losses allocated to each Class before and after giving effect (i) to all distributions allocable to principal on such of Certificates since the prior Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Principal Balance of Mortgage Loans, using the OTS method, (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately for all prior Distribution Dates; and
(xviii) the Average Loss Severity Percentage for each Loan Group;
(xiiixix) with respect to each Loan Groupthe amount of Special Hazard Losses, the numberFraud Losses, aggregate principal balance Bankruptcy Losses and book value of any REO Properties as of the close of business Extraordinary Losses on the last day of the calendar month preceding the month in which such Distribution Date occurs;
(xiv) and in the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Period;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the all prior Distribution Account for such Distribution Date;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;Dates; and
(xx) the aggregate of any deposits to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the then applicable Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s Securities Administrator's website initially located at “xxx.xx.xxxxxxxxxx.xxx"xxx.xxxxxxx.xxx.” " Assistance in using the website can be obtained by calling the Trustee’s Securities Administrator's customer service desk at (000-) 000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s Securities Administrator's customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mort Inv Ii Inc Mort Pas THR Cert Se 04 Cl1)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee shall prepare and make available on the Trustee’s website as set forth below, forward by first-class mail to each Holder of Certificateholder, with a copy to the Regular Certificates, the Trustee, the Master Servicer Seller and the Rating Agencies, a statement setting forth the following information, expressed with respect to clauses (i) through (vi) in the aggregate and as to a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the distributions made on such Distribution Date setting forthcase of Class A-8 and Class X Certificates, a Notional Amount of $1000, or in the case of the Residual Certificates, an initial Current Principal Amount of $50:
(i) with respect to each Loan Group, the amount Current Principal Amount (or Notional Amount in the case of the related distribution to Holders Class A-8 and Class X Certificates) of each Class allocable of Certificates immediately prior to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included thereinsuch Distribution Date;
(ii) the amount of the distribution made allocable to principal on such Distribution Date to the Holders of each applicable Class of Regular Certificates allocable to interest, separately identifiedCertificates;
(iii) the applicable accrual periods for calculating distributions and general distribution datesaggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class of interest-bearing Certificates during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Loan Group, the total cash flows received and the general sources thereofClass of interest-bearing Certificates;
(v) the Pass-Through Rate amount of the distribution allocable to interest on each Class of Regular Certificates for such Distribution Dateinterest-bearing Certificates;
(vi) the Pass-Through Rate Rates for each Class of interest-bearing Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate CapDistribution Date;
(vii) the aggregate amount of Advances included Current Principal Amount (or Notional Amount in the distribution on case of the Class A-8 and Class X Certificates) of each Class of Certificates after such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Overcollateralization Target AmountSub-Servicers or the Master Servicer included in such distribution separately stated for each Mortgage Loan Group;
(ix) the proceeds amount of any Realized Losses (if anylisted separately for each Mortgage Loan Group) from during the Interest Rate Swap Agreement related Prepayment Period and cumulatively since the Cut-off Date and the Cap Contractamount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) the amount of Scheduled Principal and Principal Prepayments, (including but separately identifying the principal amount of principal prepayments, Insurance Proceeds, the purchase price in connection with the purchase of Mortgage Loans, cash deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) with respect to each Mortgage Loan Group, Group and the number and Aggregate Stated Principal Balance of, and Realized Loss on, the principal balance of Mortgage Loans purchased or substituted for during the relevant period and cumulatively since the Cut-off Date with respect to each Mortgage Loan Group;
(xi) the number of Mortgage Loans (excluding REO Property) in each Mortgage Loan Group remaining in the Trust Fund as of the end of the related Due Period;
(xi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Principal Balance of information for each Mortgage Loans, using the OTS method, (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case Loan Group regarding any Mortgage Loan delinquencies as of the end of the preceding calendar related Due Period, including the aggregate number, aggregate Outstanding Principal Balance and aggregate Scheduled Principal Balance of Mortgage Loans delinquent one month, determined in the aggregate two months and separately for each Loan Groupthree months or more;
(xiii) with respect to for each Mortgage Loan Group, the number, aggregate principal balance and book value number of any REO Properties Mortgage Loans in the foreclosure process as of the close of business on the last day end of the calendar month preceding related Due Period and the month in which aggregate Outstanding Principal Balance of such Distribution Date occursMortgage Loans;
(xiv) for each Mortgage Loan Group, the number and aggregate amount Outstanding Principal Balance of Principal Prepayments made during all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Prepayment Due Period;
(xv) the aggregate amount book value (the sum of Realized Losses incurred during (A) the related Prepayment Period Outstanding Principal Balance of the Mortgage Loan, (B) accrued interest through the date of foreclosure and (C) foreclosure expenses) of any REO Property in each Mortgage Loan Group; PROVIDED THAT, in the event that such information is not available to the relevant Master Servicer and the cumulative amount of Realized LossesTrustee on the Distribution Date, such information shall be furnished promptly after it becomes available;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of Realized Losses allocated to each Class of Certificates since the Servicing Fees paid to or retained by prior Distribution Date and in the Servicer aggregate for the related Due Period;all prior Distribution Dates; and
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Distribution Account for such Distribution Date;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the then applicable Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Certificate Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated calculated, or reported, as the case may be, by the TrusteeMaster Servicer, based solely on, and to the extent of, information provided to upon which the Trustee may conclusively rely. The information furnished by the Master Servicer. The Servicer shall be sufficient for the Trustee may conclusively rely on such information and shall not be to calculate any statements it is required to confirm, verify or recalculate any such information. The Trustee may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s website initially located at “xxx.xx.xxxxxxxxxx.xxxmake.” Assistance in using the website can be obtained by calling the Trustee’s customer service desk at 000-000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Mortgage Securities Inc)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trusteeparties hereto and each Certificateholder via the Securities Administrator’s internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount of each Class of Certificates immediately prior to such Distribution Date; Certificates;
(ii) the amount of the distribution allocable to principal on each applicable Class of
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass- Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date; Date;
(vii) the Current Principal Amount of each Class of Certificates after such Distribution
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut- off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestPrepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become foreclosure expenses) of any REO Property, Property in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect ; provided that, in the event that such information is not available to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution Date;Dates; and
(xviii) the aggregate amount of any Prepayment Interest Shortfalls Average Loss Severity Percentage for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;each Loan Group; and
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to then applicable Group I, Group II, Group III, Group IV and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Group V Senior Percentage, the Group I, Group II, Group III, Group IV and Group V Senior Prepayment Percentage, the Group I, Group II, Group III, Group IV and Group V Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan II, Group III;
(xxii) the , Group I Available Funds, the Group II Available Funds IV and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “V Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested party, the monthly statement to Certificateholders via the TrusteeSecurities Administrator’s website initially located at “xxx.xx.xxxxxxxxxx.xxxxxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the TrusteeSecurities Administrator’s customer service desk at (000-) 000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the TrusteeSecurities Administrator’s customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end .
(b) By April 30 of each calendar yearyear beginning in 2006, the Trustee shall prepare and forward, Securities Administrator will furnish such report to each Person who Holder of the Certificates of record at any time during the prior calendar year was a Holder as to the aggregate of a Certificate, a statement containing the information set forth in amounts reported pursuant to subclauses (ia)(ii) and (iia)(v) aboveabove with respect to the Certificates, aggregated plus information with respect to the amount of servicing compensation and such other customary information as the Securities Administrator may determine to be necessary and/or to be required by the Internal Revenue Service or by a federal or state law or rules or regulations to enable such Holders to prepare their tax returns for such calendar year or applicable portion thereof during which such person was a Certificateholderyear. Such obligation of the Trustee obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year Securities Administrator or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any the requirements of the Code as from time to time are in forceCode.
Appears in 1 contract
Samples: Pooling and Servicing Agreement
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of each Holder Class of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestprepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Pass-Through Rate on each Class of Regular Certificates for such Distribution relevant period and cumulatively since the Cut- off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become foreclosure expenses) of any REO Property, Property in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect ; provided that, in the event that such information is not available to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution Date;Dates; and
(xviii) the aggregate amount of any Prepayment Interest Shortfalls Average Loss Severity for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls prior calendar month for such Distribution Date;each Loan Group; and
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to then applicable Group 1, Group 2, Group 3, Group 4, Group 5, Group 6 and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Group 7 Senior Percentage, the Group 1, Group 2, Group 3, Group 4, Group 5, Group 6 and Group 7 Senior Prepayment Percentage, the Group 1, Group 2, Group 3, Group 4, Group 5, Group 6 and Group 7 Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I1, Loan Group II and Loan 2, Group III;
(xxii) the 3, Group I Available Funds4, the Group II Available Funds 5, Group 6 and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “7 Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested partyparty , the monthly statement to Certificateholders via the Trustee’s Securities Administrator's website initially located at “xxx.xx.xxxxxxxxxx.xxx"www.ctslink.com.” Assistance in using " Axxxxxxxxx xx xxing the website can be obtained by calling the Trustee’s Securities Administrator's customer service desk at 000(301) 815-000-00006600. Parties that are Parxxxx xxxx xxx unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Arm Trust 2002-7)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount or Notional Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount or Notional Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestPrepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Pass-Through Rate on each Class of Regular Certificates for such Distribution relevant period and cumulatively since the Cut- off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate book value (the sum of (A) the Outstanding Principal Balance or Certificate Notional Amountof the Mortgage Loan, as applicable(B) accrued interest through the date of foreclosure and (C) foreclosure expenses) of any REO Property in each Loan Group; provided that, in the event that such information is not available to the Securities Administrator on the Distribution Date, such information shall be furnished promptly after it becomes available;
(xvii) the amount of Realized Losses allocated to each Class before and after giving effect (i) to all distributions allocable to principal on such of Certificates since the prior Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Principal Balance of Mortgage Loans, using the OTS method, (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately for all prior Distribution Dates; and
(xviii) the Average Loss Severity Percentage for each Loan Group;
(xiiixix) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business on the last day of the calendar month preceding the month in which such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Period;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Distribution Account Diverted Amount for such Distribution Date;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;; and
(xx) the aggregate of any deposits to then applicable Group I-1, Group I-2, Group I-3, Group I-4, Group II-1, Group II-2 , Group II-3 and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Group II-4 Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s website initially located at “xxx.xx.xxxxxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Trustee’s customer service desk at 000-000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mort Inv Ii Inc Bear Stearns Arm Tr 2004 2)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee shall prepare and make available on to the parties hereto and each Certificateholder via the Trustee’s 's internet website as set forth below, the following information, expressed with respect to clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of each Holder Class of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) with respect to each Loan Group, the amount of the related distribution to Holders Current Principal Amount of each Class allocable of Certificates immediately prior to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included thereinsuch Distribution Date;
(ii) the amount of the distribution made allocable to principal on such Distribution Date to the Holders of each applicable Class of Regular Certificates allocable to interest, separately identifiedCertificates;
(iii) the applicable accrual periods for calculating distributions and general distribution datesaggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Loan Group, the total cash flows received and the general sources thereofClass of Certificates;
(v) the Pass-Through Rate amount of the distribution allocable to interest on each Class of Regular Certificates for such Distribution DateCertificates;
(vi) the Pass-Through Rate Rates for each Class of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate CapDistribution Date;
(vii) the aggregate amount Current Principal Amount of Advances included in the distribution on each Class of Certificates after such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Overcollateralization Target AmountServicer included in such distribution;
(ix) the proceeds aggregate amount of any Realized Losses (if anylisted separately for each category of Realized Loss) from during the Interest Rate Swap Agreement related Prepayment Period and cumulatively since the Cut-off Date and the Cap Contractamount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan Groupwhich incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to the Mortgage Loans, the amount of Scheduled Principal and Principal Prepayments, (including but separately identifying the principal amount of principal prepayments, Insurance Proceeds, the purchase price in connection with the purchase of Mortgage Loans, cash deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the number and Aggregate Stated Principal Balance of, principal balance of Mortgage Loans purchased or substituted for during the relevant period and Realized Loss on, cumulatively since the Cut-off Date;
(xii) the number of Mortgage Loans (excluding REO Property) remaining in the Trust Fund as of the end of the related Prepayment Period;
(xiii) information for the Mortgage Loans and in the aggregate regarding any Mortgage Loan delinquencies as of the end of the related Prepayment Period, including the aggregate number and aggregate Outstanding Principal Balance of Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiv) the number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the aggregate Outstanding Principal Balance of such Mortgage Loans;
(xv) the number and aggregate Outstanding Principal Balance of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiiiforeclosure expenses) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of Property; provided that, in the close of business event that such information is not available to the Trustee on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution Date;Dates; and
(xviii) the aggregate amount of any Prepayment Interest Shortfalls Average Loss Severity for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;prior calendar month; and
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the then applicable Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the Trustee, based solely on, and to the extent of, information provided to the Trustee by the Master Servicer. The Trustee may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s website initially located at “xxx.xx.xxxxxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Trustee’s customer service desk at 000-000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee shall prepare and make available on the Trustee’s website as set forth below, forward by first-class mail to each Holder of Certificateholder, with a copy to the Regular Certificates, the Trustee, the Master Servicer Seller and the Rating Agencies, a statement setting forth the following information, expressed with respect to clauses (i) through (vi) in the aggregate and as to a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000 or in the distributions made on such Distribution Date setting forthcase of the Residual Certificates, an initial Current Principal Amount of $50 for Class R-1 and $25 for each of Class R-2 and Class R-3:
(i) with respect to each Loan Group, the amount of the related distribution to Holders Current Principal Amount of each Class allocable of Certificates immediately prior to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included thereinsuch Distribution Date;
(ii) the amount of the distribution made allocable to principal on such Distribution Date to the Holders of each applicable Class of Regular Certificates allocable to interest, separately identifiedCertificates;
(iii) the applicable accrual periods for calculating distributions and general distribution datesaggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Loan Group, the total cash flows received and the general sources thereofClass of Certificates;
(v) the Pass-Through Rate amount of the distribution allocable to interest on each Class of Regular Certificates for such Distribution DateCertificates;
(vi) the Pass-Through Rate Rates for each Class of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate CapDistribution Date;
(vii) the aggregate amount Current Principal Amount of Advances included in the distribution on each Class of Certificates after such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Overcollateralization Target AmountServicers or BSMCC included in such distribution;
(ix) the proceeds (if any) from amount of any Realized Losses during the Interest Rate Swap Agreement related Prepayment Period and cumulatively since the Cut-off Date and the Cap Contractamount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) the amount of Scheduled Principal and Principal Prepayments, (including but separately identifying the principal amount of principal prepayments, Insurance Proceeds, the purchase price in connection with respect to each Loan Groupthe purchase of Mortgage Loans, cash deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the number and Aggregate Stated Principal Balance of, and Realized Loss on, the principal balance of Mortgage Loans purchased or substituted for during the relevant period and cumulatively since the Cut-off Date;
(xi) the number of Mortgage Loans (excluding REO Property) remaining in the Trust Fund as of the end of the related Due Period;
(xi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Principal Balance of information regarding any Mortgage Loans, using the OTS method, (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case Loan delinquencies as of the end of the preceding calendar related Due Period, including the aggregate number, aggregate Outstanding Principal Balance and aggregate Scheduled Principal Balance of Mortgage Loans delinquent one month, determined in the aggregate two months and separately for each Loan Groupthree months or more;
(xiii) with respect to each Loan Group, the number, aggregate principal balance and book value number of any REO Properties Mortgage Loans in the foreclosure process as of the close of business on the last day end of the calendar month preceding related Due Period and the month in which aggregate Outstanding Principal Balance of such Distribution Date occursMortgage Loans;
(xiv) the number and aggregate amount Outstanding Principal Balance of Principal Prepayments made during all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Prepayment Due Period;
(xv) the aggregate amount book value (the sum of Realized Losses incurred during (A) the related Prepayment Period Outstanding Principal Balance of the Mortgage Loan, (B) accrued interest through the date of foreclosure and (C) foreclosure expenses) of any REO Property; PROVIDED THAT, in the cumulative amount of Realized Lossesevent that such information is not available to the Trustee on the Distribution Date, such information shall be furnished promptly after it becomes available;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of Realized Losses allocated to each Class of Certificates since the Servicing Fees paid to or retained by prior Distribution Date and in the Servicer aggregate for the related Due Period;all prior Distribution Dates; and
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Distribution Account for such Distribution Date;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the then applicable Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated calculated, or reported, as the case may be, by the Trustee, based solely on, and to the extent of, on information provided to the Trustee by the Master ServicerServicers. The Trustee may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s website initially located at “xxx.xx.xxxxxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Trustee’s customer service desk at 000-000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Certificate Principal Balance of $1,000, in the case of the Regular Interest Only Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthNotional Amount of $1,000:
