Statements. (a) On each Distribution Date, based, as applicable, on information provided to it by the Servicer, the Trustee shall prepare and make available to each Holder of the Regular Certificates, the Swap Counterparties, the Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date: (i) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Charges; (ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates (other than the Class P Certificates) allocable to interest, separately identified; (iii) the Pool Balance of the Group I Mortgage Loans and the Group II Mortgage Loans at the Close of Business at the end of the related Due Period; (iv) the number, aggregate principal balance, and weighted average Mortgage Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment Period; (v) the number and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Properties; (vi) the aggregate amount of Principal Prepayments made during the related Prepayment Period; (vii) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses; (viii) the Certificate Principal Balance of each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class O Certificates, after giving effect to the distributions made on such Distribution Date; (ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date; (x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.25; (xi) the Credit Enhancement Percentage for such Distribution Date; (xii) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date; (xiii) the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Date; (xiv) the Supplemental Interest Payment for each Class on such Distribution Date; (xv) the difference between the Swap Notional Amount and the Underwritten Certificates Principal Balance on such Distribution Date; (xvi) the Required Overcollateralization Amount for such Distribution Date; and (xvii) the Excess Cashflow for such Distribution Date. In the case of information furnished pursuant to subclauses (i) and (ii) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03. (b) Within a reasonable period of time after the end of each calendar year, the Trustee shall, upon written request, furnish to each Person who at any time during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time. (c) On each Distribution Date, the Trustee shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate. (d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee pursuant to any requirements of the Code as from time to time in force. (e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant hereto. (f) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty in respect of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Novastar Mortgage Funding Corp Home Eq Ln as Bk Ce Se 03 1)
Statements. (a) On each Distribution Date, based, as applicable, based on the Mortgage Loan information provided to it by contained in the Master Servicer’s Certificate, the Trustee Securities Administrator shall prepare and make available to each Holder of the Regular Certificates, the Swap Counterparties, the Servicer and the Rating Agencies, a statement (the “Distribution Date Statement”) as to the distributions made on such Distribution Date:
(i) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Chargesprincipal;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates (other than allocable to interest and the Class P Certificates) allocable to interestCE Distributable Amount, separately identified;
(iii) the Overcollateralization Amount as of such Distribution Date;
(iv) the aggregate amount of Servicing Fee retained by the Servicer during the related Collection Period;
(v) the amount of Servicing Advances that are Nonrecoverable Advances (if any);
(vi) the Pool Balance of the Group I Mortgage Loans and the Group II Mortgage Loans Balance, at the Close close of Business business at the end of the related Due Collection Period;
(ivvii) the number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Interest Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment PeriodDue Date;
(vviii) the number and aggregate unpaid principal balance Stated Principal Balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1a) 30 to 59 daysdays past due using the Mortgage Bankers Association methodology, (2b) 60 to 89 days and past due using the Mortgage Bankers Association methodology, (3c) 90 or more daysdays past due using the Mortgage Bankers Association methodology, (Bd) as to which foreclosure proceedings have been commenced and (Ce) REO Propertiesin bankruptcy as of the close of business on the last day of the related Collection Period;
(viix) the aggregate number of Mortgage Loans that became REO Properties during the related Collection Period and the aggregate Stated Principal Balance of such Mortgage Loans (calculated as of the date each such Mortgage Loan became an REO Property);
(x) the total number and aggregate Stated Principal Balance of all REO Properties as of the close of business of the last day of the related Collection Period;
(xi) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(viixii) the aggregate amount of Realized Losses incurred during the related Prepayment Collection Period and the cumulative amount of Realized Losses;
(viiixiii) the Certificate Principal Balance of each class Class of the Class A Certificates, each class of the Mezzanine Certificates and the Class O Certificates, after giving effect to the distributions and allocations of Applied Realized Loss Amounts made on such Distribution Date;, separately identifying any reduction thereof due to allocations of Applied Realized Loss Amounts
(ixxiv) the Unpaid Accrued Certificate Interest Shortfall Amount, if any, with in respect to of each class Class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Date;
(xii) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiii) the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and any related Cap Carryover Amounts, and the REMIC Pass-Through Rate applicable to each class respective portions thereof, if any, remaining unpaid following the distributions made in respect of the Class A Certificates and each class of the Mezzanine such Certificates for the immediately succeeding Distribution Date;
(xiv) the Supplemental Interest Payment for each Class on such Distribution Date;
(xv) the difference between cumulative Realized Losses, as a percentage of the Swap Notional Amount and Cut-off Date Pool Balance;
(xvi) the Underwritten Available Funds for the related Collection Period;
(xvii) the rate at which interest accrues for each Class of Certificates Principal Balance on for such Distribution Date;
(xvixviii) the Required Overcollateralization Amount aggregate amount of Net Liquidation Proceeds for the related Collection Period;
(xix) the aggregate Stated Principal Balance of Mortgage Loans purchased by a Seller or American General during the related Prepayment Period;
(xx) the number and aggregate Stated Principal Balance of Mortgage Loans that were the subject of a Principal Prepayment in full during the related Prepayment Period;
(xxi) for each Mortgage Loan that the Trustee has requested that the applicable Seller repurchase (i) the date on which such Distribution Daterepurchase request was made and (ii) whether such Mortgage Loan has been repurchased;
(xxii) the amount of any Reimbursement Amounts received by the Trust Fund during the related Collection Period;
(xxiii) the aggregate amount of Administration Expenses paid by the Trust Fund to (x) the Master Servicer, Custodian and Securities Administrator during the current calendar year and (y) the Designated Successor Servicer and Trustee during the current calendar year;
(xxiv) the aggregate amount of Unreimbursed Servicer Default Expenses and the aggregate amount of Master Servicing Transfer Costs, in each case paid by the Trust during the related Collection Period; and
(xviixxv) with respect to Mortgage Loans that were subject to a Servicer Modification during the related Collection Period: (a) the Excess Cashflow for such Distribution DateMortgage Loan identifying number; (b) the date of modification; (c) the Stated Principal Balance prior to and after modification; (d) the Monthly Payment prior to and after modification; (e) the Mortgage Interest Rate prior to and after modification; (f) the maturity date prior to and after modification; and (g) the number of months Delinquent prior to modification; and
(xxvi) the amount of Subsequent Recoveries received during the related Prepayment Period. The Securities Administrator may fully rely upon and shall have no liability with respect to information with respect to the Mortgage Loans provided by the Master Servicer. In the case of information furnished pursuant to subclauses (i), (ii) and (iixiv) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Cut-off Date. The Trustee maySecurities Administrator shall make the Distribution Date Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to beneficial owners of Certificates that provide appropriate certification in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(b) Within a reasonable period of time after the end of each calendar year, the Trustee shall, upon written request, furnish to each Person who at any time during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and form furnished by the Trustee Securities Administrator (which may be submitted electronically via the Securities Administrator’s internet website) and other parties to Certificateholders pursuant to any requirements of this Agreement via the Code as are in force from time to timeSecurities Administrator’s internet website. The Securities Administrator’s internet website shall initially be located at “xxxx://xxx.xxxxxxx.xxx.
(c) On each Distribution Date, the Trustee shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee pursuant to any requirements of the Code as from time to time in force.
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. ” Assistance in using the website can be obtained by calling the Trustee's Securities Administrator’s customer service desk at 0-(000-) 000-0000. Such parties Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way such the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee .
(b) Within a reasonable period of time after the end of each calendar year, the Securities Administrator shall not have furnish to each Person who at any responsibility time during the calendar year was a Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) verify information provided by the Servicer to be included in such statement or ), (ii) include any information required and (xii) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Securities Administrator shall be deemed to be included in such statement if the Servicer has failed to timely produce such information have been satisfied to the Trustee, extent that substantially comparable information shall be prepared and furnished by the Securities Administrator to Certificateholders pursuant to any requirements of the Code as required pursuant heretoare in force from time to time.
(fc) No later than noon on the second Business Day prior to On each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J Securities Administrator shall forward to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments Class R Certificateholder upon request a portion copy of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back reports forwarded to the appropriate NovaStar entity, Certificateholders of Certificates other than the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty Class R Certificate in respect of notional amounts assigned such Distribution Date with such other information as the Securities Administrator deems necessary or reduced under this Section 4.03 (f)appropriate. In no event Such obligation of the Securities Administrator shall be deemed to have been satisfied to the Trustee allow a Notional Amount Test Event extent that substantially comparable information shall be prepared and furnished to occur on the Class R Certificateholder by the Servicer pursuant to any Distribution Daterequirements of the Code as from time to time in force.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (American General Finance Inc)
Statements. (a) On each Distribution Date, based, as applicable, on the Mortgage Loan information provided to it by contained in the ServicerRemittance Report, the Trustee shall prepare and make available to each Holder of the Regular Certificates, the Swap Counterparties, the Servicer and the Rating Agenciespost on its website at xxx.xxxxxx.xxx/xxx, a statement as to the distributions made on such Distribution Date:
(i) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular CertificatesCertificates allocable to principal, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Charges;
(ii) the applicable Record Date, accrual date and Determination Date;
(iii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates (other than the Class P Certificates) allocable to interestinterest or Class CE Distributable Amount, separately identified;
(iiiiv) the Overcollateralization Amount, the Overcollateralization Release Amount, the Overcollateralization Deficiency and the Targeted Overcollateralization Amount as of such Distribution Date and the Monthly Excess Interest Amount and Monthly Excess Cashflow Amount for such Distribution Date;
(v) the aggregate amount of servicing compensation received by the Servicer during the related Collection Period;
(vi) the aggregate amount of Advances for the related Collection Period;
(vii) the Pool Balance of the Group I Mortgage Loans and the Group II Mortgage Loans at the Close close of Business business at the end of the related Due Collection Period;
(ivviii) the number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Interest Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment PeriodDue Date;
(vix) the number and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1a) 30 to 59 daysdays Delinquent, (2b) 60 to 89 days and Delinquent, (3c) 90 or more daysdays Delinquent, (Bd) as to which foreclosure proceedings have been commenced and (Ce) REO Propertiesin bankruptcy as of the close of business on the last day of the calendar month preceding such Distribution Date;
(vix) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number of such Mortgage Loan, the unpaid principal balance and the Principal Balance of such Mortgage Loan as of the date it became an REO Property;
(xi) the book value of any REO Property as of the close of business on the last Business Day of the calendar month preceding the Distribution Date, and, cumulatively, the total number and cumulative principal balance of all REO Properties as of the close of business of the last day of the preceding Collection Period;
(xii) the aggregate amount of Principal Prepayments made during the related Prepayment Period; 101
(xiii) the aggregate amount of prepayment penalties collected (including amounts deposited in connection with the full or partial waiver of such prepayment penalties pursuant to Section 3.01) during the related Collection Period and the amounts thereof allocable to the Class P Certificates;
(viixiv) the aggregate amount of Realized Losses incurred during the related Prepayment Collection Period and the cumulative amount of Realized Losses;
(viiixv) any material modifications, extensions or waivers to the terms, fees, penalties or payments of the related Mortgage Loans;
(xvi) the Certificate Principal Balance Balance, or Notional Amount, as applicable, of each class Class of the Class A Certificates, each class of the Mezzanine Certificates and the Class O Certificates, after giving effect to the distributions, and allocations of Realized Losses or Applied Realized Loss Amounts, as applicable, made on such Distribution Date, separately identifying any reduction thereof due to allocations of Realized Losses or Applied Realized Loss Amounts;
(xvii) the Accrued Certificate Interest in respect of each Class of the Class A, Class M and Class B Certificates for such Distribution Date, separately identifying the portions thereof attributable to Net WAC Carryover Amounts, and the respective portions thereof, if any, remaining unpaid following the distributions made in respect of such Certificates on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date;
(xxviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.253.23;
(xixix) the Credit Enhancement Percentage amount of any Net Swap Payments or Swap Termination Payments paid or received by the Supplemental Interest Trust pursuant to the Swap Agreement and the amount of any Defaulted Swap Termination Payments paid by the Supplemental Interest Trust;
(xx) [Reserved];
(xxi) the amount of the Trustee Fee paid;
(xxii) the Net WAC Carryover Amounts distributed on such Distribution Date;
(xxiii) any Overcollateralization Deficiency after giving effect to the distribution of principal on such Distribution Date;
(xxiv) whether a Trigger Event has occurred and is continuing, and the cumulative Realized Losses, as a percentage of the original Pool Balance;
(xxv) the Available Funds;
(xxvi) the rate at which interest accrues for each Class of Certificates for such Distribution Date;
(xiixxvii) the Available Funds Cap Carryforward Amount Liquidation Report for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiiixxviii) the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Date;
(xiv) the Supplemental Interest Payment for each Class on such Distribution Date;
(xv) the difference between the Swap Notional Amount and the Underwritten Certificates aggregate Principal Balance on such Distribution Date;
(xvi) the Required Overcollateralization Amount for such Distribution Date; and
(xvii) the Excess Cashflow for such Distribution Date. In the case of information furnished pursuant to subclauses (i) and (ii) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(b) Within a reasonable period of time after the end of each calendar year, the Trustee shall, upon written request, furnish to each Person who at any time during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee pursuant to any requirements of the Code as from time to time in force.
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided Mortgage Loans purchased by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on Seller during the related Distribution Date. In Collection Period and indicating the event a Notional Amount Test Event would otherwise occur on Section of this Agreement requiring or allowing the related Distribution Date, the Trustee will immediately provide notice in the form purchase of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once each such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty in respect of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution Date.Mortgage Loan;
Appears in 1 contract
Samples: Pooling and Servicing Agreement (C-Bass Mortgage Loan Asset-Backed Series 2006-Cb4)
Statements. (a) On each Distribution Date, based, as applicable, on information provided to it by the Servicer, the Trustee shall prepare and make available to each Holder of the Regular Certificates, the Swap Counterparties, the Servicer and the Rating Agencies, a statement (the "Distribution Date Statement") as to the distributions made on such Distribution Date:
(i) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Chargesprincipal;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates (other than the Class P Certificates) allocable to interest, separately identified;
(iii) the Pool Balance of the Group I Mortgage Loans Senior Percentage, Senior Prepayment Percentage, Subordinate Percentage and the Group II Mortgage Loans at the Close of Business at the end of the related Due PeriodSubordinate Prepayment Percentage for such Distribution Date;
(iv) the aggregate amount of servicing compensation received by the Servicer during the related Due Period and such other customary information as the Trustee deems necessary or desirable, or which a Certificateholder reasonably requests, to enable Certificateholders to prepare their tax returns;
(v) the aggregate amount of Advances for the related Due Period and the amount of unreimbursed Advances;
(vi) [reserved];
(vii) the Special Hazard Loss Coverage Amount, the Fraud Loss Coverage Amount and the Bankruptcy Loss Coverage Amount, each as of the related Determination Date;
(viii) the Net WAC;
(ix) the number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment PeriodDue Date;
(vx) the number and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1a) 30 to 59 daysdays Delinquent, (2b) 60 to 89 days and Delinquent, (3c) 90 or more daysdays Delinquent, (Bd) as to which foreclosure proceedings have been commenced and (Ce) REO Propertiesin bankruptcy, in each case as of the Close of Business on the last day of the calendar month preceding such Distribution Date;
(vixi) the book value of any REO Property as of the Close of Business on the last Business Day of the calendar month preceding the Distribution Date, and, cumulatively, the total number and cumulative principal balance of all REO Properties as of the Close of Business of the last day of the preceding Due Period;
(xii) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(viixiii) any Net WAC Carryover Amount for such Distribution Date and any Net WAC Carryover Amount remaining unpaid after giving effect to the distributions on such Distribution Date;
(xiv) the aggregate amount of Realized Losses incurred during the related Prepayment Due Period and the cumulative amount of Realized Losses;
(viiixv) the Class Certificate Principal Balance of each class Class of Certificates (other than the Class X Certificates) and the Class X Certificate Notional Balance of the Class A Certificates, each class of the Mezzanine X Certificates and the Class O Certificates, after giving effect to the any distributions made thereon on such Distribution Date;
(ixxvi) the Unpaid Interest Shortfall AmountDistributable Amount in respect of each Class of the Certificates, for such Distribution Date and the respective portions thereof, if any, with remaining unpaid following the distributions made in respect to each class of the Class A Certificates, each class of the Mezzanine such Certificates and the Class AIO Certificates for on such Distribution Date;
(xxvii) the aggregate amount of any Prepayment Interest Shortfalls and the Unpaid Interest Shortfall Amount for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.253.24 hereof;
(xixviii) the Credit Enhancement Percentage for such Distribution DateAvailable Funds;
(xiixix) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiii) the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Date;
(xiv) the Supplemental Interest Payment for each Class on such Distribution Date;
(xv) the difference between the Swap Notional Amount and the Underwritten of Certificates Principal Balance on such Distribution Date;
(xvi) the Required Overcollateralization Amount for such Distribution Date; and
(xviixx) the Excess Cashflow for aggregate Principal Balance of Mortgage Loans purchased by the Servicer or the Seller during the related Due Period, and indicating the Section of this Agreement requiring or allowing the purchase of each such Mortgage Loan. The Trustee will make the Distribution DateDate Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders and the other parties to this Agreement via the Trustee's internet website and will forward the Distribution Date Statement to each Rating Agency. The Trustee's internet website shall initially be located at "www.ctslink.com". Assistance in using the website or the fax-on-demxxx xxxxxxx xxx be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the above distributixx xxxxxx xxx entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and requesting same. The Trustee shall have the right to change the way Distribution Date Statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all the above parties regarding any such changes. The Trustee's obligations pursuant to this Section 4.04 are limited to the extent of its receipt of all necessary information from the Servicer. The Trustee may fully rely upon and shall have no liability with respect to information provided by the Servicer. In the case of information furnished pursuant to subclauses (i) and (ii) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Cut-off Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(b) Within a reasonable period of time after the end of each calendar year, the Trustee shall, upon written request, furnish to each Person who at any time during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) and through (iiiii) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee pursuant to any requirements of the Code as from time to time in force.
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty in respect of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc MRT Ln Ps Th CRT Sr 01 Frb1)
Statements. (a) On each Distribution Each month for so long as a Class of Auction Rate Certificates is Outstanding, not later than 12:00 noon New York time on the Auction Reporting Date, basedthe Servicer shall deliver to the Certificate Insurer and the Trustee, as applicable, on information provided to it by the Servicertelecopy, the Trustee receipt and legibility of which shall prepare be confirmed telephonically, with hard copy thereof to be delivered on the Business Day following the Determination Date, a certificate signed by a Servicing Officer stating the date (day, month and make available to each Holder year), the Series number of the Regular Certificates, the Swap Counterpartiesdate of this Agreement, and the amount to be distributed on the upcoming Remittance Date to each Class of Auction Rate Certificates as a payment of principal. Each month, not later than 12:00 noon New York time on the Determination Date, the Servicer shall deliver to the Certificate Insurer and to the Trustee, by telecopy, for distribution to the Certificateholders, the receipt and legibility of which shall be confirmed telephonically, with hard copy thereof and the Rating AgenciesServicer's Monthly Computer Tape in the form attached hereto as Exhibit R (both in hard copy and in computer tape form) to be delivered on the Business Day following the Determination Date, a statement as to certificate signed by a Servicing Officer (a "Servicer's Certificate") stating the distributions made on such Distribution Datedate (day, month and year), the Series number of the Certificates, the date of this Agreement, and the following:
(i) the amount of Pool Available Remittance Amounts for each Pool for the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Chargesrelated Remittance Date;
(ii) the amount of the distribution made on such Distribution Date to the Holders of Class Principal Balances for each Class of Regular Class A Certificates as reported in the prior Servicer's Certificate pursuant to subclause (other than xv) below, or, in the case of the first Determination Date, the Original Principal Balance for each Class P of Class A Certificates) allocable to interest, separately identified;
(iii) the Pool Balance of the Group I Mortgage Loans and the Group II Mortgage Loans at the Close of Business at the end of Principal Distribution Amounts for each Pool for the related Due PeriodRemittance Date, in the aggregate and listed separately for the portions relating to each Class of Class A Certificates;
(iv) the number, aggregate principal balance, and weighted average Mortgage Rate total amount of any Insured Payments included in the Mortgage Loans as of Pool Available Remittance Amount for each Pool for the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment PeriodRemittance Date;
(v) the number Subordinated Amount and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 daysSpecified Subordinated Amount for the related Remittance Date, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Propertieslisted separately for each Pool;
(vi) the aggregate amount number and Principal Balances of all Loans in each Pool which were the subject of Principal Prepayments made during the related Prepayment Due Period;
(vii) the amount of all Curtailments which were received during the Due Period, stated separately for each Pool;
(viii) the aggregate amount of all Excess Payments and the amounts of Monthly Payments in respect of principal received during the Due Period, stated separately for each Pool;
(ix) the amount of interest received on the Mortgage Loans, stated separately for each Pool;
(x) the amount of the Monthly Advances to be made on the Determination Date, the portion of the Monthly Advances to be deposited in the Certificate Accounts pursuant to Section 6.01(a)(ii), and the Compensating Interest payment to be made on the Determination Date, in each case stated separately for each Pool;
(xi) the delinquency and foreclosure information set forth in the form attached hereto as Exhibit O, stated separately for each Pool;
(xii) the amount of any Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(viii) the Certificate Principal Balance of each class of the Class A CertificatesDue Period, each class of the Mezzanine Certificates and the Class O Certificates, after giving effect to the distributions made on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Date;
(xii) the Available Funds Cap Carryforward Amount stated separately for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution DatePool;
(xiii) the respective REMIC Pass-Through Rates applicable Pool Remittance Amounts for each Pool for the Remittance Date, in the aggregate and by component and listed separately for the portions relating to each class Class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates in the related Pool and, with respect to the Auction Rate Certificates, the amount otherwise required to be distributed thereon with respect to principal and each class of retained in the Mezzanine Certificates Certificate Account for the immediately succeeding Distribution DatePool II pursuant to Section 6.08(f);
(xiv) the Supplemental Interest Payment for each Reimbursable Amounts and the Class on such Distribution X Remittance Amount payable pursuant to Section 6.08(d)(iii) and (v) with respect to the Remittance Date;
; (xv) the difference between the Swap Notional Amount and the Underwritten Certificates Class Principal Balance on such Distribution Date;
(xvi) the Required Overcollateralization Amount for such Distribution Date; and
(xvii) the Excess Cashflow for such Distribution Date. In the case of information furnished pursuant to subclauses (i) and (ii) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class of Class A Certificates and the Pool Principal Balance for each $1,000 original dollar amount as of the Closing Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(b) Within a reasonable period of time Pool after the end of each calendar year, the Trustee shall, upon written request, furnish to each Person who at any time during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied giving effect to the extent that substantially comparable information shall be prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee pursuant to any requirements of the Code as from time to time in force.
