Statements to Master Servicer. Not later than the Reporting Date of each month, the Servicer shall furnish to the Master Servicer a monthly remittance advice, with a trial balance report attached thereto, in the form of Exhibit D-1 annexed hereto, together with a delinquency report in the form of Exhibit D-2 annexed hereto, in hard copy and electronic medium mutually acceptable to the parties as to the period ending on the Record Date in the preceding calendar month. Such monthly remittance advice shall also be accompanied with a supplemental report provided to the Master Servicer and any other party designated by the Master Servicer which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and LPMI Policies, (ii) the amount of any claim payments made under PMI Policies and LPMI Policies, (iii) the amount of claims denied or curtailed under PMI Policies and LPMI Policies and (iv) PMI Policies canceled with respect to those Mortgage Loans covered by any PMI Policy purchased by the Owner. With respect to any month in which the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a Reconstitution, the Servicer shall submit all information required hereunder in two (2) separate reports, one relating to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are not then subject to a Reconstitution. Upon reasonable advance notice, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority or to any Owner pursuant to any applicable law with respect to the Mortgage Loans and the transactions contemplated hereby. In addition, the Servicer shall provide each Owner and the Master Servicer with such information concerning the Mortgage Loans as is necessary for such Owner to prepare its federal income tax return as any Owner or the Master Servicer may reasonably request from time to time.
Appears in 37 contracts
Samples: Correspondent Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-22), Correspondent Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust), Correspondent Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust)
Statements to Master Servicer. The Company shall deliver or cause to be delivered to the Master Servicer executed copies of the custodial and escrow account letter agreements pursuant to Sections 4.04 and 4.06 within 30 days of the Closing Date. Not later than the Reporting Date tenth calendar day of each month, the Servicer Company shall furnish to the Master Servicer a monthly remittance advice, with a trial balance report attached thereto, in the form of Exhibit D-1 annexed hereto, together with a delinquency report in the form of Exhibit D-2 annexed hereto, in hard copy and an electronic medium mutually acceptable to the parties as to file providing loan level accounting data for the period ending on the Record Date last Business Day of the preceding month in the preceding calendar monthformat mutually agreed to between the Company and the Master Servicer. Such monthly remittance advice The information required by Exhibit E-1 and Exhibit E-2 is limited to that which is readily available to the Company and is mutually agreed to by the Company and Master Servicer.
23. Section 9.01 (Indemnification; Third Party Claims) is hereby amended in its entirety to read as follows: The Company shall also be accompanied with a supplemental report provided to indemnify the Trust Fund, the Trustee and the Master Servicer and hold each of them harmless against any and all claims, losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments and any other party designated by costs, fees and expenses that any of such parties may sustain in any way related to the failure of the Company to perform its duties and service the Mortgage Loans in strict compliance with the terms of this Agreement. The Company immediately shall notify the Purchaser, the Master Servicer which includes on an aggregate basis for and the previous Due Period (i) the amount of claims filed under PMI Policies and LPMI Policies, (ii) the amount of Trustee or any other relevant party if a claim payments is made under PMI Policies and LPMI Policies, (iii) the amount of claims denied or curtailed under PMI Policies and LPMI Policies and (iv) PMI Policies canceled by a third party with respect to those this Agreement or the Mortgage Loans covered Loans, assume (with the prior written consent of the indemnified party) the defense of any such claim and pay all expenses in connection therewith, including counsel fees, and promptly pay, discharge and satisfy any judgment or decree which may be entered against it or any of such parties in respect of such claim. The Company shall follow any written instructions received from the Trustee in connection with such claim. The Trustee from the assets of the Trust Fund promptly shall reimburse the Company for all amounts advanced by it pursuant to the preceding sentence except when the claim is in any PMI Policy purchased by way related to the Owner. With respect Company's indemnification pursuant to any month in which Section 6.02, or the Servicer is servicing both Reconstituted Mortgage Loans failure of the Company to service and Mortgage Loans that have not been subject to a Reconstitution, the Servicer shall submit all information required hereunder in two (2) separate reports, one relating to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are not then subject to a Reconstitution. Upon reasonable advance notice, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to information and documentation regarding administer the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply in strict compliance with the applicable regulations terms of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirementsthis Agreement. The Servicer Trust Fund shall prepare indemnify the Company and file hold it harmless against any and all tax returnsclaims, information statements or losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments and any other filings required to be delivered to costs, fees and expenses that the Company may sustain in any governmental taxing authority or to any Owner pursuant to any applicable law with respect way related to the Mortgage Loans and failure of the transactions contemplated hereby. In addition, the Servicer shall provide each Owner and the Master Servicer with such information concerning the Mortgage Loans as is necessary for such Owner to prepare its federal income tax return as any Owner Trustee or the Master Servicer may reasonably request from time to timeperform its duties in compliance with the terms of this Agreement. In the event a dispute arises between an indemnified party and the Company with respect to any of the rights and obligations of the parties pursuant to this Agreement and such dispute is adjudicated in a court of law, by an arbitration panel or any other judicial process, then the losing party shall indemnify and reimburse the winning party for all attorney's fees and other costs and expenses related to the adjudication of said dispute.
Appears in 16 contracts
Samples: Servicing Agreement (Mortgage Pass-Through Certificates, Series 2005-19xs), Servicing Agreement (Lehman Sarm 2005-9), Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2005-23)
Statements to Master Servicer. Not later than the Reporting Date 10th calendar day of each monthmonth (or if such calendar day is not a Business Day, the immediately succeeding Business Day), the Servicer shall furnish to the Master Servicer with respect to each related Trust, or as the Servicer and the Master Servicer may otherwise agree (a) a monthly remittance advice, with a trial balance report attached thereto, advice in the form of format set forth at Exhibit D-1 annexed hereto, together with a delinquency report in the form of Exhibit D-2 annexed hereto, in hard copy and electronic medium mutually acceptable to the parties as to D hereto for the period ending on the Record Date first day of such calendar month (i.e., the Due Period) and (b) all such information required pursuant to clause (a) above in an electronic file or other similar media reasonably acceptable to the preceding calendar monthMaster Servicer. Such monthly remittance advice shall also be accompanied with a supplemental report provided to the Master Servicer and any other party designated by the Master Servicer which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and LPMI Policiesfiled, (ii) the amount of any claim payments made under PMI Policies and LPMI Policiesmade, (iii) the amount of claims denied or curtailed under PMI Policies and LPMI Policies and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Securitized Loans covered by any PMI Policy or any other provider of primary mortgage insurance purchased by the OwnerTrust. With respect The Master Servicer will convert such data into a format acceptable to any month each related Trustee and provide monthly reports to such Trustee pursuant to the related Trust Agreement; provided, however, notwithstanding anything to the contrary contained in which the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a ReconstitutionPMI Policy, the Servicer shall not be required to submit all information required hereunder in two (2) separate reports, one relating to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are not then subject any supplemental reports including the foregoing data with respect to a ReconstitutionPMI Policy until a reporting date that is at least 15 days after the Servicer has received sufficient loan level information from the Seller to appropriately code its servicing system in accordance with requirements. Upon reasonable advance noticeIn addition, not more than 60 days after the end of each calendar year, commencing December 31, 2002, the Servicer shall provide (as such information becomes reasonably available to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access the Servicer) to the Master Servicer such information and documentation regarding concerning the Mortgage Securitized Loans and annual remittances to the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Master Servicer shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority or to any Owner pursuant to any applicable law with respect to the Mortgage Securitized Loans in each Trust as is necessary for each Certificateholder to prepare its federal income tax return. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer to the Master Servicer and pursuant to any requirements of the transactions contemplated herebyCode as from time to time are in force. In additionBeginning with calendar year 2003, the Servicer shall provide each Owner and the Master Servicer and each Trustee with such information concerning the Mortgage related Securitized Loans as is necessary for such Owner Trustee to prepare its the related Trust’s federal income tax return as and for any Owner or investor in the Master Servicer may reasonably request from time related Certificates to timeprepare any required tax return.
Appears in 13 contracts
Samples: Servicing Agreement (Greenwich Capital Acceptance Thornburg Sec Tr 2003-4), Servicing Agreement (Thornburg Mortgage Securities Trust 2004-2), Servicing Agreement (Structured Asset Securities Corp Thorn Mort Sec Tr 2003-3)
Statements to Master Servicer. Not later than the Reporting Date tenth calendar day of each month (or if such calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer (i) a monthly remittance advice in the format set forth in Exhibit D-1 hereto and a monthly default loan report in the format set forth in Exhibit D-2 hereto (or in such other format mutually agreed between the Servicer and the Master Servicer) relating to the period ending on the last day of the preceding calendar month and (ii) all such information required pursuant to clause (i) above on a magnetic tape or other similar media reasonably acceptable to the Master Servicer. The Servicer shall include in the monthly remittance advice information regarding each Employee Mortgage Loan. The format of this monthly reporting may be amended from time to time to the extent necessary to comply with applicable law or the terms of the Trust Agreement. Not later than the seventeenth day of each month, the Servicer shall furnish to the Master Servicer (a) a monthly payoff remittance adviceadvice regarding any Principal Prepayments in full applied to the related Mortgage Loan on or after the seventeenth day of the month preceding the month of such reporting date, with a trial balance report attached theretobut on or before the sixteenth day of the month of such reporting date, containing such information and in the form of Exhibit D-1 annexed hereto, together with a delinquency report in the form of Exhibit D-2 annexed hereto, in hard copy and electronic medium such format as is mutually acceptable to the parties as to the period ending on the Record Date in the preceding calendar month. Such monthly remittance advice shall also be accompanied with a supplemental report provided to the Master Servicer and the Servicer, and in any other party designated by event containing sufficient information to permit the Master Servicer which includes on an aggregate basis for to properly report Principal Prepayment in full information to the previous Due Period (i) Trustee under the amount of claims filed under PMI Policies and LPMI Policies, (ii) the amount of any claim payments made under PMI Policies and LPMI Policies, (iii) the amount of claims denied or curtailed under PMI Policies and LPMI Policies Trust Agreement and (ivb) PMI Policies canceled with respect all such information required pursuant to those Mortgage Loans covered by any PMI Policy purchased by clause (a) above in electronic format, on magnetic tape or other similar media reasonably acceptable to the OwnerMaster Servicer. With respect to any month in which the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a ReconstitutionIn addition, no later than March 15 of each calendar year, commencing March 15, 2006, the Servicer shall submit all information required hereunder in two (2) separate reports, one relating furnish to Reconstituted each Person who was an owner of the Mortgage Loans and one relating at any time during such calendar year as required by applicable law or if not required by applicable law, at the request of such owner as to all the aggregate of remittances for the applicable portion of such year. The Master Servicer may request that the Servicer provide, at the Master Servicer’s expense, an appraisal or a broker price opinion on any Mortgage Loans Loan which is 90 days or more delinquent. The Servicer shall use its best efforts to deliver such appraisal or broker price opinion to the Master Servicer within 15 calendar days after such request. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer pursuant to any requirements of the Internal Revenue Code as from time to time are not then subject to a Reconstitutionin force. Upon reasonable advance noticeBeginning with calendar year 2005, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority or to any Owner pursuant to any applicable law with respect to the Mortgage Loans and the transactions contemplated hereby. In addition, the Servicer shall provide each Owner and the Master Servicer with such information concerning the Mortgage Loans as is necessary for such Owner the Master Servicer or the Trustee to prepare its the Trust Fund’s federal income tax return as any Owner or the Master Servicer or the Trustee may reasonably request from time to time.
Appears in 12 contracts
Samples: Servicing Agreement (Structured Asset Securities Corp Trust 2005-6), Servicing Agreement (Lehman Mortgae Trust 2005-3), Servicing Agreement (Lehman Mortgage Trust 2005-2)
Statements to Master Servicer. Not later than the Reporting Date tenth calendar day of each month (or if such calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer (i) a monthly remittance advice in the format set forth in Exhibit D-1 hereto and a monthly default loan report in the format set forth in Exhibit D-2 hereto (or in such other format mutually agreed between the Servicer and the Master Servicer) relating to the period ending on the last day of the preceding calendar month and (ii) all such information required pursuant to clause (i) above on a magnetic tape or other similar media reasonably acceptable to the Master Servicer. The Servicer shall include in the monthly remittance advice information regarding each Employee Mortgage Loan. The format of this monthly reporting may be amended from time to time to the extent necessary to comply with applicable law or the terms of the Trust Agreement. Not later than the seventeenth day of each month, the Servicer shall furnish to the Master Servicer (a) a monthly payoff remittance adviceadvice regarding any Principal Prepayments in full applied to the related Mortgage Loan on or after the seventeenth day of the month preceding the month of such reporting date, with a trial balance report attached theretobut on or before the sixteenth day of the month of such reporting date, containing such information and in the form of Exhibit D-1 annexed hereto, together with a delinquency report in the form of Exhibit D-2 annexed hereto, in hard copy and electronic medium such format as is mutually acceptable to the parties as to the period ending on the Record Date in the preceding calendar month. Such monthly remittance advice shall also be accompanied with a supplemental report provided to the Master Servicer and the Servicer, and in any other party designated by event containing sufficient information to permit the Master Servicer which includes on an aggregate basis for to properly report Principal Prepayment in full information to the previous Due Period (i) Trustee under the amount of claims filed under PMI Policies and LPMI Policies, (ii) the amount of any claim payments made under PMI Policies and LPMI Policies, (iii) the amount of claims denied or curtailed under PMI Policies and LPMI Policies Trust Agreement and (ivb) PMI Policies canceled with respect all such information required pursuant to those Mortgage Loans covered by any PMI Policy purchased by clause (a) above in electronic format, on magnetic tape or other similar media reasonably acceptable to the OwnerMaster Servicer. With respect to any month in which the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a ReconstitutionIn addition, no later than March 15 of each calendar year, commencing March 15, 2006, the Servicer shall submit all information required hereunder in two (2) separate reports, one relating furnish to Reconstituted each Person who was an owner of the Mortgage Loans and one relating at any time during such calendar year as required by applicable law or if not required by applicable law, at the request of such owner as to all the aggregate of remittances for the applicable portion of such year. The Master Servicer may request that the Servicer provide, at the Master Servicer’s expense, an appraisal or a broker price opinion on any Mortgage Loans Loan which is 90 days or more delinquent. The Servicer shall use its best efforts to deliver such appraisal or broker price opinion to the Master Servicer within 15 calendar days after such request. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer pursuant to any requirements of the Internal Revenue Code as from time to time are not then subject to a Reconstitutionin force. Upon reasonable advance noticeBeginning with calendar year 2006, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority or to any Owner pursuant to any applicable law with respect to the Mortgage Loans and the transactions contemplated hereby. In addition, the Servicer shall provide each Owner and the Master Servicer with such information concerning the Mortgage Loans as is necessary for such Owner the Master Servicer or the Trustee to prepare its the Trust Fund’s federal income tax return as any Owner or the Master Servicer or the Trustee may reasonably request from time to time.
Appears in 10 contracts
Samples: Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust 2005-3xs), Servicing Agreement (Lehman XS Trust Series 2005-2), Servicing Agreement (Lehman XS Trust, Series 2005-4)
Statements to Master Servicer. Not later than the Reporting Date tenth (10th) calendar day of each month, the Servicer shall furnish to the Master Servicer a and the NIMS Insurer an electronic monthly remittance advice, with a trial balance report attached thereto, advice in the form of Exhibit D-1 annexed heretoFidelity (or any successor thereto) S50Y format (or in such other formats mutually agreed to between the Servicer and the Master Servicer), together with a delinquency report in the form of Exhibit D-2 annexed hereto, in hard copy and electronic medium mutually acceptable to the parties as such advice relating to the period ending on the Record Date in last day of the preceding calendar month. The format of this monthly reporting may be amended from time to time to the extent necessary to comply with applicable law. Such monthly remittance advice shall also be accompanied with by a supplemental report provided to the Master Servicer Servicer, the Securities Administrator, the NIMS Insurer and any other party designated by the Master Servicer Seller which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and on any LPMI PoliciesPolicy, (ii) the amount of any claim payments made under PMI Policies and on any LPMI PoliciesPolicy, (iii) the amount of claims denied or curtailed under PMI Policies and on any LPMI Policies Policy and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI LPMI Policy purchased by the Owner. With respect to any month in which Seller on behalf of the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a Reconstitution, the Servicer shall submit all information required hereunder in two (2) separate reports, one relating to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are not then subject to a Reconstitution. Upon reasonable advance notice, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirementsTrust Fund. The Servicer shall prepare and file any and all usual and customary tax returns, information statements or other filings required to be delivered to any governmental taxing authority authority, the Securities Administrator or to any Owner its designee pursuant to any applicable law with respect to the Mortgage Loans and the transactions contemplated hereby. In addition, the Servicer shall provide each Owner the Securities Administrator and the Master Servicer NIMS Insurer with such information concerning the Mortgage Loans as is necessary for such Owner Securities Administrator to prepare its federal income tax return returns as any Owner or the Master Servicer Securities Administrator may reasonably request from time to time. Such obligation of the Servicer shall be deemed satisfied to the extent that substantially comparable information has been provided by the Servicer throughout the calendar year.
Appears in 8 contracts
Samples: Securitization Subservicing Agreement (Structured Asset Investment Loan Trust 2004-6), Securitization Subservicing Agreement (Structured Asset Investment Loan Trust 2004-8), Securitization Subservicing Agreement (Structured Asset Investment Loan Trust 2004-Bnc2)
Statements to Master Servicer. Not later than the Reporting Date tenth (10th) calendar day of each monthmonth (or if such tenth calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer and, if required, the NIMS Insurer (i) a monthly remittance advice, with a trial balance report attached thereto, advice in the form of format set forth in Exhibit D-1 annexed hereto, together with hereto and a delinquency monthly defaulted loan report in the form of format set forth in Exhibit D-2 annexed hereto, hereto (or in hard copy such other format mutually agreed to between the Servicer and electronic medium mutually acceptable to the parties as Master Servicer) relating to the period ending on the Record Date in last day of the preceding calendar monthmonth and (ii) all such information required pursuant to clause (i) above on a magnetic tape or other similar media reasonably acceptable to the Master Servicer. The format of this monthly reporting may be amended from time to time to the extent necessary to comply with applicable law. Such monthly remittance advice shall also be accompanied with a supplemental report provided to the Master Servicer Servicer, the Securities Administrator, the NIMS Insurer, if required, and any other party designated by the Master Servicer Seller which includes on an aggregate basis for the previous Due Period calendar month (i) the amount of claims filed under PMI Policies and LPMI Policiesfiled, (ii) the amount of any claim payments made under PMI Policies and LPMI Policiesmade, (iii) the amount of claims denied or curtailed under PMI Policies and LPMI Policies and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI Policy purchased by Seller on behalf of the OwnerTrust Fund. With respect The Master Servicer will convert such data into a format acceptable to any month the Trustee and provide monthly reports to the Trustee pursuant to the Trust Agreement; provided, however, notwithstanding anything to the contrary contained in which the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a ReconstitutionPMI Policy, the Servicer shall not be required to submit all any supplemental reports including the foregoing data with respect to a PMI Policy until a reporting date that is at least 15 days after the Servicer has received sufficient loan level information required hereunder from Seller to appropriately code its servicing system in two accordance with the PMI Insurer’s requirements. Such monthly remittance advice shall also be accompanied by a supplemental report provided to the Master Servicer, the NIMS Insurer, if required, and the Seller which includes on an aggregate basis for the previous calendar month (2i) separate reportsthe amount of claims filed on any LPMI Policy, one relating (ii) the amount of any claim payments made on any LPMI Policy, (iii) the amount of claims denied or curtailed on any LPMI Policy and (iv) policies cancelled with respect to Reconstituted those Mortgage Loans and one relating to all Mortgage Loans that are covered by any LPMI Policy purchased by the Seller on behalf of the Trust Fund. In addition, at the Master Servicer’s or Securities Administrator’s request, not then subject to a Reconstitution. Upon reasonable advance noticemore than 60 days after the end of each calendar year, commencing December 31, 2004, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to (as such information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority or to any Owner pursuant to any applicable law with respect becomes reasonably available to the Mortgage Loans and Servicer) to the transactions contemplated hereby. In additionMaster Servicer, the Servicer shall provide each Owner and Securities Administrator and, if required, the Master Servicer with NIMS Insurer such information concerning the Mortgage Loans and annual remittances to the Master Servicer relating thereto as is necessary for such Owner the Securities Administrator to prepare its the Trust Fund’s federal income tax return as and for any Owner or investor in the Certificates to prepare any required tax return. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer to the Master Servicer may reasonably request Servicer, the Securities Administrator and the NIMS Insurer pursuant to any requirements of the Code as from time to timetime are in force. The Servicer shall also provide to the Securities Administrator such information as may be requested by it and required for the completion of any tax reporting responsibility of the Securities Administrator within such reasonable time frame as shall enable the Securities Administrator to timely file each Schedule Q (or other applicable tax report or return) required to be filed by it.
Appears in 7 contracts
Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2004-6), Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2004-8), Securitization Servicing Agreement (Amortizing Residential Collateral Trust, Series 2004-1)
Statements to Master Servicer. Not later than the Reporting Date tenth (10th) calendar day of each monthmonth (or if such tenth calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer and, if required, the NIMS Insurer (i) a monthly remittance advice, with a trial balance report attached thereto, advice in the form of format set forth in Exhibit D-1 annexed hereto, together with hereto and a delinquency monthly defaulted loan report in the form of format set forth in Exhibit D-2 annexed hereto, hereto (or in hard copy such other format mutually agreed to between the Servicer and electronic medium mutually acceptable to the parties as Master Servicer) relating to the period ending on the Record Date in last day of the preceding calendar monthmonth and (ii) all such information required pursuant to clause (i) above on a magnetic tape or other similar media reasonably acceptable to the Master Servicer. The format of this monthly reporting may be amended from time to time to the extent necessary to comply with applicable law. Such monthly remittance advice shall also be accompanied with a supplemental report provided to the Master Servicer Servicer, the Securities Administrator, the NIMS Insurer, if required, and any other party designated by the Master Servicer Seller which includes on an aggregate basis for the previous Due Period calendar month (i) the amount of claims filed under PMI Policies and LPMI Policiesfiled, (ii) the amount of any claim payments made under PMI Policies and LPMI Policiesmade, (iii) the amount of claims denied or curtailed under PMI Policies and LPMI Policies and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI Policy purchased by Seller on behalf of the OwnerTrust Fund. With respect The Master Servicer will convert such data into a format acceptable to any month the Trustee and provide monthly reports to the Trustee pursuant to the Trust Agreement; provided, however, notwithstanding anything to the contrary contained in which the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a ReconstitutionPMI Policy, the Servicer shall not be required to submit all any supplemental reports including the foregoing data with respect to a PMI Policy until a reporting date that is at least 15 days after the Servicer has received sufficient loan level information required hereunder from Seller to appropriately code its servicing system in two accordance with the PMI Insurer’s requirements. Such monthly remittance advice shall also be accompanied by a supplemental report provided to the Master Servicer, the NIMS Insurer, if required, and the Seller which includes on an aggregate basis for the previous calendar month (2i) separate reportsthe amount of claims filed on any LPMI Policy, one relating (ii) the amount of any claim payments made on any LPMI Policy, (iii) the amount of claims denied or curtailed on any LPMI Policy and (iv) policies cancelled with respect to Reconstituted those Mortgage Loans and one relating to all Mortgage Loans that are covered by any LPMI Policy purchased by the Seller on behalf of the Trust Fund. In addition, at the Master Servicer’s or Securities Administrator’s request, not then subject to a Reconstitution. Upon reasonable advance noticemore than 60 days after the end of each calendar year, commencing December 31, 2005, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to (as such information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority or to any Owner pursuant to any applicable law with respect becomes reasonably available to the Mortgage Loans and Servicer) to the transactions contemplated hereby. In additionMaster Servicer, the Servicer shall provide each Owner and Securities Administrator and, if required, the Master Servicer with NIMS Insurer such information concerning the Mortgage Loans and annual remittances to the Master Servicer relating thereto as is necessary for such Owner the Securities Administrator to prepare its the Trust Fund’s federal income tax return as and for any Owner or investor in the Certificates to prepare any required tax return. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer to the Master Servicer may reasonably request Servicer, the Securities Administrator and the NIMS Insurer pursuant to any requirements of the Code as from time to timetime are in force. The Servicer shall also provide to the Securities Administrator such information as may be requested by it and required for the completion of any tax reporting responsibility of the Securities Administrator within such reasonable time frame as shall enable the Securities Administrator to timely file each Schedule Q (or other applicable tax report or return) required to be filed by it.