(i) with respect to each Loan Group, the amount of the related distribution to Holders Certificate Principal Balance or Notional Amount of each Class allocable of Certificates immediately prior to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included thereinsuch Distribution Date;
(ii) the amount of the distribution made allocable to principal on such Distribution Date to the Holders of each applicable Class of Regular Certificates allocable to interest, separately identifiedCertificates;
(iii) the applicable accrual periods for calculating distributions and general distribution datesaggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Loan Group, the total cash flows received and the general sources thereofClass of Certificates;
(v) the Pass-Through Rate amount of the distribution allocable to interest on each Class of Regular Certificates for such Distribution DateCertificates;
(vi) the Pass-Through Rate Rates for each Class of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate CapDistribution Date;
(vii) the aggregate amount Certificate Principal Balance of Advances included in the distribution on each Class of Certificates after such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Overcollateralization Target AmountServicer or the Master Servicer included in such distribution;
(ix) the proceeds aggregate amount of any Realized Losses (if anylisted separately for each category of Realized Loss) from during the Interest Rate Swap Agreement related Prepayment Period and cumulatively since the Cut-off Date and the Cap Contractamount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan Groupwhich incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) the amount of Scheduled Principal and Principal Prepayments, (including but separately identifying the principal amount of principal prepayments, Insurance Proceeds, the purchase price in connection with the purchase of Mortgage Loans, cash deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the number and Aggregate Stated principal balance of Mortgage Loans purchased or substituted for during the relevant period and cumulatively since the Cut-off Date;
(xii) the number of Mortgage Loans (excluding REO Property) remaining in the Trust Fund as of the end of the related Prepayment Period;
(xiii) information for each Loan Group and in the aggregate regarding any Mortgage Loan delinquencies as of the end of the related Prepayment Period, including the aggregate number and aggregate Outstanding Principal Balance ofof Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, (b) delinquent 60 to 89 days on a contractual basis, and Realized Loss on(c) delinquent 90 or more days on a contractual basis, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiv) the number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the aggregate Outstanding Principal Balance of such Mortgage Loans;
(xv) the number and aggregate Outstanding Principal Balance of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiiiforeclosure expenses) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of Property; provided that, in the close of business event that such information is not available to the Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution Date;Dates; and
(xviii) the aggregate amount Interest Carry Forward Amount and any Basis Risk Shortfall Carry Forward Amount for each Class of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution DateCertificates;
(xix) the Accrued Certificate Interest in respect amount of such distribution to Holders of each Class of Certificates for such Distribution Dateallocable to interest and the portion thereof, if any, provided by the Cap Contract;
(xx) the aggregate cumulative amount of Applied Realized Loss Amounts to date and, in addition, if the Certificate Principal Balances of the Class M-1, Class M-2 and Class M-3 Certificates have all been reduced to zero, the cumulative amount of any deposits Realized Losses that have not been allocated to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;any Certificates; and
(xxi) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and BloombergTrigger Event exists. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested partyparty , the monthly statement to Certificateholders via the Trustee’s Securities Administrator's website initially located at “xxx.xx.xxxxxxxxxx.xxx"xxx.xxxxxxx.xxx.” " Assistance in using the website can be obtained by calling the Trustee’s Securities Administrator's customer service desk at (000-) 000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mort Inv Inc Mort Pass THR Cert Ser 2002-2)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount or Notional Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount or Notional Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestPrepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become foreclosure expenses) of any REO Property, Property in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect ; provided that, in the event that such information is not available to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution Date;Dates; and
(xviii) the aggregate amount of any Prepayment Interest Shortfalls Average Loss Severity Percentage for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;each Loan Group; and
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to then applicable Group I-1, Group I-2, Group I-3, Group I-4, Group I-5, Group II-1, Group II-2, Group II-3, Group III-1 and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Group III-2 Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s website initially located at “xxx.xx.xxxxxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Trustee’s customer service desk at 000-000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns ARM Trust 2004-10)
Statements to Certificateholders. (a) On a)Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Certificate Principal Balance of $1,000, in the case of the Regular Class B-IO Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthNotional Amount of $1,000:
(i) with respect to each Loan Group, the amount of the related distribution to Holders Certificate Principal Balance or Notional Amount of each Class allocable of Certificates immediately prior to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included thereinsuch Distribution Date;
(ii) the amount of the distribution made allocable to principal on such Distribution Date to the Holders of each applicable Class of Regular Certificates allocable to interest, separately identifiedCertificates;
(iii) the applicable accrual periods for calculating distributions and general distribution datesaggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Loan Group, the total cash flows received and the general sources thereofClass of Certificates;
(v) the Pass-Through Rate amount of the distribution allocable to interest on each Class of Regular Certificates for such Distribution DateCertificates;
(vi) the Pass-Through Rate Rates for each Class of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate CapDistribution Date;
(vii) the aggregate amount Certificate Principal Balance of Advances included in the distribution on each Class of Certificates after such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Overcollateralization Target AmountServicer or the Master Servicer included in such distribution;
(ix) the proceeds aggregate amount of any Realized Losses (if anylisted separately for each category of Realized Loss) from during the Interest Rate Swap Agreement related Prepayment Period and cumulatively since the Cut-off Date and the Cap Contractamount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan Groupwhich incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Stated Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Stated Principal Balance of such Mortgage Loan for such Distribution Date, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) the amount of Scheduled Principal and Principal Prepayments, (including but separately identifying the principal amount of principal prepayments, Insurance Proceeds, the purchase price in connection with the purchase of Mortgage Loans, cash deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the number and Aggregate Stated principal balance of Mortgage Loans purchased or substituted for during the relevant period and cumulatively since the Cut-off Date;
(xii) the number of Mortgage Loans (excluding REO Property) remaining in the Trust Fund as of the end of the related Prepayment Period;
(xiii) information in the aggregate regarding any Mortgage Loan delinquencies as of the end of the related Prepayment Period, including the aggregate number and aggregate Outstanding Principal Balance ofof Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, (b) delinquent 60 to 89 days on a contractual basis, and Realized Loss on(c) delinquent 90 or more days on a contractual basis, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiv) the number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the aggregate Outstanding Principal Balance of such Mortgage Loans;
(xv) the number and aggregate Outstanding Principal Balance of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiiiforeclosure expenses) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of Property; provided that, in the close of business event that such information is not available to the Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution DateDates;
(xviii) the aggregate amount Interest Carry Forward Amount and any Basis Risk Shortfall Carry Forward Amount for each Class of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution DateCertificates;
(xix) the Accrued Certificate Interest in respect amount of such distribution to Holders of each Class of Certificates for such Distribution Dateallocable to interest and the portion thereof, if any, provided by the Cap Contracts;
(xx) the aggregate cumulative amount of any deposits Applied Realized Loss Amounts to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;date; and
(xxi) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and BloombergTrigger Event exists. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s Securities Administrator's website initially located at “xxx.xx.xxxxxxxxxx.xxx"www.ctslink.com.” " Assistance in using the website can be obtained by calling obtainxx xx xxxxxxx the Trustee’s Securities Administrator's customer service desk at 000(301) 815-000-00006600. Parties that are unable to use the above distribution option distxxxxxxxx xxxxxn are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s Securities Administrator's customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after To the end of each calendar yearextent timely received from the Securities Administrator, the Trustee shall prepare and forward, will also make monthly statements available each month to each Person who Certificateholders via the Trustee's internet website. The Trustee's internet website will initially be located at any time during www.jpmorgan.com/sfr. Assistance in using the calendar year was a Holder of a Certificate, a statement containing Trustee's website xxxxxxx xxx xx xxxxxned by calling the information set forth in subclauses Trustee's customer service desk at (i877) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force722-1095.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns BSALTA 2004-13)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of each Holder Class of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestprepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become foreclosure expenses) of any REO Property, Property in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect ; provided that, in the event that such information is not available to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution DateDates;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls Average Loss Severity for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls prior calendar month for such Distribution Date;each Loan Group; and
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to then applicable Group 1, Group 2, Group 3, Group 4, Group 5 and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Group 6 Senior Percentage, the Group 1, Group 2, Group 3, Group 4 , Group 5 and Group 6 Senior Prepayment Percentage, the Group 1, Group 2, Group 3, Group 4, Group 5 and Group 6 Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I1, Loan Group II and Loan 2, Group III;
(xxii) the 3, Group I Available Funds4, the Group II Available Funds 5 and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “6 Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested partyparty , the monthly statement to Certificateholders via the Trustee’s Securities Administrator's website initially located at “xxx.xx.xxxxxxxxxx.xxx"www.ctslink.com.” Assistance in using " Axxxxxxxxx xx xxing the website can be obtained by calling the Trustee’s Securities Administrator's customer service desk at 000(301) 815-000-00006600. Parties that are Parxxxx xxxx xxx unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by Holders of the Master ServicerCertificates, the Trustee Securities Administrator shall prepare and make available on to the Trusteeparties hereto, each Rating Agency and each such Holder via the Securities Administrator’s internet website as set forth below, a Certificates Distribution Report containing the following information with respect to each Holder the Certificates and the Mortgage Loans, expressed with respect to clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of the Regular Class R-1 Certificates and Class R-2 Certificates, the Trusteean initial Current Principal Amount of $50 and $50, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthrespectively:
(i) with respect to each Loan Group, the amount of the related distribution to Holders Current Principal Amount (or Notional Amount) of each Class allocable of Certificates immediately prior to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included thereinsuch Distribution Date;
(ii) the amount of the distribution made allocable to principal on such Distribution Date to the Holders of each applicable Class of Regular Certificates allocable to interest, separately identifiedCertificates;
(iii) the applicable accrual periods for calculating distributions and general distribution datesaggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Loan Group, the total cash flows received and the general sources thereofClass of Certificates;
(v) the Pass-Through Rate amount of the distribution allocable to interest on each Class of Regular Certificates for such Distribution DateCertificates;
(vi) the Pass-Through Rate Rates for each Class of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate CapDistribution Date;
(vii) the aggregate amount Current Principal Amount (or Notional Amount) of Advances included in the distribution on each Class of Certificates after such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Overcollateralization Target AmountMaster Servicer or the Servicer included in such distribution;
(ix) the proceeds aggregate amount of any Realized Losses (if anylisted separately for each category of Realized Loss) from during the Interest Rate Swap Agreement related Prepayment Period and cumulatively since the Cut-off Date and the Cap Contractamount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan Groupwhich incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) the amount of Scheduled Principal and Principal Prepayments, (including but separately identifying the principal amount of Principal Prepayments, Insurance Proceeds, the purchase price in connection with the purchase of Mortgage Loans, cash deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the number and Aggregate Stated principal balance of Mortgage Loans purchased or substituted for during the relevant period and cumulatively since the Cut-off Date;
(xii) the number of Mortgage Loans (excluding REO Property) remaining in the Trust Fund as of the end of the related Prepayment Period;
(xiii) information regarding any Mortgage Loan delinquencies as of the end of the related Prepayment Period, including the aggregate number and aggregate Outstanding Principal Balance ofof Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, (b) delinquent 60 to 89 days on a contractual basis, and Realized Loss on(c) delinquent 90 or more days on a contractual basis, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiv) the number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the aggregate Outstanding Principal Balance of such Mortgage Loans;
(xv) the number and aggregate Outstanding Principal Balance of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiiiforeclosure expenses) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of Property; provided that, in the close of business event that such information is not available to the Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution Date;Dates; and
(xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution DateAverage Loss Severity Percentage;
(xix) the Accrued Certificate Interest in respect amount of each Class of Certificates for Special Hazard Losses, Fraud Losses, Bankruptcy Losses and Extraordinary Losses on such Distribution Date;Date and in the aggregate for all prior Distribution Dates; and
(xx) the aggregate of any deposits to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the then applicable Subgroup Senior Percentage, the Subgroup Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and BloombergSubgroup. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested party, the monthly statement Certificates Distribution Report to Certificateholders Holders of the Certificates via the TrusteeSecurities Administrator’s website initially located at “xxx.xx.xxxxxxxxxx.xxxxxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the TrusteeSecurities Administrator’s customer service desk at (000-) 000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the TrusteeSecurities Administrator’s customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after To the end extent timely received from the Securities Administrator, the Trustee will also make monthly statements available each month to Certificateholders via the Trustee’s internet website. The Trustee’s internet website will initially be located at “xxxxx://xxxxxxxxxxxxxxxxxxxxxx.xxxxxx.xxx”. Assistance in using the Trustee’s website service can be obtained by calling the Trustee’s customer service desk at (000) 000-0000.
(b) By April 30 of each calendar year, the Trustee shall prepare and forward, Securities Administrator will furnish such report to each Person who Holder of the Certificates of record at any time during the prior calendar year was a Holder as to the aggregate of a Certificate, a statement containing the information set forth in amounts reported pursuant to subclauses (ia)(ii) and (iia)(v) aboveabove with respect to the Certificates, aggregated plus information with respect to the amount of servicing compensation and such other customary information as the Securities Administrator may determine to be necessary and/or to be required by the Internal Revenue Service or by a federal or state law or rules or regulations to enable such Holders to prepare their tax returns for such calendar year or applicable portion thereof during which such person was a Certificateholderyear. Such obligation of the Trustee obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any the requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in forceCode.
Appears in 1 contract
Statements to Certificateholders. (a) On each Distribution Date, based, as applicable, on information provided to it by the Master Servicer, the Trustee Securities Administrator shall prepare and make available on the TrusteeSecurities Administrator’s website as set forth below, to each Holder of the Regular Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forth:
(i) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interest, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan Group, the total cash flows received and the general sources thereof;
(v) the Pass-Through Rate on each Class of Regular Certificates for such Distribution Date;
(vi) the Pass-Through Rate for each Class of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate Cap;
(vii) the aggregate amount of Advances included in the distribution on such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount and the Overcollateralization Target Amount;
(ix) the proceeds (if any) from each of the Interest Rate Swap Cap Agreement and the Cap ContractFloor Agreement;
(x) with respect to each Loan Group, the number and Aggregate Stated Principal Balance of, and Realized Loss on, the Mortgage Loans as of the end of the related Due Period;
(xi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Principal Balance of Mortgage Loans, using the OTS method, (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Groupaggregate;
(xiii) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business on the last day of the calendar month preceding the month in which such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Period;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Distribution Account for such Distribution Date;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Senior Percentage, aggregate of any deposits to and withdrawals from the Senior Prepayment Percentage, the Subordinate Percentage Floor Contract Reserve Fund for such Distribution Date and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II remaining amount on deposit in the Floor Contract Reserve Fund after such deposits and Loan Group IIIwithdrawals;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth reported in the Form 10-D relating to such Distribution Date, with respect to each Loan Group the Mortgage Loans and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Groupfollowing: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth reported in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee Securities Administrator shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee Securities Administrator and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested party, the monthly statement to Certificateholders via the TrusteeSecurities Administrator’s website initially located at “xxx.xx.xxxxxxxxxx.xxxxxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the TrusteeSecurities Administrator’s customer service desk at (000-) 000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the TrusteeSecurities Administrator’s customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Class R Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time are in force.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (American Home Mortgage Assets Trust 2007-1)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee shall prepare and make available on to the parties hereto and each Certificateholder via the Trustee’s internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related calendar month and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestPrepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related calendar month, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans using the MBA method of calculation (a) Delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) Delinquent 60 to 89 days on a contractual basis, and (c) Delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become foreclosure expenses) of any REO Property, Property in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect ; provided that, in the event that such information is not available to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business Trustee on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution Date;Dates; and
(xviii) the aggregate amount of any Prepayment Interest Shortfalls Average Loss Severity Percentage for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;each Loan Group; and
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to then applicable Group I, Group II and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Group III Senior Percentage, the Group I, Group II and Group III Senior Prepayment Percentage, the Group I, Group II and Group III Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the Trustee, based solely on, and to the extent of, information provided to the Trustee by the Master Servicer. The Trustee may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s website initially located at “xxx.xx.xxxxxxxxxx.xxxwxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Trustee’s customer service desk at (000-) 000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end .