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant hereto.
(f) No later than noon made on the second Business Day prior to each Distribution Remittance Date and after allocation of Realized Losses made on such Remittance Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty in respect of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution Date.;
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Money Store Home Equity Corp)
Statements. (a) On each Distribution Each month, not later than 12:00 noon New York time on the Determination Date, based, as applicable, on information provided to it by the Servicer, the Trustee shall prepare and make available to each Holder of the Regular Certificates, the Swap Counterparties, the Servicer shall deliver to the Indenture Trustee, by telecopy, for distribution to the Noteholders, the receipt and legibility of which shall be confirmed telephonically, with hard copy thereof and the Rating AgenciesServicer's Monthly Computer Tape in the form attached hereto as Exhibit L (both in hard copy and in computer tape form) to be delivered on the Business Day following the Determination Date, a statement certificate signed by a Servicing Officer (a "Servicer's Certificate") stating the date (day, month and year), the Series number of the Notes, the date of this Agreement, and, as to of the distributions made close of business on the Record Date for such Distribution Datemonth:
(i) Available Funds for the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Chargesrelated Remittance Date;
(ii) The Aggregate Class A Note Principal Balance, the amount Aggregate Class M-1 Note Principal Balance, the Aggregate Class M-2 Note Principal Balance, and the Aggregate Class B Note Principal Balance as reported in the prior Servicer's Certificate pursuant to subclause (xi) below, or, in the case of the distribution made on such Distribution Date to first Determination Date, the Holders of each Original Class of Regular Certificates (other than the A, Class P Certificates) allocable to interestM-1, separately identifiedClass M-2, and Class B Note Principal Balance;
(iii) The number and Principal Balances of all Business Loans which were the Pool Balance subject of Principal Prepayments during the Group I Mortgage Loans Due Period and the Group II Mortgage number and Principal Balances of all Defaulted Business Loans at purchased by the Close of Business at Servicer during the end of the related Due Period;
(iv) the number, aggregate principal balance, and weighted average Mortgage Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance The amount of all Subsequent Mortgage Loans added Curtailments which were received during the preceding Prepayment Due Period;
(v) The amount of all Excess Payments and the number and aggregate unpaid amount of all Monthly Payments in respect of principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Propertiesreceived during the Due Period;
(vi) the The aggregate amount of Principal Prepayments made during the related Prepayment Periodinterest received on Business Loans;
(vii) the aggregate The amount of Realized Losses incurred during the related Prepayment Period Monthly Advances to be made on the Determination Date and the cumulative amount of Realized LossesCompensating Interest payment to be made on the Determination Date;
(viii) The delinquency and foreclosure information set forth in the Certificate form attached hereto as Exhibit K;
(ix) The Interest Distribution Amounts and Principal Distribution Amounts for each Class for the Remittance Date with the components thereof stated separately;
(x) The amount available in the Spread Account as of the related Record Date in cash and from liquidation of Permitted Instruments and the amount, if any, to be transferred from the Spread Account to the Note Distribution Account pursuant to Section 5.02(b)(i);
(xi) The Aggregate Class A Note Principal Balance, Aggregate Class M-1 Note Principal Balance, Aggregate Class M-2 Note Principal Balance of each class of the and Aggregate Class A Certificates, each class of the Mezzanine Certificates and the Class O Certificates, B Note Principal Balance after giving effect to the distributions distribution to be made on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Remittance Date;
(xii) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates The weighted average maturity and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Dateweighted average Business Loan Interest Rate;
(xiii) The Servicing Fees and amounts to be deposited to the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution DateExpense Account;
(xiv) The amount of all payments and reimbursements to the Supplemental Interest Payment for each Class on such Distribution DateServicer;
(xv) the difference between the Swap Notional Amount The Class A, Class M-1, Class M-2 and the Underwritten Certificates Principal Balance on Class B Remittance Rates with respect to such Distribution Remittance Date;
(xvi) During the Required Overcollateralization Amount Funding Period, the aggregate Principal Balance of the Subsequent Business Loans purchased during the prior Due Period and the amount on deposit in the Pre-Funding Account as of the end of such Due Period;
(xvii) The Net Interest Cap with respect to the Remittance Date;
(xviii) If the Class Remittance Rate for a Class of Notes for such Distribution Remittance Date is based on the Net Interest Cap, the amount of any Interest Carryover for such Class of Notes for such Remittance Date;
(xix) the amount of the distribution, if any, allocable to Interest Carryover and the amount of any Interest Carryover for all prior Remittance Dates after giving effect to such distribution (in each case, stated separately by Class and in the aggregate); and
(xviixx) Such other information as the Excess Cashflow for Indenture Trustee, the Noteholders and the Certificateholders or the Rating Agencies may reasonably require. The Indenture Trustee shall forward such report to the Noteholders, the Certificateholders, the Owner Trustee and the Rating Agencies on the Remittance Date, together with a separate report indicating the amount of funds deposited in each Note Distribution DateAccount pursuant to Section 5.01(a)(iv); and the amounts which are reimbursable to the Servicer or the Seller pursuant to Sections 5.03(c)(i), 5.03(c)(ii) and 5.07(b)(viii) (all reports prepared by -42- 49 the Indenture Trustee of such withdrawals and deposits will be based in whole or in part upon the information provided to the Indenture Trustee by the Servicer). To the extent that there are inconsistencies between the telecopy of the Servicer's Certificate and the hard copy thereof, the Indenture Trustee shall be entitled to rely upon the telecopy. In the case of information furnished pursuant to subclauses (iii), (iii), (iv), (v), (ix) and (ii) xi), above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each per $1,000 original dollar amount as of the Closing Cut-Off Date. The Additionally, on the Special Remittance Date the Indenture Trustee mayshall, in based upon information received from the absence Servicer, forward to the Noteholders, the Owner Trustee and the Rating Agencies a report setting forth the amount of manifest errorprincipal and interest, conclusively rely upon if any, being paid to each Class of Notes on the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03Special Remittance Date.
(ba) Within a reasonable period of time after the end of each calendar year, the Servicer shall furnish to the Indenture Trustee shall, upon written request, furnish and the Owner Trustee for distribution to each Person who at any time during the calendar year was a Noteholder or a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) vi), (ix), and (ii) xiv), above, aggregated for such calendar year or applicable portion thereof during which such Person was a Noteholder or a Certificateholder. Such obligation of the Trustee Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished provided by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee Servicer pursuant to any requirements of the Code as from time to time are in force.
(eb) On each Distribution DateUpon reasonable advance notice in writing, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible Servicer will provide to each CertificateholderNoteholder or Certificateholder which is a savings and loan association, bank or insurance company certain reports and access to information and documentation regarding the statement prepared pursuant Business Loans sufficient to paragraph (a) permit such Noteholder or Certificateholder to comply with applicable regulations of this Section 4.03. Assistance the Office of Thrift Supervision or other regulatory authorities with respect to investment in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement Notes or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the TrusteeCertificates, as required pursuant heretoapplicable.
(fc) No later than noon on the second Business Day prior The Servicer shall furnish to each Distribution DateNoteholder and Certificateholder, during the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Dateterm of this Agreement, the Trustee will immediately provide notice in the form of Exhibit J to the such periodic, special, or other reports or information, whether or not provided for herein, as shall be necessary, reasonable, or appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust Noteholder and Certificateholder or otherwise with respect to the related Swap Counterparty purposes of this Agreement, all such reports or information to be provided by and in respect accordance with such applicable instructions and directions as the Noteholder and Certificateholder may reasonably require; provided, that the Servicer shall be entitled to be reimbursed by such Noteholder or Certificateholder for the Servicer's actual expenses incurred in providing such reports if such reports are not producable in the ordinary course of notional amounts assigned the Servicer's business. The Rating Agencies shall receive copies of any such reports or reduced under this Section 4.03 (f). In no event shall information furnished to the Trustee allow a Notional Amount Test Event to occur on any Distribution DateNoteholders and Certificateholders.
Appears in 1 contract
Samples: Sale and Servicing Agreement (First International Bancorp Inc)
Statements. (a) On each Distribution Date, based, as applicable, on information provided to it by the Servicer, the Trustee shall prepare and make available to each Holder of the Regular Certificates, the Swap Counterparties, the Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date:
(i) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Charges;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates (other than the Class P Certificates) allocable to interest, separately identified;
(iii) the Pool Balance of the Group I Mortgage Loans and the Group II Mortgage Loans at the Close of Business at the end of the related Due Period;
(iv) the number, aggregate principal balance, and weighted average Mortgage Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment Period;
(v) the number and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Properties;
(vi) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(vii) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(viii) the Certificate Principal Balance of each class of the Class A Certificates, each class of the Mezzanine Certificates, each class of the Class B Certificates and the Class O Certificates, after giving effect to the distributions made on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the each class of Class AIO B Certificates for such Distribution Date;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Date;
(xii) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates, each class of the Mezzanine Certificates and each class of the Mezzanine Certificates, Class B Certificates if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiii) the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO B Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and each class of the Mezzanine Class B Certificates for the immediately succeeding Distribution Date;
(xiv) the Supplemental Interest Payment for each Class on such Distribution Date;
(xv) the difference between the Swap Notional Amount and the aggregate Certificate Principal Balance of the Underwritten Certificates Principal Balance on such Distribution Date;
(xvi) the Required Overcollateralization Amount for such Distribution Date; and
(xvii) the Excess Cashflow for such Distribution Date. In the case of information furnished pursuant to subclauses (i) and (ii) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(b) Within a reasonable period of time after the end of each calendar year, the Trustee shall, upon written request, furnish to each Person who at any time during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be 50 prepared and furnished to Certificateholders by the Trustee pursuant to any requirements of the Code as from time to time in force.
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty in respect of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Novastar Mortgage Funding Corp Home Eq Ln as Bk Ce Se 03 2)
Statements. (a) On each Distribution Date, based, as applicable, on the Mortgage Loan information provided to it by contained in the ServicerRemittance Report, the Trustee shall prepare and make available to each Holder of the Regular Certificates, the Swap Counterparties, the Servicer and the Rating Agenciespost on its website at xxx.xxxxxx.xxx/xxx, a statement as to the distributions made on such Distribution Date:
(i) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular CertificatesCertificates allocable to principal, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Charges;
(ii) the applicable Record Date, accrual date and Determination Date;
(iii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates (other than the Class P Certificates) allocable to interestinterest or Class CE-1 Distributable Amount, separately identified;
(iiiiv) the Overcollateralization Amount, the Overcollateralization Release Amount, the Overcollateralization Deficiency and the Targeted Overcollateralization Amount as of such Distribution Date and the Monthly Excess Interest Amount and Monthly Excess Cashflow Amount for such Distribution Date;
(v) the aggregate amount of servicing compensation received by the Servicer during the related Collection Period;
(vi) the aggregate amount of Advances for the related Collection Period; 104
(vii) the Pool Balance of the Group I Mortgage Loans and the Group II Mortgage Loans at the Close close of Business business at the end of the related Due Collection Period;
(ivviii) the number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Interest Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment PeriodDue Date;
(vix) the number and aggregate unpaid principal balance of Mortgage Loans that were (Aa) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 31 to 59 days60 days Delinquent, (2b) 60 61 to 89 90 days and Delinquent, (3c) 90 91 or more daysdays Delinquent, (Bd) as to which foreclosure proceedings have been commenced and (Ce) REO Propertiesin bankruptcy as of the close of business on the last day of the calendar month preceding such Distribution Date;
(vix) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number of such Mortgage Loan, the unpaid principal balance and the Principal Balance of such Mortgage Loan as of the date it became an REO Property;
(xi) the book value of any REO Property as of the close of business on the last Business Day of the calendar month preceding the Distribution Date, and, cumulatively, the total number and cumulative principal balance of all REO Properties as of the close of business of the last day of the preceding Collection Period;
(xii) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(viixiii) the aggregate amount of prepayment penalties collected (including amounts deposited in connection with the full or partial waiver of such prepayment penalties pursuant to Section 3.01) during the related Collection Period and the amounts thereof allocable to the Class P Certificates;
(xiv) the aggregate amount of Realized Losses incurred during the related Prepayment Collection Period and the cumulative amount of Realized Losses;
(viiixv) any material modifications, extensions or waivers to the terms, fees, penalties or payments of the related Mortgage Loans;
(xvi) the Certificate Principal Balance Balance, or Notional Amount, as applicable, of each class Class of the Class A Certificates, each class of the Mezzanine Certificates and the Class O Certificates, after giving effect to the distributions, and allocations of Realized Losses or Applied Realized Loss Amounts, as applicable, made on such Distribution Date, separately identifying any reduction thereof due to allocations of Realized Losses or Applied Realized Loss Amounts;
(xvii) the Accrued Certificate Interest in respect of each Class of the Class A, Class M and Class B Certificates for such Distribution Date, separately identifying the portions thereof attributable to Net WAC Carryover Amounts, and the respective portions thereof, if any, remaining unpaid following the distributions made in respect of such Certificates on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date;
(xxviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.253.23;
(xixix) the Credit Enhancement Percentage amount of any Net Swap Payments or Swap Termination Payments paid or received by the Supplemental Interest Trust pursuant to the Swap Agreement and the amount of any Defaulted Swap Termination Payments paid by the Supplemental Interest Trust; 105
(xx) the amount, if any, received pursuant to the Cap Agreement and the amount thereof, if any, to be paid to each Class of Certificates;
(xxi) the amount of the Trustee Fee paid;
(xxii) the Net WAC Carryover Amounts distributed on such Distribution Date;
(xxiii) any Overcollateralization Deficiency after giving effect to the distribution of principal on such Distribution Date;
(xxiv) whether a Trigger Event has occurred and is continuing, and the cumulative Realized Losses, as a percentage of the original Pool Balance;
(xxv) the Available Funds;
(xxvi) the rate at which interest accrues for each Class of Certificates for such Distribution Date;
(xiixxvii) the Available Funds Cap Carryforward Amount Liquidation Report for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiiixxviii) the respective REMIC Pass-Through Rates applicable to aggregate Principal Balance of Mortgage Loans purchased by the Servicer or Seller during the related Collection Period and indicating the Section of this Agreement requiring or allowing the purchase of each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution DateMortgage Loan;
(xivxxix) the Supplemental Interest Payment for each Class on such Distribution Dateaggregate Principal Balance of the Mortgage Loans repurchased by the Servicer (or an affiliate) during the related Collection Period in connection with Section 3.16;
(xvxxx) the difference between amount distributed to the Swap Notional Amount Class CE-1, Class CE-2, Class P, Class R and the Underwritten Certificates Principal Balance on such Distribution DateClass R-X Certificates;
(xvixxxi) the Required Overcollateralization Amount for such related Distribution Date; and
(xviixxxii) the Excess Cashflow for amount of cash received with respect to the related accrual period. Parties that are unable to use xxx.xxxxxx.xxx/xxx are entitled to have a paper copy mailed to them via first class mail by calling the Trustee at (800) 934-6802 and indicating such. The Trustee shall have the right to change the way such Distribution Datestatements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee may fully rely upon and shall have no liability with respect to information with respect to the Mortgage Loans provided by the Servicer. In the case of information furnished pursuant to subclauses (i), (iii) and (iiiv) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Cut-off Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(b) Within a reasonable period of time after the end of each calendar year, the Trustee shall, upon written request, shall furnish to each Person who at any time during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i), (iii), (xvii) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee pursuant to any requirements of the Code as from time to time in force.
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty in respect of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution Date.and
Appears in 1 contract
Samples: Pooling and Servicing Agreement (C-Bass Mortgage Loan Asset-Backed Certificates, Series 2006-Cb8)
Statements. (a) On each Distribution Date, based, as applicable, on information provided to it by the Master Servicer, the Trustee shall prepare and make available forward by mail to each Holder of the Regular Certificates, the Swap Counterparties, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date:
(i) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal A-1 Certificates and the amount of the distribution made to the Holders of the Class P A-2 Certificates allocable to Prepayment Chargesprincipal;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular A-1 Certificates (other than the and Class P Certificates) A-2 Certificates allocable to interest, separately identified;
(iii) the Pool Balance Senior Percentage and Subordinated Percentage with respect to each Certificate Group for the following Distribution Date;
(iv) the aggregate amount of servicing compensation received by the Master Servicer during the related Due Period and such other customary information as the Trustee deems necessary or desirable, or which a Certificateholder reasonably requests, to enable Certificateholders to prepare their tax returns;
(v) the aggregate amount of Advances with respect to each Loan Group for the related Due Period and the amount of unreimbursed Advances;
(vi) the Senior Prepayment Percentage and the Subordinated Prepayment Percentage with respect to each Certificate Group for the following Distribution Date;
(vii) the Special Hazard Loss Coverage Amount, the Fraud Loss Coverage Amount and the Bankruptcy Loss Coverage Amount, in each case with respect to each Loan Group as of the related Determination Date;
(viii) the Loan Group I Mortgage Loans and the Balance for each Loan Group II Mortgage Loans at the Close of Business at the end of the related Due Period;
(ivix) the number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Rate of the Mortgage Loans in each Loan Group as of the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment PeriodDue Date;
(vx) separately stated for each Loan Group, the number and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1a) 30 to 59 daysdays delinquent, (2b) 60 to 89 days and delinquent, (3c) 90 or more daysdays delinquent, (Bd) as to which foreclosure proceedings have been commenced and (Ce) REO Propertiesin bankruptcy as of the Close of Business on the last day of the calendar month preceding such Distribution Date;
(vixi) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number of such Mortgage Loan, the Principal Balance of such Mortgage Loan as of the date it became an REO Property;
(xii) the book value of any REO Property as of the Close of Business on the last Business Day of the calendar month preceding the Distribution Date, and, cumulatively, the total number and cumulative principal balance of all REO Properties in each Loan Group as of the Close of Business of the last day of the preceding Due Period;
(xiii) the aggregate amount of Principal Prepayments with respect to each Loan Group made during the related Prepayment Period;
(viixiv) the aggregate amount of Realized Losses incurred during the related Prepayment Due Period and the cumulative amount of Realized Losses, in each case by Loan Group;
(viiixv) the aggregate amount of extraordinary Trust Fund expenses by Loan Group withdrawn from the Collection Account for such Distribution Date;
(xvi) the Certificate Principal Balance of each class Class of the Class A Certificates, each class of the Mezzanine Certificates and the Class O Certificates, certificates after giving effect to the distributions made on such Distribution Date;
(ixxvii) the Unpaid Interest Shortfall AmountDistributable Amount in respect of each Class of the Certificates, for such Distribution Date and the respective portions thereof, if any, with remaining unpaid following the distributions made in respect to each class of the Class A Certificates, each class of the Mezzanine such Certificates and the Class AIO Certificates for on such Distribution Date;
(xxviii) the aggregate amount of any Prepayment Interest Shortfalls and the Unpaid Interest Shortfall Amount for such Distribution Date, to the extent not covered by payments by the Master Servicer pursuant to Section 3.253.26 in each case by Loan Group;
(xixix) if applicable, whether the Senior Step Down Conditions have been met with respect to each Certificate Group;
(xx) the Credit Enhancement Percentage Available Funds with respect to each Loan Group;
(xxi) the Pass-Through Rate for each Class of Certificates for such Distribution Date;
(xiixxii) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, Liquidation Report for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiii) the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Date;
(xiv) the Supplemental Interest Payment for each Class on such Distribution Date;
(xv) the difference between the Swap Notional Amount and the Underwritten Certificates Principal Balance on such Distribution Date;
(xvi) the Required Overcollateralization Amount for such Distribution Dateby Loan Group; and
(xviixxiii) the Excess Cashflow for aggregate Principal Balance of Mortgage Loans purchased by the Master Servicer or Sellers during the related Due Period with respect to each Loan Group, and indicating the Section of this Agreement requiring or allowing the purchase of each such Mortgage Loan; The Trustee shall forward such report concurrently with each distribution to the Certificateholders and the Rating Agencies on the related Distribution Date. The Trustee may also make such reports available each month to each party referred to in this paragraph via the Trustee's website. The Trustee's obligations pursuant to this Section 4.03 are limited to the extent of its receipt of all necessary information from the Master Servicer. The Trustee may fully rely upon and shall have no liability with respect to information provided by the Master Servicer. In the case of information furnished pursuant to subclauses (i) and (ii) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Cut-off Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(b) Within a reasonable period of time after the end of each calendar year, the Trustee shall, upon written request, furnish to each Person who at any time during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) and through (iiiii) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward to the Residual Class R Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Class R Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Class R Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee pursuant to any requirements of the Code as from time to time in force.