Appears in 5 contracts
Samples: Securitization Servicing Agreement (Structured Asset Securities Corp), Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2005-3), Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2005-2)
Statements to Master Servicer. Not later than the Reporting Date tenth (10th) calendar day of each monthmonth (or if such tenth calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer and, if required, the NIMS Insurer (i) a monthly remittance advice, with a trial balance report attached thereto, advice in the form of format set forth in Exhibit D-1 annexed hereto, together with hereto and a delinquency monthly defaulted loan report in the form of format set forth in Exhibit D-2 annexed hereto, hereto (or in hard copy such other format mutually agreed to between the Servicer and electronic medium mutually acceptable to the parties as Master Servicer) relating to the period ending on the Record Date in last day of the preceding calendar monthmonth and (ii) all such information required pursuant to clause (i) above on a magnetic tape or other similar media reasonably acceptable to the Master Servicer. Such monthly remittance advice shall also be accompanied with a supplemental report provided to the Master Servicer Servicer, the Securities Administrator, the NIMS Insurer, if required, and any other party designated by the Master Servicer Seller which includes on an aggregate basis for the previous Due Period calendar month (i) the amount of claims filed under PMI Policies and LPMI Policiesfiled, (ii) the amount of any claim payments made under PMI Policies and LPMI Policiesmade, (iii) the amount of claims denied or curtailed under PMI Policies and LPMI Policies and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI Policy purchased by Seller on behalf of the OwnerTrust Fund. With respect The Master Servicer will convert such data into a format acceptable to any month the Trustee and provide monthly reports to the Trustee pursuant to the Trust Agreement; provided, however, notwithstanding anything to the contrary contained in which the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a ReconstitutionPMI Policy, the Servicer shall not be required to submit all any supplemental reports including the foregoing data with respect to a PMI Policy until a reporting date that is at least 15 days after the Servicer has received sufficient loan level information required hereunder from Seller to appropriately code its servicing system in two accordance with the PMI Insurer’s requirements. Such monthly remittance advice shall also be accompanied by a supplemental report provided to the Master Servicer, the NIMS Insurer, if required, and the Seller which includes on an aggregate basis for the previous calendar month (2i) separate reportsthe amount of claims filed on any LPMI Policy, one relating (ii) the amount of any claim payments made on any LPMI Policy, (iii) the amount of claims denied or curtailed on any LPMI Policy and (iv) policies cancelled with respect to Reconstituted those Mortgage Loans and one relating to all Mortgage Loans that are covered by any LPMI Policy purchased by the Seller on behalf of the Trust Fund. In addition, at the Master Servicer’s or Securities Administrator’s request, not then subject to a Reconstitution. Upon reasonable advance noticemore than 60 days after the end of each calendar year, commencing December 31, 2004, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to (as such information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority or to any Owner pursuant to any applicable law with respect becomes reasonably available to the Mortgage Loans and Servicer) to the transactions contemplated hereby. In additionMaster Servicer, the Servicer shall provide each Owner and Securities Administrator and, if required, the Master Servicer with NIMS Insurer such information concerning the Mortgage Loans and annual remittances to the Master Servicer relating thereto as is necessary for such Owner the Securities Administrator to prepare its the Trust Fund’s federal income tax return as and for any Owner or investor in the Certificates to prepare any required tax return. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer to the Master Servicer may reasonably request Servicer, the Securities Administrator and the NIMS Insurer pursuant to any requirements of the Code as from time to timetime are in force. The Servicer shall also provide to the Securities Administrator such information as may be requested by it and required for the completion of any tax reporting responsibility of the Securities Administrator within such reasonable time frame as shall enable the Securities Administrator to timely file each Schedule Q (or other applicable tax report or return) required to be filed by it.
Appears in 4 contracts
Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2004-4), Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Series 2004 2), Securitization Servicing Agreement (Structured Asset Securities Corp)
Statements to Master Servicer. Not later than the Reporting Date tenth (10th) calendar day of each month, the Servicer shall furnish to the Master Servicer a and the NIMS Insurer an electronic monthly remittance advice, with a trial balance report attached thereto, advice in the form of Exhibit D-1 annexed heretoFidelity (or any successor thereto) S50Y format (or in such other formats mutually agreed to between the Servicer and the Master Servicer), together with a delinquency report in the form of Exhibit D-2 annexed hereto, in hard copy and electronic medium mutually acceptable to the parties as such advice relating to the period ending on the Record Date in last day of the preceding calendar month. Such monthly remittance advice shall also be accompanied with by a supplemental report provided to the Master Servicer Servicer, the Securities Administrator, the NIMS Insurer and any other party designated by the Master Servicer Seller which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and on any LPMI PoliciesPolicy, (ii) the amount of any claim payments made under PMI Policies and on any LPMI PoliciesPolicy, (iii) the amount of claims denied or curtailed under PMI Policies and on any LPMI Policies Policy and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI LPMI Policy purchased by the Owner. With respect to any month in which Seller on behalf of the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a Reconstitution, the Servicer shall submit all information required hereunder in two (2) separate reports, one relating to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are not then subject to a Reconstitution. Upon reasonable advance notice, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirementsTrust Fund. The Servicer shall prepare and file any and all usual and customary tax returns, information statements or other filings required to be delivered to any governmental taxing authority authority, the Securities Administrator or to any Owner its designee pursuant to any applicable law with respect to the Mortgage Loans and the transactions contemplated hereby. In addition, the Servicer shall provide each Owner the Securities Administrator and the Master Servicer NIMS Insurer with such information concerning the Mortgage Loans as is necessary for such Owner Securities Administrator to prepare its federal income tax return returns as any Owner or the Master Servicer Securities Administrator may reasonably request from time to time. Such obligation of the Servicer shall be deemed satisfied to the extent that substantially comparable information has been provided by the Servicer throughout the calendar year.
Appears in 4 contracts
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-Bc11), Securitization Subservicing Agreement (Structured Asset Securities Corp), Securitization Subservicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Series 2004-3)
Statements to Master Servicer. (a) Not later than the Reporting Date tenth (10th) calendar day of each monthmonth (or if such calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer a an electronic monthly remittance advice, with a trial balance report attached thereto, advice in the form of Exhibit D-1 annexed heretoFidelity (or any successor thereto) S50Y format (or in such other formats mutually agreed to between the Servicer and the Master Servicer), together with a delinquency report in the form of Exhibit D-2 annexed hereto, in hard copy and electronic medium mutually acceptable to the parties as such advice relating to the period ending on the Record Date in last day of the preceding calendar month and a monthly loan loss report in the format set forth in Exhibit E hereto; provided however, the information provided pursuant to Exhibit E shall be limited to that which is readily available to the Servicer and is mutually agreed to between the Servicer and the Master Servicer. The format of this monthly reporting may be amended from time to time to the extent necessary to comply with applicable law. In connection with prepayments in full, the Servicer will use its best efforts to deliver to the Master Servicer by the 15th calendar day of each month, but in no event later than the 17th day of each month, a monthly payoff remittance advice. Such monthly remittance advice shall also be accompanied with by a supplemental report provided to the Master Servicer and any other party designated by the Master Servicer which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and on any LPMI PoliciesPolicy, (ii) the amount of any claim payments made under PMI Policies and on any LPMI PoliciesPolicy, (iii) the amount of claims denied or curtailed under PMI Policies and on any LPMI Policies Policy and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI LPMI Policy purchased by the Owner. With respect to any month in which Seller on behalf of the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a Reconstitution, the Servicer shall submit all information required hereunder in two Trust Fund.
(2b) separate reports, one relating to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are not then subject to a Reconstitution. Upon reasonable advance notice, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all usual and customary tax returns, information statements or other filings required to be delivered to any governmental taxing authority authority, the Securities Administrator or to any Owner its designee pursuant to any applicable law with respect to the Mortgage Loans and the transactions contemplated hereby. In addition, the Servicer shall provide each Owner and the Master Servicer Securities Administrator with such information concerning the Mortgage Loans as is necessary for such Owner Securities Administrator to prepare its federal income tax return returns as any Owner or the Master Servicer Securities Administrator may reasonably request from time to time. Such obligation of the Servicer shall be deemed satisfied to the extent that substantially comparable information has been provided by the Servicer throughout the calendar year.
(c) If requested by the Master Servicer or the Depositor, the Servicer shall promptly notify the Master Servicer and the Depositor (i) of any legal proceedings pending against the Servicer of the type described in Item 1117 (§ 229.1117) of Regulation AB and (ii) if the Servicer shall become (but only to the extent not previously disclosed to the Master Servicer and the Depositor) at any time an affiliate of any of the parties listed on Exhibit I to this Agreement. For the purpose of satisfying the reporting obligations under the Exchange Act with respect to the issuance of asset-backed securities, the Servicer shall provide to the Master Servicer and the Depositor prompt notice of the occurrence of any of the following: any event of default under the terms of this Agreement, any merger, consolidation or sale of substantially all of the assets of the Servicer, the Servicer’s engagement of any Subservicer, Subcontractor or vendor to perform or assist in the performance of any of the Servicer’s obligations under this Agreement, any material litigation involving the Servicer, and any affiliation or other significant relationship between the Servicer and other transaction parties.
(d) Not later than the tenth calendar day of each month (or if such calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall provide to the Master Servicer and the Depositor notice of the occurrence of any material modifications, extensions or waivers of terms, fees, penalties or payments relating to the Mortgage Loans during the related Due Period.
Appears in 4 contracts
Samples: Securitization Subservicing Agreement (Sail 2006-Bnc3), Securitization Subservicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2007-Bc3), Securitization Subservicing Agreement (BNC Mortgage Loan Trust 2006-2)
Statements to Master Servicer. Not later than the Reporting Date tenth (10th) calendar day of each monthmonth (or if such calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer a and the NIMS Insurer an electronic monthly remittance advice, with a trial balance report attached thereto, advice in the form of Exhibit D-1 annexed heretoFidelity (or any successor thereto) S50Y format (or in such other formats mutually agreed to between the Servicer and the Master Servicer), together with a delinquency report in the form of Exhibit D-2 annexed hereto, in hard copy and electronic medium mutually acceptable to the parties as such advice relating to the period ending on the Record Date in last day of the preceding calendar month. The format of this monthly reporting may be amended from time to time to the extent necessary to comply with applicable law. Such monthly remittance advice shall also be accompanied with by a supplemental report provided to the Master Servicer Servicer, the Securities Administrator, the NIMS Insurer and any other party designated by the Master Servicer Seller which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and on any LPMI PoliciesPolicy, (ii) the amount of any claim payments made under PMI Policies and on any LPMI PoliciesPolicy, (iii) the amount of claims denied or curtailed under PMI Policies and on any LPMI Policies Policy and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI LPMI Policy purchased by the Owner. With respect to any month in which Seller on behalf of the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a Reconstitution, the Servicer shall submit all information required hereunder in two (2) separate reports, one relating to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are not then subject to a Reconstitution. Upon reasonable advance notice, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirementsTrust Fund. The Servicer shall prepare and file any and all usual and customary tax returns, information statements or other filings required to be delivered to any governmental taxing authority authority, the Securities Administrator or to any Owner its designee pursuant to any applicable law with respect to the Mortgage Loans and the transactions contemplated hereby. In addition, the Servicer shall provide each Owner the Securities Administrator and the Master Servicer NIMS Insurer with such information concerning the Mortgage Loans as is necessary for such Owner Securities Administrator to prepare its federal income tax return returns as any Owner or the Master Servicer Securities Administrator may reasonably request from time to time. Such obligation of the Servicer shall be deemed satisfied to the extent that substantially comparable information has been provided by the Servicer throughout the calendar year.
Appears in 4 contracts
Samples: Securitization Subservicing Agreement (Structured Asset Investment Loan Trust 2005-8), Securitization Subservicing Agreement (Structured Asset Investment Loan Trust 2005-9), Securitization Subservicing Agreement (Structured Asset Investment Loan Trust 2005-11)
Statements to Master Servicer. Not later than the Reporting Date tenth (10th) calendar day of each monthmonth (or if such tenth calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer and, if required, the NIMS Insurer (i) a monthly remittance advice, with a trial balance report attached thereto, advice in the form of format set forth in Exhibit D-1 annexed hereto, together with hereto and a delinquency monthly defaulted loan report in the form of format set forth in Exhibit D-2 annexed hereto, hereto (or in hard copy such other format mutually agreed to between the Servicer and electronic medium mutually acceptable to the parties as Master Servicer) relating to the period ending on the Record Date in last day of the preceding calendar monthmonth and (ii) all such information required pursuant to clause (i) above on a magnetic tape or other similar media reasonably acceptable to the Master Servicer. The format of this monthly reporting may be amended from time to time to the extent necessary to comply with applicable law. Such monthly remittance advice shall also be accompanied with a supplemental report provided to the Master Servicer Servicer, the Securities Administrator, the NIMS Insurer, if required, and any other party designated by the Master Servicer Seller which includes on an aggregate basis for the previous Due Period calendar month (i) the amount of claims filed under PMI Policies and LPMI Policiesfiled, (ii) the amount of any claim payments made under PMI Policies and LPMI Policiesmade, (iii) the amount of claims denied or curtailed under PMI Policies and LPMI Policies and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI Policy purchased by Seller on behalf of the OwnerTrust Fund. With respect The Master Servicer will convert such data into a format acceptable to any month the Trustee and provide monthly reports to the Trustee pursuant to the Trust Agreement; provided, however, notwithstanding anything to the contrary contained in which the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a ReconstitutionPMI Policy, the Servicer shall not be required to submit any supplemental reports including the foregoing data with respect to a PMI Policy until a reporting date that is at least 15 days after the Servicer has received sufficient loan level information from Seller to appropriately code its servicing system in accordance with the PMI Insurer’s requirements. Such monthly remittance advice shall also be accompanied by a supplemental report provided to the Master Servicer, the NIMS Insurer, if required, and the Seller which includes on an aggregate basis for the previous calendar month (i) the amount of claims filed on any LPMI Policy, (ii) the amount of any claim payments made on any LPMI Policy, (iii) the amount of claims denied or curtailed on any LPMI Policy and (iv) policies cancelled with respect to those Mortgage Loans covered by any LPMI Policy purchased by the Seller on behalf of the Trust Fund. Not later than the sixteenth day of each month, the Servicer shall furnish to the Master Servicer and the NIMS Insurer (a) a monthly payoff remittance advice regarding any Principal Prepayments in full applied to the related Mortgage Loan on or after the fifteenth day of the month preceding the month of such reporting date, but on or before the fourteenth day of the month of such reporting date, containing such information and in such format as is mutually acceptable to the Master Servicer and the Servicer, and in any event containing sufficient information to permit the Master Servicer to properly report Principal Prepayment in full information to the Securities Administrator under the Trust Agreement and (b) all such information required hereunder pursuant to clause (a) above in two (2) separate reportselectronic format, one relating on magnetic tape or other similar media reasonably acceptable to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are the Master Servicer. In addition, at the Master Servicer’s or Securities Administrator’s request, not then subject to a Reconstitution. Upon reasonable advance noticemore than 60 days after the end of each calendar year, commencing December 31, 2005, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to (as such information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority or to any Owner pursuant to any applicable law with respect becomes reasonably available to the Mortgage Loans and Servicer) to the transactions contemplated hereby. In additionMaster Servicer, the Servicer shall provide each Owner and Securities Administrator and, if required, the Master Servicer with NIMS Insurer such information concerning the Mortgage Loans and annual remittances to the Master Servicer relating thereto as is necessary for such Owner the Securities Administrator to prepare its the Trust Fund’s federal income tax return as and for any Owner or investor in the Certificates to prepare any required tax return. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer to the Master Servicer may reasonably request Servicer, the Securities Administrator and the NIMS Insurer pursuant to any requirements of the Code as from time to timetime are in force. The Servicer shall also provide to the Securities Administrator such information as may be requested by it and required for the completion of any tax reporting responsibility of the Securities Administrator within such reasonable time frame as shall enable the Securities Administrator to timely file each Schedule Q (or other applicable tax report or return) required to be filed by it.
Appears in 3 contracts
Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2005-10), Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2005-11), Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2005-9)
Statements to Master Servicer. (a) Not later than the Reporting Date tenth (10th) calendar day of each monthmonth (or if such calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer a and the NIMS Insurer an electronic monthly remittance advice, with a trial balance report attached thereto, advice in the form of Exhibit D-1 annexed heretoFidelity (or any successor thereto) S50Y format (or in such other formats mutually agreed to between the Servicer and the Master Servicer), together with a delinquency report in the form of Exhibit D-2 annexed hereto, in hard copy and electronic medium mutually acceptable to the parties as such advice relating to the period ending on the Record Date in last day of the preceding calendar month and a monthly loan loss report in the format set forth in Exhibit E hereto; provided however, the information provided pursuant to Exhibit E shall be limited to that which is readily available to the Servicer and is mutually agreed to between the Servicer and the Master Servicer. The format of this monthly reporting may be amended from time to time to the extent necessary to comply with applicable law. In connection with prepayments in full, the Servicer will use its best efforts to deliver to the Master Servicer by the 15th calendar day of each month, but in no event later than the 17th day of each month, a monthly payoff remittance advice. Such monthly remittance advice shall also be accompanied with by a supplemental report provided to the Master Servicer Servicer, the Securities Administrator, the NIMS Insurer and any other party designated by the Master Servicer Seller which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and on any LPMI PoliciesPolicy, (ii) the amount of any claim payments made under PMI Policies and on any LPMI PoliciesPolicy, (iii) the amount of claims denied or curtailed under PMI Policies and on any LPMI Policies Policy and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI LPMI Policy purchased by the Owner. With respect to any month in which Seller on behalf of the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a Reconstitution, the Servicer shall submit all information required hereunder in two Trust Fund.
(2b) separate reports, one relating to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are not then subject to a Reconstitution. Upon reasonable advance notice, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all usual and customary tax returns, information statements or other filings required to be delivered to any governmental taxing authority authority, the Securities Administrator or to any Owner its designee pursuant to any applicable law with respect to the Mortgage Loans and the transactions contemplated hereby. In addition, the Servicer shall provide each Owner the Securities Administrator and the Master Servicer NIMS Insurer with such information concerning the Mortgage Loans as is necessary for such Owner Securities Administrator to prepare its federal income tax return returns as any Owner or the Master Servicer Securities Administrator may reasonably request from time to time. Such obligation of the Servicer shall be deemed satisfied to the extent that substantially comparable information has been provided by the Servicer throughout the calendar year.
(c) If requested by the Master Servicer or the Depositor, the Servicer shall promptly notify the Master Servicer and the Depositor (i) of any legal proceedings pending against the Servicer of the type described in Item 1117 (§ 229.1117) of Regulation AB and (ii) if the Servicer shall become (but only to the extent not previously disclosed to the Master Servicer and the Depositor) at any time an affiliate of any of the parties listed on Exhibit I to this Agreement. For the purpose of satisfying the reporting obligations under the Exchange Act with respect to the issuance of asset-backed securities, the Servicer shall provide to the Master Servicer and the Depositor prompt notice of the occurrence of any of the following: any event of default under the terms of this Agreement, any merger, consolidation or sale of substantially all of the assets of the Servicer, the Servicer’s engagement of any Subservicer, Subcontractor or vendor to perform or assist in the performance of any of the Servicer’s obligations under this Agreement, any material litigation involving the Servicer, and any affiliation or other significant relationship between the Servicer and other transaction parties.
(d) Not later than the tenth calendar day of each month (or if such calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall provide to the Master Servicer and the Depositor notice of the occurrence of any material modifications, extensions or waivers of terms, fees, penalties or payments relating to the Mortgage Loans during the related Due Period.
Appears in 3 contracts
Samples: Securitization Subservicing Agreement (Structured Asset Investment Loan Trust 2006-1), Securitization Subservicing Agreement (Sasco 2006-Bc1), Securitization Subservicing Agreement (Sasco 2006-Am1)
Statements to Master Servicer. (a) Not later than the Reporting Date tenth (10th) calendar day of each monthmonth (or if such calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer a and the NIMS Insurer an electronic monthly remittance advice, with a trial balance report attached thereto, advice in the form of Exhibit D-1 annexed heretoFidelity (or any successor thereto) S50Y format (or in such other formats mutually agreed to between the Servicer and the Master Servicer), together with a delinquency report in the form of Exhibit D-2 annexed hereto, in hard copy and electronic medium mutually acceptable to the parties as such advice relating to the period ending on the Record Date in last day of the preceding calendar month and a monthly loan loss report in the format set forth in Exhibit E hereto; provided however, the information provided pursuant to Exhibit E shall be limited to that which is readily available to the Servicer and is mutually agreed to between the Servicer and the Master Servicer. The format of this monthly reporting may be amended from time to time to the extent necessary to comply with applicable law. In connection with prepayments in full, the Servicer will use its best efforts to deliver to the Master Servicer by the 15th calendar day of each month, but in no event later than the 17th day of each month, a monthly payoff remittance advice. Such monthly remittance advice shall also be accompanied with by a supplemental report provided to the Master Servicer Servicer, the Securities Administrator, the NIMS Insurer and any other party designated by the Master Servicer Seller which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and on any LPMI PoliciesPolicy, (ii) the amount of any claim payments made under PMI Policies and on any LPMI PoliciesPolicy, (iii) the amount of claims denied or curtailed under PMI Policies and on any LPMI Policies Policy and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI LPMI Policy purchased by the Owner. With respect to any month in which Seller on behalf of the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a Reconstitution, the Servicer shall submit all information required hereunder in two Trust Fund.
(2b) separate reports, one relating to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are not then subject to a Reconstitution. Upon reasonable advance notice, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all usual and customary tax returns, information statements or other filings required to be delivered to any governmental taxing authority authority, the Securities Administrator or to any Owner its designee pursuant to any applicable law with respect to the Mortgage Loans and the transactions contemplated hereby. In addition, the Servicer shall provide each Owner the Securities Administrator and the Master Servicer NIMS Insurer with such information concerning the Mortgage Loans as is necessary for such Owner Securities Administrator to prepare its federal income tax return returns as any Owner or the Master Servicer Securities Administrator may reasonably request from time to time. Such obligation of the Servicer shall be deemed satisfied to the extent that substantially comparable information has been provided by the Servicer throughout the calendar year.
(c) The Servicer shall promptly notify the Master Servicer and the Depositor (i) of any legal proceedings pending against the Servicer of the type described in Item 1117 (§ 229.1117) of Regulation AB and (ii) if the Servicer shall become (but only to the extent not previously disclosed to the Master Servicer and the Depositor) at any time an affiliate of any of the parties listed on Exhibit I to this Agreement.
(d) For the purpose of satisfying the reporting obligation under the Exchange Act with respect to any class of asset-backed securities, the Servicer shall (or shall cause each Subservicer to) (i) provide prompt notice to the Master Servicer and the Depositor in writing of (A) any material litigation or governmental proceedings involving the Servicer or any Subservicer, (B) any affiliations or relationships that develop following the closing date between the Servicer, any Subservicer and any of the parties specified on Exhibit I hereto, (C) any Event of Default under the terms of this Agreement, (D) any merger, consolidation or sale of substantially all of the assets of the Servicer, and (E) the Servicer’s entry into an agreement with a Subservicer to perform or assist in the performance of any of the Servicer’s obligations under this Agreement and (ii) provide to the Depositor a description of such proceedings, affiliations or relationships.
(e) As a condition to the succession to the Servicer or any Subservicer as servicer or subservicer under this Agreement by any Person (i) into which the Servicer or such Subservicer may be merged or consolidated, or (ii) which may be appointed as a successor to the Servicer or any Subservicer, the Servicer shall provide to the Master Servicer and the Depositor, at least 15 calendar days prior to the effective date of such succession or appointment, (x) written notice to the Depositor of such succession or appointment and (y) in writing and in form and substance reasonably satisfactory to the Depositor, all information reasonably requested by the Depositor in order to comply with its reporting obligation under Item 6.02 of Form 8-K with respect to any class of asset-backed securities.
(f) In addition to such information as the Servicer, as servicer, is obligated to provide pursuant to other provisions of this Agreement, not later than ten days prior to the deadline for the filing of any distribution report on Form 10-D in respect of any Securitization Transaction that includes any of the Mortgage Loans serviced by the Servicer or any Subservicer, the Servicer or such Subservicer, as applicable, shall, to the extent the Servicer or such Subservicer has knowledge, provide to the party responsible for filing such report (including, if applicable, the Master Servicer) notice of the occurrence of any of the following events along with all information, data, and materials related thereto as may be required to be included in the related distribution report on Form 10-D (as specified in the provisions of Regulation AB referenced below):
(i) any material modifications, extensions or waivers of pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time (Item 1121(a)(11) of Regulation AB);
(ii) material breaches of pool asset representations or warranties or transaction covenants (Item 1121(a)(12) of Regulation AB); and
(iii) information regarding new asset-backed securities issuances backed by the same pool assets, any pool asset changes (such as, additions, substitutions or repurchases), and any material changes in origination, underwriting or other criteria for acquisition or selection of pool assets (Item 1121(a)(14) of Regulation AB).
(g) The Servicer shall provide to the Master Servicer and the Depositor, evidence of the authorization of the person signing any certification or statement, copies or other evidence of Fidelity Bond Insurance and Errors and Omission Insurance policy, financial information and reports, and such other information related to the Servicer or any Subservicer or the Servicer or such Subservicer’s performance hereunder as may be reasonably requested by the Master Servicer or the Depositor.
(h) Not later than the tenth calendar day of each month (or if such calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall provide to the Master Servicer and the Depositor notice of the occurrence of any material modifications, extensions or waivers of terms, fees, penalties or payments relating to the Mortgage Loans during the related Due Period.