(b) By April 30 of each calendar yearyear beginning in 2008, the Trustee shall prepare and forward, will furnish such report to each Person who Holder of the Certificates of record at any time during the prior calendar year was a Holder as to the aggregate of a Certificate, a statement containing the information set forth in amounts reported pursuant to subclauses (ia)(ii) and (iia)(v) aboveabove with respect to the Certificates, aggregated plus information, upon request, with respect to the amount of servicing compensation and such other customary information as the Trustee may determine to be necessary and/or to be required by the Internal Revenue Service or by a federal or state law or rules or regulations to enable such Holders to prepare their tax returns for such calendar year or applicable portion thereof during which such person was a Certificateholderyear. Such obligation of the Trustee obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any the requirements of the Code as from time to time are in forceCode.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns ARM Trust 2007-3)
Statements to Certificateholders. (a) On each Distribution Date, based, as applicable, on information provided concurrently with each distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $100:
(i) the Current Principal Amount or Notional Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount or Notional Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestPrepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become foreclosure expenses) of any REO Property, Property in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect ; provided that, in the event that such information is not available to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution DateDates;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls Average Loss Severity Percentage for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;each Loan Group; and
(xix) the Accrued Certificate Interest Senior Percentage, Senior Prepayment Percentage, Subordinate Percentage and Subordinate Prepayment Percentage, in respect of each Class of Certificates case, for such Distribution Date;
(xx) the aggregate of any deposits to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s Securities Administrator's website initially located at “xxx.xx.xxxxxxxxxx.xxx"www.ctslink.com.” Assistance in using " Xxxxxxxxxx xx xsing the website can be obtained by calling the Trustee’s Securities Administrator's customer service desk at 000(301) 815-000-00006600. Parties that are Paxxxxx xxxx xxx unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s Securities Administrator's customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within To the extent timely received from the Securities Administrator, the Trustee will also make monthly statements available each month to Certificateholders via the Trustee's internet website. The Trustee's internet website will initially be located at www.jpmorgan.com/sxx. Xxxxxxxxxx xx xxing the Trustee's website service can be obtained by calling the Trustee's customer service desk at (877) 722-1095.
(x) Xxthin a reasonable period of time after the end of each the preceding calendar yearyear beginning in 2004, the Trustee shall prepare and forward, will furnish such report to each Person who Holder of the Certificates of record at any time during the prior calendar year was a Holder as to the aggregate of a Certificate, a statement containing the information set forth in amounts reported pursuant to subclauses (ia)(ii) and (iia)(v) aboveabove with respect to the Certificates, aggregated plus information with respect to the amount of servicing compensation and such other customary information as the Securities Administrator may determine and advises the Trustee to be necessary and/or to be required by the Internal Revenue Service or by a federal or state law or rules or regulations to enable such Holders to prepare their tax returns for such calendar year or applicable portion thereof during which such person was a Certificateholderyear. Such obligation of the Trustee obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year Securities Administrator or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any the requirements of the Code as from time to time are in forceCode.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Alt a Trust Mort Pass THR Certs Sers 2003-6)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto, MBIA and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of each Holder Class of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) with respect to each Loan Group, the amount of the related distribution to Holders Current Principal Amount or Notional Amount of each Class allocable of Certificates immediately prior to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included thereinsuch Distribution Date;
(ii) the amount of the distribution made allocable to principal on such Distribution Date to the Holders of each applicable Class of Regular Certificates allocable to interest, separately identifiedCertificates;
(iii) the applicable accrual periods for calculating distributions and general distribution datesaggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Loan Group, the total cash flows received and the general sources thereofClass of Certificates;
(v) the Pass-Through Rate amount of the distribution allocable to interest on each Class of Regular Certificates for such Distribution DateCertificates;
(vi) the Pass-Through Rate Rates for each Class of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate CapDistribution Date;
(vii) the aggregate amount Current Principal Amount or Notional Amount of Advances included in the distribution on each Class of Certificates after such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Overcollateralization Target AmountMaster Servicer or the Servicer included in such distribution;
(ix) the proceeds (if any) from aggregate amount of any Realized Losses during the Interest Rate Swap Agreement related Prepayment Period and cumulatively since the Cut-off Date and the Cap Contractamount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan Groupwhich incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) the amount of Scheduled Principal and Principal Prepayments, (including but separately identifying the principal amount of principal prepayments, Insurance Proceeds, the purchase price in connection with the purchase of Mortgage Loans, cash deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the number and Aggregate Stated principal balance of Mortgage Loans purchased or substituted for during the relevant period and cumulatively since the Cut-off Date;
(xii) the number of Mortgage Loans (excluding REO Property) remaining in the Trust Fund as of the end of the related Prepayment Period;
(xiii) information regarding any Mortgage Loan delinquencies as of the end of the related Prepayment Period, including the aggregate number and aggregate Outstanding Principal Balance ofof Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, (b) delinquent 60 to 89 days on a contractual basis, and Realized Loss on(c) delinquent 90 or more days on a contractual basis, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiv) the number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the aggregate Outstanding Principal Balance of such Mortgage Loans;
(xv) the number and aggregate Outstanding Principal Balance of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiiiforeclosure expenses) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of Property; provided that, in the close of business event that such information is not available to the Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution Date;Dates; and
(xviii) the aggregate amount of any Prepayment Interest Shortfalls Average Loss Severity for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Dateprior calendar month;
(xix) the Accrued Certificate Interest in respect amount of each Class of Certificates for Special Hazard Losses, Fraud Losses, Bankruptcy Losses and Extraordinary Losses on such Distribution Date;Date and in the aggregate for all prior Distribution Dates; and
(xx) the aggregate of any deposits to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested partyparty , the monthly statement to Certificateholders via the Trustee’s Securities Administrator's website initially located at “xxx.xx.xxxxxxxxxx.xxx"xxx.xxxxxxx.xxx.” " Assistance in using the website can be obtained by calling the Trustee’s Securities Administrator's customer service desk at (000-) 000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s Securities Administrator's customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after To the end of each calendar yearextent timely received from the Securities Administrator, the Trustee shall prepare will also make monthly statements available each month to Certificateholders and forward, to each Person who MBIA via the Trustee's internet website. The Trustee's internet website will initially be located at any time during xxx.xxxxxxxx.xxx/xxxxxx. Assistance in using the calendar year was a Holder of a Certificate, a statement containing Trustee's website service can be obtained by calling the information set forth in subclauses Trustee's customer service desk at (i000) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force000-0000.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mort Inv Inc Mort Pass THR Certs Ser 2003-1)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount or Notional Amount of $1,000, or in the case of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount or Notional Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount or Notional Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicer included in such distribution;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestPrepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Pass-Through Rate on each Class of Regular Certificates for such Distribution relevant period and cumulatively since the Cut- off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate book value (the sum of (A) the Outstanding Principal Balance or Certificate Notional Amountof the Mortgage Loan, as applicable(B) accrued interest through the date of foreclosure and (C) foreclosure expenses) of any REO Property in each Loan Group; provided that, in the event that such information is not available to the Securities Administrator on the Distribution Date, such information shall be furnished promptly after it becomes available;
(xvii) the amount of Realized Losses allocated to each Class before and after giving effect (i) to all distributions allocable to principal on such of Certificates since the prior Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Principal Balance of Mortgage Loans, using the OTS method, (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately for all prior Distribution Dates; and
(xviii) the Average Loss Severity Percentage for each Loan Group;
(xiii) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business on the last day of the calendar month preceding the month in which such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Period;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Distribution Account for such Distribution Date;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to then applicable Group 1, Group 2, Group 3, Group 4, Group 5 and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Group 6 Senior Percentage, the Group 1, Group 2, Group 3, Group 4, Group 5 and Group 6 Senior Prepayment Percentage, the Group 1, Group 2, Group 3, Group 4, Group 5 and Group 6 Subordinate Prepayment Percentage and the Subordinate Prepayment Percentage for Loan Group I1, Loan Group II and Loan 2, Group III;
(xxii) the 3, Group I Available Funds4, the Group II Available Funds 5 and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment 6 Subordinate Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested partyparty , the monthly statement to Certificateholders via the Trustee’s Securities Administrator's website initially located at “xxx.xx.xxxxxxxxxx.xxx"www.ctslink.com.” " Assistance in using the website usixx xxx xxxxxxx can be obtained by calling the Trustee’s Securities Administrator's customer service desk at 000(301) 815-000-00006600. Parties that are unable to use the unxxxx xx xxx xxe above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s Securities Administrator's customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after To the end of each calendar yearextent timely received from the Securities Administrator, the Trustee shall prepare and forward, will also make monthly statements available each month to each Person who Certificateholders via the Trustee's internet website. The Trustee's internet website will initially be located at any time during www.jpmorgan.com/sfr. Assistance in xxxxx xxx Xxxxxxx'x website service can be obtained by calling the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses Trustee's customer service desk at (i877) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force722-1095.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mort Inv Inc Mort Pas THR Certs Ser 2003-3)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by Holders of the Master ServicerCertificates, the Trustee shall prepare and make available on to the parties hereto, each Rating Agency and each such Holder via the Trustee’s internet website as set forth below, a Certificates Distribution Report containing the following information with respect to each Holder the Certificates and the Mortgage Loans, expressed with respect to clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50 each:
(i) with respect to each Loan Group, the amount of the related distribution to Holders Current Principal Amount (or Notional Amount) of each Class allocable of Certificates immediately prior to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included thereinsuch Distribution Date;
(ii) the amount of the distribution made allocable to principal on such Distribution Date to the Holders of each applicable Class of Regular Certificates allocable to interest, separately identifiedCertificates;
(iii) the applicable accrual periods for calculating distributions and general distribution datesaggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Loan Group, the total cash flows received and the general sources thereofClass of Certificates;
(v) the Pass-Through Rate amount of the distribution allocable to interest on each Class of Regular Certificates for such Distribution DateCertificates;
(vi) the Pass-Through Rate Rates for each Class of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate CapDistribution Date;
(vii) the aggregate amount Current Principal Amount (or Notional Amount) of Advances included in the distribution on each Class of Certificates after such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Overcollateralization Target AmountMaster Servicer or the Servicers included in such distribution;
(ix) the proceeds aggregate amount of any Realized Losses (if anylisted separately for each category of Realized Loss) from during the Interest Rate Swap Agreement preceding calendar month and cumulatively since the Cut-off Date and the Cap Contractamount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan Groupwhich incurred a Realized Loss during the preceding calendar month, (i) the number and Aggregate Stated loan number, (ii) the Scheduled Principal Balance of, and Realized Loss on, the of such Mortgage Loans Loan as of the end Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) the Certificate amount of Scheduled Principal Balance and Principal Prepayments, (including but separately identifying the principal amount of Principal Prepayments, Insurance Proceeds, the purchase price in connection with the purchase of Mortgage Loans, cash deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the number and principal balance of Mortgage Loans purchased or Certificate Notional Amount, as applicable, of each Class before substituted for during the relevant period and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) cumulatively since the allocation of any Applied Realized Loss Amounts for such Distribution Cut-off Date;
(xii) the number and Aggregate Stated Principal Balance of Mortgage Loans, using the OTS method, Loans (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become excluding REO Property, ) remaining in each case the Trust Fund as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect information regarding any Mortgage Loan delinquencies as of the end of the previous calendar month, including the aggregate number and aggregate Outstanding Principal Balance of Mortgage Loans using the MBA method of calculation (a) Delinquent 30 to 59 days on a contractual basis, (b) Delinquent 60 to 89 days on a contractual basis, and (c) Delinquent 90 or more days on a contractual basis, in each Loan Group, the number, aggregate principal balance and book value of any REO Properties case as of the close of business on the last day Business Day of the calendar month immediately preceding the month in which such Distribution Date occursmonth;
(xiv) the aggregate amount number of Principal Prepayments made during Mortgage Loans in the foreclosure process as of the end of the related Prepayment PeriodDue Period and the aggregate Outstanding Principal Balance of such Mortgage Loans;
(xv) the number and aggregate amount Outstanding Principal Balance of Realized Losses incurred during all Mortgage Loans as to which the related Prepayment Period and Mortgaged Property was REO Property as of the cumulative amount end of Realized Lossesthe preceding calendar month;
(xvi) the amount, if any, book value (the sum of fees or expenses accrued and paid, with an identification (A) the Outstanding Principal Balance of the payee Mortgage Loan, (B) accrued interest through the date of foreclosure and (C) foreclosure expenses) of any REO Property; provided that, in the general purpose of event that such fees including information is not available to the related amount of Trustee on the Servicing Fees paid to or retained by the Servicer for the related Due PeriodDistribution Date, such information shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution Date;Dates; and
(xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution DateAverage Loss Severity Percentage;
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;[Reserved]
(xx) the aggregate of any deposits to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the then applicable Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the Trustee, based solely on, and to the extent of, information provided to the Trustee by the Master Servicer. The Trustee may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee may make available each month, to any interested party, the monthly statement Certificates Distribution Report to Certificateholders Holders of the Certificates via the Trustee’s website initially located at “xxx.xx.xxxxxxxxxx.xxxxxx.xxxxxx.xxx/xxx.” Assistance in using the website can be obtained by calling the Trustee’s customer service desk at (000-) 000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end .
(b) By April 30 of each calendar yearyear beginning in 2008, the Trustee shall prepare and forward, will furnish such report to each Person who Holder of the Certificates of record at any time during the prior calendar year was a Holder as to the aggregate of a Certificate, a statement containing the information set forth in amounts reported pursuant to subclauses (ia)(ii) and (iia)(v) aboveabove with respect to the Certificates, aggregated plus information with respect to the amount of servicing compensation and such other customary information as the Trustee may determine to be necessary and/or to be required by the Internal Revenue Service or by a federal or state law or rules or regulations to enable such Holders to prepare their tax returns for such calendar year or applicable portion thereof during which such person was a Certificateholderyear. Such obligation of the Trustee obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any the requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in forceCode.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Prime Mortgage Trust 2007-1)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of each Holder Class of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Servicer or the Securities Administrator included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestprepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become foreclosure expenses) of any REO Property, Property in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect ; provided that, in the event that such information is not available to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution Date;Dates; and
(xviii) the aggregate amount of any Prepayment Interest Shortfalls Average Loss Severity for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls prior calendar month for such Distribution Date;each Loan Group; and
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to then applicable Group 1 and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Group 2 Senior Percentage, the Group 1 and Group 2 Senior Prepayment Percentage, the Group 1 and Group 2 Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds 1 and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “2 Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee shall provide the Securities Administrator with a report in a mutually agreeable format, no later than one Business Day prior to each Distribution Date, detailing the distributions to be made on the Class R-X Certificates. The Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested partyparty , the monthly statement to Certificateholders via the Trustee’s Securities Administrator's website initially located at “xxx.xx.xxxxxxxxxx.xxx"www.ctslink.com.” Assistance in using " Axxxxxxxxx xx xxing the website can be obtained by calling the Trustee’s Securities Administrator's customer service desk at 000(301) 815-000-00006600. Parties that are Parxxxx xxxx xxx unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount or Notional Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount or Notional Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestPrepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become foreclosure expenses) of any REO Property, Property in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect ; provided that, in the event that such information is not available to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution Date;Dates; and
(xviii) the aggregate amount of any Prepayment Interest Shortfalls Average Loss Severity Percentage for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;each Loan Group; and
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to then applicable Group I, Group II, Group III and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Group IV Senior Percentage, the Group I, Group II, Group III and Group IV Senior Prepayment Percentage, the Group I, Group II, Group III and Group IV Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan II, Group III;
(xxii) the Group I Available Funds, the Group II Available Funds III and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “IV Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s Securities Administrator's website initially located at “xxx.xx.xxxxxxxxxx.xxx"www.ctslink.com.” Assistance in " Xxxxxxxxxx xx using the website can be obtained by calling the Trustee’s Securities Administrator's customer service desk at 000(301) 815-000-00006600. Parties that are Pxxxxxx xxxx xxe unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s Securities Administrator's customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after To the end of each calendar yearextent timely received from the Securities Administrator, the Trustee shall prepare and forwardwill also make monthly statements available each month to Certificateholders via the Trustee's internet website. The Trustee's internet website will initially be located at "https://trustinvexxxxxxxxxxxxx.xxxxxx. xxx". Xxxxxxxxxe in using the Trustee's website service can be obtained by calling the Trustee's customer service desk at (800) 934-6802.