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty in respect of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc)
Statements. (a) On each Distribution Each month, not later than 12:00 noon New York time on the Determination Date, basedthe Servicer shall deliver to the Trustee, as applicableby telecopy, on information provided for distribution to it by the Certificateholders, the receipt and legibility of which shall be confirmed telephonically, with hard copy thereof and the Servicer's Monthly Computer Diskette in the form attached hereto as Exhibit L (both in hard copy and in computer diskette form) to be delivered on the Business Day following the Determination Date, a certificate signed by a Servicing Officer (a "Servicer's Certificate") stating the date (day, month and year), the Trustee shall prepare and make available to each Holder Series number of the Regular Certificates, the Swap Counterpartiesdate of this Agreement, and, as of the Servicer and close of business on the Rating Agencies, a statement as to the distributions made on Record Date for such Distribution Datemonth:
(i) Available Funds for the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Chargesrelated Remittance Date;
(ii) The Aggregate Class A Certificate Principal Balance, the amount Aggregate Class B Certificate Principal Balance and the Pool Principal Balance as reported in the prior Servicer's Certificate pursuant to subclause (xii) below, or, in the case of the distribution made on such Distribution Date to first Determination Date, the Holders of each Original Class of Regular Certificates (other than A and Class B Certificate Principal Balance and the Class P Certificates) allocable to interest, separately identifiedOriginal Pool Principal Balance;
(iii) The number and Principal Balances of all SBA Loans which were the Pool Balance subject of Principal Prepayments during the Group I Mortgage Loans Due Period and the Group II Mortgage number and Principal Balances of all Defaulted SBA Loans at purchased by the Close of Business at Servicer during the end of the related Due Period;
(iv) the number, aggregate principal balance, and weighted average Mortgage Rate The product of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of Unguaranteed Percentage multiplied by all Subsequent Mortgage Loans added Curtailments which were received during the preceding Prepayment Due Period;
(v) The product of the number Unguaranteed Percentage multiplied by all Excess Payments and aggregate unpaid the product of the Unguaranteed Percentage multiplied by all Monthly Payments in respect of principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Propertiesreceived during the Due Period;
(vi) the The aggregate amount of Principal Prepayments made during interest received on the related Prepayment PeriodUnguaranteed Interest of each SBA Loan;
(vii) the aggregate The amount of Realized Losses incurred during the related Prepayment Period Monthly Advances to be made on the Determination Date and the cumulative amount of Realized LossesCompensating Interest payment to be made on the Determination Date;
(viii) The delinquency and foreclosure information set forth in the Certificate form attached hereto as Exhibit K;
(ix) The product of the Unguaranteed Percentage multiplied by the amount of any losses realized on a Liquidated SBA Loan;
(x) The Class A and Class B Interest Distribution Amounts and Principal Distribution Amounts for the Remittance Date with the components thereof stated separately;
(xi) The amount stated in dollars and as a percentage of the current aggregate Principal Balance of each class of the Class A Certificates, each class and Class B Certificates of the Mezzanine Certificates funds available in the Spread Account as of the related Record Date in cash and from liquidation of Permitted Instruments and the amount, if any, to be transferred from the Spread Account to the Certificate Account pursuant to Section 6.02(b)(i);
(xii) The Aggregate Class O CertificatesA Certificate Principal Balance, Aggregate Class B Certificate Principal Balance and the Pool Principal Balance after giving effect to the distributions distribution to be made on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Date;
(xii) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Remittance Date;
(xiii) the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates The Spread Account Balance and the Class AIO Certificates for Specified Spread Account Requirement with respect to such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Remittance Date;
(xiv) the Supplemental The weighted average maturity and weighted average SBA Loan Interest Payment for each Class on such Distribution DateRate;
(xv) The Servicing Fees and the difference between the Swap Notional Annual Expense Escrow Amount and other amounts to be deposited to the Underwritten Certificates Principal Balance on such Distribution DateExpense Account;
(xvi) The amount of all payments and reimbursements to the Required Overcollateralization Amount for Servicer pursuant to Section 5.04 (b), (c), (d)(ii), (e) and (f);
(xvii) The Class A and Class B Remittance Rates with respect to such Distribution Remittance Date;
(xviii) During the Funding Period, the aggregate Principal Balance of the Subsequent SBA Loans purchased during the prior Due Period and the amount on deposit in the Pre-Funding Account as of the end of such Due Period; and
(xviixix) Such other information as the Excess Cashflow for Trustee, the Certificateholders or the Rating Agency may reasonably require; provided, however, that the Servicer shall have no obligation to distribute such Distribution information directly to any Certificateholder. The Trustee shall forward such report to the Certificateholders and the Rating Agency on the Remittance Date, together with a separate report indicating the amount of funds deposited in the Certificate Account pursuant to Section 6.01(a)(iv); and the amounts which are reimbursable to the Servicer or the Seller pursuant to Sections 6.03(c)(i), 6.03(c)(ii) and 6.07(b)(vii) (all reports prepared by the Trustee of such withdrawals and deposits will be based in whole or in part upon the information provided to the Trustee by the Servicer). To the extent that there are inconsistencies between the telecopy of the Servicer's Certificate and the hard copy thereof, the Trustee shall be entitled to rely upon the telecopy. In the case of information furnished pursuant to subclauses (iii), (iii), (iv), (v), (x) and (ii) xii), above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each per $1,000 original dollar amount as of the Closing Cut-Off Date. The Additionally, on the Special Remittance Date the Trustee mayshall, in based upon information received from the absence Servicer, forward to the Certificateholders and the Rating Agency a report setting forth the amount of manifest errorprincipal and interest, conclusively rely upon if any, being paid to each Class of Certificates on the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03Special Remittance Date.
(ba) Within a reasonable period of time after the end of each calendar year, the Servicer shall furnish to the Trustee shall, upon written request, furnish for distribution to each Person who at any time during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) vi), (x), and (ii) xiv), above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished provided by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee Servicer pursuant to any requirements of the Code as from time to time are in force.
(eb) On each Distribution DateUpon reasonable advance notice in writing, the Trustee Servicer will provide to each Certificateholder which is a savings and loan association, bank or insurance company certain reports and access to information and documentation regarding the SBA Loans sufficient to permit such Certificateholder to comply with applicable regulations of its regulatory authorities with respect to investment in the Certificates.
(c) The Servicer shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible furnish to each Certificateholder, during the statement prepared pursuant to paragraph (a) term of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way Agreement, such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall periodic, special, or other reports or information, whether or not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trusteefor herein, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Dateshall be necessary, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Datereasonable, the Trustee will immediately provide notice in the form of Exhibit J to the or appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust Certificateholder or otherwise with respect to the related Swap Counterparty purposes of this Agreement, all such reports or information to be provided by and in respect accordance with such applicable instructions and directions as the Certificateholder may reasonably require; provided, that the Servicer shall be entitled to be reimbursed by such Certificateholder for the Servicer's actual expenses incurred in providing such reports if such reports are not producible in the ordinary course of notional amounts assigned the Servicer's business. The Rating Agency shall receive copies of any such reports or reduced under this Section 4.03 (f). In no event shall information furnished to the Trustee allow a Notional Amount Test Event to occur on any Distribution DateCertificateholders.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First International Bancorp Inc)
Statements. (a) On each Distribution Each month, not later than 12:00 noon New York time on the Determination Date, based, as applicable, on information provided to it by the Servicer, the Trustee shall prepare and make available to each Holder of the Regular Certificates, the Swap Counterparties, the Servicer shall deliver to the Indenture Trustee, by telecopy, for distribution to the Noteholders, the receipt and legibility of which shall be confirmed telephonically, with hard copy thereof and the Rating AgenciesServicer's Monthly Computer Tape in the form attached hereto as Exhibit L (both in hard copy and in computer tape form) to be delivered on the Business Day following the Determination Date, a statement certificate signed by a Servicing Officer (a "Servicer's Certificate") stating the date (day, month and year), the Series number of the Notes, the date of this Agreement, and, as to of the distributions made close of business on the Record Date for such Distribution Datemonth:
(i) Available Funds for the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Chargesrelated Remittance Date;
(ii) The Aggregate Class A Note Principal Balance, the amount Aggregate Class M-1 Note Principal Balance, the Aggregate Class M-2 Note Principal Balance, and the Aggregate Class B Note Principal Balance as reported in the prior Servicer's Certificate pursuant to subclause (xi) below, or, in the case of the distribution made on such Distribution Date to first Determination Date, the Holders of each Original Class of Regular Certificates (other than the A, Class P Certificates) allocable to interestM-1, separately identifiedClass M-2, and Class B Note Principal Balance;
(iii) The number and Principal Balances of all Business Loans which were the Pool Balance subject of Principal Prepayments during the Group I Mortgage Loans Due Period and the Group II Mortgage number and Principal Balances of all Defaulted Business Loans at purchased by the Close of Business at Servicer during the end of the related Due Period;
(iv) the number, aggregate principal balance, and weighted average Mortgage Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance The amount of all Subsequent Mortgage Loans added Curtailments which were received during the preceding Prepayment Due Period;
(v) The amount of all Excess Payments and the number and aggregate unpaid amount of all Monthly Payments in respect of principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Propertiesreceived during the Due Period;
(vi) the The aggregate amount of Principal Prepayments made during the related Prepayment Periodinterest received on Business Loans;
(vii) the aggregate The amount of Realized Losses incurred during the related Prepayment Period Monthly Advances to be made on the Determination Date and the cumulative amount of Realized LossesCompensating Interest payment to be made on the Determination Date;
(viii) The delinquency and foreclosure information set forth in the Certificate form attached hereto as Exhibit K;
(ix) The Interest Distribution Amounts and Principal Distribution Amounts for each Class for the Remittance Date with the components thereof stated separately;
(x) The amount available in the Spread Account as of the related Record Date in cash and from liquidation of Permitted Instruments and the amount, if any, to be transferred from the Spread Account to the Note Distribution Account pursuant to Section 5.02(b)(i);
(xi) The Aggregate Class A Note Principal Balance, Aggregate Class M-1 Note Principal Balance, Aggregate Class M-2 Note Principal Balance of each class of the and Aggregate Class A Certificates, each class of the Mezzanine Certificates and the Class O Certificates, B Note Principal Balance after giving effect to the distributions distribution to be made on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Remittance Date;
(xii) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates The weighted average maturity and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Dateweighted average Business Loan Interest Rate;
(xiii) The Servicing Fees and amounts to be deposited to the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution DateExpense Account;
(xiv) The amount of all payments and reimbursements to the Supplemental Interest Payment for each Class on such Distribution DateServicer;
(xv) the difference between the Swap Notional Amount The Class A, Class M-1, Class M-2 and the Underwritten Certificates Principal Balance on Class B Remittance Rates with respect to such Distribution Remittance Date;
(xvi) During the Required Overcollateralization Amount Funding Period, the aggregate Principal Balance of the Subsequent Business Loans purchased during the prior Due Period and the amount on deposit in the Pre-Funding Account as of the end of such Due Period;
(xvii) The Net Interest Cap with respect to the Remittance Date;
(xviii) If the Class Remittance Rate for a Class of Notes for such Distribution Remittance Date is based on the Net Interest Cap, the amount of any Interest Carryover for such Class of Notes for such Remittance Date;
(xix) the amount of the distribution, if any, allocable to Interest Carryover and the amount of any Interest Carryover for all prior Remittance Dates after giving effect to such distribution (in each case, stated separately by Class and in the aggregate); and
(xviixx) Such other information as the Excess Cashflow for Indenture Trustee, the Noteholders and the Certificateholders or the Rating Agencies may reasonably require. The Indenture Trustee shall forward such report to the Noteholders, the Certificateholders, the Owner Trustee and the Rating Agencies on the Remittance Date, together with a separate report indicating the amount of funds deposited in each Note Distribution DateAccount pursuant to Section 5.01(a)(iv); and the amounts which are reimbursable to the Servicer or the Bank pursuant to Sections 5.03(c)(i), 5.03(c)(ii) and 5.07(b)(viii) (all reports prepared by the Indenture Trustee of such withdrawals and deposits will be based in whole or in part upon the information provided to the Indenture Trustee by the Servicer). To the extent that there are inconsistencies between the telecopy of the Servicer's Certificate and the hard copy thereof, the Indenture Trustee shall be entitled to rely upon the telecopy. In the case of information furnished pursuant to subclauses (iii), (iii), (iv), (v), (ix) and (ii) xi), above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each per $1,000 original dollar amount as of the Closing Cut-Off Date. The Additionally, on the Special Remittance Date the Indenture Trustee mayshall, in based upon information received from the absence Servicer, forward to the Noteholders, the Owner Trustee and the Rating Agencies a report setting forth the amount of manifest errorprincipal and interest, conclusively rely upon if any, being paid to each Class of Notes on the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03Special Remittance Date.
(ba) Within a reasonable period of time after the end of each calendar year, the Servicer shall furnish to the Indenture Trustee shall, upon written request, furnish and the Owner Trustee for distribution to each Person who at any time during the calendar year was a Noteholder or a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) vi), (ix), and (ii) xiv), above, aggregated for such calendar year or applicable portion thereof during which such Person was a Noteholder or a Certificateholder. Such obligation of the Trustee Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished provided by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee Servicer pursuant to any requirements of the Code as from time to time are in force.
(eb) On each Distribution DateUpon reasonable advance notice in writing, the Trustee Servicer will provide to each Noteholder or Certificateholder which is a savings and loan association, bank or insurance company certain reports and access to information and documentation regarding the Business
(c) The Servicer shall post on its website at xxx.xxxxxxxx.xxx\absmbsfurnish to each Noteholder and Certificateholder, which posting during the term of this Agreement, such periodic, special, or other reports or information, whether or not provided for herein, as shall be accessible to each Certificateholdernecessary, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement reasonable, or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust Noteholder and Certificateholder or otherwise with respect to the related Swap Counterparty purposes of this Agreement, all such reports or information to be provided by and in respect accordance with such applicable instructions and directions as the Noteholder and Certificateholder may reasonably require; provided, that the Servicer shall be entitled to be reimbursed by such Noteholder or Certificateholder for the Servicer's actual expenses incurred in providing such reports if such reports are not producable in the ordinary course of notional amounts assigned the Servicer's business. The Rating Agencies shall receive copies of any such reports or reduced under this Section 4.03 (f). In no event shall information furnished to the Trustee allow a Notional Amount Test Event to occur on any Distribution DateNoteholders and Certificateholders.
Appears in 1 contract
Samples: Sale and Servicing Agreement (First International Bancorp Inc)
Statements. (a) On each Distribution Each month, not later than 12:00 noon New York time on the Determination Date, basedthe Servicer shall deliver to the Trustee, as applicableby telecopy, on information provided for distribution to it by the Certificateholders, the receipt and legibility of which shall be confirmed telephonically, with hard copy thereof and the Servicer's Monthly Computer Tape in the form attached hereto as Exhibit L (both in hard copy and in computer tape form) to be delivered on the Business Day following the Determination Date, a certificate signed by a Servicing Officer (a "Servicer's Certificate") stating the date (day, month and year), the Trustee shall prepare and make available to each Holder Series number of the Regular Certificates, the Swap Counterpartiesdate of this Agreement, and, as of the Servicer and close of business on the Rating Agencies, a statement as to the distributions made on Record Date for such Distribution Datemonth:
(i) Available Funds for the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Chargesrelated Remittance Date;
(ii) The Aggregate Class A Certificate Principal Balance, the amount Aggregate Class B Certificate Principal Balance and the Pool Principal Balance as reported in the prior Servicer's Certificate pursuant to subclause (xii) below, or, in the case of the distribution made on such Distribution Date to first Determination Date, the Holders of each Original Class of Regular Certificates (other than A and Class B Certificate Principal Balance and the Class P Certificates) allocable to interest, separately identifiedOriginal Pool Principal Balance;
(iii) The number and Principal Balances of all Business Loans which were the Pool Balance subject of Principal Prepayments during the Group I Mortgage Loans Due Period and the Group II Mortgage number and Principal Balances of all Defaulted Business Loans at purchased by the Close of Business at Servicer during the end of the related Due Period;
(iv) the number, aggregate principal balance, and weighted average Mortgage Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance The amount of all Subsequent Mortgage Loans added Curtailments which were received during the preceding Prepayment Due Period;
(v) The amount of all Excess Payments and the number and aggregate unpaid amount of all Monthly Payments in respect of principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Propertiesreceived during the Due Period;
(vi) the The aggregate amount of Principal Prepayments made during the related Prepayment Periodinterest received on each Business Loan;
(vii) the aggregate The amount of Realized Losses incurred during the related Prepayment Period Monthly Advances to be made on the Determination Date and the cumulative amount of Realized LossesCompensating Interest payment to be made on the Determination Date;
(viii) The delinquency and foreclosure information set forth in the form attached hereto as Exhibit K;
(ix) The Class A and Class B Interest Distribution Amounts and Principal Distribution Amounts for the Remittance Date with the components thereof stated separately;
(x) The amount available in the Spread Account as of the related Record Date in cash and from liquidation of Permitted Instruments and the amount, if any, to be transferred from the Spread Account to the Certificate Account pursuant to Section 6.02(b)(i);
(xi) The Aggregate Class A Certificate Principal Balance, Aggregate Class B Certificate Principal Balance of each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class O Certificates, Pool Principal Balance after giving effect to the distributions distribution to be made on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Remittance Date;
(xii) the Available Funds Cap Carryforward Amount The Extra Interest received with respect to such Remittance Date and, for each class of Remittance Date, the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date Spread Balance and the amount remaining unpaid after reimbursements therefor on Specified Spread Account Requirement with respect to such Distribution Remittance Date;
(xiii) the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates The weighted average maturity and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Dateweighted average Business Loan Interest Rate;
(xiv) The Servicing Fees and amounts to be deposited to the Supplemental Interest Payment for each Class on such Distribution DateExpense Account;
(xv) The amount of all payments and reimbursements to the difference between the Swap Notional Amount Servicer pursuant to Section 5.04 (b), (c), (d)(ii), (e) and the Underwritten Certificates Principal Balance on such Distribution Date(f);
(xvi) The Class A and Class B Remittance Rates with respect to such Remittance Date;
(xvii) During the Required Overcollateralization Amount for Funding Period, the aggregate Principal Balance of the Subsequent Mortgage Loans purchased during the prior Due Period and the amount on deposit in the Pre-Funding Account as of the end of such Distribution DateDue Period; and
(xviixviii) Such other information as the Excess Cashflow for Certificateholders or the Rating Agencies may reasonably require. The Trustee shall forward such Distribution report to the Certificateholders and the Rating Agencies on the Remittance Date, together with a separate report indicating the amount of funds deposited in the Certificate Account pursuant to Section 6.01(a)(iii); and the amounts which are reimbursable to the Servicer or the Seller pursuant to Sections 6.03(c)(i), 6.03(c)(ii) and 6.07(b)(vi) (all reports prepared by the Trustee of such withdrawals and deposits will be based in whole or in part upon the information provided to the Trustee by the Servicer). To the extent that there are inconsistencies between the telecopy of the Servicer's Certificate and the hard copy thereof, the Trustee shall be entitled to rely upon the telecopy. In the case of information furnished pursuant to subclauses (iii), (iii), (iv), (v), (ix) and (ii) xi), above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each per $1,000 original dollar amount as of the Closing Cut- Off Date. The Additionally, on the Special Remittance Date the Trustee mayshall, in based upon information received from the absence Servicer, forward to the Certificateholders and the Rating Agencies a report setting forth the amount of manifest errorprincipal and interest, conclusively rely upon if any, being paid to each Class of Certificates on the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03Special Remittance Date.
(ba) Within a reasonable period of time after the end of each calendar year, the Servicer shall furnish to the Trustee shall, upon written request, furnish for distribution to each Person who at any time during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) vi), (ix), and (ii) xiv), above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished provided by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee Servicer pursuant to any requirements of the Code as from time to time are in force.
(eb) On each Distribution DateUpon reasonable advance notice in writing, the Trustee Servicer will provide to each Certificateholder which is a savings and loan association, bank or insurance company certain reports and access to information and documentation regarding the Business Loans sufficient to permit such Certificateholder to comply with applicable regulations of the Office of Thrift Supervision or other regulatory authorities with respect to investment in the Certificates.