Appears in 3 contracts
Samples: Securitization Subservicing Agreement (Sasco 2006-Bc3), Securitization Subservicing Agreement (Sasco 2006-Bc2), Securitization Subservicing Agreement (Sail 2006-3)
Statements to Master Servicer. Not later than the Reporting Date tenth (10th) calendar day of each monthmonth (or if such calendar day is not a Business Day, the immediately succeeding Business Day), the Servicer shall furnish to the Master Servicer a and the NIMS Insurer an electronic monthly remittance advice, with a trial balance report attached thereto, advice in the form of Exhibit D-1 annexed heretoFidelity (or any successor thereto) S50Y format (or in such other formats mutually agreed to between the Servicer and the Master Servicer), together with a delinquency report in the form of Exhibit D-2 annexed hereto, in hard copy and electronic medium mutually acceptable to the parties as such advice relating to the period ending on the Record Date in last day of the preceding calendar month. The format of this monthly reporting may be amended from time to time to the extent necessary to comply with applicable law. Such monthly remittance advice shall also be accompanied with by a supplemental report provided to the Master Servicer Servicer, the Securities Administrator, the NIMS Insurer and any other party designated by the Master Servicer Seller which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and on any LPMI PoliciesPolicy, (ii) the amount of any claim payments made under PMI Policies and on any LPMI PoliciesPolicy, (iii) the amount of claims denied or curtailed under PMI Policies and on any LPMI Policies Policy and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI LPMI Policy purchased by the Owner. With respect to any month in which Seller on behalf of the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a Reconstitution, the Servicer shall submit all information required hereunder in two (2) separate reports, one relating to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are not then subject to a Reconstitution. Upon reasonable advance notice, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirementsTrust Fund. The Servicer shall prepare and file any and all usual and customary tax returns, information statements or other filings required to be delivered to any governmental taxing authority authority, the Securities Administrator or to any Owner its designee pursuant to any applicable law with respect to the Mortgage Loans and the transactions contemplated hereby. In addition, the Servicer shall provide each Owner the Securities Administrator and the Master Servicer NIMS Insurer with such information concerning the Mortgage Loans as is necessary for such Owner Securities Administrator to prepare its federal income tax return returns as any Owner or the Master Servicer Securities Administrator may reasonably request from time to time. Such obligation of the Servicer shall be deemed satisfied to the extent that substantially comparable information has been provided by the Servicer throughout the calendar year.
Appears in 3 contracts
Samples: Securitization Subservicing Agreement (Structured Asset Investment Loan Trust 2005-2), Securitization Subservicing Agreement (Structured Asset Investment Loan Trust 2005-3), Securitization Subservicing Agreement (Structured Asset Investment Loan Trust 2005-4)
Statements to Master Servicer. Not later than the Reporting Date of each monthtenth (10th) calendar day (or if such tenth calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer and the NIMS Insurer (i) a monthly remittance advice, with a trial balance report attached thereto, advice in the form of format set forth in Exhibit D-1 annexed hereto, together with hereto and a delinquency monthly defaulted loan report in the form of format set forth at Exhibit D-2 annexed hereto, hereto (or in hard copy such other format mutually agreed between the Servicer and electronic medium mutually acceptable to the parties as Master Servicer) relating to the period ending on the Record Date last day of the preceding calendar month and (ii) all such information required pursuant to clause (i) above on a magnetic tape or other similar media reasonably acceptable to the Master Servicer. Together with such monthly remittance advice, the Servicer shall furnish to the Master Servicer and the NIMS Insurer a report setting forth a calculation of each of the Trigger Events set forth in Section 8.03 relating to the period ending on the last day of the preceding calendar month. Such monthly remittance advice shall also be accompanied with a supplemental report provided to the Master Servicer and any other party designated by the Master Servicer NIMS Insurer and the Seller which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and on any LPMI PoliciesPolicy, (ii) the amount of any claim payments made under PMI Policies and on any LPMI PoliciesPolicy, (iii) the amount of claims denied or curtailed under PMI Policies and on any LPMI Policies Policy and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI LPMI Policy purchased by Seller on behalf of the OwnerTrust Fund. With respect The Master Servicer will convert such data into a format acceptable to any month the Trustee and provide monthly reports to the Trustee pursuant to the Trust Agreement; provided, however, notwithstanding anything to the contrary contained in which the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a ReconstitutionPMI Policy, the Servicer shall not be required to submit all any supplemental reports including the foregoing data with respect to any such PMI Policy until a reporting date that is at least 15 days after the Servicer has received sufficient loan level information required hereunder from the Seller to appropriately code its servicing system in two (2) separate reportsaccordance with such requirements. In addition, one relating to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are not then subject to a Reconstitution. Upon reasonable advance noticemore than 60 days after the end of each calendar year, commencing December 31, 2002, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to (as such information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority or to any Owner pursuant to any applicable law with respect becomes reasonably available to the Mortgage Loans and the transactions contemplated hereby. In addition, the Servicer shall provide each Owner and Servicer) to the Master Servicer with and the NIMS Insurer such information concerning the Mortgage Loans and annual remittances to the Master Servicer relating thereto as is necessary for such Owner the Trustee to prepare its the Trust Fund’s federal income tax return as and for any Owner or investor in the Certificates to prepare any required tax return. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer to the Master Servicer may reasonably request Servicer, the Trustee and the NIMS Insurer pursuant to any requirements of the Code as from time to timetime are in force.
Appears in 2 contracts
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2002-Bc8), Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc9)
Statements to Master Servicer. Not later than the Reporting Date tenth (10th) calendar day of each monthmonth (or if such tenth calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer and, if required, the NIMS Insurer (i) a monthly remittance advice, with a trial balance report attached thereto, advice in the form of format set forth in Exhibit D-1 annexed hereto, together with hereto and a delinquency monthly defaulted loan report in the form of format set forth in Exhibit D-2 annexed hereto, hereto (or in hard copy such other format mutually agreed to between the Servicer and electronic medium mutually acceptable to the parties as Master Servicer) relating to the period ending on the Record Date in last day of the preceding calendar monthmonth and (ii) all such information required pursuant to clause (i) above on a magnetic tape or other similar media reasonably acceptable to the Master Servicer. Such monthly remittance advice shall also be accompanied with a supplemental report provided to the Master Servicer Servicer, the Securities Administrator, the NIMS Insurer, if required, and any other party designated by the Master Servicer Seller which includes on an aggregate basis for the previous Due Period calendar month (i) the amount of claims filed under PMI Policies and LPMI Policiesfiled, (ii) the amount of any claim payments made under PMI Policies and LPMI Policiesmade, (iii) the amount of claims denied or curtailed under PMI Policies and LPMI Policies and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI Policy purchased by Seller on behalf of the OwnerTrust Fund. With respect The Master Servicer will convert such data into a format acceptable to any month the Trustee and provide monthly reports to the Trustee pursuant to the Trust Agreement; provided, however, notwithstanding anything to the contrary contained in which the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a ReconstitutionPMI Policy, the Servicer shall not be required to submit all any supplemental reports including the foregoing data with respect to a PMI Policy until a reporting date that is at least 15 days after the Servicer has received sufficient loan level information required hereunder from Seller to appropriately code its servicing system in two accordance with the PMI Insurer’s requirements Such monthly remittance advice shall also be accompanied by a supplemental report provided to the Master Servicer, the NIMS Insurer, if required, and the Seller which includes on an aggregate basis for the previous calendar month (2i) separate reportsthe amount of claims filed on any LPMI Policy, one relating (ii) the amount of any claim payments made on any LPMI Policy, (iii) the amount of claims denied or curtailed on any LPMI Policy and (iv) policies cancelled with respect to Reconstituted those Mortgage Loans and one relating to all Mortgage Loans that are covered by any LPMI Policy purchased by the Seller on behalf of the Trust Fund. In addition, at the Master Servicer’s or Securities Administrator’s request, not then subject to a Reconstitution. Upon reasonable advance noticemore than 60 days after the end of each calendar year, commencing December 31, 2003, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to (as such information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority or to any Owner pursuant to any applicable law with respect becomes reasonably available to the Mortgage Loans and Servicer) to the transactions contemplated hereby. In additionMaster Servicer, the Servicer shall provide each Owner and Securities Administrator and, if required, the Master Servicer with NIMS Insurer such information concerning the Mortgage Loans and annual remittances to the Master Servicer relating thereto as is necessary for such Owner the Securities Administrator to prepare its the Trust Fund’s federal income tax return as and for any Owner or investor in the Certificates to prepare any required tax return. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer to the Master Servicer may reasonably request Servicer, the Securities Administrator and the NIMS Insurer pursuant to any requirements of the Code as from time to timetime are in force. The Servicer shall also provide to the Securities Administrator such information as may be requested by it and required for the completion of any tax reporting responsibility of the Securities Administrator within such reasonable time frame as shall enable the Securities Administrator to timely file each Schedule Q (or other applicable tax report or return) required to be filed by it.
Appears in 2 contracts
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2003-Bc13), Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-Bc11)
Statements to Master Servicer. Not later than the Reporting Date fifth (5th) calendar day of each month, commencing with March 2003 (or if such fifth calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer and the NIMS Insurer (i) a monthly remittance advice (a “Monthly Remittance Advice”) in the format set forth in Exhibit D-1 hereto and a monthly defaulted loan report in the format set forth in Exhibit D-2 hereto (or in such other format mutually agreed to between the Servicer and the Master Servicer) relating to the period ending on the last day of the preceding calendar month and (ii) all such information required pursuant to clause (i) above on a magnetic tape or other similar media reasonably acceptable to the Master Servicer and the NIMS Insurer. Together with such monthly remittance advice, the Servicer shall furnish to the Master Servicer a monthly remittance advice, with report setting forth a trial balance report attached thereto, calculation of each of the Trigger Events set forth in the form of Exhibit D-1 annexed hereto, together with a delinquency report in the form of Exhibit D-2 annexed hereto, in hard copy and electronic medium mutually acceptable to the parties as Section 8.03 relating to the period ending on the Record Date in last day of the preceding calendar month. month and a report detailing the Servicer’s performance under each category of the performance standards set forth on Exhibit F. Such monthly remittance advice Monthly Remittance Advice shall also be accompanied with by a supplemental report provided to the Master Servicer Servicer, the NIMS Insurer and any other party designated by the Master Servicer Seller which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and on any LPMI PoliciesPolicy, (ii) the amount of any claim payments made under PMI Policies and on any LPMI PoliciesPolicy, (iii) the amount of claims denied or curtailed under PMI Policies and on any LPMI Policies Policy and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI LPMI Policy purchased by the OwnerSeller on behalf of the Trust Fund. With respect to any month in which In addition, not more than 60 days after the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a Reconstitutionend of each calendar year, the Servicer shall submit all information required hereunder in two (2) separate reportscommencing December 31, one relating to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are not then subject to a Reconstitution. Upon reasonable advance notice2003, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to (as such information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority or to any Owner pursuant to any applicable law with respect becomes reasonably available to the Mortgage Loans and the transactions contemplated hereby. In addition, the Servicer shall provide each Owner and Servicer) to the Master Servicer with and the NIMS Insurer such information concerning the Mortgage Loans and annual remittances to the Master Servicer relating thereto as is necessary for such Owner the Trustee to prepare its the Trust Fund’s federal income tax return as and for any Owner or investor in the Certificates to prepare any required tax return. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer to the Master Servicer may reasonably request and the NIMS Insurer pursuant to any requirements of the Code as from time to timetime are in force.
Appears in 2 contracts
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2003-Bc2), Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2003 Bc1)
Statements to Master Servicer. Not later than the Reporting Date of each monthtenth (10th) calendar day (or if such tenth calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer Servicer, the Securities Administrator and the NIMS Insurer (i) a monthly remittance advice, with a trial balance report attached thereto, advice in the form of format set forth in Exhibit D-1 annexed hereto, together with hereto and a delinquency monthly defaulted loan report in the form of format set forth at Exhibit D-2 annexed hereto, hereto (or in hard copy such other format mutually agreed between the Servicer and electronic medium mutually acceptable to the parties as Master Servicer) relating to the period ending on the Record Date last day of the preceding calendar month and (ii) all such information required pursuant to clause (i) above on a magnetic tape or other similar media reasonably acceptable to the Master Servicer. Together with such monthly remittance advice, the Servicer shall furnish to the Master Servicer, the Securities Administrator and the NIMS Insurer a report setting forth a calculation of each of the Trigger Events set forth in Section 8.03 relating to the period ending on the last day of the preceding calendar month. Such monthly remittance advice shall also be accompanied with a supplemental report provided to the Master Servicer Servicer, the Securities Administrator, the NIMS Insurer and any other party designated by the Master Servicer Seller which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and on any LPMI PoliciesPolicy, (ii) the amount of any claim payments made under PMI Policies and on any LPMI PoliciesPolicy, (iii) the amount of claims denied or curtailed under PMI Policies and on any LPMI Policies Policy and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI LPMI Policy purchased by the OwnerSeller on behalf of the Trust Fund. With respect Such supplemental report shall also include the aggregate amount of DA Dividends attributable to any month in which the Servicer is servicing both Reconstituted DAD Mortgage Loans deposited into the DA Reserve Account for the related Due Period and Mortgage Loans that have not been subject the amount of DA Dividends remitted to the Master Servicer for the related Due Period as a result of or relating to a ReconstitutionDA Forfeiture Event by the related Mortgagor. The Securities Administrator will convert such data into a format acceptable to the Trustee and provide monthly reports to the Trustee pursuant to the Trust Agreement; provided, however, notwithstanding anything to the contrary contained in a PMI Policy, the Servicer shall not be required to submit all any supplemental reports including the foregoing data with respect to any such PMI Policy until a reporting date that is at least 15 days after the Servicer has received sufficient loan level information required hereunder from the Seller to appropriately code its servicing system in two (2) separate reportsaccordance with such requirements. In addition, one relating to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are not then subject to a Reconstitution. Upon reasonable advance noticemore than 60 days after the end of each calendar year, commencing December 31, 2002, the Servicer shall provide (as such information becomes reasonably available to any Owner that is a savings and loan associationthe Servicer) to the Master Servicer, a bank, an insurance company or other regulated or supervised entity reports and access to information and documentation regarding the Mortgage Loans Securities Administrator and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority or to any Owner pursuant to any applicable law with respect to the Mortgage Loans and the transactions contemplated hereby. In addition, the Servicer shall provide each Owner and the Master Servicer with NIMS Insurer such information concerning the Mortgage Loans and annual remittances to the Master Servicer relating thereto as is necessary for such Owner the Securities Administrator to prepare its the Trust Fund’s federal income tax return as and for any Owner or investor in the Certificates to prepare any required tax return. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer to the Master Servicer may reasonably request Servicer, the Securities Administrator and the NIMS Insurer pursuant to any requirements of the Code as from time to timetime are in force.
Appears in 2 contracts
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc1), Securitization Servicing Agreement (Structured Asset Sec Corp Pass THR Cert Ser 2002 Bc3)
Statements to Master Servicer. Not later than the Reporting Date tenth calendar day of each monthmonth (or if such calendar day is not a Business Day, the immediately succeeding Business Day), the Servicer shall furnish to the Master Servicer Servicer, the Securities Administrator and the NIMS Insurer (i) a monthly remittance advice, with a trial balance report attached thereto, advice in the form of format set forth in Exhibit D-1 annexed hereto, together with hereto and a delinquency monthly defaulted loan report in the form of format set forth in Exhibit D-2 annexed hereto, hereto (or in hard copy such other format mutually agreed between the Servicer and electronic medium mutually acceptable to the parties as Master Servicer) relating to the period ending on the Record Date in last day of the preceding calendar monthmonth and (ii) all such information required pursuant to clause (i) above on a magnetic tape or other similar media reasonably acceptable to the Master Servicer. Such monthly remittance advice shall also be accompanied with a supplemental report provided to the Master Servicer Servicer, the Securities Administrator, the NIMS Insurer and any other party designated by the Master Servicer Seller which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and LPMI Policiesfiled, (ii) the amount of any claim payments made under PMI Policies and LPMI Policiesmade, (iii) the amount of claims denied or curtailed under PMI Policies and LPMI Policies and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI Policy purchased by the OwnerSeller on behalf of the Trust Fund. With respect The Securities Administrator will convert such data into a format acceptable to any month the Trustee and provide monthly reports to the Trustee pursuant to the Trust Agreement; provided, however, notwithstanding anything to the contrary contained in which the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a ReconstitutionPMI Policy, the Servicer shall not be required to submit all any supplemental reports including the foregoing data with respect to any such PMI Policy until a reporting date that is at least 15 days after the Servicer has received sufficient loan level information required hereunder from the Seller to appropriately code its servicing system in two (2) separate reportsaccordance with requirements. In addition, one relating to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are not then subject to a Reconstitution. Upon reasonable advance noticemore than 60 days after the end of each calendar year, commencing December 31, 2002, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to (as such information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority or to any Owner pursuant to any applicable law with respect becomes reasonably available to the Mortgage Loans and the transactions contemplated hereby. In addition, the Servicer shall provide each Owner and Servicer) to the Master Servicer with such information concerning the Mortgage Loans and annual remittances to the Master Servicer therefrom as is necessary for such Owner the Master Servicer to prepare its the Trust Fund's federal income tax return as and for any Owner or investor in the Certificates to prepare any required tax return. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer to the Master Servicer may reasonably request Servicer, the Securities Administrator and the NIMS Insurer pursuant to any requirements of the Code as from time to timetime are in force.
Appears in 2 contracts
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc2), Servicing Agreement (Structured Asset Sec Corp Pass THR Cert Ser 2002 Bc3)
Statements to Master Servicer. Not later than the Reporting Date of each monthtenth (10th) calendar day (or if such tenth calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer and the NIMS Insurer (i) a monthly remittance advice, with a trial balance report attached thereto, advice in the form of format set forth in Exhibit D-1 annexed hereto, together with hereto and a delinquency monthly defaulted loan report in the form of format set forth at Exhibit D-2 annexed hereto, hereto (or in hard copy such other format mutually agreed between the Servicer and electronic medium mutually acceptable to the parties as Master Servicer) relating to the period ending on the Record Date last day of the preceding calendar month and (ii) all such information required pursuant to clause (i) above on a magnetic tape or other similar media reasonably acceptable to the Master Servicer. Together with such monthly remittance advice, the Servicer shall furnish to the Master Servicer, the Trustee and the NIMS Insurer a report setting forth a calculation of each of the Trigger Events set forth in Section 8.03 relating to the period ending on the last day of the preceding calendar month. Such monthly remittance advice shall also be accompanied with a supplemental report provided to the Master Servicer and any other party designated by the Master Servicer NIMS Insurer and the Seller which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and on any LPMI PoliciesPolicy, (ii) the amount of any claim payments made under PMI Policies and on any LPMI PoliciesPolicy, (iii) the amount of claims denied or curtailed under PMI Policies and on any LPMI Policies Policy and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI LPMI Policy purchased by Seller on behalf of the OwnerTrust Fund. With respect The Master Servicer will convert such data into a format acceptable to any month the Trustee and provide monthly reports to the Trustee pursuant to the Trust Agreement; provided, however, notwithstanding anything to the contrary contained in which the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a ReconstitutionPMI Policy, the Servicer shall not be required to submit all any supplemental reports including the foregoing data with respect to any such PMI Policy until a reporting date that is at least 15 days after the Servicer has received sufficient loan level information required hereunder from the Seller to appropriately code its servicing system in two (2) separate reportsaccordance with such requirements. In addition, one relating to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are not then subject to a Reconstitution. Upon reasonable advance noticemore than 60 days after the end of each calendar year, commencing December 31, 2002, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to (as such information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority or to any Owner pursuant to any applicable law with respect becomes reasonably available to the Mortgage Loans and the transactions contemplated hereby. In addition, the Servicer shall provide each Owner and Servicer) to the Master Servicer with and the NIMS Insurer such information concerning the Mortgage Loans and annual remittances to the Master Servicer relating thereto as is necessary for such Owner the Trustee to prepare its the Trust Fund’s federal income tax return as and for any Owner or investor in the Certificates to prepare any required tax return. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer to the Master Servicer may reasonably request Servicer, the Trustee and the NIMS Insurer pursuant to any requirements of the Code as from time to timetime are in force.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc7)
Statements to Master Servicer. (a) Not later than the Reporting Date tenth (10th) calendar day of each monthmonth (or if such calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer a and the NIMS Insurer an electronic monthly remittance advice, with a trial balance report attached thereto, advice in the form of Exhibit D-1 annexed heretoFidelity (or any successor thereto) S50Y format (or in such other formats mutually agreed to between the Servicer and the Master Servicer), together with a delinquency report in the form of Exhibit D-2 annexed hereto, in hard copy and electronic medium mutually acceptable to the parties as such advice relating to the period ending on the Record Date in last day of the preceding calendar month and a monthly loan loss report in the format set forth in Exhibit E hereto; provided however, the information provided pursuant to Exhibit E shall be limited to that which is readily available to the Servicer and is mutually agreed to between the Servicer and the Master Servicer. The format of this monthly reporting may be amended from time to time to the extent necessary to comply with applicable law. In connection with prepayments in full, the Servicer will use its best efforts to deliver to the Master Servicer by the 15th calendar day of each month, but in no event later than the 17th day of each month, a monthly payoff remittance advice. Such monthly remittance advice shall also be accompanied with by a supplemental report provided to the Master Servicer Servicer, the Securities Administrator, the NIMS Insurer and any other party designated by the Master Servicer Seller which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and on any LPMI PoliciesPolicy, (ii) the amount of any claim payments made under PMI Policies and on any LPMI PoliciesPolicy, (iii) the amount of claims denied or curtailed under PMI Policies and on any LPMI Policies Policy and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI LPMI Policy purchased by the Owner. With respect to any month in which Seller on behalf of the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a Reconstitution, the Servicer shall submit all information required hereunder in two Trust Fund.
(2b) separate reports, one relating to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are not then subject to a Reconstitution. Upon reasonable advance notice, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all usual and customary tax returns, information statements or other filings required to be delivered to any governmental taxing authority authority, the Securities Administrator or to any Owner its designee pursuant to any applicable law with respect to the Mortgage Loans and the transactions contemplated hereby. In addition, the Servicer shall provide each Owner the Securities Administrator and the Master Servicer NIMS Insurer with such information concerning the Mortgage Loans as is necessary for such Owner Securities Administrator to prepare its federal income tax return returns as any Owner or the Master Servicer Securities Administrator may reasonably request from time to time. Such obligation of the Servicer shall be deemed satisfied to the extent that substantially comparable information has been provided by the Servicer throughout the calendar year.
(c) The Servicer shall promptly notify the Master Servicer and the Depositor (i) of any legal proceedings pending against the Servicer of the type described in Item 1117 (§ 229.1117) of Regulation AB and (ii) if the Servicer shall become (but only to the extent not previously disclosed to the Master Servicer and the Depositor) at any time an affiliate of any of the parties listed on Exhibit I to this Agreement.
(d) For the purpose of satisfying the reporting obligation under the Exchange Act with respect to any class of asset-backed securities, the Servicer shall (or shall cause each Subservicer to) (i) provide prompt notice to the Master Servicer and the Depositor in writing of (A) any material litigation or governmental proceedings involving the Servicer or any Subservicer, (B) any affiliations or relationships that develop following the first Servicing Transfer Date between the Servicer, any Subservicer and any of the parties specified on Exhibit I hereto, (C) any Event of Default under the terms of this Agreement, (D) any merger, consolidation or sale of substantially all of the assets of the Servicer, and (E) the Servicer’s entry into an agreement with a Subservicer to perform or assist in the performance of any of the Servicer’s obligations under this Agreement and (ii) provide to the Depositor a description of such proceedings, affiliations or relationships.
(e) As a condition to the succession to the Servicer or any Subservicer as servicer or subservicer under this Agreement by any Person (i) into which the Servicer or such Subservicer may be merged or consolidated, or (ii) which may be appointed as a successor to the Servicer or any Subservicer, the Servicer shall provide to the Master Servicer and the Depositor, at least 15 calendar days prior to the effective date of such succession or appointment, (x) written notice to the Depositor of such succession or appointment and (y) in writing and in form and substance reasonably satisfactory to the Depositor, all information reasonably requested by the Depositor in order to comply with its reporting obligation under Item 6.02 of Form 8-K with respect to any class of asset-backed securities.
(f) In addition to such information as the Servicer, as servicer, is obligated to provide pursuant to other provisions of this Agreement, not later than ten days prior to the deadline for the filing of any distribution report on Form 10-D in respect of any Securitization Transaction that includes any of the Mortgage Loans serviced by the Servicer or any Subservicer, the Servicer or such Subservicer, as applicable, shall, to the extent the Servicer or such Subservicer has knowledge, provide to the party responsible for filing such report (including, if applicable, the Master Servicer) notice of the occurrence of any of the following events along with all information, data, and materials related thereto as may be required to be included in the related distribution report on Form 10-D (as specified in the provisions of Regulation AB referenced below):
(i) any material modifications, extensions or waivers of pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time (Item 1121(a)(11) of Regulation AB);
(ii) material breaches of pool asset representations or warranties or transaction covenants (Item 1121(a)(12) of Regulation AB); and
(iii) information regarding new asset-backed securities issuances backed by the same pool assets, any pool asset changes (such as, additions, substitutions or repurchases), and any material changes in origination, underwriting or other criteria for acquisition or selection of pool assets (Item 1121(a)(14) of Regulation AB).