(b) By April 30 of each year beginning in 2005, the Trustee will furnish such report to each Person who Holder of the Certificates of record at any time during the prior calendar year was a Holder as to the aggregate of a Certificate, a statement containing the information set forth in amounts reported pursuant to subclauses (ia)(ii) and (iia)(v) aboveabove with respect to the Certificates, aggregated plus information with respect to the amount of servicing compensation and such other customary information as the Securities Administrator may determine and advises the Trustee to be necessary and/or to be required by the Internal Revenue Service or by a federal or state law or rules or regulations to enable such Holders to prepare their tax returns for such calendar year or applicable portion thereof during which such person was a Certificateholderyear. Such obligation of the Trustee obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year Securities Administrator or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any the requirements of the Code as from time to time are in forceCode.
Appears in 1 contract
Statements to Certificateholders. (a) On Concurrently with each Distribution Datedistribution to Certificateholders, based, as applicable, on information provided to it by the Master Servicer, the Trustee shall prepare and make available on to the parties hereto and each Certificateholder via the Trustee’s internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related calendar month and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestPrepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related calendar month, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans using the MBA method of calculation (a) Delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) Delinquent 60 to 89 days on a contractual basis, and (c) Delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate book value (the sum of (A) the Outstanding Principal Balance or Certificate Notional Amountof the Mortgage Loan, as applicable(B) accrued interest through the date of foreclosure and (C) foreclosure expenses) of any REO Property in each Loan Group; provided that, in the event that such information is not available to the Trustee on the Distribution Date, such information shall be furnished promptly after it becomes available;
(xvii) the amount of Realized Losses allocated to each Class before and after giving effect (i) to all distributions allocable to principal on such of Certificates since the prior Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Principal Balance of Mortgage Loans, using the OTS method, (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately for all prior Distribution Dates; and
(xviii) the Average Loss Severity Percentage for each Loan Group;
(xiii) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business on the last day of the calendar month preceding the month in which such Distribution Date occurs;
(xivxix) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Period;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Distribution Group III Pre-Funding Account for such and the Group III Interest Coverage Account pursuant to Section 4.06 and Section 4.07, respectively, prior to a Distribution Date;
, the amount remaining on deposit in the Group III Pre-Funding Account (xviiiexclusive of investment income) and in the aggregate amount Group III Interest Coverage Account (exclusive of any Prepayment Interest Shortfalls for investment income), following such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for withdrawn from the Group III Pre-Funding Account and used to buy Group III Subsequent Mortgage Loans prior to such Distribution Date;
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;; and
(xx) the aggregate of any deposits to then applicable Group I, Group II and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Group III Senior Percentage, the Group I, Group II and Group III Senior Prepayment Percentage, the Group I, Group II and Group III Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the Trustee, based solely on, and to the extent of, information provided to the Trustee by the Master Servicer. The Trustee may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s website initially located at “xxx.xx.xxxxxxxxxx.xxxwxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Trustee’s customer service desk at (000-) 000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end .
(b) By April 30 of each calendar yearyear beginning in 2008, the Trustee shall prepare and forward, will furnish such report to each Person who Holder of the Certificates of record at any time during the prior calendar year was a Holder as to the aggregate of a Certificate, a statement containing the information set forth in amounts reported pursuant to subclauses (ia)(ii) and (iia)(v) aboveabove with respect to the Certificates, aggregated plus information, upon request, with respect to the amount of servicing compensation and such other customary information as the Trustee may determine to be necessary and/or to be required by the Internal Revenue Service or by a federal or state law or rules or regulations to enable such Holders to prepare their tax returns for such calendar year or applicable portion thereof during which such person was a Certificateholderyear. Such obligation of the Trustee obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any the requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in forceCode.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns ARM Trust 2007-5)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee shall prepare and make available on via the Trustee’s 's internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, in the case of the Regular Class I-A-IO Certificates, a Notional Amount of $1,000, or in the Trusteecase of the Residual Certificates, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount or Notional Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount or Notional Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Trustee included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan, (iv) the amount, if any, included in Net Liquidation Proceeds representing a payment under the PMI Policy and (v) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestprepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and the general sources thereof;
(vNet Liquidation Proceeds) the Pass-Through Rate on each Class of Regular Certificates for such Distribution Date;
(vi) the Pass-Through Rate for each Class of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate Cap;
(vii) the aggregate amount of Advances included in the distribution on such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount and the Overcollateralization Target Amount;
(ix) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to each Loan Group, the number and Aggregate Stated Principal Balance of, and Realized Loss on, the principal balance of Mortgage Loans as of purchased or substituted for during the end of relevant period and cumulatively since the related Due Period;
(xi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Cut-off Date;
(xii) the number and Aggregate Stated Principal Balance of Mortgage Loans, using the OTS method, Loans (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (bexcluding REO Property) in foreclosure and (c) that have become REO Property, each Loan Group remaining in each case the Trust Fund as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business on the last day of the calendar month preceding the month in which such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xvxiii) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer information for the related Due Period;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Distribution Account for such Distribution Date;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during in the preceding calendar month or that have become material over time;
(xxv) with respect to aggregate regarding any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan delinquencies as of the close end of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Grouprelated Prepayment Period, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the Trustee, based solely on, and to the extent of, information provided to the Trustee by the Master Servicer. The Trustee may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s website initially located at “xxx.xx.xxxxxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Trustee’s customer service desk at 000-000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.aggregate
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestPrepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate book value (the sum of (A) the Outstanding Principal Balance or Certificate Notional Amountof the Mortgage Loan, as applicable(B) accrued interest through the date of foreclosure and (C) foreclosure expenses) of any REO Property in each Loan Group; provided that, in the event that such information is not available to the Securities Administrator on the Distribution Date, such information shall be furnished promptly after it becomes available;
(xvii) the amount of Realized Losses allocated to each Class before and after giving effect (i) to all distributions allocable to principal on such of Certificates since the prior Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Principal Balance of Mortgage Loans, using the OTS method, (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately for all prior Distribution Dates; and
(xviii) the Average Loss Severity Percentage for each Loan Group;
(xiiixix) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business on the last day of the calendar month preceding the month in which such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Period;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Distribution Account Diverted Amount for such Distribution Date;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;; and
(xx) the aggregate of any deposits to then applicable Group I-1, Group I-2, Group I-3, Group I-4 and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Group II Senior Percentage, the Group I-1, Group I-2, Group I-3, Group I-4 and Group II Senior Prepayment Percentage, the Group I-1, Group I-2, Group I-3, Group I-4 and Group II Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group II-1, Loan Group I-2, Group I-3, Group I-4 and Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s website initially located at “xxx.xx.xxxxxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Trustee’s customer service desk at 000-000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.
Appears in 1 contract
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, in the case of the Regular Interest Only Certificates, a Notional Amount of $1,000, or in the Trusteecase of the Residual Certificates, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) with respect to each Loan Group, the amount of the related distribution to Holders Current Principal Amount or Notional Amount of each Class allocable of Certificates immediately prior to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included thereinsuch Distribution Date;
(ii) the amount of the distribution made allocable to principal on such Distribution Date to the Holders of each applicable Class of Regular Certificates allocable to interest, separately identifiedCertificates;
(iii) the applicable accrual periods for calculating distributions and general distribution datesaggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) any Carryover Shortfall, any Carryover Shortfall Amounts, the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Loan Group, the total cash flows received and the general sources thereofClass of Certificates;
(v) the Pass-Through Rate amount of the distribution allocable to interest on each Class of Regular Certificates for such Distribution DateCertificates;
(vi) the Pass-Through Rate Rates for each Class of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate CapDistribution Date;
(vii) the aggregate amount Current Principal Amount or Notional Amount of Advances included in the distribution on each Class of Certificates after such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Overcollateralization Target AmountMaster Servicer or the Trustee included in such distribution separately stated for each Loan Group and Loan Subgroup;
(ix) the proceeds aggregate amount of any Realized Losses (if anylisted separately for each category of Realized Loss and for each Loan Group and Loan Subgroup) from and Subsequent Recoveries during the Interest Rate Swap Agreement related Prepayment Period and cumulatively since the Cut-off Date and the Cap Contractamount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan Groupwhich incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (iii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iv) the Net Liquidation Proceeds with respect to such Mortgage Loan and (v) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group and Loan Subgroup, the amount of Scheduled Principal and Principal Prepayments (including but separately identifying the principal amount of principal prepayments, Insurance Proceeds, the purchase price in connection with the purchase of Mortgage Loans, cash deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the number and principal balance of Mortgage Loans purchased or substituted for during the relevant period and cumulatively since the Cut-off Date;
(xii) the number of Mortgage Loans (excluding REO Property) in each Loan Group and Loan Subgroup remaining in the Trust Fund as of the end of the related Prepayment Period;
(xiii) information for each Loan Group and Loan Subgroup regarding any Mortgage Loan delinquencies as of the end of the related Prepayment Period, including the aggregate number and aggregate Outstanding Principal Balance of Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of the close of business on the last day of the immediately preceding month;
(xiv) for each Loan Group and Loan Subgroup, the number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the aggregate Outstanding Principal Balance of such Mortgage Loans;
(xv) for each Loan Group and Loan Subgroup, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the related Mortgage Loans, using the OTS method, (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure Loan and (cB) that have become REO Propertyaccrued interest through the date of foreclosure, in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
minus (xiiiC) with respect to each Loan Group, the number, aggregate principal balance and book value foreclosure expenses) of any REO Properties as of Property in each Loan Group and Loan Subgroup; provided that, in the close of business event that such information is not available to the Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution DateDates;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls Average Loss Severity Percentage for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, each Loan Group and the aggregate amount of Relief Act Interest Shortfalls for such Distribution DateLoan Subgroup;
(xix) for each related Loan Subgroup, the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Datethen applicable Group I Senior Percentage and Group II Senior Percentage, Group I Senior Prepayment Percentage and Group II Senior Prepayment Percentage, Group I Senior Mezzanine and Group I Subordinate Percentage and Group II Subordinate Percentage and Group I Senior Mezzanine and Group I Subordinate Prepayment Percentage and Group II Subordinate Prepayment Percentage;
(xx) the aggregate amount of Deferred Interest added to the Scheduled Principal Balance of any deposits to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;Loan Subgroup II-1, II-2 or II-3 Mortgage Loan; and
(xxi) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds amount of any Subsequent Recovery for such Distribution Date;
(xxiii) with respect to each Loan Group, and the amount by which the Current Principal Amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of related Subordinate Certificates was increased as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloombergresult thereof. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee 104 Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s website initially located at “xxx.xx.xxxxxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Trustee’s customer service desk at 000-000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments II Series 2004-Ar5)
Statements to Certificateholders. (a) On each Distribution Date, based, as applicable, on information provided concurrently with each distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Certificate Principal Balance of $1,000, or in the case of the Regular Class II-X-A-5 Certificates and Class B-IO Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Notional Balance of $1,000:
(i) the Certificate Principal Balance or Notional Principal Balance, as applicable, of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Certificate Principal Balance or Notional Principal Balance, as applicable, of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Stated Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Stated Principal Balance of such Mortgage Loan for such Distribution Date, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of Scheduled Principal and Principal Prepayments, (including but separately identifying the principal amount of Principal Prepayments, Insurance Proceeds, the purchase price in connection with the purchase of Mortgage Loans, cash deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the number and principal balance of Mortgage Loans purchased or substituted for during the relevant period and cumulatively since the Cut-off Date;
(xii) the number of Mortgage Loans (excluding REO Property) in each Loan Group remaining in the Trust Fund as of the end of the related distribution Prepayment Period;
(xiii) information for each Loan Group and in the aggregate regarding any Mortgage Loan delinquencies as of the end of the related Prepayment Period, including the aggregate number and aggregate Outstanding Principal Balance of Mortgage Loans (a) delinquent 30 to Holders 59 days on a contractual basis, (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiv) for each Class allocable Loan Group, the number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the aggregate Outstanding Principal Balance of such Mortgage Loans;
(xv) for each Loan Group, the number and aggregate Outstanding Principal Balance of all Mortgage Loans as to principal, separately identifying which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xvi) the book value (the sum of (A) the aggregate amount Outstanding Principal Balance of any Principal Prepayments included therein and the Mortgage Loan, (B) accrued interest through the aggregate date of all scheduled payments foreclosure and (C) foreclosure expenses) of principal included thereinany REO Property in each Loan Group; provided that, in the event that such information is not available to the Securities Administrator on the Distribution Date, such information shall be furnished promptly after it becomes available;
(iixvii) the amount of Realized Losses allocated to each Class of Certificates since the prior Distribution Date and in the aggregate for all prior Distribution Dates;
(xviii) the Average Loss Severity Percentage for each Loan Group;
(xix) the Senior Percentage, Senior Prepayment Percentage, Subordinate Percentage and Subordinate Prepayment Percentage, in each case, for such Distribution Date;
(xx) the Interest Carry Forward Amount and any Basis Risk Shortfall Carry Forward Amount for each Class of Certificates;
(xxi) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interest, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan Group, the total cash flows received interest and the general sources portion thereof;
(v) the Pass-Through Rate on each Class of Regular Certificates for such Distribution Date;
(vi) the Pass-Through Rate for each Class of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate Cap;
(vii) the aggregate amount of Advances included in the distribution on such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount and the Overcollateralization Target Amount;
(ix) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to each Loan Group, the number and Aggregate Stated Principal Balance of, and Realized Loss on, the Mortgage Loans as of the end of the related Due Period;
(xi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Principal Balance of Mortgage Loans, using the OTS method, (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business on the last day of the calendar month preceding the month in which such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained provided by the Servicer for the related Due Period;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Distribution Account for such Distribution Date;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group IIIContracts;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;cumulative amount of Applied Realized Loss Amounts to date; and
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and BloombergTrigger Event exists. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s Securities Administrator's website initially located at “xxx.xx.xxxxxxxxxx.xxx"www.ctslink.com.” " Assistance in using the website can be obtained by calling obtaixxx xx xxxxxxx the Trustee’s Securities Administrator's customer service desk at 000(301) 815-000-00006600. Parties that are unable to use the above distribution option distrixxxxxx xxxxxx are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s Securities Administrator's customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. To the extent timely received from the Securities Administrator, the Trustee will also make monthly statements available each month to Certificateholders via the Trustee's internet website. The Trustee's internet website will initially be located at www.jpmorgan.com/sfr. Assistance in using the Trustee's website xxxxxxx xxx xx xxxxined by calling the Trustee's customer service desk at (877) 722-1095.