(c) The Servicer shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible furnish to each Certificateholder, during the statement prepared pursuant to paragraph (a) term of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way Agreement, such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall periodic, special, or other reports or information, whether or not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trusteefor herein, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Dateshall be necessary, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Datereasonable, the Trustee will immediately provide notice in the form of Exhibit J to the or appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust Certificateholder or otherwise with respect to the related Swap Counterparty purposes of this Agreement, all such reports or information to be provided by and in respect accordance with such applicable instructions and directions as the Certificateholder may reasonably require; provided, that the Servicer shall be entitled to be reimbursed by such Certificateholder for the Servicer's actual expenses incurred in providing such reports if such reports are not producible in the ordinary course of notional amounts assigned the Servicer's business. The Rating Agencies shall receive copies of any such reports or reduced under this Section 4.03 (f). In no event shall information furnished to the Trustee allow a Notional Amount Test Event to occur on any Distribution DateCertificateholders.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Money Store Commercial Mortgage Inc)
Statements. (a) On each Distribution Each month, not later than 12:00 noon New York time on the Determination Date, basedthe Trust Administrator shall deliver to the Note Insurer and to the Indenture Trustee, as applicableby telecopy, on information provided for distribution to it by the ServicerNoteholders, and the Owner Trustee for distribution to the Certificateholders, the Trustee receipt and legibility of which shall prepare and make available be confirmed telephonically, with hard copy thereof to each Holder be delivered on the Business Day following the Determination Date, a certificate signed by an officer of the Regular CertificatesTrust Administrator (a "Trust Administrator's Certificate") stating the date (day, month and year), the Swap CounterpartiesSeries number of the Notes, the Servicer date of this Agreement, and the Rating Agencies, a statement as to the distributions made on such Distribution Datefollowing:
(i) the amount of Pool Available Remittance Amounts for each Pool for the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Chargesrelated Remittance Date;
(ii) the amount of the distribution made on such Distribution Date to the Holders of Class Principal Balances for each Class of Regular Certificates Pool I and Pool II Notes as reported in the prior Trust Administrator's Certificate pursuant to subclause (other than xv) below, or, in the case of the first Determination Date, the Original Principal Balance for each Class P Certificates) allocable to interest, separately identifiedof Pool I and Pool II Notes;
(iii) the Pool Balance of the Group I Mortgage Loans and the Group II Mortgage Loans at the Close of Business at the end of Principal Distribution Amounts for each Pool for the related Due PeriodRemittance Date, in the aggregate and listed separately for the portions relating to each Class of Pool I and Pool II Notes;
(iv) the number, amount of any Insured Payments in the aggregate principal balance, and weighted average Mortgage Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment Periodlisted separately by Pool;
(v) the number and aggregate unpaid principal balance Current Interest Requirements for each Class of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO PropertiesNotes for the related Remittance Date;
(vi) the aggregate amount number and Principal Balances of all Mortgage Loans in each Pool which were the subject of Principal Prepayments made during the related Prepayment Due Period;
(vii) the amount of all Curtailments which were received during the Due Period, stated separately for each Pool;
(viii) the aggregate amount of all Excess Payments and the amounts of Monthly Payments in respect of principal received during the Due Period, stated separately for each Pool;
(ix) the amount of interest received on the Mortgage Loans, stated separately for each Pool;
(x) the amount of the Monthly Advances to be made on the Determination Date, the portion of the Monthly Advances to be deposited in the Note Distribution Accounts pursuant to Section 7.01(a)(ii), and the Compensating Interest payment to be made on the Determination Date, in each case stated separately for each Pool;
(xi) the delinquency and foreclosure information set forth in the form attached hereto as Exhibit L, stated separately for each Pool;
(xii) the amount of any Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(viii) the Certificate Principal Balance of each class of the Class A CertificatesDue Period, each class of the Mezzanine Certificates and the Class O Certificates, after giving effect to the distributions made on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Date;
(xii) the Available Funds Cap Carryforward Amount stated separately for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution DatePool;
(xiii) the respective REMIC Pass-Through Rates applicable Pool Remittance Amounts for Pool I and Pool II and in the aggregate and by component and listed separately for the portions relating to each class Class of Notes in the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Daterelated Pool;
(xiv) the Supplemental Interest Payment for each Class on such Distribution Reimbursable Amounts and the Certificate Remittance Amount with respect to the Remittance Date;
(xv) the difference between the Swap Notional Amount Class Principal Balance for each Class of Notes and the Underwritten Certificates Pool Principal Balance for each Pool after giving effect to the distribution to be made on the Remittance Date and after allocation of Realized Losses made on such Distribution Remittance Date;
(xvi) the Required Overcollateralization Amount Excess Spread (in the aggregate and stated separately for such Distribution Date; andeach Pool);
(xvii) the Excess Cashflow Cumulative Realized Losses, stated separately for each Pool, with respect to the Remittance Date;
(xviii) the weighted average maturity and weighted average Loan Interest Rate, stated separately for each Pool;
(xix) the Servicing Fees, the Contingency Fees, and amounts to be deposited to the Expense Accounts and the Insurance Accounts, in each case, as applicable, stated separately for each Pool;
(xx) the amount of all payments and reimbursements to the Servicer pursuant to Section 4.04(b), (c), (d)(ii), (e) and (f), stated separately with respect to each Pool;
(xxi) the Class Pool Factor for each Class determined using the balances in subclause (xv) above;
(xxii) the weighted average Loan Interest Rate and Adjusted Loan Interest Rate of the Mortgage Loans for each Pool and the weighted average Class Adjusted Loan Remittance Rates for each Pool, in each case for the related Remittance Date, and the weighted average Loan Interest Rate for the prior three month period;
(xxiii) the Class Remittance Rate for each Class of Notes with respect to the Remittance Date and if the Class Remittance Rate for any Class of Notes was based on the applicable Net Funds Cap, what it would have been if based on LIBOR plus the applicable Margin or the Auction Rate, as the case may be;
(xxiv) the rate of LIBOR and the Auction Rate with respect to the Remittance Date;
(xxv) if the Remittance Rate for any Class of Notes for such Remittance Date is based on the applicable Net Funds Cap, the Net Funds Cap for such Class of Notes with respect to the Remittance Date;
(xxvi) if the Remittance Rate for any Class of Notes for such Remittance Date is based on the applicable Net Funds Cap, the amount of any Noteholders' Interest Carryover for such Class for such Remittance Date;
(xxvii) the amount of the distribution, if any, allocable to Noteholders' Interest Carryover and the amount of any Noteholders' Interest Carryover for all prior Remittance Dates after giving effect to such distribution (in each case, stated separately by Class and in the aggregate);
(xxviii) the Supplemental Interest Amount, Supplemental Interest Payments and Supplemental Interest Excess, if any, for such Remittance Date;
(xxix) the number and Principal Balance of all Defaulted Loans purchased during the Due Period, stated separately for each Pool;
(xxx) the Spread Balance, the Specified Spread Account Requirement for such Remittance Date and the portion of the amounts on deposit on the Spread Account that constitute investment earnings; and
(xxxi) such other information as the Note Insurer and the Indenture Trustee may reasonably require. The Indenture Trustee shall forward such report to the Noteholders of the applicable Pool, the Note Insurer and the Owner Trustee on the Remittance Date, together, if requested by a Noteholder, with a separate report indicating the amount of funds deposited in each Note Distribution DateAccount pursuant to Section 7.01(a)(iv); and the amounts which are reimbursable to the Servicer or the Representative, as appropriate, pursuant to Sections 7.03(c)(i), 7.03(c)(ii), 7.04(b)(iv) and 7.08(d)(iii) (all reports prepared by the Indenture Trustee of such withdrawals and deposits will be based in whole or in part upon the information provided to the Indenture Trustee by the Servicer or the Trust Administrator). To the extent that there are inconsistencies between the telecopy of the Trust Administrator's Certificate and the hard copy thereof, the Indenture Trustee shall be entitled to rely upon the telecopy. In the discretion of the Trust Administrator, in the case of certain information furnished pursuant to subclauses (i) and (ii) abovethe above provisions, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each per $1,000 25,000 original dollar amount as of the Closing Cut-Off Date. The Trustee mayEach month, in not later than the absence of manifest error, conclusively rely upon third Business Day prior to the Determination Date Report occurring in such month, the Servicer shall deliver to the Trust Administrator the Servicer's Monthly Computer Tape in the form attached hereto as Exhibit R (both in hard copy and in computer tape form). The Trust Administrator may rely fully upon and shall have no liability with respect to any such information provided to it by the Servicer. The Trust Administrator shall not be obligated to verify, recompute, reconcile or confirm any information contained in the Servicer's Monthly Computer Tape or otherwise provided by the Servicer. In making any payments or distributions required to be made by them pursuant to any of the provisions hereof, the Indenture Trustee shall make such payments and distributions based solely upon the information contained in the applicable Trust Administrator's Certificate or, if such information is not included in the applicable Trust Administrator's Certificate, upon written instructions of the Servicer or the Trust Administrator. The Indenture Trustee may rely fully upon and shall have no liability with respect to any such information provided to it by the Servicer or the Trust Administrator. The Indenture Trustee shall not be obligated to verify, recompute, reconcile or confirm any information contained in its preparation of any Trust Administrator's Certificate or otherwise provided by the statement to Certificateholders pursuant to this Section 4.03Trust Administrator or the Servicer.
(ba) Within a reasonable period of time after the end of each calendar year, the Trust Administrator shall furnish to the Indenture Trustee shall, upon written request, furnish for distribution to each Person who at any time during the calendar year was a Certificateholder Noteholder of a Regular Certificate, if requested in writing by the applicable Pool the amount of interest and principal distributed with respect to each Class of Notes plus such Person, such other customary information as is reasonably the Trust Administrator determines to be necessary and/or required by the Internal Revenue Service to provide enable the Noteholders to such Person a statement containing the information set forth in subclauses (i) and (ii) above, aggregated prepare their tax returns for such calendar year or applicable portion thereof during which such Person was a Certificateholderyear. Such obligation of the Trustee Trust Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished provided by the Trustee to Certificateholders Trust Administrator pursuant to any requirements of the Code as are in force from time to timetime are in force.
(cb) On each Distribution Remittance Date, the Indenture Trustee shall forward to the Residual Certificateholders Owner Trustee, for distribution to the Certificateholders, a copy of the reports report forwarded to the Regular Certificateholders Noteholders of each Pool in respect of such Distribution Remittance Date, as the case may be, and a statement, prepared by the Servicer or the Trust Administrator, setting forth the amounts actually distributed to the Certificateholders on such Remittance Date together with such other information as the Trustee Servicer or Trust Administrator provides and deems necessary or appropriate.
(dc) Within a reasonable period of time after the end of each calendar year, the Trust Administrator shall furnish to the Indenture Trustee, with a copy to the Owner Trustee shall deliver for distribution to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, Certificateholder such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder, as applicable. Such obligation of the Trustee Trust Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders provided by the Trustee Trust Administrator pursuant to any requirements of the Code as from time to time in force.
(ed) On each Distribution DateUpon reasonable advance notice in writing, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible Servicer will provide to each CertificateholderNoteholder which is a savings and loan association, bank or insurance company certain reports and access to information and documentation regarding the statement prepared pursuant Mortgage Loans sufficient to paragraph (a) permit such Noteholder to comply with applicable regulations of this Section 4.03. Assistance the Office of Thrift Supervision or other regulatory authorities with respect to investment in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant heretoNotes.
(fe) No later than noon on the second Business Day prior The Servicer shall furnish to each Distribution DateNoteholder and the Note Insurer, during the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Dateterm of this Agreement, the Trustee will immediately provide notice in the form of Exhibit J to the such periodic, special, or other reports or information, whether or not provided for herein, as shall be necessary, reasonable, or appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermorethe Noteholder or the Note Insurer, no distributions will be made from the Supplemental Interest Trust or otherwise with respect to the related Swap Counterparty purposes of this Agreement, all such reports or information to be provided by and in respect accordance with such applicable instructions and directions as the Noteholder or the Note Insurer may reasonably require; provided, that the Servicer shall be entitled to be reimbursed by such Noteholder or the Note Insurer for the Servicer's actual expenses incurred in providing such reports if such reports are not producible in the ordinary course of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution DateServicer's business.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Money Store Home Equity Corp)
Statements. (a) On each Distribution Each month, not later than 12:00 noon New York time on the Determination Date, basedthe Servicer shall deliver to the Trustee, as applicableby telecopy, on information provided for distribution to it by the Certificateholders, the receipt and legibility of which shall be confirmed telephonically, with hard copy thereof and the Servicer's Monthly Computer Tape in the form attached hereto as Exhibit R (both in hard copy and in computer tape form) to be delivered on the Business Day following the Determination Date, a certificate signed by a Servicing Officer (a "Servicer's Certificate") stating the date (day, month and year), the Trustee shall prepare and make available to each Holder Series number of the Regular Certificates, the Swap Counterpartiesdate of this Agreement, the Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Datefollowing:
(i) the amount of Available Remittance Amounts for the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Chargesrelated Remittance Date;
(ii) the amount of the distribution made on such Distribution Date to the Holders of Class Principal Balances for each Class of Regular Class A, Class M and Class B Certificates as reported in the prior Servicer's Certificate pursuant to subclause (other than xv) below, or, in the case of the first Determination Date, the Original Principal Balance for each Class P of Class A, Class M and Class B Certificates) allocable to interest, separately identified;
(iii) the Pool Balance Principal Distribution Amounts for the related Remittance Date, in the aggregate and listed separately for the portions relating to each Class of Class A, Class M and Class B Certificates;
(iv) the Interest Shortfall Carryforward Amounts and Realized Loss Amounts for the related Remittance Date (by Class and in the aggregate);
(v) the Available Maximum Subordination Amount for the related Remittance Date;
(vi) the number and Principal Balances of all Home Improvement Loans which were the subject of Principal Prepayments during the Due Period;
(vii) the amount of all Curtailments which were received during the Due Period;
(viii) the aggregate amount of all Excess Payments and the amounts of Monthly Payments in respect of principal received during the Due Period;
(ix) the amount of interest received on the Home Improvement Loans;
(x) the amount of the Group I Mortgage Loans Monthly Advances to be made on the Determination Date, the portion of the Monthly Advances to be deposited in the Certificate Account pursuant to Section 6.01(a)(ii), and the Group II Mortgage Loans at Compensating Interest payment to be made on the Close Determination Date;
(xi) the delinquency and foreclosure information set forth in the form attached hereto as Exhibit O;
(xii) the amount of Business at the end of any Realized Losses incurred during the related Due Period;
(iv) the number, aggregate principal balance, and weighted average Mortgage Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment Period;
(v) the number and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Properties;
(vi) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(vii) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(viii) the Certificate Principal Balance of each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class O Certificates, after giving effect to the distributions made on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Date;
(xiixiii) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiii) the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates Remittance Amounts for the immediately succeeding Distribution Remittance Date, in the aggregate and by component;
(xiv) the Supplemental Interest Payment for each Reimbursable Amounts and the Class on such Distribution X Remittance Amount payable pursuant to Section 6.08(d)(xiv) and (xvii) with respect to the Remittance Date;
(xv) the difference between the Swap Notional Amount Class Principal Balance for each Class of Class A, Class M and Class B Certificates and the Underwritten Certificates Pool Principal Balance after giving effect to the distribution to be made on the Remittance Date and after allocation of the Applied Realized Loss Amount made on such Distribution Remittance Date;
(xvi) the Required Overcollateralization Amount for such Distribution Date; andcalculation of the Trigger Event, including the various components thereof;
(xvii) the Excess Cashflow Cumulative Realized Losses, with respect to the Remittance Date;
(xviii) the amount, if any, by which the applicable Formula Distribution Amount exceeds the applicable Class Distribution Amount for such Remittance Date;
(xix) the Servicing Fees, the Contingency Fees and amounts to be deposited to the Expense Account and the FHA Premium Account;
(xx) the amount of all payments and reimbursements to the Servicer pursuant to Section 5.04(b), (c), (d)(ii), (e) and (f);
(xxi) the Class Factor for each Class determined using the balances in subclause (xv) above;
(xxii) the weighted average Home Improvement Loan Interest Rate and Adjusted Home Improvement Loan Interest Rate and the weighted average Class Adjusted Loan Remittance Rates, in each case for the related Remittance Date, and the weighted average Home Improvement Loan Interest Rate for the prior three month period;
(xxiii) the Senior Percentage and the Class B Percentage for the current Remittance Date;
(xxiv) the Spread Amount and the Specified Subordinated Amount for such Remittance Date;
(xxv) the amount of any Applied Realized Loss Amount, Realized Loss Amount and Unpaid Realized Loss Amount for each Class as of the close of such Remittance Date;
(xxvi) the Accelerated Principal Distribution Amount for such Remittance Date;
(xxvii) Reserved;
(xxviii) the amount to be deposited into the FHA Premium Account on the related Remittance Date and the amount reimbursable to the Servicer from the FHA Premium Account pursuant to Section 6.06(b)(i);
(xxix) the amount of FHA Payments and Related Payments received during the related Due Period;
(xxx) the Reserve Amount for the related Remittance Date;
(xxxi) claims filed during the Due Period;
(xxxii) claims paid during the Due Period;
(xxxiii) claims denied by the FHA during the Due Period;
(xxxiv) claims pending payment by the FHA during the Due Period; and
(xxxv) Such other information as the Certificateholders may reasonably require. The Trustee shall forward such report to the Certificateholders on the Remittance Date, together with a separate report indicating the amount of funds deposited in the Certificate Account pursuant to Section 6.01(a)(iv); and the amounts which are reimbursable to the Servicer or the Representative, as appropriate, pursuant to Sections 6.03(c)(i), 6.03(c)(ii) and 6.08(d)(iii) (all reports prepared by the Trustee of such withdrawals and deposits will be based in whole or in part upon the information provided to the Trustee by the Servicer or the Claims Administrator). To the extent that there are inconsistencies between the telecopy of the Servicer's Certificate and the hard copy thereof, the Trustee shall be entitled to rely upon the telecopy. In the case of information furnished pursuant to subclauses (iii), (viii) and (iixiii) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each per $1,000 original dollar amount as of the Closing Cut-Off Date. The Additionally, on the Special Remittance Date the Trustee mayshall, in based upon information received from the absence Servicer, forward to the Certificateholders and the Rating Agencies, a report setting forth the amount of manifest errorprincipal and interest, conclusively rely upon if any, being paid to each Class of Class A, Class M and Class B Certificates on the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03Special Remittance Date.
(ba) Within a reasonable period of time after the end of each calendar year, the Servicer shall furnish to the Trustee shall, upon written request, furnish for distribution to each Person who at any time during the calendar year was a Class A, Class M and Class B Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (iix), (xiii), (xix) and (ii) xxxv), above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished provided by the Trustee to Certificateholders Servicer pursuant to any requirements of the Code as are in force from time to timetime are in force.
(cb) On each Distribution Remittance Date and the Special Remittance Date, the Trustee shall forward to the Residual Class X and Class R Certificateholders a copy of the reports report forwarded to the Regular Certificateholders of each Pool in respect of such Distribution Remittance Date or the Special Remittance Date, as the case may be, and a statement setting forth the amounts actually distributed to the Class X and Class R Certificateholders, on such Remittance Date together with such other information as the Trustee Servicer provides and deems necessary or appropriate.
(dc) Within a reasonable period of time after the end of each calendar year, the Servicer shall furnish to the Trustee shall deliver for distribution to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, Class X or Class R Certificateholder such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Class X or R Certificateholder, as applicable. Such obligation of the Trustee Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders provided by the Trustee Servicer pursuant to any requirements of the Code as from time to time in force.
(d) Upon reasonable advance notice in writing, the Servicer will provide to each Class A, Class M and Class B Certificateholder which is a savings and loan association, bank or insurance company certain reports and access to information and documentation regarding the Home Improvement Loans sufficient to permit such Class A, Class M and Class B Certificateholder to comply with applicable regulations of the Office of Thrift Supervision or other regulatory authorities with respect to investment in the Class A, Class M and Class B Certificates.