(g) The Servicer shall provide to the Master Servicer and the Depositor, evidence of the authorization of the person signing any certification or statement, copies or other evidence of Fidelity Bond Insurance and Errors and Omission Insurance policy, financial information and reports, and such other information related to the Servicer or any Subservicer or the Servicer or such Subservicer’s performance hereunder as may be reasonably requested by the Master Servicer or the Depositor.
(h) Not later than the tenth calendar day of each month (or if such calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall provide to the Master Servicer and the Depositor notice of the occurrence of any material modifications, extensions or waivers of terms, fees, penalties or payments relating to the Mortgage Loans during the related Due Period.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (Sasco 2006-Bc4)
Statements to Master Servicer. Not later than the Reporting Date tenth (10th) calendar day of each monthmonth (or if such tenth calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer and, if required, the NIMS Insurer (i) a monthly remittance advice, with a trial balance report attached thereto, advice in the form of format set forth in Exhibit D-1 annexed hereto, together with hereto and a delinquency monthly defaulted loan report in the form of format set forth in Exhibit D-2 annexed hereto, hereto (or in hard copy such other format mutually agreed to between the Servicer and electronic medium mutually acceptable to the parties as Master Servicer) relating to the period ending on the Record Date in last day of the preceding calendar monthmonth and (ii) all such information required pursuant to clause (i) above on a magnetic tape or other similar media reasonably acceptable to the Master Servicer. The format of this monthly reporting may be amended from time to time to the extent necessary to comply with applicable law. Such monthly remittance advice shall also be accompanied with a supplemental report provided to the Master Servicer Servicer, the Securities Administrator, the NIMS Insurer, if required, and any other party designated by the Master Servicer Seller which includes on an aggregate basis for the previous Due Period calendar month (i) the amount of claims filed under PMI Policies and LPMI Policiesfiled, (ii) the amount of any claim payments made under PMI Policies and LPMI Policiesmade, (iii) the amount of claims denied or curtailed under PMI Policies and LPMI Policies and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI Policy purchased by Seller on behalf of the OwnerTrust Fund. With respect The Master Servicer will convert such data into a format acceptable to any month the Trustee and provide monthly reports to the Trustee pursuant to the Trust Agreement; provided, however, notwithstanding anything to the contrary contained in which the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a ReconstitutionPMI Policy, the Servicer shall not be required to submit all any supplemental reports including the foregoing data with respect to a PMI Policy until a reporting date that is at least 15 days after the Servicer has received sufficient loan level information required hereunder from Seller to appropriately code its servicing system in two accordance with the PMI Insurer’s requirements. Such monthly remittance advice shall also be accompanied by a supplemental report provided to the Master Servicer, the NIMS Insurer, if required, and the Seller which includes on an aggregate basis for the previous calendar month (2i) separate reportsthe amount of claims filed on any LPMI Policy, one relating (ii) the amount of any claim payments made on any LPMI Policy, (iii) the amount of claims denied or curtailed on any LPMI Policy and (iv) policies cancelled with respect to Reconstituted those Mortgage Loans and one relating to all Mortgage Loans that are covered by any LPMI Policy purchased by the Seller on behalf of the Trust Fund. In addition, at the Master Servicer’s or Securities Administrator’s request, not then subject to a Reconstitution. Upon reasonable advance noticemore than 60 days after the end of calendar year December 31, 2005, the Servicer shall provide to any Owner that is a savings and loan associationprovide, a bank, an insurance company or other regulated or supervised entity reports and access to information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities but only with respect to its investment in the such portion of calendar year 2005 for which Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority or to any Owner are serviced pursuant to any applicable law with respect this Agreement, (as such information becomes reasonably available to the Mortgage Loans and Servicer) to the transactions contemplated hereby. In additionMaster Servicer, the Servicer shall provide each Owner and Securities Administrator and, if required, the Master Servicer with NIMS Insurer such information concerning the Mortgage Loans and annual remittances to the Master Servicer relating thereto as is necessary for such Owner the Securities Administrator to prepare its the Trust Fund’s federal income tax return as and for any Owner investor in the Certificates to prepare any required tax return. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer (or successor servicer) to the Master Servicer may reasonably request Servicer, the Securities Administrator and the NIMS Insurer pursuant to any requirements of the Code as from time to timetime are in force. The Servicer shall also provide, but only with respect to such portion of calendar year 2005 for which Mortgage Loans are serviced pursuant to this Agreement, to the Securities Administrator such information as may be requested by it and required for the completion of any tax reporting responsibility of the Securities Administrator within such reasonable time frame as shall enable the Securities Administrator to timely file each Schedule Q (or other applicable tax report or return) required to be filed by it.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2005-9)
Statements to Master Servicer. Not Xxx later than the Reporting Date 16th calendar day of August 2001 and the 12th calendar day of each monthsubsequent month (or if such calendar day is not a Business Day, the immediately succeeding Business Day), the Servicer shall furnish to the Master Servicer and the NIMS Insurer (a) a monthly remittance advice, with a trial balance report attached thereto, advice in the form of format set forth at Exhibit D-1 annexed hereto, together with a delinquency report in the form of Exhibit D-2 annexed hereto, in hard copy and electronic medium mutually acceptable D hereto as to the parties as to accompanying remittance and the period ending on the Record Determination Date in and (b) all such information required pursuant to clause (a) above on a magnetic tape or other similar media reasonably acceptable to the preceding calendar monthMaster Servicer and the NIMS Insurer. Such monthly remittance advice shall also be provided by the Servicer to Aurora Loan Services Inc. on behalf of the Seller. Such monthly remittance advice shall also be accompanied with a supplemental report provided to the Master Servicer Servicer, the NIMS Insurer and any other party designated by the Master Servicer Seller which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and LPMI Policiesfiled, (ii) the amount of any claim payments made under PMI Policies and LPMI Policiesmade, (iii) the amount of claims denied or curtailed under PMI Policies and LPMI Policies and (iv) PMI Policies canceled policies cancelled with respect to those Serviced Mortgage Loans covered by the Radian Master PMI Insurance Policy or any PMI Policy other provider of primary mortgage insurance purchased by the OwnerTrust Fund. With respect Such supplemental report shall also include the aggregate amount of DA Dividends attributable to any month in which the Servicer is servicing both Reconstituted DAD Mortgage Loans deposited into the DA Reserve Account for the related Due Period, and Mortgage Loans that have not been subject the amount of DA Dividends remitted to the Master Servicer for the related Due Period as a result of or relating to a ReconstitutionDA Forfeiture Event by the related Mortgagor. The Master Servicer will convert such data into a format acceptable to the Trustee and provide monthly reports to the Trustee pursuant to the Trust Agreement; provided, however, notwithstanding anything to the contrary contained in the Radian Master PMI Insurance Policy, the Servicer shall not be required to submit all any supplemental reports including the foregoing data with respect to the Radian Master PMI Insurance Policy until a reporting date that is at least 15 days after the Servicer has received sufficient loan level information required hereunder from the Depositor to appropriately code its servicing system in two (2) separate reportsaccordance with requirements. In addition, one relating to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are not then subject to a Reconstitution. Upon reasonable advance noticemore than 60 days after the end of each calendar year, commencing December 31, 2001, the Servicer shall provide (as such information becomes reasonably available to any Owner that is a savings the Servicer) to the Master Servicer and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to the NIMS Insurer such information and documentation regarding concerning the Serviced Mortgage Loans and annual remittances to the transactions contemplated hereby sufficient Master Servicer therefrom as is necessary for each Certificateholder to permit prepare its federal income tax return. Such obligation of the Owner Servicer shall be deemed to comply with have been satisfied to the applicable regulations of relevant regulatory or supervisory authorities with respect extent that substantially comparable information shall be provided by the Servicer to its investment in the Mortgage Loans Master Servicer and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority or to any Owner NIMS Insurer pursuant to any applicable law requirements of the Code as from time to time are in force. Beginning with respect to the Mortgage Loans and the transactions contemplated hereby. In additioncalendar year 2002, the Servicer shall provide each Owner and the Master Servicer and the NIMS Insurer with such information concerning the Serviced Mortgage Loans as is necessary for such Owner the Master Servicer to prepare its the Trust Fund's federal income tax return as and for any Owner or investor in the Master Servicer may reasonably request from time Certificates to timeprepare any required tax return.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Cer Se 2001-Bc5)
Statements to Master Servicer. Not later than the Reporting Date fifth (5th) calendar day of each monthmonth (or if such fifth calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer and the NIMS Insurer (i) a monthly remittance advice (a “Monthly Remittance Advice”) in the format set forth in Exhibit D-1 hereto and a monthly defaulted loan report in the format set forth in Exhibit D-2 hereto (or in such other format mutually agreed to between the Servicer and the Master Servicer) relating to the period ending on the last day of the preceding calendar month and (ii) all such information required pursuant to clause (i) above on a magnetic tape or other similar media reasonably acceptable to the Master Servicer and the NIMS Insurer. Together with such monthly remittance advice, the Servicer shall furnish to the Master Servicer a monthly remittance advice, with report setting forth a trial balance report attached thereto, calculation of each of the Trigger Events set forth in the form of Exhibit D-1 annexed hereto, together with a delinquency report in the form of Exhibit D-2 annexed hereto, in hard copy and electronic medium mutually acceptable to the parties as Section 8.03 relating to the period ending on the Record Date in last day of the preceding calendar month. month and a report detailing the Servicer’s performance under each category of the performance standards set forth on Exhibit F. Such monthly remittance advice Monthly Remittance Advice shall also be accompanied with by a supplemental report provided to the Master Servicer Servicer, the NIMS Insurer and any other party designated by the Master Servicer Seller which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and on any LPMI PoliciesPolicy, (ii) the amount of any claim payments made under PMI Policies and on any LPMI PoliciesPolicy, (iii) the amount of claims denied or curtailed under PMI Policies and on any LPMI Policies Policy and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI LPMI Policy purchased by the OwnerSeller on behalf of the Trust Fund. With respect to any month in which In addition, not more than 60 days after the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a Reconstitutionend of each calendar year, the Servicer shall submit all information required hereunder in two (2) separate reportscommencing December 31, one relating to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are not then subject to a Reconstitution. Upon reasonable advance notice2003, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to (as such information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority or to any Owner pursuant to any applicable law with respect becomes reasonably available to the Mortgage Loans and the transactions contemplated hereby. In addition, the Servicer shall provide each Owner and Servicer) to the Master Servicer with and the NIMS Insurer such information concerning the Mortgage Loans and annual remittances to the Master Servicer relating thereto as is necessary for such Owner the Trustee to prepare its the Trust Fund’s federal income tax return as and for any Owner or investor in the Certificates to prepare any required tax return. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer to the Master Servicer may reasonably request and the NIMS Insurer pursuant to any requirements of the Code as from time to timetime are in force.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc10)
Statements to Master Servicer. Not later than the Reporting 13th calendar day in the case of the first Distribution Date and, thereafter, no later than the tenth calendar day, (or if such tenth calendar day is not a Business Day, the immediately preceding Business Day) of each month, the Servicer shall furnish to the Master Servicer and the NIMS Insurer (a) a monthly remittance advice, with advice containing such information and in a trial balance report attached thereto, in format mutually agreed between the form of Exhibit D-1 annexed hereto, together with a delinquency report in Servicer and the form of Exhibit D-2 annexed hereto, in hard copy Master Servicer (and electronic medium mutually acceptable to the parties NIMS Insurer) as to the accompanying remittance and the period ending on the Record preceding Determination Date in and (b) all such information required pursuant to clause (a) above on a magnetic tape or other similar media reasonably acceptable to the preceding calendar monthMaster Servicer and the NIMS Insurer. Such monthly remittance advice shall also be accompanied with a supplemental report provided to the Master Servicer Servicer, the NIMS Insurer and any other party designated by the Master Servicer Seller which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and LPMI Policiesfiled, (ii) the amount of any claim payments made under PMI Policies and LPMI Policiesmade, (iii) the amount of claims denied or curtailed under PMI Policies and LPMI Policies and (iv) PMI Policies canceled policies cancelled with respect to those Serviced Mortgage Loans covered by either (i) the MGIC Mortgage Guaranty Master Policy or (ii) the PMICO Master Insurance Policy (collectively, the "PMI Policies") or any PMI Policy other provider of primary mortgage insurance purchased by the OwnerTrust. With respect The Master Servicer will convert such data into a format acceptable to any month the Trustee and the NIMS Insurer and provide monthly reports to the Trustee and the NIMS Insurer pursuant to the Trust Agreement; provided, however, notwithstanding anything to the contrary contained in which the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a Reconstitutioneither of such master primary mortgage insurance policies, the Servicer shall not be required to submit all information required hereunder in two (2) separate reports, one relating to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are not then subject to a Reconstitution. Upon reasonable advance notice, any supplemental reports including the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities foregoing data with respect to such policies until a reporting date that is at least 15 days after the Servicer has received sufficient loan level detail information from the Depositor to appropriately code its investment servicing system in the Mortgage Loans and the Owneraccordance with either policy's internal and third-party audit requirements. The Servicer shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority or to any Owner pursuant to any applicable law with respect to the Mortgage Loans and the transactions contemplated hereby. In addition, the Servicer shall provide each Owner and the Master Servicer and the NIMS Insurer with such information available to it concerning the Serviced Mortgage Loans as is necessary for such Owner the Master Servicer to prepare its the Trust Fund's federal income tax return as any Owner or the Master Servicer may reasonably request from time to time.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Cer Se 2001-Bc5)
Statements to Master Servicer. (a) Not later than the Reporting Date tenth calendar day of each monthmonth (or if such calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer a an electronic monthly remittance adviceadvice in such format mutually agreed to between the Servicer and the Master Servicer, with a trial balance report attached thereto, in the form of Exhibit D-1 annexed hereto, together with a delinquency report in the form of Exhibit D-2 annexed hereto, in hard copy and electronic medium mutually acceptable to the parties as such advice relating to the period ending on the Record Date in last day of the preceding calendar month, and a monthly loan loss report in the format set forth in Exhibit E hereto; provided, however, the information provided pursuant to Exhibit E shall be limited to that which is readily available to the Servicer and is mutually agreed to between the Servicer and the Master Servicer. The format of this monthly reporting may be amended from time to time to the extent necessary to comply with applicable law. In connection with prepayments in full, the Servicer will use its best efforts to deliver to the Master Servicer by the 15th calendar day of each month, but in no event later than the 17th day of each month, a monthly payoff remittance advice. Such monthly remittance advice shall also be accompanied with by a supplemental report provided to the Master Servicer Servicer, the Trust Administrator and any other party designated by the Master Servicer which Seller that includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and on any LPMI PoliciesPolicy, (ii) the amount of any claim payments made under PMI Policies and on any LPMI PoliciesPolicy, (iii) the amount of claims denied or curtailed under PMI Policies and on any LPMI Policies Policy and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI LPMI Policy purchased by the Owner. With respect to any month in which Seller on behalf of the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a Reconstitution, the Servicer shall submit all information required hereunder in two Trust Fund.
(2b) separate reports, one relating to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are not then subject to a Reconstitution. Upon reasonable advance notice, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all usual and customary tax returns, information statements or other filings required to be delivered to any governmental taxing authority authority, the Trust Administrator or to any Owner its designee pursuant to any applicable law with respect to the Mortgage Loans and the transactions contemplated hereby. In addition, the Servicer shall provide each Owner and the Master Servicer Trust Administrator with such information concerning the Mortgage Loans as is necessary for such Owner Trust Administrator to prepare its federal income tax return returns as any Owner or the Master Servicer Trust Administrator may reasonably request from time to time. Such obligation of the Servicer shall be deemed satisfied to the extent that substantially comparable information has been provided by the Servicer throughout the calendar year.
(c) If requested by the Master Servicer or the Depositor, the Servicer shall promptly notify the Master Servicer and the Depositor (i) of any legal proceedings pending against the Servicer of the type described in Item 1117 (§ 229.1117) of Regulation AB and (ii) if the Servicer shall become (but only to the extent not previously disclosed to the Master Servicer and the Depositor) at any time an affiliate of any of the parties listed on Exhibit I to this Agreement. For the purpose of satisfying the reporting obligations under the Exchange Act with respect to the issuance of asset-backed securities, the Servicer shall provide to the Master Servicer and the Depositor prompt notice of the occurrence of any of the following: any event of default under the terms of this Agreement; any merger, consolidation or sale of substantially all of the assets of the Servicer; the Servicer’s engagement of any Subservicer, Subcontractor or vendor to perform or assist in the performance of any of the Servicer’s obligations under this Agreement; any material litigation involving the Servicer; and any affiliation or other significant relationship between the Servicer and other transaction parties.
(d) Not later than the tenth calendar day of each month (or if such calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall provide to the Master Servicer and the Depositor notice of the occurrence of any material modifications, extensions or waivers of terms, fees, penalties or payments relating to the Mortgage Loans during the related Due Period.
Appears in 1 contract
Statements to Master Servicer. Not later than the Reporting Date tenth calendar day of each monthmonth (or if such calendar day is not a Business Day, the immediately succeeding Business Day), the Servicer shall furnish to the Master Servicer Servicer, the Trustee and the NIMS Insurer (i) a monthly remittance advice, with a trial balance report attached thereto, advice in the form of format set forth in Exhibit D-1 annexed hereto, together with hereto and a delinquency monthly defaulted loan report in the form of format set forth in Exhibit D-2 annexed hereto, hereto (or in hard copy such other format mutually agreed between the Servicer and electronic medium mutually acceptable to the parties as Master Servicer) relating to the period ending on the Record Date in last day of the preceding calendar monthmonth and (ii) all such information required pursuant to clause (i) above on a magnetic tape or other similar media reasonably acceptable to the Master Servicer. Such monthly remittance advice shall also be accompanied with a supplemental report provided to the Master Servicer Servicer, the Trustee, the NIMS Insurer and any other party designated by the Master Servicer Seller which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and LPMI Policiesfiled, (ii) the amount of any claim payments made under PMI Policies and LPMI Policiesmade, (iii) the amount of claims denied or curtailed under PMI Policies and LPMI Policies and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI Policy purchased by the OwnerSeller on behalf of the Trust Fund. With respect Notwithstanding anything to any month the contrary contained in which the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a ReconstitutionPMI Policy, the Servicer shall not be required to submit all any supplemental reports including the foregoing data with respect to any such PMI Policy until a reporting date that is at least 15 days after the Servicer has received sufficient loan level information required hereunder from the Seller to appropriately code its servicing system in two (2) separate reportsaccordance with requirements. In addition, one relating to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are not then subject to a Reconstitution. Upon reasonable advance noticemore than 60 days after the end of each calendar year, commencing December 31, 2002, the Servicer shall provide (as such information becomes reasonably available to any Owner that is a savings and loan associationthe Servicer) to the Master Servicer, a bank, an insurance company or other regulated or supervised entity reports and access to information and documentation regarding the Mortgage Loans Trustee and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority or to any Owner pursuant to any applicable law with respect to the Mortgage Loans and the transactions contemplated hereby. In addition, the Servicer shall provide each Owner and the Master Servicer with NIMS Insurer such information concerning the Mortgage Loans and annual remittances to the Master Servicer therefrom as is necessary for such Owner the Trustee to prepare its the Trust Fund’s federal income tax return as and for any Owner or investor in the Certificates to prepare any required tax return. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer to the Master Servicer may reasonably request Servicer, the Trustee and the NIMS Insurer pursuant to any requirements of the Code as from time to timetime are in force.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Securities Corp)
Statements to Master Servicer. Not later than the Reporting Date tenth (10th) calendar day of each month, the Servicer shall furnish to the Master Servicer (i) a monthly remittance advice, with a trial balance report attached thereto, advice in the form of Exhibit D-1 annexed heretoFidelity (or any successor thereto) S50Y format (or in such other formats mutually agreed to between the Servicer and the Master Servicer), together with a delinquency report in the form of Exhibit D-2 annexed hereto, in hard copy and electronic medium mutually acceptable to the parties as such advice relating to the period ending on the Record Date in last day of the preceding calendar month. The format of this monthly reporting may be amended from time to time to the extent necessary to comply with applicable law or the terms of the Transfer and Servicing Agreement. Such monthly remittance advice shall also be accompanied with by a supplemental report provided to the Master Servicer and any other party designated by the Master Servicer Seller which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and on any LPMI PoliciesPolicy, (ii) the amount of any claim payments made under PMI Policies and on any LPMI PoliciesPolicy, (iii) the amount of claims denied or curtailed under PMI Policies and on any LPMI Policies Policy and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI LPMI Policy purchased by the Owner. With respect to any month in which Seller on behalf of the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been Issuer, subject to a Reconstitution, the Servicer shall submit all information required hereunder in two (2) separate reports, one relating to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are not then subject to a Reconstitution. Upon reasonable advance notice, lien of the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirementsIndenture Trustee. The Servicer shall prepare and file any and all usual and customary tax returns, information statements or other filings required to be delivered to any governmental taxing authority authority, the Indenture Trustee or to any Owner its designee pursuant to any applicable law with respect to the Mortgage Loans and the transactions contemplated hereby. In addition, the Servicer shall provide each Owner and the Master Servicer Indenture Trustee with such information concerning the Mortgage Loans as is necessary for such Owner the Indenture Trustee to prepare its federal income tax return returns as any Owner or the Master Servicer Indenture Trustee may reasonably request from time to time. Such obligation of the Servicer shall be deemed satisfied to the extent that substantially comparable information has been provided by the Servicer throughout the calendar year.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (SASCO Mortgage Loan Trust 2004-Gel3)
Statements to Master Servicer. Not later than the Reporting Date tenth (10th) calendar day (or if such tenth calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer (i) a monthly remittance advice in the format set forth in Exhibit D hereto (or in such other format mutually agreed between the Servicer and the Master Servicer) relating to the period ending on the last day of each monththe preceding calendar month and (ii) all such information required pursuant to clause (i) above on a magnetic tape or other similar media reasonably acceptable to the Master Servicer. Together with such monthly remittance advice, the Servicer shall furnish to the Master Servicer a monthly remittance advice, with report setting forth a trial balance report attached thereto, calculation of each of the Trigger Events set forth in the form of Exhibit D-1 annexed hereto, together with a delinquency report in the form of Exhibit D-2 annexed hereto, in hard copy and electronic medium mutually acceptable to the parties as Section 8.03 relating to the period ending on the Record Date in last day of the preceding calendar month. Such monthly remittance advice shall also be accompanied with a supplemental report provided to the Master Servicer and any other party designated by the Master Servicer Seller which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and on any LPMI PoliciesPolicy, (ii) the amount of any claim payments made under PMI Policies and on any LPMI PoliciesPolicy, (iii) the amount of claims denied or curtailed under PMI Policies and on any LPMI Policies Policy and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI LPMI Policy purchased by the Owner. With respect to any month in which Seller on behalf of the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been Issuer, subject to the lien of the Indenture Trustee; provided, however, notwithstanding anything to the contrary contained in a ReconstitutionPMI Policy, the Servicer shall not be required to submit all any supplemental reports including the foregoing data with respect to any such PMI Policy until a reporting date that is at least 15 days after the Servicer has received sufficient loan level information required hereunder from the Seller to appropriately code its servicing system in two (2) separate reportsaccordance with such requirements. In addition, one relating to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are not then subject to a Reconstitution. Upon reasonable advance noticemore than 60 days after the end of each calendar year, commencing December 31, 2003, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to (as such information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority or to any Owner pursuant to any applicable law with respect becomes reasonably available to the Mortgage Loans and the transactions contemplated hereby. In addition, the Servicer shall provide each Owner and Servicer) to the Master Servicer with such information concerning the Mortgage Loans and annual remittances to the Master Servicer relating thereto as is necessary for such Owner the Indenture Trustee to prepare its the Issuer’s federal income tax return as and for any Owner or investor in the Securities to prepare any required tax return. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer to the Master Servicer may reasonably request and the Indenture Trustee pursuant to any requirements of the Code as from time to timetime are in force. The Servicer shall also provide such information reasonably available to it as may be requested by the Indenture Trustee and required for the completion of any tax reporting responsibility of the Indenture Trustee within such reasonable time frame as shall enable the Indenture Trustee to timely file each Schedule Q (or other applicable tax report or return) required to be filed by it.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Sasco Mortgage Loan Trust Series 2003-Gel1)
Statements to Master Servicer. Not later than the Reporting Date 10th calendar day of each monthmonth (or if such calendar day is not a Business Day, the immediately succeeding Business Day), the Servicer shall furnish to the Master Servicer Servicer, the Trustee and the NIMS Insurer (a) a monthly remittance advice, with a trial balance report attached thereto, advice in the form of format set forth in Exhibit D-1 annexed hereto, together with hereto and a delinquency monthly defaulted loan report in the form of format set forth in Exhibit D-2 annexed heretohereto (or upon such other format mutually agreed to between the Servicer and the Master Servicer) and (b) all such information required pursuant to clause (a) above on a magnetic tape, in hard copy and electronic medium mutually mail, or other similar media reasonably acceptable to the parties as to Master Servicer and the period ending on the Record Date in the preceding calendar monthNIMS Insurer. Such monthly remittance advice shall also be accompanied with a supplemental report provided to the Master Servicer Servicer, the NIMS Insurer and any other party designated by the Master Servicer Seller which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and LPMI Policiesfiled, (ii) the amount of any claim payments made under PMI Policies and LPMI Policiesmade, (iii) the amount of claims denied or curtailed under PMI Policies and LPMI Policies and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI Policy purchased by the OwnerSeller on behalf of the Trust Fund. With respect Such supplemental report shall also include the aggregate amount of DA Dividends attributable to any month in which the Servicer is servicing both Reconstituted DAD Mortgage Loans deposited into the DA Reserve Account for the related Due Period, and Mortgage Loans that have not been subject the amount of DA Dividends remitted to the Master Servicer for the related Due Period as a result of or relating to a ReconstitutionDA Forfeiture Event by the related Mortgagor. Notwithstanding anything to the contrary contained in a PMI Policy, the Servicer shall not be required to submit all information required hereunder in two (2) separate reports, one relating to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are not then subject any supplemental reports including the foregoing data with respect to a ReconstitutionPMI Policy until a reporting date that is at least 15 days after the Servicer has received sufficient loan level information from the Seller to appropriately code its servicing system in accordance with the PMI Insurer’s requirements. Upon reasonable advance noticeIn addition, not more than 60 days after the end of each calendar year, commencing December 31, 2002, the Servicer shall provide (as such information becomes reasonably available to any Owner that is a savings the Servicer) to the Master Servicer, the Trustee and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to the NIMS Insurer such information and documentation regarding concerning the Mortgage Loans and annual remittances to the transactions contemplated hereby sufficient Master Servicer therefrom as is necessary for each Certificateholder to permit prepare its federal income tax return. Such obligation of the Owner Servicer shall be deemed to comply with have been satisfied to the applicable regulations of relevant regulatory or supervisory authorities with respect extent that substantially comparable information shall be provided by the Servicer to its investment in the Mortgage Loans Master Servicer, the Trustee and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority or to any Owner NIMS Insurer pursuant to any applicable law requirements of the Code as from time to time are in force. Beginning with respect to the Mortgage Loans and the transactions contemplated hereby. In additioncalendar year 2003, the Servicer shall provide each Owner the Master Servicer, the Trustee and the Master Servicer NIMS Insurer with such information concerning the Mortgage Loans as is necessary for such Owner the Master Servicer to prepare its the Trust Fund’s federal income tax return as and for any Owner or investor in the Master Servicer may reasonably request from time Certificates to timeprepare any required tax return.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Securities Corp)
Statements to Master Servicer. (a) Not later than the Reporting Date tenth (10th) calendar day of each monthmonth (or if such calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer a an electronic monthly remittance advice, with a trial balance report attached thereto, advice in the form of Exhibit D-1 annexed heretoFidelity (or any successor thereto) S50Y format (or in such other formats mutually agreed to between the Servicer and the Master Servicer), together with a delinquency report in the form of Exhibit D-2 annexed hereto, in hard copy and electronic medium mutually acceptable to the parties as such advice relating to the period ending on the Record Date in last day of the preceding calendar month and a monthly loan loss report in the format set forth in Exhibit E hereto; provided however, the information provided pursuant to Exhibit E shall be limited to that which is readily available to the Servicer and is mutually agreed to between the Servicer and the Master Servicer. The format of this monthly reporting may be amended from time to time to the extent necessary to comply with applicable law. In connection with prepayments in full, the Servicer will use its best efforts to deliver to the Master Servicer by the 15th calendar day of each month, but in no event later than the 17th day of each month, a monthly payoff remittance advice. Such monthly remittance advice shall also be accompanied with by a supplemental report provided to the Master Servicer and any other party designated by the Master Servicer which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and on any LPMI PoliciesPolicy, (ii) the amount of any claim payments made under PMI Policies and on any LPMI PoliciesPolicy, (iii) the amount of claims denied or curtailed under PMI Policies and on any LPMI Policies Policy and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI LPMI Policy purchased by the Owner. With respect to any month in which Seller on behalf of the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a Reconstitution, the Servicer shall submit all information required hereunder in two Trust Fund.