(b) Within a reasonable period of time after aftxx xxx xxx xf the end of each preceding calendar yearyear beginning in 2005, the Trustee shall prepare and forward, will furnish such report to each Person who Holder of the Certificates of record at any time during the prior calendar year was a Holder as to the aggregate of a Certificate, a statement containing the information set forth in amounts reported pursuant to subclauses (ia)(ii) and (iia)(v) aboveabove with respect to the Certificates, aggregated plus information with respect to the amount of servicing compensation and such other customary information as the Securities Administrator may determine and advises the Trustee to be necessary and/or to be required by the Internal Revenue Service or by a federal or state law or rules or regulations to enable such Holders to prepare their tax returns for such calendar year or applicable portion thereof during which such person was a Certificateholderyear. Such obligation of the Trustee obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year Securities Administrator or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any the requirements of the Code as from time to time are in forceCode.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mort Inv Ii Inc Bear Stearns Alt a Tr 04 11)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trusteeparties hereto and each Certificateholder via the Securities Administrator’s internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) with respect to each Loan Group, the amount of the related distribution to Holders Current Principal Amount or Notional Amount of each Class allocable of Certificates immediately prior to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included thereinsuch Distribution Date;
(ii) the amount of the distribution made allocable to principal on such Distribution Date to the Holders of each applicable Class of Regular Certificates allocable to interest, separately identifiedCertificates;
(iii) the applicable accrual periods for calculating distributions and general distribution datesaggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Loan Group, the total cash flows received and the general sources thereofClass of Certificates;
(v) the Pass-Through Rate amount of the distribution allocable to interest on each Class of Regular Certificates for such Distribution DateCertificates;
(vi) the Pass-Through Rate Rates for each Class of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate CapDistribution Date;
(vii) the aggregate amount Current Principal Amount or Notional Amount of Advances included in the distribution on each Class of Certificates after such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Overcollateralization Target AmountMaster Servicer or the Servicer included in such distribution separately stated ;
(ix) the proceeds aggregate amount of any Realized Losses (if any) from listed separately for each category of Realized Loss during the Interest Rate Swap Agreement related Prepayment Period and cumulatively since the Cut-off Date and the Cap Contractamount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan Groupwhich incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Mortgage Loan, the amount of Scheduled Principal and Principal Prepayments, (including but separately identifying the principal amount of Principal Prepayments, Insurance Proceeds, the purchase price in connection with the purchase of Mortgage Loans, cash deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the number and Aggregate Stated principal balance of Mortgage Loans purchased or substituted for during the relevant period and cumulatively since the Cut-off Date;
(xii) the number of Mortgage Loans (excluding REO Property) remaining in the Trust Fund as of the end of the related Prepayment Period;
(xiii) information and in the aggregate regarding any Mortgage Loan delinquencies as of the end of the related Prepayment Period, including the aggregate number and aggregate Outstanding Principal Balance ofof Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, (b) delinquent 60 to 89 days on a contractual basis, and Realized Loss on(c) delinquent 90 or more days on a contractual basis, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiv) the number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the aggregate Outstanding Principal Balance of such Mortgage Loans;
(xv) the number and aggregate Outstanding Principal Balance of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiiiforeclosure expenses) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of Property ; provided that, in the close of business event that such information is not available to the Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution Date;Dates; and
(xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;Average Loss Severity Percentage ; and
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the then applicable Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested party, the monthly statement to Certificateholders via the TrusteeSecurities Administrator’s website initially located at “xxx.xx.xxxxxxxxxx.xxxxxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the TrusteeSecurities Administrator’s customer service desk at (000-) 000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the TrusteeSecurities Administrator’s customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end .
(b) By April 30 of each calendar yearyear beginning in 2006, the Trustee shall prepare and forward, Securities Administrator will furnish such report to each Person who Holder of the Certificates of record at any time during the prior calendar year was a Holder as to the aggregate of a Certificate, a statement containing the information set forth in amounts reported pursuant to subclauses (ia)(ii) and (iia)(v) aboveabove with respect to the Certificates, aggregated plus information with respect to the amount of servicing compensation and such other customary information as the Securities Administrator may determine to be necessary and/or to be required by the Internal Revenue Service or by a federal or state law or rules or regulations to enable such Holders to prepare their tax returns for such calendar year or applicable portion thereof during which such person was a Certificateholderyear. Such obligation of the Trustee obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year Securities Administrator or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any the requirements of the Code as from time to time are in forceCode.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns ARM Trust 2005-10)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of the Regular CertificatesClass R-I Certificate, an initial Current Principal Amount of $100, or in the Trustee, case of each of the Master Servicer Class R-II Certificate and the Rating AgenciesClass R-III Certificate, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount or Notional Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount or Notional Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestprepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become foreclosure expenses) of any REO Property, Property in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect ; provided that, in the event that such information is not available to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution Date;Dates; and
(xviii) the aggregate amount of any Prepayment Interest Shortfalls Average Loss Severity for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls prior calendar month for such Distribution Date;each Loan Group; and
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to then applicable Group 1, Group 2, Group 3 and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Group 4 Senior Percentage, the Group 1, Group 2, Group 3 and Group 4 Senior Prepayment Percentage, the Group 1, Group 2, Group 3 and Group 4 Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I1, Loan Group II and Loan 2, Group III;
(xxii) the Group I Available Funds, the Group II Available Funds 3 and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “4 Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested partyparty , the monthly statement to Certificateholders via the Trustee’s Securities Administrator's website initially located at “xxx.xx.xxxxxxxxxx.xxx"www.ctslink.com.” Assistance in using " Axxxxxxxxx xx xxing the website can be obtained by calling the Trustee’s Securities Administrator's customer service desk at 000(301) 815-000-00006600. Parties that are Parxxxx xxxx xxx unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s Securities Administrator's customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after Tot he extent timely received from the end of each calendar yearSecurities Administrator, the Trustee shall prepare and forward, will also make monthly statements available each month to each Person who Certificateholders via the Trustee's internet website. The Trustee's internet website will initially be located at any time during www.jpmorgan.com/abxxxx. Xxxxxxxxxx xx xxxng the calendar year was a Holder of a Certificate, a statement containing Trustee's website service can be obtained by calling the information set forth in subclauses Trustee's customer service desk at (i877) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force722-1095.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mort Inv Inc Bear Stearns Arm Trust 2003 3)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of each Holder Class of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestprepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become foreclosure expenses) of any REO Property, Property in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect ; provided that, in the event that such information is not available to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution Date;Dates; and
(xviii) the aggregate amount of any Prepayment Interest Shortfalls Average Loss Severity for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls prior calendar month for such Distribution Date;each Loan Group; and
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to then applicable Group 1, Group 2 and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Group 3 Senior Percentage, the Group 1, Group 2 and Group 3 Senior Prepayment Percentage, the Group 1, Group 2 and Group 3 Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I1, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds 2 and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “3 Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested partyparty , the monthly statement to Certificateholders via the Trustee’s Securities Administrator's website initially located at “xxx.xx.xxxxxxxxxx.xxx"www.ctslink.com.” Assistance in using " Axxxxxxxxx xx xxing the website can be obtained by calling the Trustee’s Securities Administrator's customer service desk at 000(301) 815-000-00006600. Parties that are Parxxxx xxxx xxx unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Certificate Principal Balance of $1,000, in the case of the Regular Interest Only Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthNotional Amount of $1,000:
(i) with respect to each Loan Group, the amount of the related distribution to Holders Certificate Principal Balance or Notional Amount of each Class allocable of Certificates immediately prior to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included thereinsuch Distribution Date;
(ii) the amount of the distribution made allocable to principal on such Distribution Date to the Holders of each applicable Class of Regular Certificates allocable to interest, separately identifiedCertificates;
(iii) the applicable accrual periods for calculating distributions and general distribution datesaggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Loan Group, the total cash flows received and the general sources thereofClass of Certificates;
(v) the Pass-Through Rate amount of the distribution allocable to interest on each Class of Regular Certificates for such Distribution DateCertificates;
(vi) the Pass-Through Rate Rates for each Class of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate CapDistribution Date;
(vii) the aggregate amount Certificate Principal Balance of Advances included in the distribution on each Class of Certificates after such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Overcollateralization Target AmountServicer or the Master Servicer included in such distribution;
(ix) the proceeds aggregate amount of any Realized Losses (if anylisted separately for each category of Realized Loss) from during the Interest Rate Swap Agreement related Prepayment Period and cumulatively since the Cut-off Date and the Cap Contractamount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan Groupwhich incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Stated Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Stated Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) the amount of Scheduled Principal and Principal Prepayments, (including but separately identifying the principal amount of principal prepayments, Insurance Proceeds, the purchase price in connection with the purchase of Mortgage Loans, cash deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the number and Aggregate Stated principal balance of Mortgage Loans purchased or substituted for during the relevant period and cumulatively since the Cut-off Date;
(xii) the number of Mortgage Loans (excluding REO Property) remaining in the Trust Fund as of the end of the related Prepayment Period;
(xiii) information in the aggregate regarding any Mortgage Loan delinquencies as of the end of the related Prepayment Period, including the aggregate number and aggregate Outstanding Principal Balance ofof Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, (b) delinquent 60 to 89 days on a contractual basis, and Realized Loss on(c) delinquent 90 or more days on a contractual basis, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiv) the number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the aggregate Outstanding Principal Balance of such Mortgage Loans;
(xv) the number and aggregate Outstanding Principal Balance of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiiiforeclosure expenses) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of Property; provided that, in the close of business event that such information is not available to the Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution DateDates;
(xviii) the aggregate amount Interest Carry Forward Amount and any Basis Risk Shortfall Carry Forward Amount for each Class of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution DateCertificates;
(xix) the Accrued Certificate Interest in respect amount of such distribution to Holders of each Class of Certificates for such Distribution Dateallocable to interest and the portion thereof, if any, provided by the Cap Contracts;
(xx) the aggregate cumulative amount of Applied Realized Loss Amounts to date and, in addition, if the Certificate Principal Balances of the Class M-1, Class M-2 and Class M-3 Certificates have all been reduced to zero, the cumulative amount of any deposits Realized Losses that have not been allocated to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;any Certificates; and
(xxi) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and BloombergTrigger Event exists. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested partyparty , the monthly statement to Certificateholders via the Trustee’s Securities Administrator's website initially located at “xxx.xx.xxxxxxxxxx.xxx"www.ctslink.com.” " Assistance in using the website can be obtained by calling obtainxx xx xxxxxxx the Trustee’s Securities Administrator's customer service desk at 000(301) 815-000-00006600. Parties that are unable to use the above distribution option are distributixx xxxxxx xxx entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s Securities Administrator's customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after To the end of each calendar yearextent timely received from the Securities Administrator, the Trustee shall prepare and forward, will also make monthly statements available each month to each Person who Certificateholders via the Trustee's internet website. The Trustee's internet website will initially be located at any time during www.jpmorgan.com/absmbs. Assistance in using the calendar year was a Holder of a Certificate, a statement containing Trustee's websxxx xxxxxxx xxx xx xxxained by calling the information set forth in subclauses Trustee's customer service desk at (i877) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force722-1095.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by Holders of the Master ServicerCertificates, the Trustee shall prepare and make available on to the parties hereto, each Rating Agency and each such Holder via the Trustee’s internet website as set forth below, a Certificates Distribution Report containing the following information with respect to each Holder the Certificates and the Mortgage Loans, expressed with respect to clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount (or Notional Amount) of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount (or Notional Amount) of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicers included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the preceding calendar month and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the preceding calendar month, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestPrepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and the general sources thereof;
(vNet Liquidation Proceeds) the Pass-Through Rate on each Class of Regular Certificates for such Distribution Date;
(vi) the Pass-Through Rate for each Class of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate Cap;
(vii) the aggregate amount of Advances included in the distribution on such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount and the Overcollateralization Target Amount;
(ix) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to each Loan Group, the number and Aggregate Stated Principal Balance of, and Realized Loss on, the principal balance of Mortgage Loans as of purchased or substituted for during the end of relevant period and cumulatively since the related Due Period;
(xi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Cut-off Date;
(xii) the number and Aggregate Stated Principal Balance of Mortgage Loans, using the OTS method, Loans (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (bexcluding REO Property) in foreclosure and (c) that have become REO Property, each Loan Group remaining in each case the Trust Fund as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect to information for each Loan GroupGroup regarding any Mortgage Loan delinquencies as of the end of the previous calendar month, including the numberaggregate number and aggregate Outstanding Principal Balance of Mortgage Loans using the MBA method of calculation (a) Delinquent 30 to 59 days on a contractual basis, aggregate principal balance (b) Delinquent 60 to 89 days on a contractual basis, and book value of any REO Properties (c) Delinquent 90 or more days on a contractual basis, in each case as of the close of business on the last day Business Day of the calendar month immediately preceding the month in which such Distribution Date occursmonth;
(xiv) for each Loan Group, the number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the aggregate amount Outstanding Principal Balance of Principal Prepayments made during the related Prepayment Periodsuch Mortgage Loans;
(xv) for each Loan Group, the number and aggregate amount Outstanding Principal Balance of Realized Losses incurred during all Mortgage Loans as to which the related Prepayment Period and Mortgaged Property was REO Property as of the cumulative amount end of Realized Lossesthe preceding calendar month;
(xvi) the amount, if any, book value (the sum of fees or expenses accrued and paid, with an identification (A) the Outstanding Principal Balance of the payee Mortgage Loan, (B) accrued interest through the date of foreclosure and (C) foreclosure expenses) of any REO Property; provided that, in the general purpose of event that such fees including information is not available to the related amount of Trustee on the Servicing Fees paid to or retained by the Servicer for the related Due PeriodDistribution Date, such information shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution Date;Dates; and
(xviii) the aggregate amount of any Prepayment Interest Shortfalls Average Loss Severity Percentage for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Dateeach Loan Group;
(xix) On each Distribution Date, beginning with the Accrued Certificate Interest Distribution Date in respect September 2007, the Trustee shall either forward by mail or otherwise make available to Standard & Poor’s, a statement setting forth (i) whether any exchanges of Exchangeable Certificates or Exchanged Certificates have taken place since the preceding Distribution Date, (ii) the Exchanged Certificates or Exchangeable Certificates received by the Certificateholder as a result of each such exchange that took place since the preceding Distribution Date, and (iii) a fraction, expressed as a percentage, the numerator of which is the aggregate Current Principal Amount of all Certificates of any Class of Certificates for such that were exchanged since the preceding Distribution Date;, and the denominator of which is the initial Current Principal Amount of such Class of Certificates.
(xx) the aggregate of any deposits to then applicable Group I and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Group I Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the Trustee, based solely on, and to the extent of, information provided to the Trustee by the Master Servicer. The Trustee may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee may make available each month, to any interested party, the monthly statement Certificates Distribution Report to Certificateholders Holders of the Certificates via the Trustee’s website initially located at “xxx.xx.xxxxxxxxxx.xxxxxx.xxxxxx.xxx/xxx.” Assistance in using the website can be obtained by calling the Trustee’s customer service desk at (000-) 000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end .
(b) By April 30 of each calendar yearyear beginning in 2008, the Trustee shall prepare and forward, will furnish such report to each Person who Holder of the Certificates of record at any time during the prior calendar year was a Holder as to the aggregate of a Certificate, a statement containing the information set forth in amounts reported pursuant to subclauses (ia)(ii) and (iia)(v) aboveabove with respect to the Certificates, aggregated plus information with respect to the amount of servicing compensation and such other customary information as the Trustee may determine to be necessary and/or to be required by the Internal Revenue Service or by a federal or state law or rules or regulations to enable such Holders to prepare their tax returns for such calendar year or applicable portion thereof during which such person was a Certificateholderyear. Such obligation of the Trustee obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any the requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in forceCode.