(e) On each Distribution Date, the Trustee The Servicer shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible furnish to each Certificateholder, during the statement prepared pursuant to paragraph (a) term of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way Agreement, such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall periodic, special, or other reports or information, whether or not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trusteefor herein, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Dateshall be necessary, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Datereasonable, the Trustee will immediately provide notice in the form of Exhibit J to the or appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermorethe Certificateholder, no distributions will be made from the Supplemental Interest Trust or otherwise with respect to the related Swap Counterparty purposes of this Agreement, all such reports or information to be provided by and in respect accordance with such applicable instructions and directions as the Certificateholder may reasonably require; provided, that the Servicer shall be entitled to be reimbursed by such Certificateholder for the Servicer's actual expenses incurred in providing such reports if such reports are not producible in the ordinary course of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution DateServicer's business.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Money Store Home Equity Corp)
Statements. (a) On No later than the second Business Day preceding each Distribution Date, based, as applicable, on information provided to it by the Servicer, the Trustee Master Servicer shall prepare and make available to each Holder of the Regular Certificates, the Swap Counterparties, the Servicer Securities Administrator and the Rating Agencies, Trustee a statement as to such distribution (the distributions made “Distribution Date Statement”), based substantially on such information provided by the Servicers in the related Remittance Reports, and on each Distribution Date, the Securities Administrator will make such statement available at its website located at xxx.xxxxxxxx.xxx/xxx to the Trustee, the Depositor and each Certificateholder, setting forth:
(i) the aggregate amount of on deposit in the distribution made Certificate Account on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment ChargesDate;
(ii) the amount Accrued Certificate Interest, Unpaid Interest Amount, if any, the Basis Risk Carry Forward Amount, if any, and the Principal Distribution Amount, with respect to each Class individually, all Classes of the distribution made on such Distribution Date to Class A Certificates in the Holders aggregate, all Classes of each Class M Certificates in the aggregate and all Classes of Regular Class B Certificates (other than in the Class P Certificates) allocable to interest, separately identifiedaggregate;
(iii) the Pool Pass-Through Rate for each Class of Certificates applicable to the related Accrual Period and LIBOR applicable to the Certificates with respect to such Distribution Date;
(iv) [Reserved];
(v) the Certificate Balance of each Class of Offered Certificates, the Group I Mortgage Loans aggregate amount of the interest and principal of each Class of Offered Certificates to be paid on such Distribution Date and the Group II Mortgage Loans at remaining Certificate Balance of each Class of Offered Certificates following any such payment;
(vi) the Close amount, if any, of Business at any Realized Losses for the end related Due Period in the aggregate, the amount of Applied Realized Loss Amounts to each Class of Offered Certificates on such Distribution Date and the amount of Cumulative Realized Losses as of the last day of the related Due Period;
(iv) the number, aggregate principal balance, and weighted average Mortgage Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment Period;
(v) the number and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Properties;
(vi) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(vii) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses[Reserved];
(viii) the Certificate Principal Balance of each class amount of the distribution with respect to each Class A Certificates, each class of Offered Certificates (based on a Certificate in the Mezzanine Certificates and the Class O Certificates, after giving effect to the distributions made on such Distribution Dateoriginal principal amount of $1,000);
(ix) the Unpaid Interest Shortfall Amount, if any, with respect amount of such distribution allocable to each class principal of the Class A CertificatesMortgage Loans, each class separately identifying the aggregate amount of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Dateany Principal Prepayments, Loan Purchase Price amounts or other recoveries of principal included therein;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, distribution allocable to interest on the extent not covered by payments by Mortgage Loans (based on a Certificate in the Servicer pursuant to Section 3.25original principal amount of $1,000);
(xi) the Credit Enhancement Percentage for principal amount, if any, of each Class of the Offered Certificates (based on a Certificate in the original principal amount of $1,000) which will be outstanding after giving effect to any payment of principal on such Distribution Date;
(xii) the Available Funds Cap Carryforward Amount aggregate Pool Balance of all Mortgage Loans, as of the last day of the related Due Period;
(xiii) based upon information furnished by the Depositor such information as may be required by Section 6049(d)(7)(C) of the Code to assist the Certificateholders in computing their market discount;
(xiv) the weighted average interest rate of the Mortgage Loans;
(xv) the weighted average remaining term of the Mortgage Loans;
(xvi) the number and principal amounts of the Mortgage Loans that were 60 days or more Delinquent for each class of the Class A Certificates and each class preceding three months as of the Mezzanine Certificatesclose of business on the last Business Day of the calendar month next preceding the Distribution Date;
(xvii) such other information as the Depositor may reasonably request with respect to Mortgage Loans that are Delinquent;
(xviii) the Principal Balance of the largest Mortgage Loans outstanding;
(xix) the number, if anyaggregate Principal Balances and percentage of Mortgage Loans that are: (A) 30-59 days Delinquent, for (B) 60-89 days Delinquent and (C) 90-119 days Delinquent, (D) 120-149 days Delinquent, (E) 150-179 days Delinquent and (F) 180 or more days Delinquent, as of the close of business on the last Business Day of the calendar month next preceding the Distribution Date and the aggregate number and aggregate Principal Balance of such Mortgage Loans;
(a) the status, the number, and the Principal Balances of all Mortgage Loans that are in foreclosure proceedings as of the close of business on the last Business Day of the calendar month preceding such Distribution Date (b) the percentage of Mortgage Loans in foreclosure that are Foreclosure Restricted Mortgage Loans, (c) the percentage of REO Property acquired by the Trust in respect of Foreclosure Restricted Mortgage Loans as of the close of business on the last Business Day of the calendar month preceding such Distribution Date and (d) the amount remaining unpaid after reimbursements therefor number and the Principal Balances of all Mortgage Loans that are Foreclosure Restricted Mortgage Loans as of the close of business on the last Business Day of the calendar month preceding such Distribution Date;
(xiiixxi) the respective REMIC Pass-Through Rates applicable to each class number of Mortgagors and the Principal Balances of the Class A Certificatesrelated Mortgages for all Bankruptcy Loans and whether such Mortgage Loans are (A) 30-59 days Delinquent, each class (B) 60-89 days Delinquent and (C) 90-119 days Delinquent, (D) 120-149 days Delinquent, (E) 150-179 days Delinquent and (F) 180 or more days Delinquent, as of the Mezzanine Certificates and close of business on the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class last Business Day of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Date;
(xiv) the Supplemental Interest Payment for each Class on calendar month next preceding such Distribution Date;
(xvxxii) the difference between the Swap Notional Amount number of Mortgagors and the Underwritten Certificates Principal Balance Balances of the related Mortgages for all Mortgage Loans involved in foreclosure proceedings and whether such Mortgage Loans are (A) 30-59 days Delinquent, (B) 60-89 days Delinquent and (C) 90-119 days Delinquent, (D) 120-149 days Delinquent, (E) 150-179 days Delinquent and (F) 180 or more days Delinquent, as of the close of business on the last Business Day of the calendar month next preceding such Distribution Date;
(xvixxiii) the Required Overcollateralization existence and status of any Mortgaged Properties for all Mortgage Loans as to which title has been taken in the name of, or on behalf of the Trustee, as of the close of business of the last Business Day of the month next preceding the Distribution Date;
(xxiv) the book value of any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure for all Mortgage Loans as of the close of business on the last Business Day of the calendar month next preceding the Distribution Date;
(xxv) the number of Mortgage Loans;
(xxvi) identifying the aggregate amount received from:
a. Curtailments;
b. voluntary payoffs;
c. Involuntary Payoffs (the amount of Net Liquidation Proceeds applicable to the unpaid principal balance from the loan); and
d. Mortgage Loans purchased from the Trust; as of the close of business on the last Business Day of the related Due Period;
(xxvii) the number and Principal Balance of all Mortgage Loans that are subject to loss mitigation as of the close of business on the last Business Day of the calendar month next preceding the Distribution Date;
(xxviii) the number and Principal Balance of Mortgage Loans that are being contested because of Section 32 of the Truth in Lending Act;
(xxix) the amount of current and cumulative Realized Losses (separately identifying principal and interest losses) from following resolution types:
a. REO Property sold;
b. short sale;
c. deed in lieu;
d. no equity second mortgages; and
e. other; as of the close of business on the last Business Day of the related Due Period;
(xxx) the number and Pool Balance with respect to each product type of all Mortgage Loans that are Bankruptcy Loans, separately identifying:
a. those Bankruptcy Loans that are currently meeting their payment plan;
b. those Bankruptcy Loans that are 1 to 2 payments behind their payment plan;
c. those Bankruptcy Loans that are 2 to 3 payments behind their payment plan;
d. those Bankruptcy Loans that are greater than 3 payments behind their payment plan;
e. those Bankruptcy Loans that are greater than 4 payments behind their payments; and
f. those Bankruptcy Loans that are greater than 5 payments behind their payments;
(xxxi) the calculations and results of calculations of each Stepdown Date test performed;
(xxxii) [Reserved];
(xxxiii) the amount of any Class P Distributable Amount allocated to the Class P Certificates for such that Distribution Date; and
(xviixxxiv) any other information that the Excess Cashflow for such Distribution Date. In the case of information furnished pursuant to subclauses (i) and (ii) aboveDepositor, the amounts shall be expressed in a separate section of Trustee or the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Master Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03deems necessary.
(b) Within a reasonable period of time after The Securities Administrator shall report to the end of Depositor and each calendar yearCertificateholder, with respect to the Trustee shall, upon written request, furnish to each Person who at any time during amount on deposit in the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing Certificate Account and the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation identity of the Trustee shall be deemed to have been satisfied to investments included therein, as the extent that substantially comparable information shall be prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force Depositor may from time to timetime reasonably request. Without limiting the generality of the foregoing, the Securities Administrator shall, at the request of the Depositor transmit promptly to the Depositor copies of all accounting of receipts in respect of the Mortgage Loans furnished to it by the Master Servicer and shall notify the Depositor if any Remittance Amount has not been received by the Securities Administrator when due.
(c) On each Distribution Date, the Trustee The Securities Administrator shall forward report to the Residual Certificateholders a copy Depositor and each Certificateholder with respect to any written notices it may from time to time receive which provide an Authorized Officer with actual knowledge that certain of the reports forwarded to the Regular Certificateholders statements set forth in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriatethis Agreement are inaccurate.
(d) Within a reasonable period of time after To the end of extent received from the Servicers, the Master Servicer shall make the information in each calendar yearRemittance Report available to the Depositor, the Securities Administrator, the Trustee and any Certificateholder upon written request therefor. In addition, upon written request from the Depositor, the Securities Administrator, the Trustee or a Certificateholder (such party, the “Requesting Party”), the Master Servicer shall deliver use commercially reasonable efforts to each Person who at obtain from the Servicers and subsequently provide to the Requesting Party, any time during other reports or information that may be obtained by the calendar year was Master Servicer from any Servicer pursuant to the related Sale and Servicing Agreement; provided, however, that if the Master Servicer incurs costs pursuant to a Residual CertificateholderSale and Servicing Agreement with respect to any particular request, the Master Servicer shall be entitled to reimbursement from the Requesting Party for such costs, together with any other reasonable costs incurred by it for obtaining or delivering the reports or information specified by such request. Unless otherwise instructed by the Depositor, if requested in writing by such Personpermitted pursuant to a Sale and Servicing Agreement, such the Master Servicer shall request, on an annual basis beginning one year after the Closing Date, copies of the Servicer’s internal quality control reports (it being understood that the Master Servicer shall have no responsibility for, or be deemed to have, constructive notice of any information as is reasonably necessary contained therein or determinable therefrom). Neither the Master Servicer nor the Securities Administrator shall be under any duty to provide to such Person a statement containing recalculate, verify or recompute the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared it under any Sale and furnished to Certificateholders Servicing Agreement by the Trustee pursuant to any requirements of the Code as from time to time in forceapplicable Servicer.
(e) On each Distribution DateNotwithstanding anything to the contrary herein, if the Master Servicer receives a request from a Servicer in accordance with the related Servicing Agreement for the adjusted tax basis of certain Foreclosure Restricted Mortgage Loans (as such term is defined in the related Servicing Agreement)) serviced by such Servicer and the adjusted tax basis of all Mortgage Loans serviced by such Servicer, then the Master Servicer shall promptly notify the Securities Administrator of such request. Upon notification of such request from the Master Servicer, the Trustee Securities Administrator shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way promptly provide such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided requested by the Servicer to be included in the Master Servicer, and the Master Servicer shall provide such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such requested information to the Trustee, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on related Servicer in accordance with the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty in respect of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution DateServicing Agreement.
Appears in 1 contract
Samples: Master Servicing and Trust Agreement (Gs Mortgage Securities Corp Gsamp Trust 2004-Sea1)
Statements. (a) On each Distribution Date, based, as applicable, on the Mortgage Loan information provided to it by contained in the ServicerRemittance Report, the Trustee shall prepare and make available to each Holder of the Regular Certificates, the Swap Counterparties, the Servicer and the Rating Agenciespost on its website at wxx.xxxxx.xxx/XXX, a statement as to the distributions made on such Distribution Date:
(i) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular CertificatesCertificates allocable to principal or reduction of Class BB Amount, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Charges;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates (other than the Class P Certificates) allocable to interestinterest or Class X Distributable Amount, separately identified;
(iii) the Overcollateralization Amount, the Overcollateralization Release Amount, the Overcollateralization Deficiency and the Targeted Overcollateralization Amount as of such Distribution Date and the Monthly Excess Interest Amount and Monthly Excess Cashflow Amount for such Distribution Date;
(iv) the aggregate amount of servicing compensation received by the Servicer during the related Collection Period;
(v) the aggregate amount of Advances for the related Collection Period;
(vi) the Pool Balance of the Group I Mortgage Loans and the Group II Mortgage Loans at the Close close of Business business at the end of the related Due Collection Period;
(ivvii) the number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Interest Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment PeriodDue Date;
(vviii) the number and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1a) 30 to 59 daysdays past due on a contractual basis, (2b) 60 to 89 days and past due on a contractual basis, (3c) 90 or more daysdays past due on a contractual basis, (Bd) as to which foreclosure proceedings have been commenced and (Ce) REO Propertiesin bankruptcy as of the close of business on the last day of the calendar month preceding such Distribution Date;
(viix) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number of such Mortgage Loan, the unpaid principal balance and the Principal Balance of such Mortgage Loan as of the date it became an REO Property;
(x) the book value of any REO Property as of the close of business on the last Business Day of the calendar month preceding the Distribution Date, and, cumulatively, the total number and cumulative principal balance of all REO Properties as of the close of business of the last day of the preceding Collection Period;
(xi) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(viixii) the aggregate amount of prepayment penalties collected during the related Collection Period and the amounts thereof allocable to the Class BB Certificates and the Class X Certificates;
(xiii) the aggregate amount of Realized Losses incurred during the related Prepayment Collection Period and the cumulative amount of Realized Losses;
(viiixiv) the Certificate Principal Balance Balance, or Class BB Amount, as applicable, of each class Class of the Class A Certificates, each class of the Mezzanine Certificates and the Class O Certificates, after giving effect to the distributions, and allocations of Realized Losses or Applied Realized Loss Amounts, as applicable, made on such Distribution Date, separately identifying any reduction thereof due to allocations of Realized Losses or Applied Realized Loss Amounts;
(xv) the Accrued Certificate Interest in respect of each Class of Offered Certificates for such Distribution Date and the respective portions thereof, if any, remaining unpaid following the distributions made in respect of such Certificates on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date;
(xxvi) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.253.23;
(xixvii) the Credit Enhancement Percentage amount of the Trustee Fee paid;
(xviii) the LIBOR Carryover Amount for the Class A-1 Certificates after giving effect to distributions thereof on such Distribution Date;
(xix) any Overcollateralization Deficiency after giving effect to the distribution of principal on such Distribution Date;
(xx) whether a Trigger Event has occurred and is continuing, and the cumulative Realized Losses, as a percentage of the original Pool Balance;
(xxi) the Available Funds;
(xxii) the rate at which interest accrues for each Class of Certificates and the Maximum Rate for such Distribution Date;
(xiixxiii) the Available Funds Cap Carryforward Amount any Liquidation Report for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiiixxiv) the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Date;
(xiv) the Supplemental Interest Payment for each Class on such Distribution Date;
(xv) the difference between the Swap Notional Amount and the Underwritten Certificates aggregate Principal Balance on of Mortgage Loans purchased by an Originator or the Servicer during the related Collection Period and indicating the Section of this Agreement requiring or allowing the purchase of each such Distribution Date;
(xvi) the Required Overcollateralization Amount for such Distribution DateMortgage Loan; and
(xviixxv) the Excess Cashflow for such Distribution Date. In the case of information furnished pursuant to subclauses (i) and (ii) above, the amounts shall be expressed in a separate section aggregate Principal Balance of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of Mortgage Loans repurchased by the Servicer during the related Collection Period in its preparation of the statement to Certificateholders pursuant to this connection with Section 4.033.16.
(b) Within a reasonable period of time after the end of each calendar year, the Trustee shall, upon written request, shall furnish to each Person who at any time during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) and through (iiiii) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee pursuant to any requirements of the Code as from time to time in force.
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty in respect of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Painewebber Mortgage Acceptance Corp Iv Series 2000-He-1)
Statements. (a) On Not later than 12:00 noon Chicago, Illinois time on the Business Day preceding each Distribution Determination Date, basedthe Servicer shall deliver to the Trustee and the Certificate Insurer a computer tape or written report containing the information set forth on Exhibit R as to each Mortgage Loan with respect to the related Due Period and such other information with respect to the Mortgage Loans in the aggregate as the Trustee shall reasonably require. Not later than 12:00 noon Chicago, as applicableIllinois time two Business Days preceding each Payment Date, on information provided the Trustee shall deliver to it by the Depositors, any Paying Agent, the Servicer, the Trustee shall prepare Certificate Insurer, Moody's and make available to each Holder of the Regular Certificates, the Swap Counterparties, the Servicer and the Rating AgenciesS&P by telecopy, a statement as (the "Remittance Report") containing the information set forth below with respect to the distributions made succeeding Payment Date, with a hard copy thereof to be delivered on such Distribution Datethe immediately succeeding Business Day:
(i) the amount Available Payment Amount attributable to each Mortgage Loan Group and any portion of such Available Payment Amount that has been deposited in the distribution made on such Distribution Date Collection Account but may not be withdrawn therefrom pursuant to the Holders an order of each Class a United States bankruptcy court of Regular Certificates, separately identified, allocable competent jurisdiction imposing a stay pursuant to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Charges;Xxxxxxx 000 xx xxx Xxxxxx Xxxxxx Bankruptcy Code; 118
(ii) the amount Class A-1 Principal Balance, the Class A-2 Principal Balance, the Class A-3 Principal Balance, the Class A-4 Principal Balance, the Class A-5 Principal Balance, the Class A-6 Principal Balance and the Pool Principal Balance attributable to each Mortgage Loan Group, as reported in the Remittance Report provided pursuant to subclause (xiii) below for the immediately preceding Payment Date, or, in the case of the distribution made on such Distribution Date first Determination Date, the Original Class A-1 Principal Balance, the Original Class A-2 Principal Balance, the Original Class A-3 Principal Balance, the Original Class A-4 Principal Balance, the Original Class A-5 Principal Balance, the Original Class A-6 Principal Balance and the Original Pool Principal Balance with respect to the Holders of each Class of Regular Certificates (other than the Class P Certificates) allocable to interest, separately identifiedMortgage Loan Group;
(iii) with respect to the Mortgage Pool and each Mortgage Loan Group, the number and Principal Balances of all Mortgage Loans which were the subject of Principal Prepayments during the related Due Period;
(iv) with respect to the Mortgage Pool and each Mortgage Loan Group, the amount of all Curtailments which were received during the related Due Period;
(v) with respect to the Mortgage Pool and each Mortgage Loan Group, the aggregate amount of principal portion of all Monthly Payments received during the related Due Period;
(vi) with respect to the Mortgage Pool and each Mortgage Loan Group, the amount of interest received on the Mortgage Loans during the related Due Period;
(vii) with respect to the Mortgage Pool and each Mortgage Loan Group, the aggregate amount of the Advances made and recovered with respect to such Payment Date;
(viii) with respect to the Mortgage Pool and each Mortgage Loan Group, the delinquency and foreclosure information set forth in the form attached hereto as Exhibit H and the amount of Mortgage Loan Losses during the related Due Period; 119
(ix) the Class A-1 Principal Balance, the Class A-2 Principal Balance, the Class A-3 Principal Balance, the Class A-4 Principal Balance, the Class A-5 Principal Balance and the Class A-6 Principal Balance, after giving effect to the distribution to be made on such Payment Date;
(x) with respect to the Mortgage Pool and each Mortgage Loan Group, the weighted average maturity and the weighted average Mortgage Interest Rate of the Mortgage Loans as of the last day of the related Due Period;
(xi) the Servicing Fees paid and Servicing Fees accrued during the related Due Period;
(xii) the amount of all payments or reimbursements to the Servicer pursuant to Section 5.04 (ii), (iv), (v), (vi) and (vii) paid or to be paid since the prior Payment Date (or in the case of the first Payment Date, since the Closing Date);
(xiii) the Pool Principal Balance and aggregate Principal Balance for each Mortgage Loan Group as of the Group I last day of the related Due Period;
(xiv) such other information as the Certificate Insurer, each Account Party and the Certificateholders may reasonably require;
(xv) the amounts which are reimbursable to the Servicer, the Representative or the Depositors, as appropriate, pursuant to Section 6.05;
(xvi) with respect to the Mortgage Pool and each Mortgage Loan Group, the number of Mortgage Loans and the Group II Mortgage Loans outstanding at the Close of Business beginning and at the end of the related Due Period;
(ivxvii) the number, aggregate principal balance, and weighted average Mortgage Rate of interest accrued on the Mortgage Loans as of at their respective Mortgage Interest Rates for the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment Due Period;
(vxviii) the number Subordinated Amount, the amount on deposit in the Spread Account, the Cumulative Excess Spread Receipts, 120 in each case after giving effect to any payments or withdrawals on such Payment Date, and aggregate unpaid principal balance of Mortgage Loans that were the Excess Spread with respect to such Payment Date;
(Axix) Delinquent (exclusive The Principal Balance of Mortgage Loans in bankruptcy or foreclosure the Fixed Rate Group with Mortgage Interest Rates less than 8.45% per annum and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Properties;
(vi) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(vii) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(viii) the Certificate Principal Balance of each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class O Certificates, after giving effect to the distributions made on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Date;
(xii) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiii) the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Date;
(xiv) the Supplemental Interest Payment for each Class on such Distribution Date;
(xv) the difference between the Swap Notional Amount and the Underwritten Certificates Principal Balance on such Distribution Date;
(xvi) the Required Overcollateralization Amount for such Distribution Date8.55% per annum; and
(xviixx) The aggregate Mortgage Loan Losses since the Excess Cashflow for Cut-off Date as of the end of the related Due Period. The Trustee shall forward such Distribution report to the Certificateholders on the Payment Date, by telecopy, with a hard copy to follow (in the case of the Depository) or by first class mail. The Depositors and the Trustee may fully rely upon and shall have no liability with respect to information provided by the Servicer. To the extent that there are inconsistencies between the telecopy of the Remittance Report and the hard copy thereof, the Servicer and the Trustee may rely upon the telecopy. In the case of information furnished pursuant to subclauses (iii), (iii), (iv), (v) and (iiix) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each of the Class A Certificates for each $1,000 original dollar amount as of the Closing Cut-off Date. The .