(2b) separate reports, one relating to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are not then subject to a Reconstitution. Upon reasonable advance notice, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all usual and customary tax returns, information statements or other filings required to be delivered to any governmental taxing authority authority, the Securities Administrator or to any Owner its designee pursuant to any applicable law with respect to the Mortgage Loans and the transactions contemplated hereby. In addition, the Servicer shall provide each Owner and the Master Servicer Securities Administrator with such information concerning the Mortgage Loans as is necessary for such Owner Securities Administrator to prepare its federal income tax return returns as any Owner or the Master Servicer Securities Administrator may reasonably request from time to time. Such obligation of the Servicer shall be deemed satisfied to the extent that substantially comparable information has been provided by the Servicer throughout the calendar year.
(c) If requested by the Master Servicer, the Securities Administrator, or the Depositor, the Servicer shall promptly notify the Master Servicer, the Securities Administrator, and the Depositor (i) of any legal proceedings pending against the Servicer of the type described in Item 1117 (§ 229.1117) of Regulation AB and (ii) if the Servicer shall become (but only to the extent not previously disclosed to the Master Servicer and the Depositor) at any time an affiliate of any of the parties listed on Exhibit I to this Agreement. For the purpose of satisfying the reporting obligations under the Exchange Act with respect to the issuance of asset-backed securities, the Servicer shall provide to the Master Servicer, the Securities Administrator, and the Depositor prompt notice of the occurrence of any of the following: any event of default under the terms of this Agreement, any merger, consolidation or sale of substantially all of the assets of the Servicer, the Servicer’s engagement of any Subservicer, Subcontractor or vendor to perform or assist in the performance of any of the Servicer’s obligations under this Agreement, any material litigation involving the Servicer, and any affiliation or other significant relationship between the Servicer and other transaction parties.
(d) Not later than the tenth calendar day of each month (or if such calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall provide to the Master Servicer, the Securities Administrator, and the Depositor notice of the occurrence of any material modifications, extensions or waivers of terms, fees, penalties or payments relating to the Mortgage Loans during the related Due Period.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (BNC Mortgage Loan Trust 2007-1)
Statements to Master Servicer. (a) Not later than the Reporting Date tenth (10th) calendar day of each monthmonth (or if such calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer a and the NIMS Insurer an electronic monthly remittance advice, with a trial balance report attached thereto, advice in the form of Exhibit D-1 annexed heretoFidelity (or any successor thereto) S50Y format (or in such other formats mutually agreed to between the Servicer and the Master Servicer), together with a delinquency report in the form of Exhibit D-2 annexed hereto, in hard copy and electronic medium mutually acceptable to the parties as such advice relating to the period ending on the Record Date in last day of the preceding calendar month and a monthly loan loss report in the format set forth in Exhibit E hereto; provided however, the information provided pursuant to Exhibit E shall be limited to that which is readily available to the Servicer and is mutually agreed to between the Servicer and the Master Servicer. The format of this monthly reporting may be amended from time to time to the extent necessary to comply with applicable law. In connection with prepayments in full, the Servicer will use its best efforts to deliver to the Master Servicer by the 15th calendar day of each month, but in no event later than the 17th day of each month, a monthly payoff remittance advice. Such monthly remittance advice shall also be accompanied with by a supplemental report provided to the Master Servicer Servicer, the Trustee, the NIMS Insurer and any other party designated by the Master Servicer Seller which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and on any LPMI PoliciesPolicy, (ii) the amount of any claim payments made under PMI Policies and on any LPMI PoliciesPolicy, (iii) the amount of claims denied or curtailed under PMI Policies and on any LPMI Policies Policy and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI LPMI Policy purchased by the Owner. With respect to any month in which Seller on behalf of the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a Reconstitution, the Servicer shall submit all information required hereunder in two Trust Fund.
(2b) separate reports, one relating to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are not then subject to a Reconstitution. Upon reasonable advance notice, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all usual and customary tax returns, information statements or other filings required to be delivered to any governmental taxing authority authority, the Trustee or to any Owner its designee pursuant to any applicable law with respect to the Mortgage Loans and the transactions contemplated hereby. In addition, the Servicer shall provide each Owner and the Master Servicer Trustee with such information concerning the Mortgage Loans as is necessary for such Owner the Trustee to prepare its federal income tax return returns as any Owner or the Master Servicer Trustee may reasonably request from time to time. Such obligation of the Servicer shall be deemed satisfied to the extent that substantially comparable information has been provided by the Servicer throughout the calendar year.
(c) If requested by the Master Servicer or the Depositor, the Servicer shall promptly notify the Master Servicer and the Depositor (i) of any legal proceedings pending against the Servicer of the type described in Item 1117 (§ 229.1117) of Regulation AB and (ii) if the Servicer shall become (but only to the extent not previously disclosed to the Master Servicer and the Depositor) at any time an affiliate of any of the parties listed on Exhibit I to this Agreement. For the purpose of satisfying the reporting obligations under the Exchange Act with respect to the issuance of asset-backed securities, the Servicer shall provide to the Master Servicer and the Depositor prompt notice of the occurrence of any of the following: any event of default under the terms of this Agreement, any merger, consolidation or sale of substantially all of the assets of the Servicer, the Servicer’s engagement of any Subservicer, Subcontractor or vendor to perform or assist in the performance of any of the Servicer’s obligations under this Agreement, any material litigation involving the Servicer, and any affiliation or other significant relationship between the Servicer and other transaction parties.
(d) Not later than the tenth calendar day of each month (or if such calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall provide to the Master Servicer and the Depositor notice of the occurrence of any material modifications, extensions or waivers of terms, fees, penalties or payments relating to the Mortgage Loans during the related Due Period.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (Sasco 2006-Nc1)
Statements to Master Servicer. Not later than the Reporting Date 5th calendar day of each monthmonth (or if such calendar day is not a Business Day, the immediately succeeding Business Day), the Servicer shall furnish to the Master Servicer and the NIMS Insurer (a) a monthly remittance advice, with a trial balance report attached thereto, advice in the form of format set forth in Exhibit D-1 annexed hereto, together with hereto and a delinquency monthly defaulted loan report in the form of format set forth in Exhibit D-2 annexed heretohereto (or upon such other format mutually agreed to between the Servicer and the Master Servicer) and (b) all such information required pursuant to clause (a) above on a magnetic tape, in hard copy and electronic medium mutually mail, or other similar media reasonably acceptable to the parties as Master Servicer and the NIMS Insurer. The format of this monthly reporting may be amended from time to time to the period ending on the Record Date in the preceding calendar monthextent necessary to comply with applicable law. Such monthly remittance advice shall also be accompanied with a supplemental report provided to the Master Servicer Servicer, the NIMS Insurer and any other party designated by the Master Servicer Seller which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and LPMI Policiesfiled, (ii) the amount of any claim payments made under PMI Policies and LPMI Policiesmade, (iii) the amount of claims denied or curtailed under PMI Policies and LPMI Policies and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI Policy purchased by the Owner. With respect to any month in which Seller on behalf of the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a Reconstitution, the Servicer shall submit all information required hereunder in two (2) separate reports, one relating to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are not then subject to a Reconstitution. Upon reasonable advance notice, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority or to any Owner pursuant to any applicable law with respect to the Mortgage Loans and the transactions contemplated herebyTrust Fund. In addition, the Servicer shall include in such monthly remittance advice any change in the Servicing Fee Rate for the related Due Period with respect to the Stepped Servicing Fee Mortgage Loans. The Master Servicer will convert such data into a format acceptable to the Trustee and provide monthly reports to the Trustee pursuant to the Trust Agreement; provided, however, notwithstanding anything to the contrary contained in a PMI Policy, the Servicer shall not be required to submit any supplemental reports including the foregoing data with respect to a PMI Policy until a reporting date that is at least 15 days after the Servicer has received sufficient loan level information from the Seller to appropriately code its servicing system in accordance with the PMI Insurer’s requirements. In addition, not more than 60 days after the end of each Owner and calendar year, commencing December 31, 2004, the Servicer shall provide (as such information becomes reasonably available to the Servicer) to the Master Servicer and the NIMS Insurer such information concerning the Mortgage Loans and annual remittances to the Master Servicer therefrom as is necessary for each Certificateholder to prepare its federal income tax return. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer to the Master Servicer and the NIMS Insurer pursuant to any requirements of the Code as from time to time are in force. Beginning with calendar year 2004, the Servicer shall provide the Master Servicer and the NIMS Insurer with such information concerning the Mortgage Loans as is necessary for such Owner the Master Servicer to prepare its the Trust Fund’s federal income tax return as and for any Owner or investor in the Master Servicer may reasonably request from time Certificates to timeprepare any required tax return.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Investment Loan Trust 2004-8)
Statements to Master Servicer. Not later than the Reporting Date tenth (10th) calendar day of each month, the Servicer shall furnish to the Master Servicer (i) a monthly remittance advice, with a trial balance report attached thereto, advice in the form of Exhibit D-1 annexed heretoFidelity (or any successor thereto) S50Y format (or in such other formats mutually agreed to between the Servicer and the Master Servicer), together with a delinquency report in the form of Exhibit D-2 annexed hereto, in hard copy and electronic medium mutually acceptable to the parties as such advice relating to the period ending on the Record Date in last day of the preceding calendar month. The format of this monthly reporting may be amended from time to time to the extent necessary to comply with applicable law or the terms of the Transfer and Servicing Agreement. Such monthly remittance advice shall also be accompanied with by a supplemental report provided to the Master Servicer and any other party designated by the Master Servicer Seller which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and on any LPMI PoliciesPolicy, (ii) the amount of any claim payments made under PMI Policies and on any LPMI PoliciesPolicy, (iii) the amount of claims denied or curtailed under PMI Policies and on any LPMI Policies Policy and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI LPMI Policy purchased by the Owner. With respect to any month in which Seller on behalf of the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been Issuer, subject to a Reconstitution, the Servicer shall submit all information required hereunder in two (2) separate reports, one relating to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are not then subject to a Reconstitution. Upon reasonable advance notice, lien of the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirementsIndenture Trustee. The Servicer shall prepare and file any and all usual and customary tax returns, information statements or other filings required to be delivered to any governmental taxing authority authority, the Indenture Trustee or to any Owner its designee pursuant to any applicable law with respect to the Mortgage Loans and the transactions contemplated hereby. In addition, the Servicer shall provide each Owner and the Master Servicer Indenture Trustee with such information concerning the Mortgage Loans as is necessary for such Owner the Trustee to prepare its federal income tax return returns as any Owner or the Master Servicer Indenture Trustee may reasonably request from time to time. Such obligation of the Servicer shall be deemed satisfied to the extent that substantially comparable information has been provided by the Servicer throughout the calendar year.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (Sasco Mortgage Loan Trust Series 2004-Gel2)
Statements to Master Servicer. (a) Not later than the Reporting Date tenth calendar day of each monthmonth (or if such calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer a (i) an electronic monthly remittance adviceadvice in such format mutually agreed to between the Servicer and the Master Servicer, with a trial balance report attached thereto, in the form of Exhibit D-1 annexed hereto, together with a delinquency report in the form of Exhibit D-2 annexed hereto, in hard copy and electronic medium mutually acceptable to the parties as such advice relating to the period ending on the Record Date in last day of the preceding calendar month, (ii) the reports in the format set forth in Exhibit E, L, M and N hereto and ; provided, however, the information provided pursuant to such reports shall be limited to that which is readily available to the Servicer and is mutually agreed to between the Servicer and the Master Servicer. The format of this monthly reporting may be amended from time to time to the extent necessary to comply with applicable law. In connection with prepayments in full, the Servicer will use its best efforts to deliver to the Master Servicer by the 15th calendar day of each month, but in no event later than the 17th day of each month, a monthly payoff remittance advice. Such monthly remittance advice shall also be accompanied with by a supplemental report provided to the Master Servicer Servicer, the Securities Administrator and any other party designated by the Master Servicer which Seller that includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and on any LPMI PoliciesPolicy, (ii) the amount of any claim payments made under PMI Policies and on any LPMI PoliciesPolicy, (iii) the amount of claims denied or curtailed under PMI Policies and on any LPMI Policies Policy and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI LPMI Policy purchased by the Owner. With respect to any month in which Seller on behalf of the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a Reconstitution, the Servicer shall submit all information required hereunder in two Trust Fund.
(2b) separate reports, one relating to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are not then subject to a Reconstitution. Upon reasonable advance notice, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all usual and customary tax returns, information statements or other filings required to be delivered to any governmental taxing authority authority, the Securities Administrator or to any Owner its designee pursuant to any applicable law with respect to the Mortgage Loans and the transactions contemplated hereby. In addition, the Servicer shall provide each Owner and the Master Servicer Securities Administrator with such information concerning the Mortgage Loans as is necessary for such Owner Securities Administrator to prepare its federal income tax return returns as any Owner or the Master Servicer Securities Administrator may reasonably request from time to time. Such obligation of the Servicer shall be deemed satisfied to the extent that substantially comparable information has been provided by the Servicer throughout the calendar year.
(c) The Servicer shall promptly notify the Master Servicer and the Depositor (i) of any legal proceedings pending against the Servicer of the type described in Item 1117 (§ 229.1117) of Regulation AB and (ii) if the Servicer shall become (but only to the extent not previously disclosed to the Master Servicer and the Depositor) at any time an affiliate of any of the parties listed on Exhibit I to this Agreement. For the purpose of satisfying the reporting obligations under the Exchange Act with respect to the issuance of asset-backed securities, the Servicer shall provide to the Master Servicer and the Depositor prompt written notice of the occurrence of any of the following: any event of default under the terms of this Agreement; any merger, consolidation or sale of substantially all of the assets of the Servicer; the Servicer’s engagement of any Subservicer, Subcontractor or vendor to perform or assist in the performance of any of the Servicer’s obligations under this Agreement; any material litigation or governmental proceedings involving the Servicer, or, to the knowledge of Servicer (without any requirement of due inquiry), any Subservicer; and any affiliation or other relationship between the Servicer and other transaction parties. The Servicer shall provide to the Depositor a description of such proceedings, affiliations or relationships. As a condition to the succession to the Servicer or any Subservicer as servicer or subservicer under this Agreement or any reconstitution agreement by any Person (i) into which the Servicer or such Subservicer may be merged or consolidated, or (ii) which may be appointed as a successor to the Servicer or any Subservicer, the Servicer shall provide to the Master Servicer, and the Depositor, at least 15 calendar days prior to the effective date of such succession or appointment, (x) written notice to the Depositor of such succession or appointment and (y) in writing and in form and substance reasonably satisfactory to the Depositor, all information reasonably requested by the Depositor in order to comply with its reporting obligation under Item 6.02 of Form 8-K with respect to any class of asset-backed securities In addition to such information as the Servicer, as servicer, is obligated to provide pursuant to other provisions of this Agreement, not later than ten days prior to the deadline for the filing of any distribution report on Form 10-D in respect of the transaction that includes any of the Mortgage Loans serviced by the Servicer or any Subservicer, the Servicer or such Subservicer, as applicable, shall, to the extent the Servicer or such Subservicer has knowledge, provide to the party responsible for filing such report (including the Master Servicer) notice of the occurrence of any of the following events along with all information, data, and materials related thereto as may be required to be included in the related distribution report on Form 10-D (as specified in the provisions of Regulation AB referenced below):
(i) any material modifications, extensions or waivers of pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time (Item 1121(a)(11) of Regulation AB);
(ii) material breaches of pool asset representations or warranties or transaction covenants (Item 1121(a)(12) of Regulation AB); and
(iii) information regarding new asset-backed securities issuances backed by the same pool assets, any pool asset changes (such as, additions, substitutions or repurchases), and any material changes in origination, underwriting or other criteria for acquisition or selection of pool assets (Item 1121(a)(14) of Regulation AB).
(d) Not later than the tenth calendar day of each month (or if such calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall provide to the Master Servicer and the Depositor notice of the occurrence of any material modifications, extensions or waivers of terms, fees, penalties or payments relating to the Mortgage Loans during the related Due Period.
Appears in 1 contract
Statements to Master Servicer. Not later than the Reporting Date tenth (10th) calendar day of each monthmonth (or if such tenth calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer and, if required, the NIMS Insurer (i) a monthly remittance advice, with a trial balance report attached thereto, advice in the form of format set forth in Exhibit D-1 annexed hereto, together with hereto and a delinquency monthly defaulted loan report in the form of format set forth in Exhibit D-2 annexed hereto, hereto (or in hard copy such other format mutually agreed to between the Servicer and electronic medium mutually acceptable to the parties as Master Servicer) relating to the period ending on the Record Date in last day of the preceding calendar monthmonth and (ii) all such information required pursuant to clause (i) above on a magnetic tape or other similar media reasonably acceptable to the Master Servicer. The format of this monthly reporting may be amended from time to time to the extent necessary to comply with applicable law. Such monthly remittance advice shall also be accompanied with a supplemental report provided to the Master Servicer Servicer, the NIMS Insurer, if required, and any other party designated by the Master Servicer Seller which includes on an aggregate basis for the previous Due Period calendar month (i) the amount of claims filed under PMI Policies and LPMI Policiesfiled, (ii) the amount of any claim payments made under PMI Policies and LPMI Policiesmade, (iii) the amount of claims denied or curtailed under PMI Policies and LPMI Policies and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI Policy purchased by Seller on behalf of the OwnerTrust Fund. With respect The Master Servicer will convert such data into a format acceptable to any month the Trustee and provide monthly reports to the Trustee pursuant to the Trust Agreement; provided, however, notwithstanding anything to the contrary contained in which the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a ReconstitutionPMI Policy, the Servicer shall not be required to submit all any supplemental reports including the foregoing data with respect to a PMI Policy until a reporting date that is at least 15 days after the Servicer has received sufficient loan level information required hereunder from Seller to appropriately code its servicing system in two accordance with the PMI Insurer’s requirements. Such monthly remittance advice shall also be accompanied by a supplemental report provided to the Master Servicer, the NIMS Insurer, if required, and the Seller which includes on an aggregate basis for the previous calendar month (2i) separate reportsthe amount of claims filed on any LPMI Policy, one relating (ii) the amount of any claim payments made on any LPMI Policy, (iii) the amount of claims denied or curtailed on any LPMI Policy and (iv) policies cancelled with respect to Reconstituted those Mortgage Loans and one relating to all Mortgage Loans that are covered by any LPMI Policy purchased by the Seller on behalf of the Trust Fund. In addition, at the Master Servicer’s request, not then subject to a Reconstitution. Upon reasonable advance noticemore than 60 days after the end of each calendar year, commencing December 31, 2005, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to (as such information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority or to any Owner pursuant to any applicable law with respect becomes reasonably available to the Mortgage Loans and the transactions contemplated hereby. In addition, the Servicer shall provide each Owner and Servicer) to the Master Servicer with and, if required, the NIMS Insurer such information concerning the Mortgage Loans and annual remittances to the Master Servicer relating thereto as is necessary for such Owner the Trustee to prepare its the Trust Fund’s federal income tax return as and for any Owner or investor in the Certificates to prepare any required tax return. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer to the Master Servicer may reasonably request and the NIMS Insurer pursuant to any requirements of the Code as from time to timetime are in force. The Servicer shall also provide to the Trustee such information as may be requested by it and required for the completion of any tax reporting responsibility of the Trustee within such reasonable time frame as shall enable the Trustee to timely file each Schedule Q (or other applicable tax report or return) required to be filed by it.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2005-He3)
Statements to Master Servicer. Not later than the Reporting Date 10th calendar day of each monthmonth (or if such calendar day is not a Business Day, the immediately succeeding Business Day), the Servicer shall furnish to the Master Servicer and the NIMS Insurer (a) a monthly remittance advice, with a trial balance report attached thereto, advice in the form of format set forth in Exhibit D-1 annexed hereto, together with hereto and a delinquency monthly defaulted loan report in the form of format set forth in Exhibit D-2 annexed heretohereto (or upon such other format mutually agreed to between the Servicer and the Master Servicer) and (b) all such information required pursuant to clause (a) above on a magnetic tape, in hard copy and electronic medium mutually mail, or other similar media reasonably acceptable to the parties as Master Servicer and the NIMS Insurer. The format of this monthly reporting may be amended from time to time to the period ending on the Record Date in the preceding calendar monthextent necessary to comply with applicable law. Such monthly remittance advice shall also be accompanied with a supplemental report provided to the Master Servicer Servicer, the NIMS Insurer and any other party designated by the Master Servicer Seller which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and LPMI Policiesfiled, (ii) the amount of any claim payments made under PMI Policies and LPMI Policiesmade, (iii) the amount of claims denied or curtailed under PMI Policies and LPMI Policies and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI Policy purchased by the Owner. With respect to any month in which Seller on behalf of the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a Reconstitution, the Servicer shall submit all information required hereunder in two (2) separate reports, one relating to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are not then subject to a Reconstitution. Upon reasonable advance notice, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority or to any Owner pursuant to any applicable law with respect to the Mortgage Loans and the transactions contemplated herebyTrust Fund. In addition, the Servicer shall include in such monthly remittance advice any change in the Servicing Fee Rate for the related Due Period with respect to the Stepped Servicing Fee Mortgage Loans. The Master Servicer will convert such data into a format acceptable to the Trustee and provide monthly reports to the Trustee pursuant to the Trust Agreement; provided, however, notwithstanding anything to the contrary contained in a PMI Policy, the Servicer shall not be required to submit any supplemental reports including the foregoing data with respect to a PMI Policy until a reporting date that is at least 15 days after the Servicer has received sufficient loan level information from the Seller to appropriately code its servicing system in accordance with the PMI Insurer’s requirements. In addition, not more than 60 days after the end of each Owner and calendar year, commencing December 31, 2004, the Servicer shall provide (as such information becomes reasonably available to the Servicer) to the Master Servicer and the NIMS Insurer such information concerning the Mortgage Loans and annual remittances to the Master Servicer therefrom as is necessary for each Certificateholder to prepare its federal income tax return. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer to the Master Servicer and the NIMS Insurer pursuant to any requirements of the Code as from time to time are in force. Beginning with calendar year 2004, the Servicer shall provide the Master Servicer and the NIMS Insurer with such information concerning the Mortgage Loans as is necessary for such Owner the Master Servicer to prepare its the Trust Fund’s federal income tax return as and for any Owner or investor in the Master Servicer may reasonably request from time Certificates to timeprepare any required tax return.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Investment Loan Trust 2004-6)
Statements to Master Servicer. (a) Not later than the Reporting Date tenth calendar day of each monthmonth (or if such calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer and the NIMS Insurer (i) a monthly remittance advice, with a trial balance report attached thereto, advice in the form of format set forth in Exhibit D-1 annexed hereto, together with a delinquency monthly defaulted loan report in the form of format set forth in Exhibit D-2 annexed hereto, hereto (or in hard copy such other format mutually agreed between the Servicer and electronic medium mutually acceptable to the parties as Master Servicer) relating to the period ending on the Record Date in last day of the preceding calendar monthmonth and a monthly loan loss report in the format set forth in Exhibit D-3 hereto and (ii) all such information required pursuant to clause (i) above on a magnetic tape or other similar media reasonably acceptable to the Master Servicer. The format of this monthly reporting may be amended from time to time to the extent necessary to comply with applicable law. Such monthly remittance advice shall also be accompanied with a supplemental report provided to the Master Servicer Servicer, the NIMS Insurer and any other party designated by the Master Servicer Seller which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and LPMI Policiesfiled, (ii) the amount of any claim payments made under PMI Policies and LPMI Policiesmade, (iii) the amount of claims denied or curtailed under PMI Policies and LPMI Policies and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI Policy purchased by the Owner. With respect Seller on behalf of the Trust Fund; provided, however, notwithstanding anything to any month the contrary contained in which the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a ReconstitutionPMI Policy, the Servicer shall not be required to submit any supplemental reports including the foregoing data with respect to any such PMI Policy until a reporting date that is at least 15 days after the Servicer has received sufficient loan level information from the Seller to appropriately code its servicing system in accordance with requirements. Not later than the seventeenth day of each month, the Servicer shall furnish to the Master Servicer and the NIMS Insurer (a) a monthly payoff remittance advice regarding any Principal Prepayments in full applied to the related Mortgage Loan on or after the seventeenth day of the month preceding the month of such reporting date, but on or before the sixteenth day of the month of such reporting date, containing such information and in such format as is mutually acceptable to the Master Servicer and the Servicer, and in any event containing sufficient information to permit the Master Servicer to properly report Principal Prepayment in full information to the Securities Administrator under the Trust Agreement and (b) all such information required hereunder pursuant to clause (a) above in two electronic format, on magnetic tape or other similar media reasonably acceptable to the Master Servicer.