Appears in 1 contract
Samples: Pooling and Servicing Agreement
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master Servicer, the Trustee shall prepare and make available on the Trustee’s website as set forth below, to each Holder of the Regular Certificates, the TrusteeCertificateholders, the Master Servicer shall prepare and forward to the Trustee, who shall forward by first-class mail to each Certificateholder, with a copy to the Depositor and the Rating Agencies, a statement as setting forth the following information, expressed with respect to the distributions made on such Distribution Date setting forth:
clauses (i) through (vi) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, in the case of the Class X-1 and Class X-2 Certificates, a Notional Amount of $1,000 or in the case of the Residual Certificates, an initial Current Principal Amount of $100 for the Class R Certificates and expressed with respect to clauses (viii) through (xv) with respect to each Loan Group, Group separately:
(i) the amount of the related distribution to Holders Current Principal Amount (or Notional Amount) of each Class allocable of Certificates immediately prior to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included thereinsuch Distribution Date;
(ii) the amount of the distribution made allocable to principal on such Distribution Date to the Holders of each applicable Class of Regular Certificates allocable to interest, separately identifiedCertificates;
(iii) the applicable accrual periods for calculating distributions and general distribution datesaggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class of interest-bearing Certificates during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Loan Group, the total cash flows received and the general sources thereofClass of interest-bearing Certificates;
(v) the Pass-Through Rate amount of the distribution allocable to interest on each Class of Regular Certificates for such Distribution Dateinterest-bearing Certificates;
(vi) the Pass-Through Rate Rates for each Class of interest-bearing Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate CapDistribution Date;
(vii) the aggregate amount Current Principal Amount (or Notional Amount) of Advances included in the distribution on each Class of Certificates after such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Overcollateralization Target AmountMaster Servicer or the related Servicers included in such distribution separately stated for each Loan Group;
(ix) the proceeds amount of any Realized Losses (if anylisted separately for each Loan Group) from during the Interest Rate Swap Agreement related Prepayment Period and cumulatively since the Cut-off Date and the Cap Contractamount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) the amount of Scheduled Principal and Principal Prepayments, (including but separately identifying the principal amount of principal prepayments, Insurance Proceeds, the purchase price in connection with the purchase of Mortgage Loans, cash deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) with respect to each Loan Group, Group and the number and Aggregate Stated Principal Balance of, and Realized Loss on, the principal balance of Mortgage Loans purchased or substituted for during the relevant period and cumulatively since the Cut-off Date with respect to each Loan Group;
(xi) the number of Mortgage Loans (excluding REO Property) in each Loan Group remaining in the Trust Fund as of the end of the related Due Period;
(xi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Principal Balance of information for each Loan Group regarding any Mortgage Loans, using the OTS method, (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case Loan delinquencies as of the end of the preceding calendar related Due Period, including the aggregate number, aggregate Outstanding Principal Balance and aggregate Scheduled Principal Balance of Mortgage Loans delinquent one month, determined in the aggregate two months and separately for each Loan Groupthree months or more;
(xiii) with respect to for each Loan Group, the number, aggregate principal balance and book value number of any REO Properties Mortgage Loans in the foreclosure process as of the close of business on the last day end of the calendar month preceding related Due Period and the month in which aggregate Outstanding Principal Balance of such Distribution Date occursMortgage Loans;
(xiv) for each Loan Group, the number and aggregate amount Outstanding Principal Balance of Principal Prepayments made during all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Prepayment Due Period;
(xv) the aggregate amount book value (the sum of Realized Losses incurred during (A) the related Prepayment Period Outstanding Principal Balance of the Mortgage Loan, (B) accrued interest through the date of foreclosure and (C) foreclosure expenses) of any REO Property in each Loan Group; PROVIDED THAT, in the event that such information is not available to the Master Servicer and the cumulative amount of Realized LossesTrustee on the Distribution Date, such information shall be furnished promptly after it becomes available;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of Realized Losses allocated to each Class of Certificates since the Servicing Fees paid to or retained by prior Distribution Date and in the Servicer aggregate for the related Due Periodall prior Distribution Dates;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Distribution Account then applicable Senior Percentage, Senior Prepayment Percentage, Subordinate Percentage and Subordinate Prepayment Percentage for such Distribution Date;each Loan Group; and
(xviii) the aggregate amount any occurrence of any Prepayment Interest Shortfalls for such Distribution a Cross-Over Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated calculated, or reported, as the case may be, by the Trustee, based solely on, and to Master Servicer upon which the extent of, information provided to the Trustee by the Master Servicer. The Trustee may conclusively rely on such information and which the Trustee shall not be required to confirm, verify confirm or recalculate any such informationverify. The information furnished by the Master Servicer shall be sufficient for the Trustee to make any payments or prepare any statements it is required to make. The Master Servicer may make available each month, to any interested interest party, the monthly statement to Certificateholders via the Trustee’s Master Servicer's website, electronic bulletin board and its fax-on-demand service. The Master Servicer's website initially will be located at “xxx.xx.xxxxxxxxxx.xxx"xxx.xxxxxxx.xxx.” Assistance in using the website can " The Master Servicer's electronic bulletin board may be obtained accessed by calling the Trustee’s customer service desk at (000) 000-0000 and its fax- on-demand service may be accessed by calling (000) 000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)
Statements to Certificateholders. (a) On each Distribution Date, based, as applicable, on information provided to it by the Master Servicer, the Trustee Securities Administrator shall prepare and make available on the TrusteeSecurities Administrator’s website as set forth below, to each Holder of the Regular Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forth:
(i) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interest, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution datesdistributions;
(iv) with respect to each Loan Group, the total cash flows received and the general sources thereofreceived;
(v) the Pass-Through Rate on each Class of Regular Certificates for such Distribution Date;
(vi) the Pass-Through Rate for each Class of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate CapWAC Rate;
(vii) the aggregate amount of Advances included in the distribution on such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount and the Overcollateralization Target Amount[reserved];
(ix) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to each Loan Group, the number and Aggregate Stated Principal Balance of, and Realized Loss on, the Mortgage Loans as of the end of the related Due Period;
(xix) the Certificate Principal Balance or Certificate Notional Amount, as applicable, of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xiixi) the number and Aggregate Stated Principal Balance of Mortgage Loans, using the OTS method, (a) as to which the Monthly Payment is delinquent Delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Groupaggregate;
(xiiixii) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business on the last day of the calendar month preceding the month in which such Distribution Date occurs;
(xivxiii) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xvxiv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvixv) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Period;
(xviixvi) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Distribution Account for such Distribution Date;
(xviiixvii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.041.03, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;
(xixxviii) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xxxix) the aggregate of any deposits to and withdrawals from the Cap Contract Net WAC Shortfall Carry-Forward Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Net WAC Shortfall Carry-Forward Reserve Fund after such deposits and withdrawals;
(xxixx) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group IIIthe Mortgage Loans;
(xxiixxi) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxii) [reserved];
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) [reserved];
(xxv) [reserved];
(xxvi) unless otherwise set forth reported in the Form 10-D relating to such Distribution Date, with respect to each Loan Group the Mortgage Loans and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxvxxvii) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvixxviii) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxviixxix) unless otherwise reported in the Form 10-D relating to such Distribution Date, updated pool composition data including the following with respect to each Loan Groupfollowing: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occursrelated Due Period; and
(xxviiixxx) unless otherwise set forth reported in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants, as of the close of business on any Distribution Date. On each Distribution Date, the Trustee Securities Administrator shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee Securities Administrator and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested party, the monthly statement to Certificateholders via the TrusteeSecurities Administrator’s website initially located at “xxx.xx.xxxxxxxxxx.xxx.” xxx.xxxxxxx.xxx”. Assistance in using the website can be obtained by calling the TrusteeSecurities Administrator’s customer service desk at (000-) 000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the TrusteeSecurities Administrator’s customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Class R Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time are in force.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (American Home Mortgage Assets Trust 2007-5)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on via the Trustee’s Securities Administrator's internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, in the case of the Regular Interest Only Certificates, a Notional Amount of $1,000, or in the Trusteecase of the Residual Certificates, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount or Notional Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount or Notional Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Trustee included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan, (iv) the amount, if any, included in Net Liquidation Proceeds representing a payment under the Supplemental PMI Policy and (v) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestprepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number, aggregate Outstanding Principal Balance and aggregate Scheduled Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate book value (the sum of (A) the Outstanding Principal Balance or Certificate Notional Amountof the Mortgage Loan, as applicable(B) accrued interest through the date of foreclosure and (C) foreclosure expenses) of any REO Property in each Loan Group; PROVIDED THAT, in the event that such information is not available to the Securities Administrator on the Distribution Date, such information shall be furnished promptly after it becomes available;
(xvii) the amount of Realized Losses allocated to each Class before and after giving effect (i) to all distributions allocable to principal on such of Certificates since the prior Distribution Date and in the aggregate for all prior Distribution Dates;
(iixviii) the allocation of Average Loss Severity for the prior calendar month for each Loan Group;
(xix) the then applicable Group I-1, Class I-A-2, Class I-A-3 and Group II Senior Percentage, Group I-1, Class I-A-2, Class I-A-3 and Group II Senior Prepayment Percentage, Group I-1, Class I-A-2, Class I-A-3 and Group II Subordinate Percentage and Group I-1, Class I-A-2, Class I-A-3 and Group II Subordinate Prepayment Percentage;
(xx) any Applied Realized Loss Amounts Diverted Amount for such Distribution Date;
(xiixxi) the number and Aggregate Stated Principal Balance Stop-Loss Amount as of Mortgage Loansthe Cut-off Date, using the OTS method, (a) as to which the Monthly Payment is delinquent for 31Stop-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case Loss Amount as of the end of the preceding calendar month, determined related Prepayment Period and reduction in the aggregate and separately for each Loan Group;
(xiii) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business on the last day of the calendar month preceding the month in which such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made Stop-Loss Amount during the related Prepayment Period;; and
(xvxxii) the aggregate amount of Realized Losses incurred during with respect to the related Prepayment Period and the cumulative amount of Realized Losses;
Period, (xvii) the amount, if any, number of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained Mortgage Loans for which a payment was made by the Servicer for Supplemental PMI Insurer under the related Due Period;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Distribution Account for such Distribution Date;
(xviii) Supplemental PMI Policy and the aggregate amount of any Prepayment Interest Shortfalls such payments, (ii) the number of Mortgage Loans for such Distribution Date, which a claim has been presented to the extent not covered by payments by Supplemental PMI Insurer under the Servicer or Master Servicer pursuant to Section 1.04, Supplemental PMI Policy and the aggregate amount of Relief Act Interest Shortfalls for any such Distribution Date;
outstanding claims, and (xixiii) the Accrued Certificate Interest in respect number of each Class of Certificates Mortgage Loans for such Distribution Date;
(xx) which a claim was presented to the Supplemental PMI Insurer under the Supplemental PMI Policy which claim was denied by the Supplemental PMI Insurer and the aggregate amount of any deposits to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloombergdenied claims. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s Securities Administrator's website initially located at “xxx.xx.xxxxxxxxxx.xxx"www.ctslink.com.” " Assistance in using the website can xxx xxxxxxx xxn be obtained by calling the Trustee’s Securities Administrator's customer service desk at 000(301) 815-000-00006600. Parties that are unable to use the unabxx xx xxx xxx above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, in the case of the Regular Interest Only Certificates, a Notional Amount of $1,000, or in the Trusteecase of the Residual Certificates, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) with respect to each Loan Group, the amount of the related distribution to Holders Current Principal Amount or Notional Amount of each Class allocable of Certificates immediately prior to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included thereinsuch Distribution Date;
(ii) the amount of the distribution made allocable to principal on such Distribution Date to the Holders of each applicable Class of Regular Certificates allocable to interest, separately identifiedCertificates;
(iii) the applicable accrual periods for calculating distributions and general distribution datesaggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) any Carryover Shortfall, any Carryover Shortfall Amounts, the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate 101 necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Loan Group, the total cash flows received and the general sources thereofClass of Certificates;
(v) the Pass-Through Rate amount of the distribution allocable to interest on each Class of Regular Certificates for such Distribution DateCertificates;
(vi) the Pass-Through Rate Rates for each Class of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate CapDistribution Date;
(vii) the aggregate amount Current Principal Amount or Notional Amount of Advances included in the distribution on each Class of Certificates after such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Overcollateralization Target AmountMaster Servicer or the Trustee included in such distribution separately stated for each Loan Group and Loan Subgroup;
(ix) the proceeds aggregate amount of any Realized Losses (if anylisted separately for each category of Realized Loss and for each Loan Group and Loan Subgroup) from and Subsequent Recoveries during the Interest Rate Swap Agreement related Prepayment Period and cumulatively since the Cut-off Date and the Cap Contractamount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan Groupwhich incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (iii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iv) the Net Liquidation Proceeds with respect to such Mortgage Loan and (v) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group and Loan Subgroup, the amount of Scheduled Principal and Principal Prepayments (including but separately identifying the principal amount of principal prepayments, Insurance Proceeds, the purchase price in connection with the purchase of Mortgage Loans, cash deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the number and principal balance of Mortgage Loans purchased or substituted for during the relevant period and cumulatively since the Cut-off Date;
(xii) the number of Mortgage Loans (excluding REO Property) in each Loan Group and Loan Subgroup remaining in the Trust Fund as of the end of the related Prepayment Period;
(xiii) information for each Loan Group and Loan Subgroup regarding any Mortgage Loan delinquencies as of the end of the related Prepayment Period, including the aggregate number and aggregate Outstanding Principal Balance of Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of the close of business on the last day of the immediately preceding month;
(xiv) for each Loan Group and Loan Subgroup, the number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the aggregate Outstanding Principal Balance of such Mortgage Loans;
(xv) for each Loan Group and Loan Subgroup, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the related Mortgage Loans, using the OTS method, (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure Loan and (cB) that have become REO Propertyaccrued interest through the date of foreclosure, in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
minus (xiiiC) with respect to each Loan Group, the number, aggregate principal balance and book value foreclosure expenses) of any REO Properties as of Property in each Loan Group and Loan Subgroup; provided that, in the close of business event that such information is not available to the Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution DateDates;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls Average Loss Severity Percentage for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, each Loan Group and the aggregate amount of Relief Act Interest Shortfalls for such Distribution DateLoan Subgroup;
(xix) for each related Loan Subgroup, the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Datethen applicable Group I Senior Percentage and Group II Senior Percentage, Group I Senior Prepayment Percentage and Group II Senior Prepayment Percentage, Group I Senior Mezzanine and Group I Subordinate Percentage and Group II Subordinate Percentage and Group I Senior Mezzanine and Group I Subordinate Prepayment Percentage and Group II Subordinate Prepayment Percentage;
(xx) the aggregate amount of Deferred Interest added to the Scheduled Principal Balance of any deposits to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;Loan Subgroup II-1, II-2 or II-3 Mortgage Loan; and
(xxi) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds amount of any Subsequent Recovery for such Distribution Date;
(xxiii) with respect to each Loan Group, and the amount by which the Current Principal Amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of related Subordinate Certificates was increased as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloombergresult thereof. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s website initially located at “xxx.xx.xxxxxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Trustee’s customer service desk at 000-000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments II Series 2004-Ar5)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee shall prepare and make available on via the Trustee’s 's internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, in the case of the Regular Interest Only Certificates, a Notional Amount of $1,000, or in the Trusteecase of the Residual Certificates, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount or Notional Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount or Notional Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Trustee included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date, the amount and source (separately identified) of any distribution in respect thereof included in such distribution, and, separately stated with respect to each Mortgage Loan for which a Realized Loss occurred, the amount of the proceeds, if any, from the Supplemental PMI Policy used in calculating the amount of the Realized Loss;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (iii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iv) the Net Liquidation Proceeds with respect to such Mortgage Loan, (v) the amount, if any, included in Net Liquidation Proceeds representing a payment under the Supplemental PMI Policy and (vi) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestprepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number, aggregate Outstanding Principal Balance and aggregate Scheduled Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate book value (the sum of (A) the Outstanding Principal Balance or Certificate Notional Amountof the Mortgage Loan, as applicable(B) accrued interest through the date of foreclosure and (C) foreclosure expenses) of any REO Property in each Loan Group; provided that, in the event that such information is not available to the Trustee on the Distribution Date, such information shall be furnished promptly after it becomes available;
(xvii) the amount of Realized Losses allocated to each Class before and after giving effect (i) to all distributions allocable to principal on such of Certificates since the prior Distribution Date and (ii) in the allocation of any Applied Realized Loss Amounts aggregate for such all prior Distribution DateDates;
(xiixviii) the number and Aggregate Stated Principal Balance of Mortgage Loans, using Average Loss Severity for the OTS method, (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case as of the end of the preceding prior calendar month, determined in the aggregate and separately month for each Loan Group;
(xiii) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business on the last day of the calendar month preceding the month in which such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Period;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Distribution Account for such Distribution Date;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Datethen applicable Group 1 and Group 2 Senior Percentage, Group 1 and Group 2 Senior Prepayment Percentage, Group 1 and Group 2 Senior Mezzanine and Subordinate Percentage and Group 1 and Group 2 Senior Mezzanine and Subordinate Prepayment Percentage;
(xx) the aggregate Stop-Loss Amount as of any deposits to the Cut-off Date, the Stop-Loss Amount as of the end of the related Prepayment Period and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit reduction in the Cap Contract Reserve Fund after such deposits and withdrawals;Stop-Loss Amount during the related Prepayment Period; and
(xxi) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Groupthe related Prepayment Period, (i) the number of Mortgage Loans for which a payment was made by the Supplemental PMI Insurer under the Supplemental PMI Policy and the aggregate amount of any such payments, (ii) the Prepayment Charges remitted number of Mortgage Loans for which a claim has been presented to the Supplemental PMI Insurer under the Supplemental PMI Policy and the aggregate amount of any such outstanding claims, and (iii) the number of Mortgage Loans for which a claim was presented to the Supplemental PMI Insurer under the Supplemental PMI Policy which claim was denied by the Servicer;
(xxiv) unless otherwise set forth in Supplemental PMI Insurer and the Form 10-D relating to aggregate amount of any such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloombergdenied claims. The information set forth above shall be calculated or reported, as the case may be, by the Trustee, based solely on, and to the extent of, information provided to the Trustee by the Master Servicer. The Trustee may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s website initially located at “xxx.xx.xxxxxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Trustee’s customer service desk at 000-000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount or Notional Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount or Notional Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestPrepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate book value (the sum of (A) the Outstanding Principal Balance or Certificate Notional Amountof the Mortgage Loan, as applicable(B) accrued interest through the date of foreclosure and (C) foreclosure expenses) of any REO Property in each Loan Group; provided that, in the event that such information is not available to the Securities Administrator on the Distribution Date, such information shall be furnished promptly after it becomes available;
(xvii) the amount of Realized Losses allocated to each Class before and after giving effect (i) to all distributions allocable to principal on such of Certificates since the prior Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Principal Balance of Mortgage Loans, using the OTS method, (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately for all prior Distribution Dates; and
(xviii) the Average Loss Severity Percentage for each Loan Group;
(xiii) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business on the last day of the calendar month preceding the month in which such Distribution Date occurs;
(xivxix) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Period;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Distribution Pre-Funding Account for such and the Interest Coverage Account pursuant to Section 4.06(c) and Section 4.07(c), respectively, on that Distribution Date;
(xviii) , the aggregate amount of any Prepayment remaining on deposit in the Pre-Funding Account and in the Interest Shortfalls for Coverage Account, following such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for withdrawn from the Pre-Funding Account and used to buy Subsequent Mortgage Loans prior to such Distribution Date;
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;; and
(xx) the aggregate of any deposits to then applicable Group I, Group II, Group III and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Group IV Senior Percentage, the Group I, Group II, Group III and Group IV Senior Prepayment Percentage, the Group I, Group II, Group III and Group IV Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan II, Group III;
(xxii) the Group I Available Funds, the Group II Available Funds III and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “IV Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s Securities Administrator's website initially located at “xxx.xx.xxxxxxxxxx.xxx"www.ctslink.com.” " Assistance in using the website can be obtained by calling the Trustee’s cxxxxxx xxx Securities Administrator's customer service desk at 000(301) 815-000-00006600. Parties that are unable to use the above distribution option are entitled xxxxxx xxx xxxitled to have a paper copy mailed to them via first class mail by calling the Trustee’s Securities Administrator's customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after To the end of each calendar yearextent timely received from the Securities Administrator, the Trustee shall prepare and forwardwill also make monthly statements available each month to Certificateholders via the Trustee's internet website. The Trustee's internet website will initially be located at "https://trustinvestorreporting.usbank.com". Assistance in using the Trxxxxx'x xxxxxxx xxxxxxx xxx xx xxxxxxxx xy calling the Trustee's customer service desk at (800) 934-6802.