(a) Upon reasonable advance notice in writing, the Servicer will provide to the Trustee mayaccess to information and documentation regarding the Mortgage Loans sufficient to permit any Holder which is a savings and loan association, bank or insurance company to comply with applicable regulations of the FDIC or other regulatory authorities with respect to investment in the absence of manifest errorCertificates, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03as applicable.
(b) Within a reasonable period of time after the end of each calendar year, The Servicer shall furnish to the Trustee shalland to the Certificate Insurer, upon written request, furnish to each Person who at any time during the calendar year was a Certificateholder term of a Regular Certificatethis Agreement, such periodic, special, or other reports or information not specifically provided for herein, as may be necessary, reasonable, or appropriate with respect to the Trustee or the Certificate Insurer, as the case may be, or otherwise with respect to the purposes of this Agreement, all such reports or 121 information to be provided by and in accordance with such applicable instructions and directions as the Trustee or the Certificate Insurer may reasonably require; provided, that the Servicer shall be entitled to be reimbursed by the requesting party, for the fees and actual expenses associated with providing such reports, if requested such reports are not generally produced in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation ordinary course of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to timeits business.
(c) On each Distribution DateReports and computer tapes furnished by the Servicer pursuant to this Agreement shall be deemed confidential and of proprietary nature, and shall not be copied or distributed except in connection with the Trustee shall forward purposes and requirements of this Agreement; provided that the Certificate Insurer may copy or distribute such information (A) pursuant to a subpoena or order issued by a court of competent jurisdiction or by a judicial or administrative or legislative body or committee, (B) as may be required in any report, statement or testimony submitted to any Federal, state, municipal or other regulatory body having jurisdiction over the Certificate Insurer, (C) in order to comply with any law, ruling, order or regulation applicable to the Residual Certificateholders a copy Certificate Insurer, or (D) as may be required by any rating agency or reinsurer. No Person entitled to receive copies of such reports or tapes shall use the information therein for the purpose of soliciting the customers of the reports forwarded to the Regular Certificateholders Originators or for any other purpose except as set forth in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriatethis Agreement.
(d) Within The Trustee shall promptly send to the Certificate Insurer and to each Certificateholder) in writing:
(i) notice of any reduction in the Specified Spread Account Requirement;
(ii) notice of any reduction of the percentages set forth in the definition of "Monthly Excess Spread Amount";
(iii) notice of the appointment of any Subservicer;
(iv) notice of any transfer of any Account to a reasonable period different depository institution;
(v) notice of time after any reduction in the end rating of any Letter of Credit Bank below the minimum ratings described in Section 6.11(b);
(vi) a copy of each calendar yearOfficer's Certificate delivered pursuant to Section 7.04 and any notice received from the Servicer of a change in the fiscal year of the Servicer;
(vii) a copy of each letter delivered pursuant to Section 7.05; and
(viii) notice of the receipt by the Trustee of any information regarding the Servicer's servicing activities pursuant to the last paragraph of Section 10.01(c); provided, that in each case the Trustee shall deliver only be required to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by send such Person, such information as is reasonably necessary to provide notices and other items to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied Persons to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee pursuant to any requirements of has itself received the Code as from time to time in force.
(e) On each Distribution Daterelated information. The Depositors, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties Servicer and the Trustee shall provide timely and adequate notification on behalf of Certificateholders (the "Trust Parties") hereby authorize the Certificate Insurer to all above parties regarding include the information contained in reports provided to the Certificate Insurer hereunder (the "Information") on The Bloomberg, an on-line computer based information network maintained by Bloomberg L.P. ("Bloomberg"), or in other electronic or print information services. The Trust Parties agree not to commence any actions or proceedings, or otherwise assert any claims, against the Certificate Insurer or its affiliates or any of the Certificate Insurer's or its affiliates' respective agents, representatives, directors, officers or employees (collectively, the "Certificate Insurer Parties"), arising out of, or related to or in connection with the dissemination and/or use of any Information by the Certificate Insurer, including, but not limited to, claims based on allegations of inaccurate, incomplete or erroneous transfer of information by the Certificate Insurer to Bloomberg or otherwise (other than in connection with the Certificate Insurer's negligence or willful misconduct). The Trust Parties waive their rights to assert any such changesclaims against the Certificate Insurer Parties and fully and finally release the Certificate Insurer Parties from any and all such claims, demands, obligations, actions and liabilities (other than in connection with the Certificate Insurer's negligence or willful misconduct). The Trustee shall not have Certificate Insurer makes no representations or warranties, expressed or implied, of any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust kind whatsoever with respect to such notional amountsthe accuracy, adequacy, timeliness, completeness, merchantability or fitness for any particular purpose of any Information in any form or manner. FurthermoreThe Certificate Insurer reserves the right at any time to withdraw or suspend the dissemination of the Information by the Certificate Insurer. The authorizations, no distributions will be made from covenants and obligations of the Supplemental Interest Trust to the related Swap Counterparty in respect of notional amounts assigned or reduced Parties under this Section 4.03 (f). In no event section shall be irrevocable and shall survive the Trustee allow a Notional Amount Test Event to occur on any Distribution Datetermination of this Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Eqcc Asset Backed Corp)
Statements. (a) On each Distribution Date, based, as applicable, on information provided to it by the Servicer, the Trustee shall prepare and make available to each Holder of the Regular Certificates, the Swap Counterparties, the Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date:
(i) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates (other than the Class S Certificates), separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Chargesprincipal;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates (other than the Class P ARR Certificates) allocable to interest, separately identified;
(iii) the Overcollateralized Amount, the Overcollateralization Release Amount, the Overcollateralization Deficiency Amount and the Overcollateralization Target Amount as of such Distribution Date and the Excess Overcollateralized Amount for the Mortgage Pool for such Distribution Date;
(iv) the aggregate amount of servicing compensation received by the Servicer with respect to the related Due Period and such other customary information as the Trustee deems necessary or desirable, or which a Certificateholder reasonably requests, to enable Certificateholders to prepare their tax returns;
(v) the aggregate amount of Advances for the related Due Period;
(vi) the Pool Balance of the Group I Mortgage Loans and the Group II Mortgage Loans at the Close of Business at the end of the related Due Period;
(ivvii) the number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment PeriodDate;
(vviii) the number and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and Delinquent (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (C) in bankruptcy and Delinquent (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, in each case as of the Close of Business on the last day of the calendar month preceding such Distribution Date and (D) REO Properties;
(viix) [reserved]
(x) the total number and cumulative principal balance of all REO Properties as of the Close of Business of the last day of the preceding Prepayment Period;
(xi) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(viixii) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(viiixiii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Collection Account for such Distribution Date;
(xiv) the Certificate Principal Balance of each class of the Class A Certificates, each class of the Mezzanine Certificates, the Class ARR Certificates and the Class O C Certificates and the Notional Amount of the Class S Certificates, after giving effect to the distributions made on such Distribution Date;
(ixxv) the Monthly Interest Distributable Amount in respect of each Class of Class A Certificates, the Class S Certificates, each Class of Mezzanine Certificates and the Class C Certificates for such Distribution Date and the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Class S Certificates and the Class AIO Mezzanine Certificates for such Distribution Date;
(xxvi) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.253.24;
(xixvii) the Credit Enhancement Percentage for such Distribution Date;
(xiixviii) the Available Funds Cap Carryforward Net WAC Rate Carryover Amount for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiiixix) the Overcollateralization Target Amount, any Overcollateralized Amount and Overcollateralization Deficiency Amount after giving effect to the distribution of principal on such Distribution Date;
(xx) when the Stepdown Date or a Trigger Event has occurred;
(xxi) the Available Funds; and
(xxii) the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, the Class S Certificates, each class Class of the Mezzanine Certificates and the Class AIO C Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates, the Class S Certificates and each class Class of the Mezzanine Certificates for the immediately succeeding Distribution Date;
. 106 The Trustee will make such statement (xivand, at its option, any additional files containing the same information in an alternative format) the Supplemental Interest Payment for available each Class on such Distribution Date;
(xv) the difference between the Swap Notional Amount month to Certificateholders and the Underwritten Certificates Principal Balance Rating Agencies via the Trustee's internet website. The Trustee's internet website shall initially be located at "hxxxx://xxx.xxxxxxxxxxxxxx.xx.xxx/xxxx". Assistance in using the website can be obtained by calling the Trustee's customer service desk at (800) 735-7777. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access to the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall also be entitled to rely on such but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the Distribution Date;
Date statement and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (xvi) without suggesting liability on the Required Overcollateralization Amount for such Distribution Date; and
(xvii) the Excess Cashflow for such Distribution Datepart of any other party thereto). In the case of information furnished pursuant to subclauses (i) and through (iiiii) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Cut-off Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(b) Within a reasonable period of time after the end of each calendar year, the Trustee shall, upon written request, furnish to each Person who at any time during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) and through (iiiii) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward make available to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee pursuant to any requirements of the Code as from time to time in force.
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty in respect of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Financial Asset Sec Corp Asset Backed Certs Ser 2003-1)
Statements. (a) On each Distribution Date, based, as applicable, on the Mortgage Loan information provided to it by contained in the ServicerRemittance Report, the Trustee shall prepare and make available on its website at hxxx://xxx.xxxxxx.xxx/xxx, or at such other site as the Trustee may designate from time to time, for access by each Holder of the Regular Certificates, the Swap Counterparties, the Servicer Certificates and the Rating AgenciesDepositor, a statement as to the distributions made on such Distribution Date:
(i) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Chargesprincipal;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates (other than the Class P Certificates) allocable to interest, separately identified; the amount of the distribution made on such Distribution Date to the Holders of the Class CE-1 Certificates and the aggregate amount of Prepayment Charges collected (including amounts deposited in connection with the full or partial waiver of such Prepayment Charges pursuant to Section 3.01) during the related Collection Period and the amounts thereof allocable to the Class P Certificates;
(iii) the Overcollateralization Amount, the Overcollateralization Release Amount, the Overcollateralization Deficiency, the Targeted Overcollateralization Amount and the Monthly Excess Interest Amount as of such Distribution Date;
(iv) the fees and expenses of the Trust accrued and paid on such Distribution Date and to whom such fees and expenses were paid;
(v) the aggregate amount of Advances for the related Collection Period (including the general purpose of such Advances to the extent such information is provided to the Trustee by the Servicer);
(vi) the Pool Balance of the Group I Mortgage Loans and the Group II Mortgage Loans at the Close close of Business business at the end of the related Due Collection Period;
(ivvii) the number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Interest Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment PeriodDue Date;
(vviii) the number and aggregate unpaid principal balance Principal Balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1a) 30 to 59 daysdays past due on a contractual basis, (2b) 60 to 89 days and past due on a contractual basis, (3c) 90 or more daysdays past due on a contractual basis, (Bd) as to which foreclosure proceedings have been commenced and (Ce) REO Propertiesin bankruptcy as of the close of business on the last day of the calendar month preceding such Distribution Date;
(viix) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number of such Mortgage Loan, the unpaid principal balance and the Principal Balance of such Mortgage Loan as of the date it became an REO Property;
(x) the book value of any REO Property as of the close of business on the last Business Day of the calendar month preceding the Distribution Date, and, cumulatively, the total number and cumulative principal balance of all REO Properties as of the close of business of the last day of the preceding Collection Period;
(xi) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(viixii) the aggregate amount of Realized Losses incurred during the related Prepayment Collection Period and the cumulative amount of Realized Losses;
(viiixiii) the Certificate Principal Balance or Notional Amount, as applicable, of each class Class of Certificates (other than the Class A Residual Certificates, each class of the Mezzanine Certificates and the Class O Certificates), after giving effect to the distributions distributions, and allocations of Realized Losses or Applied Realized Loss Amounts, as applicable, made on such Distribution Date, separately identifying any reduction thereof due to allocations of Realized Losses or Applied Realized Loss Amounts;
(ixxiv) the Unpaid Accrued Certificate Interest Shortfall Amount, if any, with in respect to of each class Class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO B Certificates for such Distribution Date, and the respective portions thereof, if any, remaining unpaid following the distributions made in respect of such Certificates on such Distribution Date and the amount of any Net WAC Rate Carryover Amounts;
(xxv) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.253.23;
(xixvi) the Credit Enhancement Percentage Net WAC Rate Carryover Amounts distributed on such Distribution Date and the amounts remaining after giving effect to distributions thereof on such Distribution Date;
(xvii) whether a Stepdown Date or Trigger Event has occurred and is continuing, and the cumulative Realized Losses, as a percentage of the original Pool Balance;
(xviii) the Available Funds;
(xix) the rate at which interest accrues for each Class of Certificates for such Distribution Date;
(xiixx) the Available Funds Cap Carryforward Amount Liquidation Report for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiiixxi) the respective REMIC Pass-Through Rates aggregate Principal Balance of Mortgage Loans purchased by the Servicer or Sponsor during the related Collection Period and indicating the Section of this Agreement requiring or allowing the purchase of each such Mortgage Loan;
(xxii) the amount of any Net Swap Payments or Swap Termination Payments; and
(xxiii) the applicable to each class of the Class A CertificatesRecord Date, each class of the Mezzanine Certificates and the Class AIO Certificates for such Interest Accrual Period, Determination Date, Distribution Date and the REMIC Pass-Through Rate any other applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates determination dates for the immediately succeeding Distribution Date;
(xiv) the Supplemental Interest Payment for each Class on such Distribution Date;
(xv) the difference between the Swap Notional Amount and the Underwritten Certificates Principal Balance on such Distribution Date;
(xvi) the Required Overcollateralization Amount calculating distributions for such Distribution Date; and
(xvii) . The Trustee’s responsibility for providing the Excess Cashflow for such Distribution Dateabove statement is limited to the availability, timeliness and accuracy of the information derived from the Servicer. The Trustee may fully rely upon and shall have no liability with respect to information with respect to the Mortgage Loans provided by the Servicer. In the case of information furnished pursuant to subclauses (i) and through (iiiii) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Cut-off Date. The Trustee may, in Parties that are unable to use or access the absence of manifest error, conclusively rely upon the Determination Date Report Trustee’s website are entitled to have a paper copy of the Servicer in its preparation of above statement mailed to them by first class mail by calling the statement to Certificateholders pursuant to this Section 4.03Trustee at (000) 000-0000.
(b) Within a reasonable period of time after the end of each calendar year, the Trustee shall, upon written request, shall furnish to each Person who at any time during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i), (ii), (xv) and (iixx) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Residual Certificateholders by the Trustee pursuant to any requirements of the Code as from time to time in force.
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty in respect of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (C-Bass Mortgage Loan Trust 2007-Cb3)
Statements. (a) On Not later than 12:00 a.m. New York time on the day that is two Business Days before each Distribution Date, based, as applicable, on information provided the Trust Administrator will deliver to it the Trustee (by hard copy) and the Master Servicer, the Trustee shall prepare and make available to each Holder of the Regular Certificates, the Swap Counterparties, the Servicer Depositor and the Rating AgenciesSeller (by electronic transmission) in the format specified in Exhibit K (unless otherwise agreed to by the parties hereto), with a hard copy thereof to be delivered on such Distribution Date, a statement as (the "Remittance Report") (based solely on the computer or electronic Servicing Certificate for such Distribution Date provided pursuant to Section 4.1) containing the distributions made on information set forth below with respect to such Distribution Date:
(i) the aggregate amount of the distribution made to each Class of Certificateholders on such Distribution Date to in respect of the Holders of each Class of Regular Group 1 Certificates or the Group 2 Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Chargesas applicable;
(ii) the amount of distribution set forth in paragraph (i) above in respect of interest in respect of the distribution made on such Distribution Date to Group 1 Certificates or the Holders of each Class of Regular Certificates (other than the Class P Group 2 Certificates) allocable to interest, separately identifiedas applicable;
(iii) the Pool Balance amount of distribution set forth in paragraph (i) above in respect of principal in respect of the Group I Mortgage Loans and 1 Certificates or the Group II Mortgage Loans at the Close of Business at the end of the related Due Period2 Certificates, as applicable;
(iv) the numberPool Distribution Amount for such Distribution Date in respect of the Group 1 Certificates or the Group 2 Certificates, aggregate principal balanceas applicable;
(v) for the applicable Group of Certificates: any Class A Interest Shortfall Amount or Class B Interest Shortfall Amount arising with respect to each Class or any Class M Interest Shortfall Amount on such Distribution Date, any remaining unpaid Class A Interest Shortfall Amount or Class B Interest Shortfall Amount with respect to each Class, or any remaining unpaid Class M Interest Shortfall Amount, after giving effect to such distribution and any Non-Supported Interest Shortfall or the interest portion of Realized Losses allocable to such Class with respect to such Distribution Date;
(vi) for the applicable Pool: the Adjusted Pool Amount, the Adjusted Pool Amount (PO Portion), if applicable, and the Pool Scheduled Principal Balance of the Mortgage Loans in such Pool and, for the Holders of Group 1 Certificates, the aggregate Scheduled Principal Balance of the Discount Pool 1 Mortgage Loans for such Distribution Date;
(vii) for the applicable Group of Certificates: the Class A Percentage, Class M Percentage and Class B Percentage of each Class of Class B Certificates for the following Distribution Date (without giving effect to Unscheduled Principal Receipts for the related Pool 125 132 received after the applicable Collection Period for the current Distribution Date that are applied during such Collection Period);
(viii) for the Holders of Group 1 Certificates, the Class 1A-PO Deferred Amount;
(ix) the aggregate Master Servicing Fee, Subservicing Fee, Trust Administration Fee and Trustee Fee for the applicable Pool;
(x) the Aggregate Loan Balance, as of the close of business on the last day of the preceding Collection Period in respect of the Pool 1 Mortgage Loans or the Pool 2 Mortgage Loans, as applicable;
(xi) the Class Principal Balance for each Class after giving effect to payments allocated to principal above in respect of the Group 1 Certificates or the Group 2 Certificates, as applicable;
(xii) the number and aggregate Loan Balances of the Mortgage Loans as to which the scheduled monthly payment is delinquent for 30-59 days, 60-89 days and 90 or more days, respectively, as of the end of the Collection Period in respect of the Pool 1 Mortgage Loans or the Pool 2 Mortgage Loans, as applicable;
(xiii) the book value of any real estate which is acquired by the Trust through foreclosure or grant of deed in lieu of foreclosure in respect of the Pool 1 Mortgage Loans or the Pool 2 Mortgage Loans, as applicable;
(xiv) the aggregate amount of Prepayments received on the Mortgage Loans during the previous Collection Period in respect of the Pool 1 Mortgage Loans or the Pool 2 Mortgage Loans, as applicable;
(xv) the aggregate amount of scheduled principal payments received on the Mortgage Loans during the previous Collection Period in respect of the Pool 1 Mortgage Loans or the Pool 2 Mortgage Loans, as applicable;
(xvi) the weighted average Mortgage Rate maturity of the Mortgage Loans as of the related Determination first day of the month prior to the Distribution Date and in respect of the number and aggregate principal balance of all Subsequent Pool 1 Mortgage Loans added during or the preceding Prepayment PeriodPool 2 Mortgage Loans, as applicable;
(vxvii) the number and aggregate unpaid principal balance of weighted average Loan Rate on the Mortgage Loans that were (A) Delinquent (exclusive as of the first day of the month prior to the Distribution Date in respect of the Pool 1 Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 daysthe Pool 2 Mortgage Loans, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Propertiesapplicable;
(vi) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(viixviii) the aggregate amount of Realized Losses incurred during related to such Collection Period in respect of the related Prepayment Period Pool 1 Mortgage Loans or the Pool 2 Mortgage Loans, as applicable; 126 133
(xix) the Aggregate Loan Balance and the cumulative amount Weighted Average Loan Rate, in respect of Realized Lossesthe Pool 1 Mortgage Loans or the Pool 2 Mortgage Loans, as applicable;
(viiixx) for Holders of Group 1 Certificates, the Certificate Principal Balance of each class Notional Amount of the Class A 1A-WIO Certificates; and
(xxi) for the Holders of Group 1 Certificates, each class of the Mezzanine Certificate Rate for the Class 1A-11 and Class 1A-12 Certificates and the Class O Certificates, after giving effect applicable LIBOR. The Trustee shall forward such report to the distributions made Certificateholders on such Distribution Date;
(ix) . The Trustee may fully rely upon the Unpaid Interest Shortfall Amount, if any, information contained in each Remittance Report and shall have no liability with respect to each class information provided by the Master Servicer or the Trust Administrator. The Trustee shall not be obligated to verify, recompute, reconcile or recalculate any information contained in any Remittance Report. To the extent that there are inconsistencies between the telecopy of the Class A Certificates, each class of the Mezzanine Certificates Remittance Report and the Class AIO Certificates for such Distribution Date;
(x) hard copy thereof, the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to Master Servicer may rely upon the extent not covered by payments by the Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Date;
(xii) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiii) the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Date;
(xiv) the Supplemental Interest Payment for each Class on such Distribution Date;
(xv) the difference between the Swap Notional Amount and the Underwritten Certificates Principal Balance on such Distribution Date;
(xvi) the Required Overcollateralization Amount for such Distribution Date; and
(xvii) the Excess Cashflow for such Distribution Datelatter. In the case of information furnished pursuant to subclauses subclause (i) and (ii) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Cut-Off Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(b) Within a reasonable period of time after the end of each calendar year, the Trustee shall, upon written request, Trust Administrator shall furnish to each Person who at any time during the calendar year was a Certificateholder of a Regular CertificateCertificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (iii) and (iiiii) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Trust Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished by the Trustee Trust Administrator to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular any other Certificateholders in respect of such Distribution Date and a statement setting forth the amounts actually distributed to the Residual Certificateholders on such Distribution Date together with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee Trust Administrator shall deliver to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee Trust Administrator shall be deemed to have been satisfied to the extent that substantially comparable 127 134 information shall be prepared and furnished to Certificateholders by the Trustee Trust Administrator pursuant to any requirements of the Code as from time to time in force.