(2b) separate reportsIn addition, one relating no more than 60 days after the end of each calendar year, commencing December 31, 2006, the Servicer shall provide (as such information becomes reasonably available to Reconstituted the Servicer) to the Master Servicer, and the NIMS Insurer such information concerning the Mortgage Loans and one relating annual remittances to the Master Servicer therefrom as is necessary for the Securities Administrator to prepare the Trust Fund’s federal income tax return and for any investor in the Certificates to prepare any required tax return. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer to the Master Servicer, the Securities Administrator and the NIMS Insurer pursuant to any requirements of the Code as from time to time are in force. The Servicer shall also provide to the Securities Administrator such information as may be requested by it and required for the completion of any tax reporting responsibility of the Securities Administrator within such reasonable time frame as shall enable the Securities Administrator to timely file each Schedule Q (or other applicable tax report or return) required to be filed by it.
(c) The Servicer shall promptly notify the Trustee, the NIMS Insurer, the Securities Administrator, the Master Servicer and the Depositor (i) of any legal proceedings pending against the Servicer of the type described in Item 1117 (§ 229.1117) of Regulation AB and (ii) if the Servicer shall become (but only to the extent not previously disclosed to the Securities Administrator, the NIMS Insurer, the Master Servicer and the Depositor) at any time an affiliate of any of the parties listed on Exhibit I to this Agreement. If so requested by the Trustee, the Securities Administrator, the Master Servicer or the Depositor on any date following the date on which information was first provided to the Trustee, the NIMS Insurer, the Securities Administrator and the Depositor pursuant to the preceding sentence, the Servicer shall, within five Business Days following such request, confirm in writing the accuracy of the representations and warranties set forth in Section 6.01(k) or, if such a representation and warranty is not accurate as of the date of such request, provide reasonable adequate disclosure of the pertinent facts, in writing, to the requesting party. The Servicer shall provide to the Securities Administrator, the Trustee, the NIMS Insurer, the Master Servicer and the Depositor prompt notice of the occurrence of any of the following: any event of default under the terms of this Agreement, any merger, consolidation or sale of substantially all Mortgage Loans that are of the assets of the Servicer, the Servicer’s engagement of any Subservicer, Subcontractor or vendor to perform or assist in the performance of any of the Servicer’s obligations under this Agreement, any material litigation involving the Servicer, and any affiliation or other significant relationship between the Servicer and other transaction parties.
(d) Not later than the tenth calendar day of each month (or if such calendar day is not then subject to a Reconstitution. Upon reasonable advance noticeBusiness Day, the immediately preceding Business Day), the Servicer shall provide to any Owner that is a savings and loan associationthe Securities Administrator, a bankthe Trustee, an insurance company or other regulated or supervised entity reports and access to information and documentation regarding the Mortgage Loans NIMS Insurer, the Master Servicer and the transactions contemplated hereby sufficient to permit Depositor notice of the Owner to comply with the applicable regulations occurrence of relevant regulatory any material modifications, extensions or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all tax returnswaivers of terms, information statements fees, penalties or other filings required to be delivered to any governmental taxing authority or to any Owner pursuant to any applicable law with respect payments relating to the Mortgage Loans during the related Due Period or that have cumulatively become material over time (Item 1121(a)(11) of Regulation AB) along with all information, data, and materials related thereto as may be required to be included in the transactions contemplated hereby. In addition, the Servicer shall provide each Owner and the Master Servicer with such information concerning the Mortgage Loans as is necessary for such Owner to prepare its federal income tax return as any Owner or the Master Servicer may reasonably request from time to time.related Distribution Report on Form 10-D.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Investment Loan Trust 2006-1)
Statements to Master Servicer. (a) Not later than the Reporting Date tenth (10th) calendar day of each monthmonth (or if such calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer a and the NIMS Insurer an electronic monthly remittance advice, with a trial balance report attached thereto, advice in the form of Exhibit D-1 annexed heretoFidelity (or any successor thereto) S50Y format (or in such other formats mutually agreed to between the Servicer and the Master Servicer), together with a delinquency report in the form of Exhibit D-2 annexed hereto, in hard copy and electronic medium mutually acceptable to the parties as such advice relating to the period ending on the Record Date in last day of the preceding calendar month and a monthly loan loss report in the format set forth in Exhibit E hereto; provided however, the information provided pursuant to Exhibit E shall be limited to that which is readily available to the Servicer and is mutually agreed to between the Servicer and the Master Servicer. The format of this monthly reporting may be amended from time to time to the extent necessary to comply with applicable law. In connection with prepayments in full, the Servicer will use its best efforts to deliver to the Master Servicer by the 15th calendar day of each month, but in no event later than the 17th day of each month, a monthly payoff remittance advice. Such monthly remittance advice shall also be accompanied with by a supplemental report provided to the Master Servicer Servicer, the Securities Administrator, the NIMS Insurer and any other party designated by the Master Servicer Seller which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and on any LPMI PoliciesPolicy, (ii) the amount of any claim payments made under PMI Policies and on any LPMI PoliciesPolicy, (iii) the amount of claims denied or curtailed under PMI Policies and on any LPMI Policies Policy and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI LPMI Policy purchased by the Owner. With respect to any month in which Seller on behalf of the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a Reconstitution, the Servicer shall submit all information required hereunder in two Trust Fund.
(2b) separate reports, one relating to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are not then subject to a Reconstitution. Upon reasonable advance notice, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all usual and customary tax returns, information statements or other filings required to be delivered to any governmental taxing authority authority, the Securities Administrator or to any Owner its designee pursuant to any applicable law with respect to the Mortgage Loans and the transactions contemplated hereby. In addition, the Servicer shall provide each Owner the Securities Administrator and the Master Servicer NIMS Insurer with such information concerning the Mortgage Loans as is necessary for such Owner Securities Administrator to prepare its federal income tax return returns as any Owner or the Master Servicer Securities Administrator may reasonably request from time to time. Such obligation of the Servicer shall be deemed satisfied to the extent that substantially comparable information has been provided by the Servicer throughout the calendar year.
(c) The Servicer shall promptly notify the Master Servicer and the Depositor (i) of any legal proceedings pending against the Servicer of the type described in Item 1117 (§ 229.1117) of Regulation AB and (ii) if the Servicer shall become (but only to the extent not previously disclosed to the Master Servicer and the Depositor) at any time an affiliate of any of the parties listed on Exhibit I to this Agreement.
(d) For the purpose of satisfying the reporting obligation under the Exchange Act with respect to any class of asset-backed securities, the Servicer shall (or shall cause each Subservicer to) (i) provide prompt notice to the Master Servicer and the Depositor in writing of (A) any material litigation or governmental proceedings involving the Servicer or any Subservicer, (B) any affiliations or relationships that develop following the Closing Date between the Servicer, any Subservicer and any of the parties specified on Exhibit I hereto, (C) any Event of Default under the terms of this Agreement, (D) any merger, consolidation or sale of substantially all of the assets of the Servicer, and (E) the Servicer’s entry into an agreement with a Subservicer to perform or assist in the performance of any of the Servicer’s obligations under this Agreement and (ii) provide to the Depositor a description of such proceedings, affiliations or relationships.
(e) As a condition to the succession to the Servicer or any Subservicer as servicer or subservicer under this Agreement by any Person (i) into which the Servicer or such Subservicer may be merged or consolidated, or (ii) which may be appointed as a successor to the Servicer or any Subservicer, the Servicer shall provide to the Master Servicer and the Depositor, at least 15 calendar days prior to the effective date of such succession or appointment, (x) written notice to the Depositor of such succession or appointment and (y) in writing and in form and substance reasonably satisfactory to the Depositor, all information reasonably requested by the Depositor in order to comply with its reporting obligation under Item 6.02 of Form 8-K with respect to any class of asset-backed securities.
(f) In addition to such information as the Servicer, as servicer, is obligated to provide pursuant to other provisions of this Agreement, not later than ten days prior to the deadline for the filing of any distribution report on Form 10-D in respect of any Securitization Transaction that includes any of the Mortgage Loans serviced by the Servicer or any Subservicer, the Servicer or such Subservicer, as applicable, shall, to the extent the Servicer or such Subservicer has knowledge, provide to the party responsible for filing such report (including, if applicable, the Master Servicer) notice of the occurrence of any of the following events along with all information, data, and materials related thereto as may be required to be included in the related distribution report on Form 10-D (as specified in the provisions of Regulation AB referenced below):
(i) any material modifications, extensions or waivers of pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time (Item 1121(a)(11) of Regulation AB);
(ii) material breaches of pool asset representations or warranties or transaction covenants (Item 1121(a)(12) of Regulation AB); and
(iii) information regarding new asset-backed securities issuances backed by the same pool assets, any pool asset changes (such as, additions, substitutions or repurchases), and any material changes in origination, underwriting or other criteria for acquisition or selection of pool assets (Item 1121(a)(14) of Regulation AB).
(g) The Servicer shall provide to the Master Servicer and the Depositor, evidence of the authorization of the person signing any certification or statement, copies or other evidence of Fidelity Bond Insurance and Errors and Omission Insurance policy, financial information and reports, and such other information related to the Servicer or any Subservicer or the Servicer or such Subservicer’s performance hereunder as may be reasonably requested by the Master Servicer or the Depositor.
(h) Not later than the tenth calendar day of each month (or if such calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall provide to the Master Servicer and the Depositor notice of the occurrence of any material modifications, extensions or waivers of terms, fees, penalties or payments relating to the Mortgage Loans during the related Due Period.
Appears in 1 contract
Statements to Master Servicer. Not later than the Reporting Date of each monthtenth (10th) calendar day (or if such tenth calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer Servicer, the Securities Administrator and the NIMS Insurer (i) a monthly remittance advice, with a trial balance report attached thereto, advice in the form of format set forth in Exhibit D-1 annexed hereto, together with hereto and a delinquency monthly defaulted loan report in the form of format set forth at Exhibit D-2 annexed hereto, hereto (or in hard copy such other format mutually agreed between the Servicer and electronic medium mutually acceptable to the parties as Master Servicer) relating to the period ending on the Record Date last day of the preceding calendar month and (ii) all such information required pursuant to clause (i) above on a magnetic tape or other similar media reasonably acceptable to the Master Servicer. Together with such monthly remittance advice, the Servicer shall furnish to the Master Servicer, the Securities Administrator and the NIMS Insurer a report setting forth a calculation of each of the Trigger Events set forth in Section 8.03 relating to the period ending on the last day of the preceding calendar month. Such monthly remittance advice shall also be accompanied with a supplemental report provided to the Master Servicer Servicer, the Securities Administrator, the NIMS Insurer and any other party designated by the Master Servicer Seller which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and on any LPMI PoliciesPolicy, (ii) the amount of any claim payments made under PMI Policies and on any LPMI PoliciesPolicy, (iii) the amount of claims denied or curtailed under PMI Policies and on any LPMI Policies Policy and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI LPMI Policy purchased by the OwnerSeller on behalf of the Trust Fund. With respect The Securities Administrator will convert such data into a format acceptable to any month the Trustee and provide monthly reports to the Trustee pursuant to the Trust Agreement; provided, however, notwithstanding anything to the contrary contained in which the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a ReconstitutionPMI Policy, the Servicer shall not be required to submit all any supplemental reports including the foregoing data with respect to any such PMI Policy until a reporting date that is at least 15 days after the Servicer has received sufficient loan level information required hereunder from the Seller to appropriately code its servicing system in two (2) separate reportsaccordance with such requirements. In addition, one relating to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are not then subject to a Reconstitution. Upon reasonable advance noticemore than 60 days after the end of each calendar year, commencing December 31, 2002, the Servicer shall provide (as such information becomes reasonably available to any Owner that is a savings and loan associationthe Servicer) to the Master Servicer, a bank, an insurance company or other regulated or supervised entity reports and access to information and documentation regarding the Mortgage Loans Securities Administrator and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority or to any Owner pursuant to any applicable law with respect to the Mortgage Loans and the transactions contemplated hereby. In addition, the Servicer shall provide each Owner and the Master Servicer with NIMS Insurer such information concerning the Mortgage Loans and annual remittances to the Master Servicer relating thereto as is necessary for such Owner the Securities Administrator to prepare its the Trust Fund’s federal income tax return as and for any Owner or investor in the Certificates to prepare any required tax return. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer to the Master Servicer may reasonably request Servicer, the Securities Administrator and the NIMS Insurer pursuant to any requirements of the Code as from time to timetime are in force.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2002 Bc4)
Statements to Master Servicer. Not later than the Reporting Date of each monthtenth (10th) calendar day (or if such tenth calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer Servicer, the Securities Administrator and the NIMS Insurer (i) a monthly remittance advice, with a trial balance report attached thereto, advice in the form of format set forth in Exhibit D-1 annexed hereto, together with hereto and a delinquency monthly defaulted loan report in the form of format set forth at Exhibit D-2 annexed hereto, hereto (or in hard copy such other format mutually agreed between the Servicer and electronic medium mutually acceptable to the parties as Master Servicer) relating to the period ending on the Record Date last day of the preceding calendar month and (ii) all such information required pursuant to clause (i) above on a magnetic tape or other similar media reasonably acceptable to the Master Servicer. Together with such monthly remittance advice, the Servicer shall furnish to the Master Servicer, the Securities Administrator and the NIMS Insurer a report setting forth a calculation of each of the Trigger Events set forth in Section 8.03 relating to the period ending on the last day of the preceding calendar month. Such monthly remittance advice shall also be accompanied with a supplemental report provided to the Master Servicer Servicer, the Securities Administrator, the NIMS Insurer and any other party designated by the Master Servicer Seller which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and on any LPMI PoliciesPolicy, (ii) the amount of any claim payments made under PMI Policies and on any LPMI PoliciesPolicy, (iii) the amount of claims denied or curtailed under PMI Policies and on any LPMI Policies Policy and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI LPMI Policy purchased by the OwnerSeller on behalf of the Trust Fund. With respect Such supplemental report shall also include the aggregate amount of DA Dividends attributable to any month in which the Servicer is servicing both Reconstituted DAD Mortgage Loans deposited into the DA Reserve Account for the related Due Period and Mortgage Loans that have not been subject the amount of DA Dividends remitted to the Master Servicer for the related Due Period as a result of or relating to a ReconstitutionDA Forfeiture Event by the related Mortgagor. The Securities Administrator will convert such data into a format acceptable to the Trustee and provide monthly reports to the Trustee pursuant to the Trust Agreement; provided, however, notwithstanding anything to the contrary contained in a PMI Policy, the Servicer shall not be required to submit all any supplemental reports including the foregoing data with respect to any such PMI Policy until a reporting date that is at least 15 days after the Servicer has received sufficient loan level information required hereunder from the Seller to appropriately code its servicing system in two (2) separate reportsaccordance with such requirements. In addition, one relating to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are not then subject to a Reconstitution. Upon reasonable advance noticemore than 60 days after the end of each calendar year, commencing December 31, 2002, the Servicer shall provide (as such information becomes reasonably available to any Owner that is a savings and loan associationthe Servicer) to the Master Servicer, a bank, an insurance company or other regulated or supervised entity reports and access to information and documentation regarding the Mortgage Loans Securities Administrator and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority or to any Owner pursuant to any applicable law with respect to the Mortgage Loans and the transactions contemplated hereby. In addition, the Servicer shall provide each Owner and the Master Servicer with NIMS Insurer such information concerning the Mortgage Loans and annual remittances to the Master Servicer relating thereto as is necessary for such Owner the Securities Administrator to prepare its the Trust Fund's federal income tax return as and for any Owner or investor in the Certificates to prepare any required tax return. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer to the Master Servicer may reasonably request Servicer, the Securities Administrator and the NIMS Insurer pursuant to any requirements of the Code as from time to timetime are in force.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc2)
Statements to Master Servicer. (a) Not later than the Reporting Date tenth calendar day of each monthmonth (or if such calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer (i) a monthly remittance advice, with a trial balance report attached thereto, advice in the form of format set forth in Exhibit D-1 annexed hereto, together with hereto and a delinquency monthly defaulted loan report in the form of format set forth in Exhibit D-2 annexed hereto, hereto (or in hard copy such other format mutually agreed between the Servicer and electronic medium mutually acceptable to the parties as Master Servicer) relating to the period ending on the Record Date in last day of the preceding calendar monthmonth and a monthly loan loss report in the format set forth in Exhibit D-3 hereto and (ii) all such information required pursuant to clause (i) above on a magnetic tape or other similar media reasonably acceptable to the Master Servicer and the Servicer, whose agreement shall not be unreasonably withheld. The format of this monthly reporting may be amended from time to time to the extent necessary to comply with applicable law. Such monthly remittance advice shall also be accompanied with a supplemental report provided to the Master Servicer and any other party designated by the Master Servicer Seller which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and LPMI Policiesfiled, (ii) the amount of any claim payments made under PMI Policies and LPMI Policiesmade, (iii) the amount of claims denied or curtailed under PMI Policies and LPMI Policies and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI Policy purchased by the Owner. With respect Seller on behalf of the Trust Fund; provided, however, notwithstanding anything to any month the contrary contained in which the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a ReconstitutionPMI Policy, the Servicer shall not be required to submit all any supplemental reports including the foregoing data with respect to any such PMI Policy until a reporting date that is at least 15 days after the Servicer has received sufficient loan level information required hereunder from the Seller to appropriately code its servicing system in two accordance with requirements.
(2b) separate reportsIn addition, one relating not more than 60 days after the end of each calendar year, commencing December 31, 2006, the Servicer shall provide (as such information becomes reasonably available to Reconstituted the Servicer) to the Master Servicer and the Trustee such information concerning the Mortgage Loans and one relating annual remittances to the Master Servicer therefrom as is necessary for the Trustee to prepare the Trust Fund’s federal income tax return and for any investor in the Certificates to prepare any required tax return. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer to the Master Servicer and the Trustee pursuant to any requirements of the Code as from time to time are in force. The Servicer shall also provide to the Trustee such information as may be requested by it and required for the completion of any tax reporting responsibility of the Trustee within such reasonable time frame as shall enable the Trustee to timely file each Schedule Q (or other applicable tax report or return) required to be filed by it.
(c) The Servicer shall promptly notify the Trustee, the Master Servicer and the Depositor (i) of any legal proceedings pending against the Servicer of the type described in Item 1117 (§ 229.1117) of Regulation AB and (ii) if the Servicer shall become (but only to the extent not previously disclosed to the Master Servicer and the Depositor) at any time an affiliate of any of the parties listed on Exhibit K to this Agreement. If so requested by the Trustee, the Master Servicer or the Depositor on any date following the date on which information was first provided to the Trustee and the Depositor pursuant to the preceding sentence, the Servicer shall use its reasonable best efforts, within five (5) Business Days, but in no event later than ten (10) Business Days following such request, to confirm in writing the accuracy of the representations and warranties set forth in Section 6.01(k) or, if such a representation and warranty is not accurate as of the date of such request, to provide reasonable adequate disclosure of the pertinent facts, in writing, to the requesting party. The Servicer shall provide to the Trustee, the Master Servicer and the Depositor prompt notice of the occurrence of any of the following: any event of default under the terms of this Agreement, any merger, consolidation or sale of substantially all Mortgage Loans that are of the assets of the Servicer, the Servicer’s engagement of any Subservicer, Subcontractor or vendor to perform or assist in the performance of any of the Servicer’s obligations under this Agreement, any material litigation involving the Servicer, and any affiliation or other significant relationship between the Servicer and other transaction parties.
(d) Not later than the tenth calendar day of each month (or if such calendar day is not then subject to a Reconstitution. Upon reasonable advance noticeBusiness Day, the immediately preceding Business Day), the Servicer shall provide to the Master Servicer notice of the occurrence of any Owner that is a savings and loan associationmaterial modifications, a bankextensions or waivers of terms, an insurance company fees, penalties or other regulated or supervised entity reports and access to information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority or to any Owner pursuant to any applicable law with respect payments relating to the Mortgage Loans during the related Due Period or that have cumulatively become material over time (Item 1121(a)(11) of Regulation AB) along with all information, data, and materials related thereto as may be required to be included in the transactions contemplated hereby. In addition, the Servicer shall provide each Owner and the Master Servicer with such information concerning the Mortgage Loans as is necessary for such Owner to prepare its federal income tax return as any Owner or the Master Servicer may reasonably request from time to time.related Distribution Report on Form 10-D.