(b) By April 30 of each year beginning in 2005, xxx Xxxxxxx xill furnish such report to each Person who Holder of the Certificates of record at any time during the prior calendar year was a Holder as to the aggregate of a Certificate, a statement containing the information set forth in amounts reported pursuant to subclauses (ia)(ii) and (iia)(v) aboveabove with respect to the Certificates, aggregated plus information with respect to the amount of servicing compensation and such other customary information as the Securities Administrator may determine and advises the Trustee to be necessary and/or to be required by the Internal Revenue Service or by a federal or state law or rules or regulations to enable such Holders to prepare their tax returns for such calendar year or applicable portion thereof during which such person was a Certificateholderyear. Such obligation of the Trustee obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year Securities Administrator or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any the requirements of the Code as from time to time are in forceCode.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns ARM Trust 2004-12)
Statements to Certificateholders. (a) On The Master Servicer shall prepare and deliver to the Trustee at least two Business Days prior to each Distribution Date, based, as applicable, on information provided and concurrently with each distribution to it by the Master ServicerCertificateholders, the Trustee shall prepare and make available on the Trustee’s website as set forth below, forward by first-class mail to each Holder of Certificateholder, with a copy to the Regular Certificates, the Trustee, the Master Servicer Seller and the Rating Agencies, a statement setting forth the following information, expressed with respect to clauses (i) through (vi) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, in the case of each Class of Notional Amount Certificates, a Notional Amount of $1,000, or in the case of the Residual Certificates, an initial Current Principal Amount of $50 and expressed with respect to the distributions made on such Distribution Date setting forthclauses (viii) through (xv) and (xvii) with respect to Loan Group 1, Loan Group 2 and Loan Group 3 separately:
(i) with respect to each Loan Group, the amount of the related distribution to Holders Current Principal Amount or Notional Amount of each Class allocable of Certificates immediately prior to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included thereinsuch Distribution Date;
(ii) the amount of the distribution made allocable to principal on such Distribution Date to the Holders of each applicable Class of Regular Certificates allocable to interest, separately identifiedCertificates;
(iii) the applicable accrual periods for calculating distributions and general distribution datesaggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall, Deferred Interest and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Loan Group, the total cash flows received and the general sources thereofClass of Certificates;
(v) the Pass-Through Rate amount of the distribution allocable to interest on each Class of Regular Certificates for such Distribution DateCertificates;
(vi) the Pass-Through Rate Rates for each Class of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate CapDistribution Date;
(vii) the aggregate amount Current Principal Amount or Notional Amount of Advances included in the distribution on each Class of Certificates after such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Overcollateralization Target AmountMaster Servicer or the related Servicers included in such distribution;
(ix) the proceeds (if any) from amount of any Realized Losses during the Interest Rate Swap Agreement related Prepayment Period and cumulatively since the Cut-off Date and the Cap Contractamount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) the amount of Scheduled Principal and Principal Prepayments, (including but separately identifying the principal amount of principal prepayments, Insurance Proceeds, the purchase price in connection with respect to each Loan Groupthe purchase of Mortgage Loans, cash deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the number and Aggregate Stated principal balance of Mortgage Loans purchased or substituted for during the relevant period and cumulatively since the Cut-off Date;
(xi) the number of Mortgage Loans (excluding REO Property) remaining in the Trust Fund as of the end of the related Prepayment Period;
(xii) information regarding any Mortgage Loan delinquencies as of the end of the related Prepayment Period, including the aggregate number, aggregate Outstanding Principal Balance of, and Realized Loss on, the aggregate Scheduled Principal Balance of Mortgage Loans delinquent one month, two months and three months or more;
(xiii) the number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the aggregate Outstanding Principal Balance of such Mortgage Loans;
(xiv) the number and aggregate Outstanding Principal Balance of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixv) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiiiforeclosure expenses) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of Property; PROVIDED THAT, in the close of business event that such information is not available to the Master Servicer and the Trustee on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Lossesinformation shall be furnished promptly after it becomes available;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of Realized Losses allocated to each Class of Certificates since the Servicing Fees paid to or retained by prior Distribution Date and in the Servicer aggregate for the related Due Periodall prior Distribution Dates;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Average Loss Severity for the Distribution Account for such Distribution Dateprior calendar month;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls Diverted Amount for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;; and
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the then applicable Senior PercentagePercentages, the Senior Prepayment PercentagePercentages, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the Trustee, based solely on, and to the extent of, information provided to the Trustee by the Master Servicer. The Trustee may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s website initially located at “xxx.xx.xxxxxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Trustee’s customer service desk at 000-000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.Subordinate
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to each Certificateholder and the Trustee’s Mandatory Call Provider via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, in the case of the Regular Interest Only Certificates, a Notional Amount of $1,000, or in the Trusteecase of each Class of Residual Certificates, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount or Notional Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount or Notional Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan, (iv) the amount, if any, included in Net Liquidation Proceeds representing a payment under the Supplemental PMI Policy and (v) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestprepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number, aggregate Outstanding Principal Balance and aggregate Scheduled Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate book value (the sum of (A) the Outstanding Principal Balance or Certificate Notional Amountof the Mortgage Loan, as applicable(B) accrued interest through the date of foreclosure and (C) foreclosure expenses) of any REO Property in each Loan Group; PROVIDED THAT, in the event that such information is not available to the Securities Administrator on the Distribution Date, such information shall be furnished promptly after it becomes available;
(xvii) the amount of Realized Losses allocated to each Class before and after giving effect (i) to all distributions allocable to principal on such of Certificates since the prior Distribution Date and (ii) in the allocation of any Applied Realized Loss Amounts aggregate for such all prior Distribution DateDates;
(xiixviii) the number and Aggregate Stated Principal Balance of Mortgage Loans, using Average Loss Severity for the OTS method, (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case as of the end of the preceding prior calendar month, determined in the aggregate and separately month for each Loan Group;
(xiii) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business on the last day of the calendar month preceding the month in which such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Period;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Distribution Account for such Distribution Date;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;
(xix) the Accrued Certificate Interest in respect of each then applicable Group 1, Class of Certificates for such Distribution Date2, Class 3, Group 4, Group 5 and Group 6 Senior Percentage, Group 1, Class 2, Class 3, Group 4, Group 5 and Group 6 Senior Prepayment Percentage, Group 1, Class 2, Class 3, Group 4, Group 5 and Group 6 Subordinate Percentage and Group 1, Class 2, Class 3, Group 4, Group 5 and Group 6 Subordinate Prepayment Percentage;
(xx) the aggregate Stop-Loss Amount as of any deposits to the Cut-off Date, the Stop-Loss Amount as of the end of the related Prepayment Period and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit reduction in the Cap Contract Reserve Fund after such deposits and withdrawals;Stop-Loss Amount during the related Prepayment Period; and
(xxi) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Groupthe related Prepayment Period, (i) the number of Mortgage Loans for which a payment was made by the Supplemental PMI Insurer under the Supplemental PMI Policy and the aggregate amount of any such payments, (ii) the Prepayment Charges remitted number of Mortgage Loans for which a claim has been presented to the Supplemental PMI Insurer under the Supplemental PMI Policy and the aggregate amount of any such outstanding claims, and (iii) the number of Mortgage Loans for which a claim was presented to the Supplemental PMI Insurer under the Supplemental PMI Policy which claim was denied by the Servicer;
(xxiv) unless otherwise set forth in Supplemental PMI Insurer and the Form 10-D relating to aggregate amount of any such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloombergdenied claims. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested partyparty (including, without limitation, the Mandatory Call Provider), the monthly statement to Certificateholders via the Trustee’s Securities Administrator's website initially located at “xxx.xx.xxxxxxxxxx.xxx"www.ctslink.com.” Assistance in using " Asxxxxxxxx xx xxxng the website can be obtained by calling the Trustee’s Securities Administrator's customer service desk at 000(301) 815-000-00006600. Parties that are unable Partxxx xxxx xxx xnable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) the Current Principal Amount (or Notional Amount) of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount (or Notional Amount) of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestPrepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become foreclosure expenses) of any REO Property, Property in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect ; provided that, in the event that such information is not available to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution Date;Dates; and
(xviii) the aggregate amount of any Prepayment Interest Shortfalls Average Loss Severity Percentage for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;each Loan Group; and
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to then applicable Group I, Group II, Group III, Group IV, Group V, Group VI, Group VII, Group VIII and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Group IX Senior Percentage, the Group I, Group II, Group III, Group IV, Group V, Group VI, Group VII, Group VIII and Group IX Senior Prepayment Percentage, the Group I, Group II, Group III, Group IV, Group V, Group VI, Group VII, Group VIII and Group IX Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan II, Group III;
(xxii) the , Group I Available FundsIV, the Group II Available Funds V, Group VI, Group VII, Group VIII and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “IX Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s Securities Administrator's website initially located at “xxx.xx.xxxxxxxxxx.xxx"www.ctslink.com.” Assistance in " Xxxxxxxxxx xx using the website can be obtained by calling the Trustee’s Securities Administrator's customer service desk at 000(301) 815-000-00006600. Parties that are Pxxxxxx xxxx xxe unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s Securities Administrator's customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after To the end of each calendar yearextent timely received from the Securities Administrator, the Trustee shall prepare and forward, will also make monthly statements available each month to each Person who Certificateholders via the Trustee's internet website. The Trustee's internet website will initially be located at any time during www.jpmorgan.com/xxx. Xxxxxxxxxx xx xsing the calendar year was a Holder of a Certificate, a statement containing Trustee's website service can be obtained by calling the information set forth in subclauses Trustee's customer service desk at (i877) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force722-1095.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mort Inv Ii Inc Bear Stearns Arm Trust 03-7)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee shall prepare and make available on the Trustee’s website as set forth below, forward by first-class mail to each Holder of Certificateholder, with a copy to the Regular Certificates, the Trustee, the Master Servicer Depositor and the Rating Agencies, a statement setting forth the following information, expressed with respect to clauses (i) through (vi) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000 or in the case of the Residual Certificates, an initial Current Principal Amount of $50 for each of the Class R-1 and Class R-3 Certificates, an initial Current Principal Amount of $100 for the Class R-2 Certificates and expressed with respect to the distributions made on such Distribution Date setting forthclauses (viii) through (xv) with respect to Loan Group I and Loan Group II separately:
(i) with respect to each Loan Group, the amount of the related distribution to Holders Current Principal Amount of each Class allocable of Certificates immediately prior to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included thereinsuch Distribution Date;
(ii) the amount of the distribution made allocable to principal on such Distribution Date to the Holders of each applicable Class of Regular Certificates allocable to interest, separately identifiedCertificates;
(iii) the applicable accrual periods for calculating distributions and general distribution datesaggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Loan Group, the total cash flows received and the general sources thereofClass of Certificates;
(v) the Pass-Through Rate amount of the distribution allocable to interest on each Class of Regular Certificates for such Distribution DateCertificates;
(vi) the Pass-Through Rate Rates for each Class of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate CapDistribution Date;
(vii) the aggregate amount Current Principal Amount of Advances included in the distribution on each Class of Certificates after such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Overcollateralization Target AmountMaster Servicer or the related Servicers included in such distribution;
(ix) the proceeds (if any) from amount of any Realized Losses during the Interest Rate Swap Agreement related Prepayment Period and cumulatively since the Cut-off Date and the Cap Contractamount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) the amount of Scheduled Principal and Principal Prepayments, (including but separately identifying the principal amount of principal prepayments, Insurance Proceeds, the purchase price in connection with respect to each Loan Groupthe purchase of Mortgage Loans, cash deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the number and Aggregate Stated Principal Balance of, and Realized Loss on, the principal balance of Mortgage Loans purchased or substituted for during the relevant period and cumulatively since the Cut-off Date;
(xi) the number of Mortgage Loans (excluding REO Property) remaining in the Trust Fund as of the end of the related Due Period;
(xi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Principal Balance of information regarding any Mortgage Loans, using the OTS method, (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case Loan delinquencies as of the end of the preceding calendar related Due Period, including the aggregate number, aggregate Outstanding Principal Balance and aggregate Scheduled Principal Balance of Mortgage Loans delinquent one month, determined in the aggregate two months and separately for each Loan Groupthree months or more;
(xiii) with respect to each Loan Group, the number, aggregate principal balance and book value number of any REO Properties Mortgage Loans in the foreclosure process as of the close of business on the last day end of the calendar month preceding related Due Period and the month in which aggregate Outstanding Principal Balance of such Distribution Date occursMortgage Loans;
(xiv) the number and aggregate amount Outstanding Principal Balance of Principal Prepayments made during all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Prepayment Due Period;
(xv) the aggregate amount book value (the sum of Realized Losses incurred during (A) the related Prepayment Period Outstanding Principal Balance of the Mortgage Loan, (B) accrued interest through the date of foreclosure and (C) foreclosure expenses) of any REO Property; PROVIDED THAT, in the event that such information is not available to the Master Servicer and the cumulative amount of Realized LossesTrustee on the Distribution Date, such information shall be furnished promptly after it becomes available;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of Realized Losses allocated to each Class of Certificates since the Servicing Fees paid to or retained by prior Distribution Date and in the Servicer aggregate for the related Due Period;all prior Distribution Dates; and
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Distribution Account for such Distribution Date;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, then applicable Group I and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;
(xix) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date;
(xx) the aggregate of any deposits to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Group II Senior Percentage, the Group I and Group II Senior Prepayment Percentage, the Group I and Group II Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan I and Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated calculated, or reported, as the case may be, by the Trustee, Trustee based solely on, and to the extent of, information on data provided to the Trustee by the Master Servicer. The Servicer pursuant to Section 6.05 upon which the Trustee may conclusively rely on such information and which the Trustee shall not be required to confirm, verify confirm or recalculate any such informationverify. The information furnished by the Master Servicer shall be sufficient for the Trustee to calculate any payments or statements it is required to make. The Master Servicer may make available each month, to any interested interest party, the monthly statement to Certificateholders via the Trustee’s Master Servicer's website, electronic bulletin board and its fax-on-demand service. The Master Servicer's website initially will be located at “xxx.xx.xxxxxxxxxx.xxx"xxx.xxxxxxx.xxx.” Assistance in using the website can " The Master Servicer's electronic bulletin board may be obtained accessed by calling the Trustee’s customer service desk at (000) 000-0000 and its fax- on-demand service may be accessed by calling (000) 000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s customer service desk and indicating such. The Trustee shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)
Statements to Certificateholders. (a) On Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto, Radian and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $50:
(i) with respect to each Loan Group, the amount of the related distribution to Holders Current Principal Amount (or Notional Amount) of each Class allocable of Certificates immediately prior to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included thereinsuch Distribution Date;
(ii) the amount of the distribution made allocable to principal on such Distribution Date to the Holders of each applicable Class of Regular Certificates allocable to interest, separately identifiedCertificates;
(iii) the applicable accrual periods for calculating distributions and general distribution datesaggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Loan Group, the total cash flows received and the general sources thereofClass of Certificates;
(v) the Pass-Through Rate amount of the distribution allocable to interest on each Class of Regular Certificates for such Distribution DateCertificates;
(vi) the Pass-Through Rate Rates for each Class of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate CapDistribution Date;
(vii) the aggregate amount Current Principal Amount (or Notional Amount) of Advances included in the distribution on each Class of Certificates after such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Overcollateralization Target AmountMaster Servicer or the Servicers included in such distribution;
(ix) the proceeds aggregate amount of any Realized Losses (if anylisted separately for each category of Realized Loss) from during the Interest Rate Swap Agreement related Prepayment Period and cumulatively since the Cut-off Date and the Cap Contractamount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan Groupwhich incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) the amount of Scheduled Principal and Principal Prepayments, (including but separately identifying the principal amount of Principal Prepayments, Insurance Proceeds, the purchase price in connection with the purchase of Mortgage Loans, cash deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the number and Aggregate Stated principal balance of Mortgage Loans purchased or substituted for during the relevant period and cumulatively since the Cut-off Date;
(xii) the number of Mortgage Loans (excluding REO Property) remaining in the Trust Fund as of the end of the related Prepayment Period;
(xiii) information regarding any Mortgage Loan delinquencies as of the end of the related Prepayment Period, including the aggregate number and aggregate Outstanding Principal Balance ofof Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, (b) delinquent 60 to 89 days on a contractual basis, and Realized Loss on(c) delinquent 90 or more days on a contractual basis, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiv) the number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the aggregate Outstanding Principal Balance of such Mortgage Loans;
(xv) the number and aggregate Outstanding Principal Balance of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiiiforeclosure expenses) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of Property; provided that, in the close of business event that such information is not available to the Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution Date;Dates; and
(xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution DateAverage Loss Severity Percentage;
(xix) the Accrued Certificate Interest in respect amount of each Class of Certificates for Special Hazard Losses, Fraud Losses, Bankruptcy Losses and Extraordinary Losses on such Distribution Date;Date and in the aggregate for all prior Distribution Dates; and
(xx) the aggregate of any deposits to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the then applicable Subgroup Senior Percentage, the Subgroup Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and BloombergSubgroup. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s Securities Administrator's website initially located at “xxx.xx.xxxxxxxxxx.xxx"www.ctslink.com.” " Assistance in using the website can be obtained by calling the Trustee’s xxxxxxx xxx Securities Administrator's customer service desk at 000(301) 815-000-00006600. Parties that are unable to use the above distribution option are distributixx xxxxxx xxx entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s Securities Administrator's customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after To the end of each calendar yearextent timely received from the Securities Administrator, the Trustee shall prepare will also make monthly statements available each month to Certificateholders and forwardRadian via the Trustee's internet website. The Trustee's internet website will initially be located at "https://trustinvestorreporting.usbank.com". Assistance in using the Txxxxxx'x xxxxxxx xxxxxxx xxx xx xxxxxxxx by calling the Trustee's customer service desk at (800) 934-6802.