(e) On The Master Servicer and the Trust Administrator shall furnish to each Distribution DateCertificateholder (if requested in writing), during the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbsterm of this Agreement, which posting such periodic, special, or other reports or information, whether or not provided for herein, as shall be accessible necessary, reasonable, or appropriate with respect to each Certificateholder, the statement prepared pursuant Certificateholder or otherwise with respect to paragraph (a) the purposes of this Section 4.03. Assistance Agreement, all such reports or information to be provided by and in using accordance with such applicable instructions and directions (if requested in writing) as the website can Certificateholder may reasonably require; provided, that the Master Servicer and the Trust Administrator shall be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail be reimbursed by calling such Certificateholder for their respective fees and actual expenses associated with providing such reports, if such reports are not generally produced in the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement ordinary course of their respective businesses or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant heretoreadily obtainable.
(f) No later than noon on Reports and computer tapes furnished by the second Business Day prior Master Servicer pursuant to each Distribution Datethis Agreement shall be deemed confidential and of a proprietary nature, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J and shall not be copied or distributed except to the appropriate NovaStar entity extent provided in this Agreement and assign to the extent required by law, and to the extent the Seller instructs the Trust Administrator in acting to furnish information regarding the Trust or reduce in $25,000,000 increments a portion the Mortgage Loans to third-party information providers. No Person entitled to receive copies of such reports or tapes or lists of Certificateholders shall use the information therein for the purpose of soliciting the customers of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign Seller or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty for any other purpose except as set forth in respect of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution DateAgreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Union Residential Securitization Transactions Inc)
Statements. (a) On each Distribution Each month, not later than 12:00 noon New York time on the Determination Date, based, as applicable, on information provided to it by the Servicer, the Trustee shall prepare and make available to each Holder of the Regular Certificates, the Swap Counterparties, the Servicer shall deliver to the Administrative Agent and the Rating AgenciesIndenture Trustee, by telecopy, for distribution to the Noteholders, the receipt and legibility of which shall be confirmed telephonically, with hard copy thereof and the Servicer's Monthly Computer Tape in the form attached hereto as Exhibit L (both in hard copy and in computer tape form) to be delivered on the Business Day following the Determination Date, a statement certificate signed by a Servicing Officer (a "Servicer's Certificate") stating the date (day, month and year), and, as to of the distributions made close of business on the Record Date for such Distribution Datemonth:
(i) Available Funds for the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Chargesrelated Remittance Date;
(ii) The Aggregate Note Principal Balance as reported in the amount prior Servicer's Certificate pursuant to subclause (xi) below, or, in the case of the distribution made on such Distribution Date to first Determination Date, the Holders of each Class of Regular Certificates (other than the Class P Certificates) allocable to interest, separately identifiedoriginal Aggregate Note Principal Balance;
(iii) The number and Principal Balances of all SBA Loans which were the Pool Balance subject of Principal Prepayments during the Group I Mortgage Loans Due Period and the Group II Mortgage Loans at number and Principal Balances of all Defaulted Unguaranteed Interests or Charged-Off Unguaranteed Interests purchased or substituted for during the Close of Business at the end of the related Due Period;
(iv) the number, aggregate principal balance, and weighted average Mortgage Rate The product of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of Unguaranteed Percentage multiplied by all Subsequent Mortgage Loans added Curtailments which were received during the preceding Prepayment Due Period;
(v) The product of the number and aggregate unpaid Unguaranteed Percentage multiplied by all Monthly Payments in respect of principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Propertiesreceived during the Due Period;
(vi) the The aggregate amount of Principal Prepayments made during interest received on the related Prepayment PeriodUnguaranteed Interest of each SBA Loan net of the FTA's Fee, the Additional Fee and the Servicing Fee attributable to the Unguaranteed Interest;
(vii) The delinquency and foreclosure information set forth in the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Lossesform attached hereto as Exhibit K;
(viii) The Interest Distribution Amounts for the Certificate Principal Balance of each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class O Certificates, after giving effect to the distributions made on such Distribution Remittance Date;
(ix) The amount available in the Unpaid Interest Shortfall AmountSpread Account as of the related Record Date and the amount, if any, with respect to each class of be transferred from the Class A Certificates, each class of Spread Account to the Mezzanine Certificates and the Class AIO Certificates for such Note Distribution DateAccount pursuant to Section 5.02(b)(i);
(x) the aggregate amount The amount, if any, of any Prepayment Interest Shortfalls for such Distribution Date, principal to be distributed to the extent not covered by payments by Notes on the Servicer pursuant to Section 3.25Remittance Date;
(xi) The Aggregate Note Principal Balance after giving effect to the Credit Enhancement Percentage for such Distribution distribution to be made on the Remittance Date;
(xii) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates The weighted average maturity and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Dateweighted average SBA Loan Interest Rate;
(xiii) The Servicing Fees and amounts to be deposited to the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution DateExpense Account;
(xiv) The amount of all payments and reimbursements to the Supplemental Interest Payment for each Class on such Distribution DateServicer;
(xv) During the difference between Revolving Period, the Swap Notional Amount aggregate Principal Balance of the Unguaranteed Interests in the SBA Loans purchased during the prior Due Period and the Underwritten Certificates Principal Balance amount on deposit in the Funding Account as of the end of such Distribution DateDue Period;
(xvi) The aggregate Principal Balance of the Required Overcollateralization Amount Unguaranteed Interests in the SBA Loans removed from the Trust during the prior Due Period;
(xvii) The following information for such Determination Date (a) the Portfolio Yield, (b) the Default Ratio and the Average Default Ratio, (c) Net Loss Ratio and the Average Net Loss Ratio, (d) the Portfolio Net Loss Ratio and the Average Portfolio Net Loss Ratio;
(xviii) The aggregate Principal Balance of all Eligible Loans and all Ineligible Loans;
(xix) The following information for such Determination Date (a) the Minimum Subordination Percentage, (b) the Subordination Percentage, (c) the amount in the Spread Account over or under the Minimum Subordination Percentage and (d) the amount in the Note Distribution DateAccount over or under the Minimum Subordination Percentage; and
(xviixx) Such other information as the Excess Cashflow for Indenture Trustee, the Noteholders and the Certificateholders or the Administrative Agent may reasonably require. The Indenture Trustee shall forward such report to the Noteholders, the Certificateholders, the Owner Trustee and any Hedge Counterparty on the Remittance Date, together with a separate report indicating the amount of funds deposited in the Note Distribution Date. In the case of information furnished Account pursuant to subclauses Section 5.01(a)(iv); and the amounts which are reimbursable to the Servicer or the Seller (i) all reports prepared by the Indenture Trustee of such withdrawals and (ii) abovedeposits will be based in whole or in part upon the information provided to the Indenture Trustee by the Servicer). To the extent that there are inconsistencies between the telecopy of the Servicer's Certificate and the hard copy thereof, the amounts Indenture Trustee shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Date. The Trustee may, in the absence of manifest error, conclusively entitled to rely upon the Determination Date Report telecopy.
(a) Upon reasonable advance notice in writing, the Servicer will provide to each Noteholder which is a savings and loan association, bank or insurance company certain reports and access to information and documentation regarding the SBA Loans sufficient to permit such Noteholder to comply with applicable regulations of the Servicer Office of Thrift Supervision or other regulatory authorities with respect to investment in its preparation of the statement to Certificateholders pursuant to this Section 4.03Notes.
(b) Within a reasonable period of time after the end of each calendar yearThe Servicer, the Trustee shallat its expense, upon written request, shall furnish to each Person who at any time Noteholder, during the calendar year was a Certificateholder term of a Regular Certificate, if requested in writing by such Personthis Agreement, such information periodic, special, or other reports or information, whether or not provided for herein, as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Datenecessary, the Trustee shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary reasonable, or appropriate.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee pursuant to any requirements of the Code as from time to time in force.
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust Noteholder or otherwise with respect to the related Swap Counterparty purposes of this Agreement, all such reports or information to be provided by and in respect accordance with such applicable instructions and directions as the Noteholder may reasonably require. The Administrative Agent shall receive copies of notional amounts assigned any such reports or reduced under this Section 4.03 (f). In no event shall information furnished to the Trustee allow a Notional Amount Test Event to occur on any Distribution DateNoteholders.
Appears in 1 contract
Samples: Sale and Servicing Agreement (BLC Financial Services Inc)
Statements. (a) On each Distribution Each month, not later than 12:00 noon New York time on the Determination Date, basedthe Trust Administrator shall deliver to the Trustee, as applicableby telecopy, on information provided for distribution to it by the ServicerCertificateholders, the Trustee receipt and legibility of which shall prepare and make available be confirmed telephonically, with hard copy thereof to each Holder be delivered on the Business Day following the Determination Date, a certificate signed by an officer of the Regular Trust Administrator (a " Trust Administrator's Certificate") stating the date (day, month and year), the Series number of the Certificates, the Swap Counterpartiesdate of this Agreement, the Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Datefollowing:
(i) the amount of Pool Available Remittance Amounts for the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Chargesrelated Remittance Date;
(ii) the amount of the distribution made on such Distribution Date to the Holders of Class Principal Balances for each Class of Regular Certificates as reported in the prior Trust Administrator's Certificate pursuant to subclause (other than xv) below, or, in the case of the first Determination Date, the Original Principal Balance for each Class P of Class A, Class M and Class B Certificates) allocable to interest, separately identified;
(iii) the Pool Balance Principal Distribution Amounts for the related Remittance Date, in the aggregate and listed separately for the portions relating to each Class of Certificates;
(iv) the amounts on deposit in the Spread Account and the Supplemental Account, if any, both before and after all distributions are made therefrom on the related Remittance Date;
(v) the Pool Subordinated Amount and Pool Specified Subordinated Amount for the related Remittance Date, and the Pool Available Maximum Subordinated Amount;
(vi) the number and Principal Balances of all Mortgage Loans which were the subject of Principal Prepayments during the Due Period;
(vii) the amount of all Curtailments which were received during the Due Period;
(viii) the aggregate amount of all Excess Payments and the amounts of Monthly Payments in respect of principal received during the Due Period;
(ix) the amount of interest received on the Mortgage Loans;
(x) the amount of the Group I Mortgage Loans Monthly Advances to be made on the Determination Date, the portion of the Monthly Advances to be deposited in the Certificate Account pursuant to Section 6.01(a)(ii), and the Group II Mortgage Loans at Compensating Interest payment to be made on the Close Determination Date;
(xi) the delinquency and foreclosure information set forth in the form attached hereto as Exhibit O;
(xii) the amount of Business at the end of any Realized Losses incurred during the related Due Period;
(iv) the number, aggregate principal balance, and weighted average Mortgage Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment Period;
(v) the number and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Properties;
(vi) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(vii) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(viii) the Certificate Principal Balance of each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class O Certificates, after giving effect to the distributions made on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Date;
(xii) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiii) the respective REMIC Pass-Through Rates applicable Class Current Interest Requirement and the Pool Principal Distribution Amount for the Remittance Date, in the aggregate and by component and listed separately for the portions relating to each class Class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable any Interest Shortfall Carryforward Amount relating to each class Class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution DateCertificates;
(xiv) the Supplemental Interest Payment for each Reimbursable Amounts and the Class on such Distribution X Remittance Amount payable pursuant to Section 6.08(d)(Z)(xix) with respect to the Remittance Date;
(xv) the difference between the Swap Notional Amount Class Principal Balance for each Class of Certificates and the Underwritten Certificates Pool Principal Balance after giving effect to the distribution to be made on the Remittance Date and after allocation of Realized Losses made on such Distribution Remittance Date;
(xvi) the Required Overcollateralization Monthly Excess Spread Percentage, the Excess Spread, and the Remainder Excess Spread Amount;
(xvii) the Cumulative Realized Losses with respect to the Remittance Date;
(xviii) the weighted average maturity and weighted average Interest Rate;
(xix) the Servicing Fees, the Contingency Fees, and amounts to be deposited to the Expense Account and the FHA Premium Account;
(xx) the amount of all payments and reimbursements to the Servicer pursuant to Section 5.04(b), (c), (d)(ii), (e) and (f)(i);
(xxi) the Class Pool Factor for each Class determined using the balances in subclause (xv) above;
(xxii) the weighted average Mortgage Interest Rate and Adjusted Mortgage Interest Rate of the Mortgage Loans and the weighted average Class Adjusted Loan Remittance Rates, in each case for the related Remittance Date, and the weighted average Mortgage Interest Rate for the prior three month period;
(xxiii) the Remittance Rate for each Class of Certificates with respect to the Remittance Date and if the Remittance Rate for any Class of Certificates was based on the Net Funds Cap, what it would have been if based on LIBOR plus the applicable Margin;
(xxiv) the rate of LIBOR with respect to the Remittance Date;
(xxv) the Net Funds Cap for the Certificates with respect to the Remittance Date;
(xxvi) if the Remittance Rate for any Class of Certificates for such Remittance Date is based on the Net Funds Cap, the amount of any Supplemental Payment to each such Class and any remaining Certificateholders' Interest Carryover for such Class or Classes after such Supplemental Payment is made for such Remittance Date;
(xxvii) the amount of the distribution, if any, allocable to Certificateholders' Interest Carryover and the amount of any Certificateholders' Interest Carryover for all prior Remittance Dates after giving effect to such distribution (in each case, stated separately by Class and in the aggregate);
(xxviii) whether the Trigger Event is in effect;
(xxix) the Class A Percentage, the Class MH-1 Percentage, the Class MH-2 Percentage and the Class B Percentage for the current Remittance Date;
(xxx) the amount of any Pool Applied Realized Loss Amount, Realized Loss Amount and Unpaid Realized Loss Amount for each Class of Certificates as of the close of such Remittance Date;
(xxxi) the Accelerated Principal Distribution Amount for such Distribution Remittance Date;
(xxxii) the amount to be deposited into the FHA Premium Account on the related Remittance Date and the amount reimbursable to the Servicer from the FHA Premium Account pursuant to Section 6.06(b)(i);
(xxxiii) the amount of FHA Payments and Related Payments received during the related Due Period;
(xxxiv) the Reserve Amount for the related Remittance Date;
(xxxv) Claims filed during the Due Period;
(xxxvi) Claims paid during the Due Period;
(xxxvii) Claims denied by the FHA during the Due Period;
(xxxviii) Claims pending payment by the FHA during the Due Period;
(xxxix) the number and Principal Balance of all Defaulted Mortgage Loans purchased during the Due Period;
(xl) the amount, if any, of a Rate Agreement Payment received by the Supplemental Trust on such Remittance Date; and
(xviixli) such other information as the Excess Cashflow for Trustee may reasonably require. The Trustee shall forward such Distribution report to the Certificateholders on the Remittance Date, together, if requested by a Certificateholder, with a separate report indicating the amount of funds deposited in the first sub-account of the Certificate Account pursuant to Section 6.01(a)(iv); and the amounts which are reimbursable to the Servicer or the Representative, as appropriate, pursuant to Sections 6.03(c)(i), 6.03(c)(ii) and 6.08(d)(Z) (all reports prepared by the Trustee of such withdrawals and deposits will be based in whole or in part upon the information provided to the Trustee by the Servicer, the Trust Administrator or the Claims Administrator). To the extent that there are inconsistencies between the telecopy of the Trust Administrator's Certificate and the hard copy thereof, the Trustee shall be entitled to rely upon the telecopy. In the discretion of the Trust Administrator, in the case of certain information furnished pursuant to subclauses (i) and (ii) abovethe above provisions, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each per $1,000 25,000 original dollar amount as of the Closing Cut-Off Date. Each month, not later than the third Business Day prior to the Determination Date occurring in such month, the Servicer shall deliver to the Trust Administrator the Servicer's Monthly Computer Tape in the form attached hereto as Exhibit R (both in hard copy and in computer tape form). The Trust Administrator may rely fully upon and shall have no liability with respect to any information provided to it by the Servicer. The Trust Administrator shall not be obligated to verify, recompute, reconcile or confirm any information contained in the Servicer's Monthly Computer Tape or otherwise provided by the Servicer. In making any payments or distributions required to be made by them pursuant to any of the provisions hereof, the Trustee shall make such payments and distributions based solely upon the information contained in the Trust Administrator's Certificate or, if such information is not included in the Trust Administrator's Certificate, upon written instructions of the Servicer or the Trust Administrator. The Trustee may, in the absence of manifest error, conclusively may rely fully upon the Determination Date Report of and shall have no liability with respect to any such information provided to it by the Servicer or the Trust Administrator. The Trustee shall not be obligated to verify, recompute, reconcile or confirm any information contained in its preparation of any Trust Administrator's Certificate or otherwise provided by the statement to Certificateholders pursuant to this Section 4.03Trust Administrator or the Servicer.
(ba) Within a reasonable period of time after the end of each calendar year, the Trust Administrator shall furnish to the Trustee shall, upon written request, furnish for distribution to each Person who at any time during the calendar year was a Certificateholder the amount of a Regular Certificate, if requested in writing by interest and principal distributed with respect to each Class of Certificates plus such Person, such other customary information as is reasonably the Trust Administrator determines to be necessary and/or required by the Internal Revenue Service to provide enable the Certificateholders to such Person a statement containing the information set forth in subclauses (i) and (ii) above, aggregated prepare their tax returns for such calendar year or applicable portion thereof during which such Person was a Certificateholderyear. Such obligation of the Trustee Trust Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished provided by the Trustee to Certificateholders Trust Administrator pursuant to any requirements of the Code as are in force from time to timetime are in force.
(cb) On each Distribution Remittance Date, the Trustee shall forward to the Residual Class X and Class R Certificateholders a copy of the reports report forwarded to the Regular Class A, Class M and Class B Certificateholders in respect of such Distribution Remittance Date, as the case may be, and a statement, prepared by the Servicer or the Trust Administrator, setting forth the amounts actually distributed to the Class X and Class R Certificateholders, on such Remittance Date together with such other information as the Trustee Servicer or Trust Administrator provides and deems necessary or appropriate.
(dc) Within a reasonable period of time after the end of each calendar year, the Trust Administrator shall furnish to the Trustee shall deliver for distribution to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, Class X or Class R Certificateholder such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Class X or R Certificateholder, as applicable. Such obligation of the Trustee Trust Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders provided by the Trustee Trust Administrator pursuant to any requirements of the Code as from time to time in force.
(d) Upon reasonable advance notice in writing, the Servicer will provide to each Certificateholder which is a savings and loan association, bank or insurance company certain reports and access to information and documentation regarding the Mortgage Loans sufficient to permit such Certificateholder to comply with applicable regulations of the Office of Thrift Supervision or other regulatory authorities with respect to investment in the Certificates.