Appears in 1 contract
Samples: Servicing Agreement (Sasco 2006-S4)
Statements to Master Servicer. (a) Not later than the Reporting Date tenth calendar day of each monthmonth (or if such calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer a an electronic monthly remittance adviceadvice in such format mutually agreed to between the Servicer and the Master Servicer), with a trial balance report attached thereto, in the form of Exhibit D-1 annexed hereto, together with a delinquency report in the form of Exhibit D-2 annexed hereto, in hard copy and electronic medium mutually acceptable to the parties as such advice relating to the period ending on the Record Date in last day of the preceding calendar month, and a monthly loan loss report in the format set forth in Exhibit E hereto; provided, however, the information provided pursuant to Exhibit E shall be limited to that which is readily available to the Servicer and is mutually agreed to between the Servicer and the Master Servicer. The format of this monthly reporting may be amended from time to time to the extent necessary to comply with applicable law. In connection with prepayments in full, the Servicer will use its best efforts to deliver to the Master Servicer by the 15th calendar day of each month, but in no event later than the 17th day of each month, a monthly payoff remittance advice. Such monthly remittance advice shall also be accompanied with by a supplemental report provided to the Master Servicer Servicer, the Trust Administrator and any other party designated by the Master Servicer which Seller that includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and on any LPMI PoliciesPolicy, (ii) the amount of any claim payments made under PMI Policies and on any LPMI PoliciesPolicy, (iii) the amount of claims denied or curtailed under PMI Policies and on any LPMI Policies Policy and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI LPMI Policy purchased by the Owner. With respect to any month in which Seller on behalf of the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a Reconstitution, the Servicer shall submit all information required hereunder in two Trust Fund.
(2b) separate reports, one relating to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are not then subject to a Reconstitution. Upon reasonable advance notice, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all usual and customary tax returns, information statements or other filings required to be delivered to any governmental taxing authority authority, the Trust Administrator or to any Owner its designee pursuant to any applicable law with respect to the Mortgage Loans and the transactions contemplated hereby. In addition, the Servicer shall provide each Owner and the Master Servicer Trust Administrator with such information concerning the Mortgage Loans as is necessary for such Owner Trust Administrator to prepare its federal income tax return returns as any Owner or the Master Servicer Trust Administrator may reasonably request from time to time. Such obligation of the Servicer shall be deemed satisfied to the extent that substantially comparable information has been provided by the Servicer throughout the calendar year.
(c) If requested by the Master Servicer or the Depositor, the Servicer shall promptly notify the Master Servicer and the Depositor (i) of any legal proceedings pending against the Servicer of the type described in Item 1117 (§ 229.1117) of Regulation AB and (ii) if the Servicer shall become (but only to the extent not previously disclosed to the Master Servicer and the Depositor) at any time an affiliate of any of the parties listed on Exhibit I to this Agreement. For the purpose of satisfying the reporting obligations under the Exchange Act with respect to the issuance of asset-backed securities, the Servicer shall provide to the Master Servicer and the Depositor prompt notice of the occurrence of any of the following: any event of default under the terms of this Agreement; any merger, consolidation or sale of substantially all of the assets of the Servicer; the Servicer’s engagement of any Subservicer, Subcontractor or vendor to perform or assist in the performance of any of the Servicer’s obligations under this Agreement; any material litigation involving the Servicer; and any affiliation or other significant relationship between the Servicer and other transaction parties.
(d) Not later than the tenth calendar day of each month (or if such calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall provide to the Master Servicer and the Depositor notice of the occurrence of any material modifications, extensions or waivers of terms, fees, penalties or payments relating to the Mortgage Loans during the related Due Period.
Appears in 1 contract
Statements to Master Servicer. Not later than the Reporting Date tenth calendar day of each monthmonth (or if such calendar day is not a Business Day, the immediately succeeding Business Day), the Servicer shall furnish to the Master Servicer Servicer, the Securities Administrator and the NIMS Insurer (i) a monthly remittance advice, with a trial balance report attached thereto, advice in the form of format set forth in Exhibit D-1 annexed hereto, together with hereto and a delinquency monthly defaulted loan report in the form of format set forth in Exhibit D-2 annexed hereto, hereto (or in hard copy such other format mutually agreed between the Servicer and electronic medium mutually acceptable to the parties as Master Servicer) relating to the period ending on the Record Date in last day of the preceding calendar monthmonth and (ii) all such information required pursuant to clause (i) above on a magnetic tape or other similar media reasonably acceptable to the Master Servicer. Such monthly remittance advice shall also be accompanied with a supplemental report provided to the Master Servicer Servicer, the Securities Administrator, the NIMS Insurer and any other party designated by the Master Servicer Seller which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and LPMI Policiesfiled, (ii) the amount of any claim payments made under PMI Policies and LPMI Policiesmade, (iii) the amount of claims denied or curtailed under PMI Policies and LPMI Policies and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI Policy purchased by the OwnerSeller on behalf of the Trust Fund. With respect The Securities Administrator will convert such data into a format acceptable to any month the Trustee and provide monthly reports to the Trustee pursuant to the Trust Agreement; provided, however, notwithstanding anything to the contrary contained in which the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a ReconstitutionPMI Policy, the Servicer shall not be required to submit all any supplemental reports including the foregoing data with respect to any such PMI Policy until a reporting date that is at least 15 days after the Servicer has received sufficient loan level information required hereunder from the Seller to appropriately code its servicing system in two (2) separate reportsaccordance with requirements. In addition, one relating to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are not then subject to a Reconstitution. Upon reasonable advance noticemore than 60 days after the end of each calendar year, commencing December 31, 2002, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to (as such information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority or to any Owner pursuant to any applicable law with respect becomes reasonably available to the Mortgage Loans and the transactions contemplated hereby. In addition, the Servicer shall provide each Owner and Servicer) to the Master Servicer with such information concerning the Mortgage Loans and annual remittances to the Master Servicer therefrom as is necessary for such Owner the Master Servicer to prepare its the Trust Fund’s federal income tax return as and for any Owner or investor in the Certificates to prepare any required tax return. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer to the Master Servicer may reasonably request Servicer, the Securities Administrator and the NIMS Insurer pursuant to any requirements of the Code as from time to timetime are in force.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2002 Bc4)
Statements to Master Servicer. Not later than the Reporting Date tenth (10th) calendar day of each monthmonth (or if such tenth calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer and, if required, the NIMS Insurer (i) a monthly remittance advice, with a trial balance report attached thereto, advice in the form of format set forth in Exhibit D-1 annexed hereto, together with hereto and a delinquency monthly defaulted loan report in the form of format set forth in Exhibit D-2 annexed hereto, hereto (or in hard copy such other format mutually agreed to between the Servicer and electronic medium mutually acceptable to the parties as Master Servicer) relating to the period ending on the Record Date in last day of the preceding calendar monthmonth and (ii) all such information required pursuant to clause (i) above on a magnetic tape or other similar media reasonably acceptable to the Master Servicer. The format of this monthly reporting may be amended from time to time to the extent necessary to comply with applicable law. Such monthly remittance advice shall also be accompanied with a supplemental report provided to the Master Servicer Servicer, the NIMS Insurer, if required, and any other party designated by the Master Servicer Seller which includes on an aggregate basis for the previous Due Period calendar month (i) the amount of claims filed under PMI Policies and LPMI Policiesfiled, (ii) the amount of any claim payments made under PMI Policies and LPMI Policiesmade, (iii) the amount of claims denied or curtailed under PMI Policies and LPMI Policies and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI Policy purchased by Seller on behalf of the OwnerTrust Fund. With respect The Master Servicer will convert such data into a format acceptable to any month the Trustee and provide monthly reports to the Trustee pursuant to the Trust Agreement; provided, however, notwithstanding anything to the contrary contained in which the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a ReconstitutionPMI Policy, the Servicer shall not be required to submit all any supplemental reports including the foregoing data with respect to a PMI Policy until a reporting date that is at least 15 days after the Servicer has received sufficient loan level information required hereunder from Seller to appropriately code its servicing system in two accordance with the PMI Insurer’s requirements. Such monthly remittance advice shall also be accompanied by a supplemental report provided to the Master Servicer, the NIMS Insurer, if required, and the Seller which includes on an aggregate basis for the previous calendar month (2i) separate reportsthe amount of claims filed on any LPMI Policy, one relating (ii) the amount of any claim payments made on any LPMI Policy, (iii) the amount of claims denied or curtailed on any LPMI Policy and (iv) policies cancelled with respect to Reconstituted those Mortgage Loans and one relating to all Mortgage Loans that are covered by any LPMI Policy purchased by the Seller on behalf of the Trust Fund. In addition, at the Master Servicer’s or Trustee request, not then subject to a Reconstitution. Upon reasonable advance noticemore than 60 days after the end of each calendar year, commencing December 31, 2004, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to (as such information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority or to any Owner pursuant to any applicable law with respect becomes reasonably available to the Mortgage Loans and the transactions contemplated hereby. In addition, the Servicer shall provide each Owner and Servicer) to the Master Servicer with or the Trustee and, if required, the NIMS Insurer such information concerning the Mortgage Loans and annual remittances to the Master Servicer relating thereto as is necessary for such Owner the Trustee to prepare its the Trust Fund’s federal income tax return as and for any Owner or investor in the Certificates to prepare any required tax return. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer to the Master Servicer may reasonably request Servicer, the Trustee and the NIMS Insurer pursuant to any requirements of the Code as from time to timetime are in force. The Servicer shall also provide to the Trustee such information as may be requested by it and required for the completion of any tax reporting responsibility of the Trustee within such reasonable time frame as shall enable the Trustee to timely file each Schedule Q (or other applicable tax report or return) required to be filed by it.
Appears in 1 contract
Samples: Securitization Servicing Agreement (First Franklin Mortgage Loan Trust 2004-Ff7)
Statements to Master Servicer. Not later than the Reporting Date tenth (10th) calendar day of each monthmonth (or if such tenth calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer and, if required, the NIMS Insurer (i) a monthly remittance advice, with a trial balance report attached thereto, advice in the form of format set forth in Exhibit D-1 annexed hereto, together with hereto and a delinquency monthly defaulted loan report in the form of format set forth in Exhibit D-2 annexed hereto, hereto (or in hard copy such other format mutually agreed to between the Servicer and electronic medium mutually acceptable to the parties as Master Servicer) relating to the period ending on the Record Date in last day of the preceding calendar monthmonth and (ii) all such information required pursuant to clause (i) above on a magnetic tape or other similar media reasonably acceptable to the Master Servicer. The format of this monthly reporting may be amended from time to time to the extent necessary to comply with applicable law. Such monthly remittance advice shall also be accompanied with a supplemental report provided to the Master Servicer Servicer, the NIMS Insurer, if required, and any other party designated by the Master Servicer Seller which includes on an aggregate basis for the previous Due Period calendar month (i) the amount of claims filed under PMI Policies and LPMI Policiesfiled, (ii) the amount of any claim payments made under PMI Policies and LPMI Policiesmade, (iii) the amount of claims denied or curtailed under PMI Policies and LPMI Policies and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI Policy purchased by Seller on behalf of the OwnerTrust Fund. With respect The Master Servicer will convert such data into a format acceptable to any month the Trustee and provide monthly reports to the Trustee pursuant to the Trust Agreement; provided, however, notwithstanding anything to the contrary contained in which the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a ReconstitutionPMI Policy, the Servicer shall not be required to submit all any supplemental reports including the foregoing data with respect to a PMI Policy until a reporting date that is at least 15 days after the Servicer has received sufficient loan level information required hereunder from Seller to appropriately code its servicing system in two accordance with the PMI Insurer’s requirements. Such monthly remittance advice shall also be accompanied by a supplemental report provided to the Master Servicer, the NIMS Insurer, if required, and the Seller which includes on an aggregate basis for the previous calendar month (2i) separate reportsthe amount of claims filed on any LPMI Policy, one relating (ii) the amount of any claim payments made on any LPMI Policy, (iii) the amount of claims denied or curtailed on any LPMI Policy and (iv) policies cancelled with respect to Reconstituted those Mortgage Loans and one relating to all Mortgage Loans that are covered by any LPMI Policy purchased by the Seller on behalf of the Trust Fund. In addition, at the Master Servicer’s request, not then subject to a Reconstitution. Upon reasonable advance noticemore than 60 days after the end of each calendar year, commencing December 31, 2005, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to (as such information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority or to any Owner pursuant to any applicable law with respect becomes reasonably available to the Mortgage Loans and the transactions contemplated hereby. In addition, the Servicer shall provide each Owner and Servicer) to the Master Servicer with and, if required, the NIMS Insurer, such information concerning the Mortgage Loans and annual remittances to the Master Servicer relating thereto as is necessary for such Owner the Trustee to prepare its the Trust Fund’s federal income tax return as and for any Owner or investor in the Certificates to prepare any required tax return. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer to the Master Servicer may reasonably request Servicer, the Trustee and the NIMS Insurer pursuant to any requirements of the Code as from time to timetime are in force. The Servicer shall also provide to the Trustee such information as may be requested by it and required for the completion of any tax reporting responsibility of the Trustee within such reasonable time frame as shall enable the Trustee to timely file each Schedule Q (or other applicable tax report or return) required to be filed by it.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Securities Corp. 2005-Rms1)
Statements to Master Servicer. (a) Not later than the Reporting Date tenth (10th) calendar day of each monthmonth (or if such calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer a and the NIMS Insurer an electronic monthly remittance advice, with a trial balance report attached thereto, advice in the form of Exhibit D-1 annexed heretoFidelity (or any successor thereto) S50Y format (or in such other formats mutually agreed to between the Servicer and the Master Servicer), together with a delinquency report in the form of Exhibit D-2 annexed hereto, in hard copy and electronic medium mutually acceptable to the parties as such advice relating to the period ending on the Record Date in last day of the preceding calendar month and a monthly loan loss report in the format set forth in Exhibit E hereto; provided however, the information provided pursuant to Exhibit E shall be limited to that which is readily available to the Servicer and is mutually agreed to between the Servicer and the Master Servicer. The format of this monthly reporting may be amended from time to time to the extent necessary to comply with applicable law. In connection with prepayments in full, the Servicer will use its best efforts to deliver to the Master Servicer by the 15th calendar day of each month, but in no event later than the 17th day of each month, a monthly payoff remittance advice. Such monthly remittance advice shall also be accompanied with by a supplemental report provided to the Master Servicer Servicer, the Securities Administrator, the NIMS Insurer and any other party designated by the Master Servicer Seller which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and on any LPMI PoliciesPolicy, (ii) the amount of any claim payments made under PMI Policies and on any LPMI PoliciesPolicy, (iii) the amount of claims denied or curtailed under PMI Policies and on any LPMI Policies Policy and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI LPMI Policy purchased by the Owner. With respect to any month in which Seller on behalf of the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a Reconstitution, the Servicer shall submit all information required hereunder in two Trust Fund.
(2b) separate reports, one relating to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are not then subject to a Reconstitution. Upon reasonable advance notice, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all usual and customary tax returns, information statements or other filings required to be delivered to any governmental taxing authority authority, the Securities Administrator or to any Owner its designee pursuant to any applicable law with respect to the Mortgage Loans and the transactions contemplated hereby. In addition, the Servicer shall provide each Owner the Securities Administrator and the Master Servicer NIMS Insurer with such information concerning the Mortgage Loans as is necessary for such Owner Securities Administrator to prepare its federal income tax return returns as any Owner or the Master Servicer Securities Administrator may reasonably request from time to time. Such obligation of the Servicer shall be deemed satisfied to the extent that substantially comparable information has been provided by the Servicer throughout the calendar year.
(c) The Servicer shall promptly notify the Master Servicer and the Depositor (i) of any legal proceedings pending against the Servicer of the type described in Item 1117 (§ 229.1117) of Regulation AB and (ii) if the Servicer shall become (but only to the extent not previously disclosed to the Master Servicer and the Depositor) at any time an affiliate of any of the parties listed on Exhibit I to this Agreement. For the purpose of satisfying the reporting obligations under the Exchange Act with respect to the issuance of asset-backed securities, the Servicer shall provide to the Master Servicer and the Depositor prompt notice of the occurrence of any of the following: any event of default under the terms of this Agreement, any merger, consolidation or sale of substantially all of the assets of the Servicer, the Servicer’s engagement of any Subservicer, Subcontractor or vendor to perform or assist in the performance of any of the Servicer’s obligations under this Agreement, any material litigation involving the Servicer, and any affiliation or other significant relationship between the Servicer and other transaction parties.
(d) Not later than the tenth calendar day of each month (or if such calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall provide to the Master Servicer and the Depositor notice of the occurrence of any material modifications, extensions or waivers of terms, fees, penalties or payments relating to the Mortgage Loans during the related Due Period.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (Sail 2006-Bnc2)
Statements to Master Servicer. (a) Not later than the Reporting Date tenth calendar day of each monthmonth (or if such calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer a an electronic monthly remittance advice, with a trial balance report attached thereto, advice in the form of format attached hereto as Exhibit D-1 annexed heretoN, together with a delinquency report the default loan data attached hereto as Exhibit M and information regarding realized losses and gains in the form of format attached hereto as Exhibit D-2 annexed heretoL, in hard copy and electronic medium mutually acceptable to the parties as such advice relating to the period ending on the Record Date in last day of the preceding calendar month, and a monthly loan loss report in the format set forth in Exhibit E hereto; provided, however, the information provided pursuant to Exhibit E shall be limited to that which is readily available to the Servicer and is mutually agreed to between the Servicer and the Master Servicer. The format of this monthly reporting may be amended from time to time to the extent necessary to comply with applicable law. In connection with prepayments in full, the Servicer will use its best efforts to deliver to the Master Servicer by the 15th calendar day of each month, but in no event later than the 17th day of each month, a monthly payoff remittance advice. Such monthly remittance advice shall also be accompanied with by a supplemental report provided to the Master Servicer Servicer, the Trust Administrator and any other party designated by the Master Servicer which Seller that includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and on any LPMI PoliciesPolicy, (ii) the amount of any claim payments made under PMI Policies and on any LPMI PoliciesPolicy, (iii) the amount of claims denied or curtailed under PMI Policies and on any LPMI Policies Policy and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI LPMI Policy purchased by the Owner. With respect to any month in which Seller on behalf of the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a Reconstitution, the Servicer shall submit all information required hereunder in two Trust Fund.
(2b) separate reports, one relating to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are not then subject to a Reconstitution. Upon reasonable advance notice, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all usual and customary tax returns, information statements or other filings required to be delivered to any governmental taxing authority authority, the Trust Administrator or to any Owner its designee pursuant to any applicable law with respect to the Mortgage Loans and the transactions contemplated hereby. In addition, the Servicer shall provide each Owner and the Master Servicer Trust Administrator with such information concerning the Mortgage Loans as is necessary for such Owner Trust Administrator to prepare its federal income tax return returns as any Owner or the Master Servicer Trust Administrator may reasonably request from time to time. Such obligation of the Servicer shall be deemed satisfied to the extent that substantially comparable information has been provided by the Servicer throughout the calendar year.
(c) If requested by the Master Servicer or the Depositor, the Servicer shall promptly notify the Master Servicer and the Depositor (i) of any legal proceedings pending against the Servicer of the type described in Item 1117 (§ 229.1117) of Regulation AB and (ii) if the Servicer shall become (but only to the extent not previously disclosed to the Master Servicer and the Depositor) at any time an affiliate of any of the parties listed on Exhibit I to this Agreement. For the purpose of satisfying the reporting obligations under the Exchange Act with respect to the issuance of asset-backed securities, the Servicer shall provide to the Master Servicer and the Depositor prompt notice of the occurrence of any of the following: any event of default under the terms of this Agreement; any merger, consolidation or sale of substantially all of the assets of the Servicer; the Servicer’s engagement of any Subservicer, Subcontractor or vendor to perform or assist in the performance of any of the Servicer’s obligations under this Agreement; any material litigation involving the Servicer; and any affiliation or other significant relationship between the Servicer and other transaction parties.
(d) Not later than the tenth calendar day of each month (or if such calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall provide to the Master Servicer and the Depositor notice of the occurrence of any material modifications, extensions or waivers of terms, fees, penalties or payments relating to the Mortgage Loans during the related Due Period.
Appears in 1 contract
Samples: Securitization Servicing Agreement (TBW Mortgage-Backed Trust Series 2006-4)
Statements to Master Servicer. Not later than the Reporting Date tenth (10th) calendar day of each monthmonth (or if such tenth calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer (i) a monthly remittance advice, with a trial balance report attached thereto, advice in the form of format set forth in Exhibit D-1 annexed hereto, together with hereto and a delinquency monthly defaulted loan report in the form of format set forth in Exhibit D-2 annexed hereto, hereto (or in hard copy such other format mutually agreed to between the Servicer and electronic medium mutually acceptable to the parties as Master Servicer) relating to the period ending on the Record Date in last day of the preceding calendar monthmonth and (ii) all such information required pursuant to clause (i) above on a magnetic tape or other similar media reasonably acceptable to the Master Servicer. The format of this monthly reporting may be amended from time to time to the extent necessary to comply with applicable law. Such monthly remittance advice shall also be accompanied with a supplemental report provided to the Master Servicer and any other party designated by the Master Servicer Seller which includes on an aggregate basis for the previous Due Period calendar month (i) the amount of claims filed under PMI Policies and LPMI Policiesfiled, (ii) the amount of any claim payments made under PMI Policies and LPMI Policiesmade, (iii) the amount of claims denied or curtailed under PMI Policies and LPMI Policies and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI Policy purchased by Seller on behalf of the OwnerTrust Fund. With respect The Master Servicer will convert such data into a format acceptable to any month the Trustee and provide monthly reports to the Trustee pursuant to the Trust Agreement; provided, however, notwithstanding anything to the contrary contained in which the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a ReconstitutionPMI Policy, the Servicer shall not be required to submit all any supplemental reports including the foregoing data with respect to a PMI Policy until a reporting date that is at least 15 days after the Servicer has received sufficient loan level information required hereunder from Seller to appropriately code its servicing system in two accordance with the PMI Insurer's requirements. Such monthly remittance advice shall also be accompanied by a supplemental report provided to the Master Servicer, and the Seller which includes on an aggregate basis for the previous calendar month (2i) separate reportsthe amount of claims filed on any LPMI Policy, one relating (ii) the amount of any claim payments made on any LPMI Policy, (iii) the amount of claims denied or curtailed on any LPMI Policy and (iv) policies cancelled with respect to Reconstituted those Mortgage Loans and one relating to all Mortgage Loans that are covered by any LPMI Policy purchased by the Seller on behalf of the Trust Fund. In addition, at the Master Servicer's request, not then subject to a Reconstitution. Upon reasonable advance noticemore than 60 days after the end of each calendar year, commencing December 31, 2004, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to (as such information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority or to any Owner pursuant to any applicable law with respect becomes reasonably available to the Mortgage Loans and the transactions contemplated hereby. In addition, the Servicer shall provide each Owner and Servicer) to the Master Servicer with Servicer, such information concerning the Mortgage Loans as is necessary for such Owner and annual remittances to prepare its federal income tax return as any Owner or the Master Servicer may reasonably request from time to time.relating thereto as
Appears in 1 contract
Statements to Master Servicer. (a) Not later than the Reporting Date 10th calendar day of each monthmonth (or if such calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer and the NIMS Insurer (a) a monthly remittance advice, with a trial balance report attached thereto, advice in the form of format set forth in Exhibit D-1 annexed hereto, together with a delinquency monthly defaulted loan report in the form of format set forth in Exhibit D-2 annexed hereto, in hard copy hereto (or upon such other format mutually agreed to between the Servicer and electronic medium mutually acceptable to the parties as Master Servicer) relating to the period ending on the Record Date in last day of the preceding calendar monthmonth and a monthly loan loss report in the format set forth in Exhibit D-3 hereto and (b) all such information required pursuant to clause (a) above on a magnetic tape, electronic mail, or other similar media reasonably acceptable to the Master Servicer and the NIMS Insurer. Such monthly remittance advice shall also be accompanied with a supplemental report provided to the Master Servicer Servicer, the NIMS Insurer and any other party designated by the Master Servicer Seller which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and LPMI Policiesfiled, (ii) the amount of any claim payments made under PMI Policies and LPMI Policiesmade, (iii) the amount of claims denied or curtailed under PMI Policies and LPMI Policies and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI Policy purchased by the Owner. With respect to any month in which Seller on behalf of the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a Reconstitution, the Servicer shall submit all information required hereunder in two (2) separate reports, one relating to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are not then subject to a Reconstitution. Upon reasonable advance notice, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority or to any Owner pursuant to any applicable law with respect to the Mortgage Loans and the transactions contemplated herebyTrust Fund. In addition, the Servicer shall include in such monthly remittance advice any change in the Servicing Fee Rate for the related Due Period with respect to the Stepped Servicing Fee Mortgage Loans. The Master Servicer will convert such data into a format acceptable to the Trustee and provide monthly reports to the Trustee pursuant to the Trust Agreement; provided, however, notwithstanding anything to the contrary contained in a PMI Policy, the Servicer shall not be required to submit any supplemental reports including the foregoing data with respect to a PMI Policy until a reporting date that is at least 15 days after the Servicer has received sufficient loan level information from the Seller to appropriately code its servicing system in accordance with the PMI Insurer’s requirements.
(b) In addition, not more than 60 days after the end of each Owner and calendar year, commencing December 31, 2006, the Servicer shall provide (as such information becomes reasonably available to the Servicer) to the Master Servicer and the NIMS Insurer such information concerning the Mortgage Loans and annual remittances to the Master Servicer therefrom as is necessary for each Certificateholder to prepare its federal income tax return. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer to the Master Servicer and the NIMS Insurer pursuant to any requirements of the Code as from time to time are in force. Beginning with calendar year 2006, the Servicer shall provide the Master Servicer and the NIMS Insurer with such information concerning the Mortgage Loans as is necessary for such Owner the Master Servicer to prepare its the Trust Fund’s federal income tax return as and for any Owner or investor in the Certificates to prepare any required tax return.