(b) By April 30 of each year beginning in 2005, xxx Xxxxxxx will furnish such report to each Person who Holder of the Certificates of record at any time during the prior calendar year was a Holder as to the aggregate of a Certificate, a statement containing the information set forth in amounts reported pursuant to subclauses (ia)(ii) and (iia)(v) aboveabove with respect to the Certificates, aggregated plus information with respect to the amount of servicing compensation and such other customary information as the Securities Administrator may determine and advises the Trustee to be necessary and/or to be required by the Internal Revenue Service or by a federal or state law or rules or regulations to enable such Holders to prepare their tax returns for such calendar year or applicable portion thereof during which such person was a Certificateholderyear. Such obligation of the Trustee obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year Securities Administrator or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any the requirements of the Code as from time to time are in forceCode.
Appears in 1 contract
Statements to Certificateholders. (a) On each Distribution Date, based, as applicable, on information provided concurrently with each distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trusteeparties hereto and each Certificateholder via the Securities Administrator’s internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of the Regular Residual Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthan initial Current Principal Amount of $100:
(i) the Current Principal Amount of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the distribution allocable to principal on each applicable Class of Certificates;
(iii) the aggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Class of Certificates;
(v) the amount of the distribution allocable to interest on each Class of Certificates;
(vi) the Pass-Through Rates for each Class of Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or the Servicer included in such distribution separately stated for each Loan Group;
(ix) the aggregate amount of any Realized Losses (listed separately for each category of Realized Loss and for each Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) with respect to each Loan Group, the amount of the related distribution to Holders of each Class allocable to principalScheduled Principal and Principal Prepayments, (including but separately identifying (A) the aggregate principal amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included therein;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates allocable to interestPrepayments, separately identified;
(iii) the applicable accrual periods for calculating distributions and general distribution dates;
(iv) with respect to each Loan GroupInsurance Proceeds, the total purchase price in connection with the purchase of Mortgage Loans, cash flows received deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the general sources thereof;
(v) number and principal balance of Mortgage Loans purchased or substituted for during the Passrelevant period and cumulatively since the Cut-Through Rate on each Class of Regular Certificates for such Distribution off Date;
(vixii) the Pass-Through Rate for number of Mortgage Loans (excluding REO Property) in each Class Loan Group remaining in the Trust Fund as of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by end of the related Net Rate CapPrepayment Period;
(viixiii) information for each Loan Group and in the aggregate amount regarding any Mortgage Loan delinquencies as of Advances included in the distribution on such Distribution Date (end of the related Prepayment Period, including the general purpose aggregate number and aggregate Outstanding Principal Balance of such Advances)Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, the aggregate amount (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of unreimbursed Advances at the close of business on the Distribution Date, and last Business Day of the general source of funds for reimbursementsimmediately preceding month;
(viiixiv) for each Loan Group, the Overcollateralized Amount number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the Overcollateralization Target Amountaggregate Outstanding Principal Balance of such Mortgage Loans;
(ixxv) the proceeds (if any) from the Interest Rate Swap Agreement and the Cap Contract;
(x) with respect to for each Loan Group, the number and Aggregate Stated aggregate Outstanding Principal Balance of, and Realized Loss on, the of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become foreclosure expenses) of any REO Property, Property in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiii) with respect ; provided that, in the event that such information is not available to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of the close of business Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution DateDates;
(xviii) the aggregate amount of any Prepayment Interest Shortfalls Average Loss Severity Percentage for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;each Loan Group; and
(xix) the Accrued Certificate Interest Senior Percentage, Senior Prepayment Percentage, Subordinate Percentage and Subordinate Prepayment Percentage, in respect of each Class of Certificates case, for such Distribution Date;
(xx) the aggregate of any deposits to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;
(xxi) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested party, the monthly statement to Certificateholders via the TrusteeSecurities Administrator’s website initially located at “xxx.xx.xxxxxxxxxx.xxxxxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the TrusteeSecurities Administrator’s customer service desk at (000-) 000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the TrusteeSecurities Administrator’s customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. To the extent timely received from the Securities Administrator, the Trustee will also make monthly statements available each month to Certificateholders via the Trustee’s internet website. The Trustee’s internet website will initially be located at xxx.xxxxxxxx.xxx/xxx. Assistance in using the Trustee’s website service can be obtained by calling the Trustee’s customer service desk at (000) 000-0000.
(b) Within a reasonable period of time after the end of each the preceding calendar yearyear beginning in 2005, the Trustee shall prepare and forward, will furnish a report to each Person who Holder of the Certificates of record at any time during the prior calendar year was a Holder as to the aggregate of a Certificate, a statement containing the information set forth in amounts reported pursuant to subclauses (ia)(ii) and (iia)(v) aboveabove with respect to the Certificates, aggregated plus information with respect to the amount of servicing compensation and such other customary information as the Securities Administrator may determine and advises the Trustee to be necessary and/or to be required by the Internal Revenue Service or by a federal or state law or rules or regulations to enable such Holders to prepare their tax returns for such calendar year or applicable portion thereof during which such person was a Certificateholderyear. Such obligation of the Trustee obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year Securities Administrator or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any the requirements of the Code as from time to time are in forceCode.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mort Inv Ii Inc Bear Stearns Alt a Tr 05 3)
Statements to Certificateholders. (a) On a)Concurrently with each Distribution Date, based, as applicable, on information provided distribution to it by the Master ServicerCertificateholders, the Trustee Securities Administrator shall prepare and make available on to the Trustee’s parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information, expressed with respect to each Holder clauses (i) through (vii) in the aggregate and as a Fractional Undivided Interest representing an initial Certificate Principal Balance of $1,000, in the case of the Regular Interest Only Certificates, the Trustee, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forthNotional Amount of $1,000:
(i) with respect to each Loan Group, the amount of the related distribution to Holders Certificate Principal Balance or Notional Amount of each Class allocable of Certificates immediately prior to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein and (B) the aggregate of all scheduled payments of principal included thereinsuch Distribution Date;
(ii) the amount of the distribution made allocable to principal on such Distribution Date to the Holders of each applicable Class of Regular Certificates allocable to interest, separately identifiedCertificates;
(iii) the applicable accrual periods for calculating distributions and general distribution datesaggregate amount of interest accrued at the related Pass-Through Rate with respect to each Class during the related Interest Accrual Period;
(iv) the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate interest distributed with respect to each Loan Group, the total cash flows received and the general sources thereofClass of Certificates;
(v) the Pass-Through Rate amount of the distribution allocable to interest on each Class of Regular Certificates for such Distribution DateCertificates;
(vi) the Pass-Through Rate Rates for each Class of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate CapDistribution Date;
(vii) the aggregate amount Certificate Principal Balance of Advances included in the distribution on each Class of Certificates after such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;
(viii) the Overcollateralized Amount amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Overcollateralization Target AmountServicer or the Master Servicer included in such distribution;
(ix) the proceeds aggregate amount of any Realized Losses (if anylisted separately for each category of Realized Loss) from during the Interest Rate Swap Agreement related Prepayment Period and cumulatively since the Cut-off Date and the Cap Contractamount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) with respect to each Mortgage Loan Groupwhich incurred a Realized Loss during the related Prepayment Period, (i) the loan number, (ii) the Stated Principal Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Stated Principal Balance of such Mortgage Loan as of the beginning of the related Due Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan;
(xi) the amount of Scheduled Principal and Principal Prepayments, (including but separately identifying the principal amount of principal prepayments, Insurance Proceeds, the purchase price in connection with the purchase of Mortgage Loans, cash deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) and the number and Aggregate Stated principal balance of Mortgage Loans purchased or substituted for during the relevant period and cumulatively since the Cut-off Date;
(xii) the number of Mortgage Loans (excluding REO Property) remaining in the Trust Fund as of the end of the related Prepayment Period;
(xiii) information in the aggregate regarding any Mortgage Loan delinquencies as of the end of the related Prepayment Period, including the aggregate number and aggregate Outstanding Principal Balance ofof Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, (b) delinquent 60 to 89 days on a contractual basis, and Realized Loss on(c) delinquent 90 or more days on a contractual basis, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiv) the number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the aggregate Outstanding Principal Balance of such Mortgage Loans;
(xv) the number and aggregate Outstanding Principal Balance of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xixvi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, book value (the sum of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (iiA) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xii) the number and Aggregate Stated Outstanding Principal Balance of the Mortgage Loans, using the OTS methodLoan, (aB) as to which accrued interest through the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in date of foreclosure and (cC) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately for each Loan Group;
(xiiiforeclosure expenses) with respect to each Loan Group, the number, aggregate principal balance and book value of any REO Properties as of Property; provided that, in the close of business event that such information is not available to the Securities Administrator on the last day of the calendar month preceding the month in which Distribution Date, such Distribution Date occurs;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(xvi) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Periodinformation shall be furnished promptly after it becomes available;
(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from Realized Losses allocated to each Class of Certificates since the prior Distribution Account Date and in the aggregate for such all prior Distribution DateDates;
(xviii) the aggregate amount Interest Carry Forward Amount and any Basis Risk Shortfall Carry Forward Amount for each Class of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer or Master Servicer pursuant to Section 1.04, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution DateCertificates;
(xix) the Accrued Certificate Interest in respect amount of such distribution to Holders of each Class of Certificates for such Distribution Dateallocable to interest and the portion thereof, if any, provided by the Cap Contracts;
(xx) the aggregate cumulative amount of Applied Realized Loss Amounts to date and, in addition, if the Certificate Principal Balances of the Class M-1, Class M-2 and Class B Certificates have all been reduced to zero, the cumulative amount of any deposits Realized Losses that have not been allocated to and withdrawals from the Cap Contract Reserve Fund for such Distribution Date and the remaining amount on deposit in the Cap Contract Reserve Fund after such deposits and withdrawals;any Certificates; and
(xxi) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for Loan Group I, Loan Group II and Loan Group III;
(xxii) the Group I Available Funds, the Group II Available Funds and Group III Available Funds for such Distribution Date;
(xxiii) with respect to each Loan Group, the amount of the Prepayment Charges remitted by the Servicer;
(xxiv) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group and if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xxv) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xxvi) with respect to each Loan Group, whether the loss or delinquency or tests contained in the definitions of “Senior Prepayment Percentage” and “Subordinate Prepayment Percentage” were met;
(xxvii) updated pool composition data including the following with respect to each Loan Group: weighted average Mortgage Rate, weighted average remaining term to maturity and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs; and
(xxviii) unless otherwise set forth in the Form 10-D relating to such Distribution Date, with respect to each Loan Group, material breaches of Mortgage Loan representations or warranties or transaction covenants. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and BloombergTrigger Event exists. The information set forth above shall be calculated or reported, as the case may be, by the TrusteeSecurities Administrator, based solely on, and to the extent of, information provided to the Trustee Securities Administrator by the Master Servicer. The Trustee Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee Securities Administrator may make available each month, to any interested party, the monthly statement to Certificateholders via the Trustee’s Securities Administrator's website initially located at “xxx.xx.xxxxxxxxxx.xxx"www.ctslink.com.” " Assistance in using the website can be obtained xx xxxxxxxx by calling the Trustee’s Securities Administrator's customer service desk at 000(301) 815-000-00006600. Parties that are unable to use the above distribution abxxx xxxxxxxxxxxn option are entitled to have a paper copy mailed to them via first class mail by calling the Trustee’s Securities Administrator's customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all parties regarding any such change. Within a reasonable period of time after To the end of each calendar yearextent timely received from the Securities Administrator, the Trustee shall prepare and forward, will also make monthly statements available each month to each Person who Certificateholders via the Trustee's internet website. The Trustee's internet website will initially be located at any time during www.jpmorgan.com/sfr. Assistance in using the calendar year was a Holder of a Certificate, a statement containing Trustee'x xxxxxxx xxxxxxx can be obtained by calling the information set forth in subclauses Trustee's customer service desk at (i877) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force722-1095.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Trust Mortgage Pass-Through Certs Ser 2004)