(c) The Servicer shall promptly notify the Trustee, the NIMS Insurer, the Securities Administrator, the Master Servicer and the Depositor (i) of any legal proceedings pending against the Servicer of the type described in Item 1117 (§ 229.1117) of Regulation AB and (ii) if the Servicer shall become (but only to the extent not previously disclosed to the Securities Administrator, the NIMS Insurer, the Master Servicer and the Depositor) at any time an affiliate of any of the parties listed on Exhibit J to this Agreement. If so requested by the Trustee, the Securities Administrator, the Master Servicer or the Depositor on any date following the date on which information was first provided to the Trustee, the NIMS Insurer, the Securities Administrator and the Depositor pursuant to the preceding sentence, the Servicer shall, within five Business Days following such request, confirm in writing the accuracy of the representations and warranties set forth in Section 6.01(k) or, if such a representation and warranty is not accurate as of the date of such request, provide reasonable adequate disclosure of the pertinent facts, in writing, to the requesting party. The Servicer shall provide to the Securities Administrator, the Trustee, the NIMS Insurer, the Master Servicer and the Depositor prompt notice of the occurrence of any of the following: any event of default under the terms of this Agreement, any merger, consolidation or sale of substantially all of the assets of the Servicer, the Servicer’s engagement of any Subservicer, Subcontractor or vendor to perform or assist in the performance of any of the Servicer’s obligations under this Agreement, any material litigation involving the Servicer, and any affiliation or other significant relationship between the Servicer and other transaction parties.
(d) Not later than the tenth calendar day of each month (or if such calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall provide to the Securities Administrator, the Trustee, the NIMS Insurer, the Master Servicer and the Depositor notice of the occurrence of any material modifications, extensions or waivers of terms, fees, penalties or payments relating to the Mortgage Loans during the related Due Period or that have cumulatively become material over time (Item 1121(a)(11) of Regulation AB) along with all information, data, and materials related thereto as may reasonably request from time be required to time.be included in the related Distribution Report on Form 10-D.
Appears in 1 contract
Samples: Servicing Agreement (Sail 2006-2)
Statements to Master Servicer. Not later than the Reporting Date tenth (10th) calendar day of each monthmonth (or if such tenth calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer (i) a monthly remittance advice, with a trial balance report attached thereto, advice in the form of format set forth in Exhibit D-1 annexed hereto, together with hereto and a delinquency monthly defaulted loan report in the form of format set forth in Exhibit D-2 annexed hereto, hereto (or in hard copy such other format mutually agreed to between the Servicer and electronic medium mutually acceptable to the parties as Master Servicer) relating to the period ending on the Record Date in last day of the preceding calendar monthmonth and (ii) all such information required pursuant to clause (i) above on a magnetic tape or other similar media reasonably acceptable to the Master Servicer. The format of this monthly reporting may be amended from time to time to the extent necessary to comply with applicable law or the terms of the Transfer and Servicing Agreement. Such monthly remittance advice shall also be accompanied with a supplemental report provided to the Master Servicer and any other party designated by the Master Servicer Seller which includes on an aggregate basis for the previous Due Period calendar month (i) the amount of claims filed under PMI Policies and LPMI Policiesfiled, (ii) the amount of any claim payments made under PMI Policies and LPMI Policiesmade, (iii) the amount of claims denied or curtailed under PMI Policies and LPMI Policies and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI Policy purchased by Seller on behalf of the OwnerIssuer. With respect The Master Servicer will convert such data into a format acceptable to any month the Indenture Trustee and provide monthly reports to the Indenture Trustee pursuant to the Transfer and Servicing Agreement; provided, however, notwithstanding anything to the contrary contained in which the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a ReconstitutionPMI Policy, the Servicer shall not be required to submit all any supplemental reports including the foregoing data with respect to a PMI Policy until a reporting date that is at least 15 days after the Servicer has received sufficient loan level information required hereunder from Seller to appropriately code its servicing system in two accordance with the PMI Insurer’s requirements. Such monthly remittance advice shall also be accompanied by a supplemental report provided to the Master Servicer and the Seller which includes on an aggregate basis for the previous calendar month (2i) separate reportsthe amount of claims filed on any LPMI Policy, one relating (ii) the amount of any claim payments made on any LPMI Policy, (iii) the amount of claims denied or curtailed on any LPMI Policy and (iv) policies cancelled with respect to Reconstituted those Mortgage Loans and one relating to all Mortgage Loans that are covered by any LPMI Policy purchased by the Seller on behalf of the Issuer. In addition, at the Master Servicer’s request, not then subject to a Reconstitution. Upon reasonable advance noticemore than 60 days after the end of each calendar year, commencing December 31, 2004, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to (as such information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority or to any Owner pursuant to any applicable law with respect becomes reasonably available to the Mortgage Loans and the transactions contemplated hereby. In addition, the Servicer shall provide each Owner and Servicer) to the Master Servicer with such information concerning the Mortgage Loans and annual remittances to the Master Servicer relating thereto as is necessary for such Owner the Indenture Trustee to prepare its the Issuer’s federal income tax return as and for any Owner or investor in the Securities to prepare any required tax return. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer to the Master Servicer may reasonably request and the Indenture Trustee pursuant to any requirements of the Code as from time to timetime are in force. The Servicer shall also provide to the Indenture Trustee such information as may be requested by it and required for the completion of any tax reporting responsibility of the Indenture Trustee within such reasonable time frame as shall enable the Indenture Trustee to timely file each Schedule Q (or other applicable tax report or return) required to be filed by it.
Appears in 1 contract
Samples: Securitization Servicing Agreement (SASCO Mortgage Loan Trust 2004-Gel3)
Statements to Master Servicer. Not later than the Reporting Date 10th calendar day of each monthmonth (or if such calendar day is not a Business Day, the immediately succeeding Business Day), the Servicer shall furnish to the Master Servicer Servicer, the Securities Administrator and the NIMS Insurer (a) a monthly remittance advice, with a trial balance report attached thereto, advice in the form of format set forth in Exhibit D-1 annexed hereto, together with hereto and a delinquency monthly defaulted loan report in the form of format set forth in Exhibit D-2 annexed heretohereto (or upon such other format mutually agreed to between the Servicer and the Master Servicer) and (b) all such information required pursuant to clause (a) above on a magnetic tape, in hard copy and electronic medium mutually mail, or other similar media reasonably acceptable to the parties as to Master Servicer and the period ending on the Record Date in the preceding calendar monthNIMS Insurer. Such monthly remittance advice shall also be accompanied with a supplemental report provided to the Master Servicer Servicer, the NIMS Insurer and any other party designated by the Master Servicer each Seller which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and LPMI Policiesfiled, (ii) the amount of any claim payments made under PMI Policies and LPMI Policiesmade, (iii) the amount of claims denied or curtailed under PMI Policies and LPMI Policies and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI Policy purchased by Xxxxxx Capital on behalf of the OwnerTrust Fund. With respect Such supplemental report shall also include the aggregate amount of DA Dividends attributable to any month in which the Servicer is servicing both Reconstituted DAD Mortgage Loans deposited into the DA Reserve Account for the related Due Period, and Mortgage Loans that have not been subject the amount of DA Dividends remitted to the Master Servicer for the related Due Period as a result of or relating to a ReconstitutionDA Forfeiture Event by the related Mortgagor. The Securities Administrator will convert such data into a format acceptable to the Trustee and provide monthly reports to the Trustee pursuant to the Trust Agreement; provided, however, notwithstanding anything to the contrary contained in a PMI Policy, the Servicer shall not be required to submit all information required hereunder in two (2) separate reports, one relating to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are not then subject any supplemental reports including the foregoing data with respect to a ReconstitutionPMI Policy until a reporting date that is at least 15 days after the Servicer has received sufficient loan level information from each Seller (with respect to its related Mortgage Loans) to appropriately code its servicing system in accordance with the PMI Insurer's requirements. Upon reasonable advance noticeIn addition, not more than 60 days after the end of each calendar year, commencing December 31, 2002, the Servicer shall provide (as such information becomes reasonably available to any Owner that is a savings the Servicer) to the Master Servicer, the Securities Administrator and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to the NIMS Insurer such information and documentation regarding concerning the Mortgage Loans and annual remittances to the transactions contemplated hereby sufficient Master Servicer therefrom as is necessary for each Certificateholder to permit prepare its federal income tax return. Such obligation of the Owner Servicer shall be deemed to comply with have been satisfied to the applicable regulations of relevant regulatory or supervisory authorities with respect extent that substantially comparable information shall be provided by the Servicer to its investment in the Mortgage Loans Master Servicer and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority or to any Owner NIMS Insurer pursuant to any applicable law requirements of the Code as from time to time are in force. Beginning with respect to the Mortgage Loans and the transactions contemplated hereby. In additioncalendar year 2003, the Servicer shall provide each Owner the Master Servicer, the Securities Administrator and the Master Servicer NIMS Insurer with such information concerning the Mortgage Loans as is necessary for such Owner the Master Servicer to prepare its the Trust Fund's federal income tax return as and for any Owner or investor in the Master Servicer may reasonably request from time Certificates to timeprepare any required tax return.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc2)
Statements to Master Servicer. Not later than the Reporting Date tenth (10th) calendar day of each month, the Servicer shall furnish to the Master Servicer a and the NIMS Insurer (i) (a) monthly remittance adviceloan data in the format set forth in Exhibit D-1 hereto, with a trial balance report attached thereto(b) default loan data in the format set forth in Exhibit D-2 hereto and (c) information regarding realized losses and gains in the format set forth in Exhibit D-3 hereto (or in such other formats mutually agreed between the Servicer and the Master Servicer), in the form of Exhibit D-1 annexed hereto, together with a delinquency report in the form of Exhibit D-2 annexed hereto, in hard copy and electronic medium mutually acceptable to the parties as each case relating to the period ending on the Record Date in last day of the preceding calendar month, (ii) all such information required pursuant to clause (i)(a) above on a magnetic tape, electronic mail, or other similar media reasonably acceptable to the Master Servicer and the NIMS Insurer and (iii) all supporting documentation with respect to the information required pursuant to clause (i)(c) above. The format of this monthly reporting may be amended from time to time to the extent necessary to comply with applicable law. Such monthly remittance advice shall also be accompanied with by a supplemental report provided to the Master Servicer Servicer, the Securities Administrator, the NIMS Insurer and any other party designated by the Master Servicer Seller which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and on any LPMI PoliciesPolicy, (ii) the amount of any claim payments made under PMI Policies and on any LPMI PoliciesPolicy, (iii) the amount of claims denied or curtailed under PMI Policies and on any LPMI Policies Policy and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI LPMI Policy purchased by the Owner. With respect to any month in which Seller on behalf of the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a Reconstitution, the Servicer shall submit all information required hereunder in two (2) separate reports, one relating to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are not then subject to a Reconstitution. Upon reasonable advance notice, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirementsTrust Fund. The Servicer shall prepare and file any and all usual and customary tax returns, information statements or other filings required to be delivered to any governmental taxing authority authority, the Securities Administrator or to any Owner its designee pursuant to any applicable law with respect to the Mortgage Loans and the transactions contemplated hereby. In addition, the Servicer shall provide each Owner the Securities Administrator and the Master Servicer NIMS Insurer with such information concerning the Mortgage Loans as is necessary for such Owner Securities Administrator to prepare its federal income tax return returns as any Owner or the Master Servicer Securities Administrator may reasonably request from time to time. Such obligation of the Servicer shall be deemed satisfied to the extent that substantially comparable information has been provided by the Servicer throughout the calendar year.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (Structured Asset Investment Loan Trust 2004-7)
Statements to Master Servicer. Not later than the Reporting Date tenth (10th) calendar day of each monthmonth (or if such tenth calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer and, if required, the NIMS Insurer (i) a monthly remittance advice, with a trial balance report attached thereto, advice in the form of format set forth in Exhibit D-1 annexed hereto, together with hereto and a delinquency monthly defaulted loan report in the form of format set forth in Exhibit D-2 annexed hereto, hereto (or in hard copy such other format mutually agreed to between the Servicer and electronic medium mutually acceptable to the parties as Master Servicer) relating to the period ending on the Record Date in last day of the preceding calendar monthmonth and (ii) all such information required pursuant to clause (i) above on a magnetic tape or other similar media reasonably acceptable to the Master Servicer. Such monthly remittance advice shall also be accompanied with a supplemental report provided to the Master Servicer Servicer, the Trustee, the NIMS Insurer, if required, and any other party designated by the Master Servicer Seller which includes on an aggregate basis for the previous Due Period calendar month (i) the amount of claims filed under PMI Policies and LPMI Policiesfiled, (ii) the amount of any claim payments made under PMI Policies and LPMI Policiesmade, (iii) the amount of claims denied or curtailed under PMI Policies and LPMI Policies and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI Policy purchased by Seller on behalf of the OwnerTrust Fund. With respect The Master Servicer will convert such data into a format acceptable to any month the Trustee and provide monthly reports to the Trustee pursuant to the Trust Agreement; provided, however, notwithstanding anything to the contrary contained in which the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a ReconstitutionPMI Policy, the Servicer shall not be required to submit all any supplemental reports including the foregoing data with respect to a PMI Policy until a reporting date that is at least 15 days after the Servicer has received sufficient loan level information required hereunder from Seller to appropriately code its servicing system in two accordance with the PMI Insurer’s requirements Such monthly remittance advice shall also be accompanied by a supplemental report provided to the Master Servicer, the NIMS Insurer, if required, and the Seller which includes on an aggregate basis for the previous calendar month (2i) separate reportsthe amount of claims filed on any LPMI Policy, one relating (ii) the amount of any claim payments made on any LPMI Policy, (iii) the amount of claims denied or curtailed on any LPMI Policy and (iv) policies cancelled with respect to Reconstituted those Mortgage Loans and one relating to all Mortgage Loans that are covered by any LPMI Policy purchased by the Seller on behalf of the Trust Fund. In addition, at the Master Servicer’s or Trustee’s request, not then subject to a Reconstitution. Upon reasonable advance noticemore than 60 days after the end of each calendar year, commencing December 31, 2003, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to (as such information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority or to any Owner pursuant to any applicable law with respect becomes reasonably available to the Mortgage Loans and Servicer) to the transactions contemplated hereby. In additionMaster Servicer, the Servicer shall provide each Owner and Trustee and, if required, the Master Servicer with NIMS Insurer such information concerning the Mortgage Loans and annual remittances to the Master Servicer relating thereto as is necessary for such Owner the Trustee to prepare its the Trust Fund’s federal income tax return as and for any Owner or investor in the Certificates to prepare any required tax return. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer to the Master Servicer may reasonably request Servicer, the Trustee and the NIMS Insurer pursuant to any requirements of the Code as from time to timetime are in force. The Servicer shall also provide to the Trustee such information as may be requested by it and required for the completion of any tax reporting responsibility of the Trustee within such reasonable time frame as shall enable the Trustee to timely file each Schedule Q (or other applicable tax report or return) required to be filed by it.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Ce Se 2003-Bc12)
Statements to Master Servicer. Not later than the Reporting Date 10th calendar day of each monthmonth (or if such calendar day is not a Business Day, the immediately succeeding Business Day), the Servicer shall furnish to the Master Servicer and the NIMS Insurer (a) a monthly remittance advice, with a trial balance report attached thereto, advice in the form of format set forth at Exhibit D-1 annexed hereto, together with a delinquency report in the form of Exhibit D-2 annexed hereto, in hard copy and electronic medium mutually acceptable to the parties as to D hereto for the period ending on the Record Date in last day of the preceding calendar monthmonth and (b) all such information required pursuant to clause (a) above on a magnetic tape or other similar media reasonably acceptable to the Master Servicer and the NIMS Insurer. Such monthly remittance advice shall also be provided by the Servicer to Aurora Loan Services Inc. on behalf of each Seller (with respect to its related Mortgage Loans). 32 Such monthly remittance advice shall also be accompanied with a supplemental report provided to the Master Servicer Servicer, the NIMS Insurer and any other party designated by the Master Servicer each Seller which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and LPMI Policiesfiled, (ii) the amount of any claim payments made under PMI Policies and LPMI Policiesmade, (iii) the amount of claims denied or curtailed under PMI Policies and LPMI Policies and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI Policy or any other provider of primary mortgage insurance purchased by the OwnerTrust Fund. With respect The Master Servicer will convert such data into a format acceptable to any month the Trustee and provide monthly reports to the Trustee pursuant to the Trust Agreement; provided, however, notwithstanding anything to the contrary contained in which the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a ReconstitutionPMI Policy, the Servicer shall not be required to submit all information required hereunder in two (2) separate reports, one relating to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are not then subject any supplemental reports including the foregoing data with respect to a ReconstitutionPMI Policy until a reporting date that is at least 15 days after the Servicer has received sufficient loan level information from each Seller (with respect to its related Mortgage Loans) to appropriately code its servicing system in accordance with requirements. Upon reasonable advance noticeIn addition, not more than 60 days after the end of each calendar year, commencing December 31, 2001, the Servicer shall provide (as such information becomes reasonably available to any Owner that is a savings the Servicer) to the Master Servicer and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to the NIMS Insurer such information and documentation regarding concerning the Mortgage Loans and annual remittances to the transactions contemplated hereby sufficient Master Servicer therefrom as is necessary for each Certificateholder to permit prepare its federal income tax return. Such obligation of the Owner Servicer shall be deemed to comply with have been satisfied to the applicable regulations of relevant regulatory or supervisory authorities with respect extent that substantially comparable information shall be provided by the Servicer to its investment in the Mortgage Loans Master Servicer and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority or to any Owner NIMS Insurer pursuant to any applicable law requirements of the Code as from time to time are in force. Beginning with respect to the Mortgage Loans and the transactions contemplated hereby. In additioncalendar year 2002, the Servicer shall provide each Owner and the Master Servicer and the NIMS Insurer with such information concerning the Mortgage Loans as is necessary for such Owner the Master Servicer to prepare its the Trust Fund's federal income tax return as and for any Owner or investor in the Master Servicer may reasonably request from time Certificates to timeprepare any required tax return.
Appears in 1 contract
Samples: Servicing Agreement (Structured Ass Sec Cor a R Col Tr MRT Ps THR CRT Ser 01-Bc6)
Statements to Master Servicer. Not later than the Reporting Date fifth (5th) calendar day of each monthmonth (or if such fifth calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer and the NIMS Insurer (i) a monthly remittance advice in the format set forth in Exhibit D-1 hereto and a monthly defaulted loan report in the format set forth in Exhibit D-2 hereto (or in such other format mutually agreed to between the Servicer and the Master Servicer) relating to the period ending on the last day of the preceding calendar month and (ii) all such information required pursuant to clause (i) above on a magnetic tape or other similar media reasonably acceptable to the Master Servicer and the NIMS Insurer. Together with such monthly remittance advice, the Servicer shall furnish to the Master Servicer a monthly remittance advice, with report setting forth a trial balance report attached thereto, calculation of each of the Trigger Events set forth in the form of Exhibit D-1 annexed hereto, together with a delinquency report in the form of Exhibit D-2 annexed hereto, in hard copy and electronic medium mutually acceptable to the parties as Section 8.03 relating to the period ending on the Record Date in last day of the preceding calendar month. month and a report detailing the Servicer’s performance under each category of the performance standards set forth on Exhibit F. Such monthly remittance advice shall also be accompanied with by a supplemental report provided to the Master Servicer Servicer, the NIMS Insurer and any other party designated by the Master Servicer Seller which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and on any LPMI PoliciesPolicy, (ii) the amount of any claim payments made under PMI Policies and on any LPMI PoliciesPolicy, (iii) the amount of claims denied or curtailed under PMI Policies and on any LPMI Policies Policy and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI LPMI Policy purchased by the OwnerSeller on behalf of the Trust Fund. With respect to any month in which In addition, not more than 60 days after the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a Reconstitutionend of each calendar year, the Servicer shall submit all information required hereunder in two (2) separate reportscommencing December 31, one relating to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are not then subject to a Reconstitution. Upon reasonable advance notice2002, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to (as such information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority or to any Owner pursuant to any applicable law with respect becomes reasonably available to the Mortgage Loans and the transactions contemplated hereby. In addition, the Servicer shall provide each Owner and Servicer) to the Master Servicer with and the NIMS Insurer such information concerning the Mortgage Loans and annual remittances to the Master Servicer relating thereto as is necessary for such Owner the Trustee to prepare its the Trust Fund’s federal income tax return as and for any Owner or investor in the Certificates to prepare any required tax return. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer to the Master Servicer may reasonably request and the NIMS Insurer pursuant to any requirements of the Code as from time to timetime are in force.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc1)
Statements to Master Servicer. (a) Not later than the Reporting Date tenth (10th) calendar day of each monthmonth (or if such calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer a an electronic monthly remittance advice, with a trial balance report attached thereto, advice in the form of Exhibit D-1 annexed heretoFidelity (or any successor thereto) S50Y format (or in such other formats mutually agreed to between the Servicer and the Master Servicer), together with a delinquency report in the form of Exhibit D-2 annexed hereto, in hard copy and electronic medium mutually acceptable to the parties as such advice relating to the period ending on the Record Date in last day of the preceding calendar month and a monthly loan loss report in the format set forth in Exhibit E hereto; provided however, the information provided pursuant to Exhibit E shall be limited to that which is readily available to the Servicer and is mutually agreed to between the Servicer and the Master Servicer. The format of this monthly reporting may be amended from time to time to the extent necessary to comply with applicable law. In connection with prepayments in full, the Servicer will use its best efforts to deliver to the Master Servicer by the 15th calendar day of each month, but in no event later than the 17th day of each month, a monthly payoff remittance advice. Such monthly remittance advice shall also be accompanied with by a supplemental report provided to the Master Servicer and any other party designated by the Master Servicer which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed under PMI Policies and on any LPMI PoliciesPolicy, (ii) the amount of any claim payments made under PMI Policies and on any LPMI PoliciesPolicy, (iii) the amount of claims denied or curtailed under PMI Policies and on any LPMI Policies Policy and (iv) PMI Policies canceled policies cancelled with respect to those Mortgage Loans covered by any PMI LPMI Policy purchased by the Owner. With respect to any month in which Seller on behalf of the Servicer is servicing both Reconstituted Mortgage Loans and Mortgage Loans that have not been subject to a Reconstitution, the Servicer shall submit all information required hereunder in two Trust Fund.
(2b) separate reports, one relating to Reconstituted Mortgage Loans and one relating to all Mortgage Loans that are not then subject to a Reconstitution. Upon reasonable advance notice, the Servicer shall provide to any Owner that is a savings and loan association, a bank, an insurance company or other regulated or supervised entity reports and access to information and documentation regarding the Mortgage Loans and the transactions contemplated hereby sufficient to permit the Owner to comply with the applicable regulations of relevant regulatory or supervisory authorities with respect to its investment in the Mortgage Loans and the Owner's internal and third-party audit requirements. The Servicer shall prepare and file any and all usual and customary tax returns, information statements or other filings required to be delivered to any governmental taxing authority authority, the Trustee or to any Owner its designee pursuant to any applicable law with respect to the Mortgage Loans and the transactions contemplated hereby. In addition, the Servicer shall provide each Owner and the Master Servicer Trustee with such information concerning the Mortgage Loans as is necessary for such Owner Trustee to prepare its federal income tax return returns as any Owner or the Master Servicer Trustee may reasonably request from time to time. Such obligation of the Servicer shall be deemed satisfied to the extent that substantially comparable information has been provided by the Servicer throughout the calendar year.
(c) If requested by the Master Servicer or the Depositor, the Servicer shall promptly notify the Master Servicer and the Depositor (i) of any legal proceedings pending against the Servicer of the type described in Item 1117 (§ 229.1117) of Regulation AB and (ii) if the Servicer shall become (but only to the extent not previously disclosed to the Master Servicer and the Depositor) at any time an affiliate of any of the parties listed on Exhibit I to this Agreement. For the purpose of satisfying the reporting obligations under the Exchange Act with respect to the issuance of asset-backed securities, the Servicer shall provide to the Master Servicer and the Depositor prompt notice of the occurrence of any of the following: any event of default under the terms of this Agreement, any merger, consolidation or sale of substantially all of the assets of the Servicer, the Servicer’s engagement of any Subservicer, Subcontractor or vendor to perform or assist in the performance of any of the Servicer’s obligations under this Agreement, any material litigation involving the Servicer, and any affiliation or other significant relationship between the Servicer and other transaction parties.
(d) Not later than the tenth calendar day of each month (or if such calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall provide to the Master Servicer and the Depositor notice of the occurrence of any material modifications, extensions or waivers of terms, fees, penalties or payments relating to the Mortgage Loans during the related Due Period.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (BNC Mortgage Loan Trust 2006-1)