(e) On each Distribution Date, the Trustee The Servicer shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible furnish to each Certificateholder, during the statement prepared pursuant to paragraph (a) term of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way Agreement, such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall periodic, special, or other reports or information, whether or not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trusteefor herein, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Dateshall be necessary, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Datereasonable, the Trustee will immediately provide notice in the form of Exhibit J to the or appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermorethe Certificateholder, no distributions will be made from the Supplemental Interest Trust or otherwise with respect to the related Swap Counterparty purposes of this Agreement, all such reports or information to be provided by and in respect accordance with such applicable instructions and directions as the Certificateholder may reasonably require; provided, that the Servicer shall be entitled to be reimbursed by such Certificateholder for the Servicer's actual expenses incurred in providing such reports if such reports are not producible in the ordinary course of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution DateServicer's business.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Money Store Home Equity Corp)
Statements. (a) On each Distribution Date, based, as applicable, on information provided to it by the Servicer, the Trustee shall prepare and make available to each Holder of the Regular Certificates, the Swap Counterparties, the Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date:
(i) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment ChargesCharges and Servicer Prepayment Charge Payment Amounts;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates (other than the Class P Certificates) allocable to interest, separately identified;
(iii) the Overcollateralized Amount, the Overcollateralization Deficiency Amount and the Overcollateralization Target Amount as of such Distribution Date and the Excess Overcollateralized Amount for the Mortgage Pool for such Distribution Date;
(iv) the aggregate amount of servicing compensation received by the Servicer with respect to the related Due Period and such other customary information as the Trustee deems necessary or desirable, or which a Certificateholder reasonably requests, to enable Certificateholders to prepare their tax returns;
(v) the aggregate amount of Advances for the related Due Period;
(vi) the Pool Balance of the Group I Mortgage Loans and the Group II Mortgage Loans at the Close of Business at the end of the related Due Period;
(ivvii) the number, aggregate principal balanceStated Principal Balance, weighted average remaining term to maturity and weighted average Mortgage Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment Periodnumber;
(vviii) the number and aggregate unpaid principal balance Stated Principal Balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and Delinquent (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (C) in bankruptcy and Delinquent (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, in each case as of the Close of Business on the last day of the calendar month preceding such Distribution Date and (D) REO Properties, as well as the aggregate principal balance of Mortgage Loans that were liquidated and the net proceeds resulting therefrom;
(viix) [reserved];
(x) the total number and cumulative Stated Principal Balance of all REO Properties as of the Close of Business of the last day of the preceding Prepayment Period;
(xi) the aggregate amount of Principal Prepayments made during the related Prepayment Period, separately indicating Principal Prepayments in full and Principal Prepayments in part;
(viixii) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized LossesLosses and the aggregate amount of Subsequent Recoveries received during the related Prepayment Period and the cumulative amount of Subsequent Recoveries received since the Closing Date;
(viiixiii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Collection Account for such Distribution Date;
(xiv) the Certificate Principal Balance of each class Class of the Class A Certificates, each class of the Mezzanine Floating Rate Certificates and the Class O C Certificates, after giving effect to the distributions made on such Distribution Date;
(ixxv) the Monthly Interest Distributable Amount in respect of each Class of Floating Rate Certificates and the Class C Certificates for such Distribution Date and the Unpaid Interest Shortfall Amount, if any, with respect to each class Class of the Class A Certificates, each class of the Mezzanine Floating Rate Certificates and the Class AIO C Certificates for such Distribution Date;
(xxvi) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.253.26;
(xixvii) the Credit Enhancement Percentage for such Distribution Date;
(xiixviii) the Available Funds Cap Carryforward Net WAC Rate Carryover Amount for each class Class of the Class A Certificates and each class of the Mezzanine Floating Rate Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiiixix) any Overcollateralization Target Amount, Overcollateralized Amount and Overcollateralization Deficiency Amount after giving effect to the distribution of principal on such Distribution Date;
(xx) when the Stepdown Date or a Trigger Event has occurred;
(xxi) the Available Funds;
(xxii) the respective REMIC Pass-Through Rates applicable to each class Class of the Class A Certificates, each class of the Mezzanine Floating Rate Certificates and the Class AIO C Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class Class of the Class A Certificates and each class of the Mezzanine Floating Rate Certificates for the immediately succeeding Distribution Date;
(xiv) the Supplemental Interest Payment for each Class on such Distribution Date;
(xv) the difference between the Swap Notional Amount and the Underwritten Certificates Principal Balance on such Distribution Date;
(xvi) the Required Overcollateralization Amount for such Distribution Date; and
(xviixxiii) payments, if any, made under the Excess Cashflow Cap Contract. The Trustee will make such statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders and the Rating Agencies via the Trustee’s internet website. The Trustee’s internet website shall initially be located at “hxxxx://xxx.xxx.xx.xxx/xxxx”. Assistance in using the website can be obtained by calling the Trustee’s customer service desk at (000) 000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access to the Trustee’s internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for such the dissemination of information in accordance with this Agreement. The Trustee shall also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the Distribution DateDate statement and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party thereto). In the case of information furnished pursuant to subclauses (i) and (ii) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Cut-off Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(b) Within a reasonable period of time after the end of each calendar year, the Trustee shall, upon written request, furnish to each Person who at any time during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward make available to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee pursuant to any requirements of the Code as from time to time in force.
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty in respect of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2005-3)
Statements. (a) On each Distribution Date, based, as applicable, on information provided to it by the Servicer, the Trustee shall prepare and make available to each Holder of the Regular Certificates, the Swap Counterparties, the Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date:
(i) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Charges;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates (other than the Class P Certificates) allocable to interest, separately identified;
(iii) the Pool Balance of the Group I Mortgage Loans, the Group II Mortgage Loans and the Group II III Mortgage Loans at the Close of Business at the end of the related Due Period;
(iv) the number, aggregate principal balance, and weighted average Mortgage Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment Period;
(v) the number and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Properties;
(vi) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(vii) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(viii) the Certificate Principal Balance of each class of the Class A Certificates, each class of the Mezzanine Certificates, each class of the Class B Certificates and the Class O Certificates, after giving effect to the distributions made on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the each class of Class AIO B Certificates for such Distribution Date;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Date;
(xii) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates, each class of the Mezzanine Certificates and each class of the Mezzanine Certificates, Class B Certificates if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiii) the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO B Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and each class of the Mezzanine Class B Certificates for the immediately succeeding Distribution Date;
(xiv) the Supplemental Interest Payment for each Class on such Distribution Date;
(xv) the difference between (x) the sum of (i) aggregate notional amount of the Swap Notional Amount Agreements and (ii) the aggregate notional amount of the Cap Agreements and (y) the aggregate Certificate Principal Balance of the Underwritten Certificates Principal Balance on such Distribution Date;
(xvi) the Required Overcollateralization Amount for such Distribution Date; and
(xvii) the Excess Cashflow for such Distribution Date. In the case of information furnished pursuant to subclauses (i) and (ii) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(b) Within a reasonable period of time after the end of each calendar year, the Trustee shall, upon written request, furnish to each Person who at any time during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee pursuant to any requirements of the Code as from time to time in force.
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each CertificateholderCertificateholder and the Swap Counterparty, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 10,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust I to the related Swap Counterparty in respect of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Novastar Home Equity Loan Asset Backed Cert Series 2003-3)
Statements. (a) On each Distribution Date, based, as applicable, on the Mortgage Loan information provided to it by contained in the ServicerRemittance Report, the Trustee shall prepare and make available to each Holder of the Regular Certificates, the Swap Counterparties, the Servicer and the Rating Agenciespost on its website at www.jpmorgan.com/sfr, a statement as to the distributions made on such Distribution DateXxxxxxxxxxxx Xxxx:
(i) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular CertificatesCertificates allocable to principal or reduction of Notional Amount, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Charges;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates (other than the Class P Certificates) allocable to interestinterest or Class X Distributable Amount, separately identified;
(iii) the Overcollateralization Amount, the Overcollateralization Release Amount, the Overcollateralization Deficiency and the Targeted Overcollateralization Amount as of such Distribution Date and the Monthly Excess Interest Amount and Monthly Excess Cashflow Amount for such Distribution Date;
(iv) the aggregate amount of servicing compensation received by the Servicer during the related Collection Period;
(v) the aggregate amount of Advances for the related Collection Period;
(vi) the Pool Balance of the Group I Mortgage Loans and the Group II Mortgage Loans at the Close close of Business business at the end of the related Due Collection Period;
(ivvii) the number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Interest Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment PeriodDue Date;
(vviii) the number and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1a) 30 to 59 daysdays past due on a contractual basis, (2b) 60 to 89 days and past due on a contractual basis, (3c) 90 or more daysdays past due on a contractual basis, (Bd) as to which foreclosure proceedings have been commenced and (Ce) REO Propertiesin bankruptcy as of the close of business on the last day of the calendar month preceding such Distribution Date;
(viix) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number of such Mortgage Loan, the unpaid principal balance and the Principal Balance of such Mortgage Loan as of the date it became an REO Property;
(x) the book value of any REO Property as of the close of business on the last Business Day of the calendar month preceding the Distribution Date, and, cumulatively, the total number and cumulative principal balance of all REO Properties as of the close of business of the last day of the preceding Collection Period;
(xi) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(viixii) the aggregate amount of prepayment penalties collected (including amounts deposited in connection with the full or partial waiver of such prepayment penalties pursuant to Section 3.01) during the related Collection Period and the amounts thereof allocable to the Class N Certificates and the Class X Certificates;
(xiii) the aggregate amount of Realized Losses incurred during the related Prepayment Collection Period and the cumulative amount of Realized Losses;
(viiixiv) the Certificate Principal Balance Balance, or Notional Amount, as applicable, of each class Class of the Class A Certificates, each class of the Mezzanine Certificates and the Class O Certificates, after giving effect to the distributions, and allocations of Realized Losses or Applied Realized Loss Amounts, as applicable, made on such Distribution Date, separately identifying any reduction thereof due to allocations of Realized Losses or Applied Realized Loss Amounts;
(xv) the Accrued Certificate Interest in respect of each Class of Offered Certificates for such Distribution Date, separately identifying the portions thereof attributable to LIBOR Carryover Amounts, and the respective portions thereof, if any, remaining unpaid following the distributions made in respect of such Certificates on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date;
(xxvi) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.253.23;
(xixvii) [Reserved];
(xviii) [Reserved];
(xix) the Credit Enhancement Percentage amount of the Trustee Fee paid;
(xx) the LIBOR Carryover Amounts distributed on such Distribution Date and the portion thereof constituting LIBOR Carryover Amounts, the amount of all LIBOR Carryover Amounts covered by withdrawals from the Reserve Account and the amounts remaining after giving effect to distributions thereof on such Distribution Date;
(xxi) any Overcollateralization Deficiency after giving effect to the distribution of principal on such Distribution Date;
(xxii) whether a Trigger Event has occurred and is continuing, and the cumulative Realized Losses, as a percentage of the original Pool Balance;
(xxiii) the Available Funds;
(xxiv) the rate at which interest accrues for each Class of Certificates for such Distribution Date;
(xiixxv) the Available Funds Cap Carryforward Amount Liquidation Report for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiiixxvi) the respective REMIC Pass-Through Rates applicable to aggregate Principal Balance of Mortgage Loans purchased by the Servicer or Seller during the related Collection Period and indicating the Section of this Agreement requiring or allowing the purchase of each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution DateMortgage Loan;
(xivxxvii) the Supplemental Interest Payment for each Class on such Distribution Date;aggregate Principal Balance of the Mortgage Loans repurchased by the Servicer (or an affiliate) during the related Collection Period in connection with Section 3.16.
(xvxxviii) the difference between amount of Subsequent Recoveries received during the Swap Notional Amount related Prepayment Period. Parties that are unable to use http://www.jpmorgan.com/sfr are entitled to have a paper copy mailed to xxxx xxx xxxxx xxxxx xxxx by calling the Trustee at (877) 722-1095 and indicating such. The Trustee shall have the right to xxxxxx xxx xxy such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Underwritten Certificates Principal Balance on Trustee shall provide timely and adequate notification to all above parties regarding any such Distribution Date;
(xvi) changes. The Trustee may fully rely upon and shall have no liability with respect to information with respect to the Required Overcollateralization Amount for such Distribution Date; and
(xvii) Mortgage Loans provided by the Excess Cashflow for such Distribution DateServicer. In the case of information furnished pursuant to subclauses (i) and through (iiiii) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Cut-off Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(b) Within a reasonable period of time after the end of each calendar year, the Trustee shall, upon written request, shall furnish to each Person who at any time during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i), (ii), (xv) and (iixx) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward make available to the Residual Certificateholders a copy of the reports forwarded made available to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Residual Certificateholders by the Trustee pursuant to any requirements of the Code as from time to time in force.
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty in respect of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution Date.
Appears in 1 contract
Statements. (a) Not later than 12:00 noon, New York time, on each Determination Date, the Master Servicer shall deliver to the Trustee a monthly report (the "Monthly Report") in a form and format mutually agreeable to the Master Servicer and the Trustee containing the information set forth in Exhibit D hereto as to each Home Equity Loan as of the end of the preceding Collection Period and such other information as the Trustee shall reasonably require, including, without limitation, all information necessary to enable the Trustee to make the payments required by Section 5.01(a). Each Monthly Report shall be accompanied by an Officer's Certificate of the Master Servicer. On each the Business Day preceding the Distribution Date, based, as applicable, on information provided to it by the Servicer, the Trustee shall prepare deliver to the Certificate Insurer and make available the Depositor, by telecopy, with a hard copy thereof to each Holder be delivered on such Distribution Date, a copy of the Regular Certificates, Monthly Report containing the Swap Counterparties, the Servicer and the Rating Agencies, a statement as information set forth below with respect to the distributions made on such Distribution Date:
(i) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal The Available Funds and the amount of the distribution made to Insured Payment, if any, for the Holders of the Class P Certificates allocable to Prepayment Chargesrelated Distribution Date;
(ii) The Class Principal Balance of each Class, the amount Pool Principal Balance as reported in the prior Monthly Report or, in the case of the distribution made on such Distribution Date to first Determination Date, the Holders Class Principal Balance of each Class of Regular Certificates (other than and the Class P Certificates) allocable to interest, separately identifiedCut-Off Date Pool Principal Balance;
(iii) The aggregate amount of collections received on the Pool Balance Home Equity Loans on or prior to such Determination Date in respect of the Group I Mortgage Loans preceding Collection Period, separately stating the amounts received in respect of principal and the Group II Mortgage Loans at the Close of Business at the end of the related Due Periodinterest;
(iv) The number and Principal Balances of all Home Equity Loans that were the number, aggregate principal balance, and weighted average Mortgage Rate subject of the Mortgage Loans as of Principal Prepayment In Full during the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment Collection Period;
(v) the number and aggregate unpaid principal balance The amount of Mortgage Loans all Curtailments that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Propertiesreceived during the Collection Period;
(vi) the aggregate amount The principal portion of Principal Prepayments made all Monthly Payments received during the related Prepayment Collection Period;
(vii) The interest portion of all Monthly Payments received on the aggregate amount of Realized Losses incurred Home Equity Loans during the related Prepayment Period and the cumulative amount of Realized LossesCollection Period;
(viii) The amount required to be paid by the Certificate Principal Balance of each class of Seller or the Class A CertificatesMaster Servicer (reported separately) pursuant to Sections 2.02, each class of the Mezzanine Certificates and the Class O Certificates2.05, after giving effect to the distributions made on such Distribution Date2.06 or 3.01(j);
(ix) The amount of the Unpaid Monthly Advances and the Compensating Interest Shortfall Amount, if any, payment to be made with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date;
(x) The Formula Principal Distribution Amount for the aggregate amount of any Prepayment Interest Shortfalls for such related Distribution Date, the portion thereof to the extent not covered by payments by the Servicer pursuant be distributed on each Class of Certificates then entitled to Section 3.25distributions of principal;
(xi) The Class Interest Distribution for the Credit Enhancement Percentage for such related Distribution DateDate to be distributed on each Class of Certificates;
(xii) the Available Funds Cap Carryforward Amount for each class of The amount to be distributed to the Class A Certificates and each class of R Certificateholders for the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such related Distribution Date;
(xiii) the respective REMIC Pass-Through Rates applicable The Certificate Principal Balance (after giving effect to each class any distributions of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable principal to each class of be made on the Class A Certificates and each class of on the Mezzanine Certificates for the immediately succeeding related Distribution Date);
(xiv) The weighted average remaining term to maturity of the Supplemental Interest Payment for each Class on such Distribution DateHome Equity Loans and the weighted average Loan Rate;
(xva) The Master Servicing Fee to be retained by the Master Servicer and (b) the difference between amounts paid to the Swap Notional Amount Certificate Insurer, separately stated, and the Underwritten Certificates Principal Balance on such Distribution DateReimbursement Amount to be paid to the Certificate Insurer pursuant to Section 5.01(a)(v) and other amounts due and owing to the Certificate Insurer under the Insurance Agreement and to be paid pursuant to Section 5.01(a)(ix);
(xvi) The amount of all payments or reimbursements to the Required Overcollateralization Amount for such Distribution Date; and
(xvii) the Excess Cashflow for such Distribution Date. In the case of information furnished Master Servicer pursuant to subclauses (i) and (ii) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(b) Within a reasonable period of time after the end of each calendar year, the Trustee shall, upon written request, furnish to each Person who at any time during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee pursuant to any requirements of the Code as from time to time in force.
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty in respect of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution Date.3.03;
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc Home Eq Ln as Bk Cer Ser 1999-2)
Statements. (a) On each Distribution Date, based, as applicable, on information provided to it by the Servicer, the Trustee shall prepare and make available to each Holder of the Regular Certificates, the Swap CounterpartiesSeller, the Servicer and the Rating Agencies, a statement (the "Distribution Date Statement") as to the distributions made on such Distribution Date:
(i) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Chargesprincipal;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates (other than the Class P Certificates) allocable to interest, separately identified;
(iii) the Pro Rata Senior Percentage, Senior Percentage, Senior Prepayment Percentage and Subordinate Percentage for the following Distribution Date;
(iv) the aggregate amount of servicing compensation received by the Servicer during the related Due Period and such other customary information as the Trustee deems necessary or desirable, or which a Certificateholder reasonably requests, to enable Certificateholders to prepare their tax returns;
(v) the aggregate amount of Advances for the related Due Period and the amount of unreimbursed Advances;
(vi) the Special Hazard Loss Coverage Amount, the Fraud Loss Coverage Amount and the Bankruptcy Loss Coverage Amount, each as of the related Determination Date;
(vii) the Pool Balance and Net WAC at the Close of Business at the end of the related Due Period;
(viii) the aggregate Principal Balance of the Group I Mortgage Loans and the Group II Mortgage Loans at the Close of Business at the end of the related Due Period;
(ivix) the number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Loan Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment PeriodDue Date;
(vx) the number and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1a) 30 to 59 daysdays Delinquent, (2b) 60 to 89 days and Delinquent, (3c) 90 or more daysdays Delinquent, (Bd) as to which foreclosure proceedings have been commenced and (Ce) REO Propertiesin bankruptcy, in each case as of the Close of Business on the last day of the calendar month preceding such Distribution Date;
(vixi) the book value of any REO Property as of the Close of Business on the last Business Day of the calendar month preceding the Distribution Date, and, cumulatively, the total number and cumulative principal balance of all REO Properties as of the Close of Business of the last day of the preceding Due Period;
(xii) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(viixiii) the aggregate amount of Realized Losses incurred during the related Prepayment Due Period and the cumulative amount of Realized Losses;
(viiixiv) the Class Certificate Principal Balance of each class Class of Certificates (other than the Class X Certificates) and the Class X Certificate Notional Balance of the Class A Certificates, each class of the Mezzanine Certificates and the Class O X Certificates, after giving effect to the any distributions made thereon, on such Distribution Date;
(ixxv) the Unpaid Interest Shortfall AmountDistributable Amount in respect of each Class of the Certificates, for such Distribution Date and the respective portions thereof, if any, with remaining unpaid following the distributions made in respect to each class of the Class A Certificates, each class of the Mezzanine such Certificates and the Class AIO Certificates for on such Distribution Date;
(xxvi) the aggregate amount of any Prepayment Interest Shortfalls and the Unpaid Interest Shortfall Amount for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.253.24 hereof;
(xixvii) the Credit Enhancement Percentage for such Distribution DateAvailable Funds;
(xiixviii) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiii) the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Date;
(xiv) the Supplemental Interest Payment for each Class on such Distribution Date;
(xv) the difference between the Swap Notional Amount and the Underwritten of Certificates Principal Balance on such Distribution Date;
(xvi) the Required Overcollateralization Amount for such Distribution Date; and
(xviixix) the Excess Cashflow for aggregate Principal Balance of Mortgage Loans purchased by the Servicer or the Seller during the related Due Period, and indicating the Section of this Agreement requiring or allowing the purchase of each such Mortgage Loan. The Trustee will make the Distribution DateDate Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders and the other parties to this Agreement via the Trustee's internet website and will forward the Distribution Date Statement to each Rating Agency. The Trustee's internet website shall initially be located at "xxxx://xxx.xxxxxxx.xxx". Assistance in using the website can be obtained by calling the Trustee's customer service desk at (000) 000-0000. Parties that are unable to use the above distribution options are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and requesting same. The Trustee shall have the right to change the way Distribution Date Statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all the above parties regarding any such changes. The Trustee's obligations pursuant to this Section 4.04 are limited to the extent of its receipt of all necessary information from the Servicer. The Trustee may fully rely upon and shall have no liability with respect to information provided by the Servicer. In the case of information furnished pursuant to subclauses (i) and (ii) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Cut-Off Date. The In addition, certain additional information as agreed upon by the Servicer will be provided by the Trustee may, in the absence of manifest error, conclusively rely to a Certificateholder upon the Determination Date Report request of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03such Certificateholder.
(b) Within a reasonable period of time after the end of each calendar year, the Trustee shall, upon written request, furnish to each Person who at any time during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) and through (iiiii) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward supply an electronic tape to the Residual Certificateholders Bloomberg Financial Markets, Inc. in a copy of the reports forwarded format acceptable to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.Bloomberg Financial Markets, Inc.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee pursuant to any requirements of the Code as from time to time in force[Reserved].
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty in respect of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc)
Statements. (a) On each Distribution Each month, not later than 12:00 noon New York time on the Determination Date, basedthe Servicer shall deliver to the Trustee, as applicableby telecopy, on information provided for distribution to it by the Certificateholders, the receipt and legibility of which shall be confirmed telephonically, with hard copy thereof and the Servicer's Monthly Computer Tape in the form attached hereto as Exhibit L (both in hard copy and in computer tape form) to be delivered on the Business Day following the Determination Date, a certificate signed by a Servicing Officer (a "Servicer's Certificate") stating the date (day, month and year), the Trustee shall prepare and make available to each Holder Series number of the Regular Certificates, the Swap Counterpartiesdate of this Agreement, and, as of the Servicer and close of business on the Rating Agencies, a statement as to the distributions made on Record Date for such Distribution Datemonth:
(i) Available Funds for the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Chargesrelated Remittance Date;
(ii) The Aggregate Class A Certificate Principal Balance, the amount Aggregate Class B Certificate Principal Balance and the Pool Principal Balance as reported in the prior Servicer's Certificate pursuant to subclause (xii) below, or, in the case of the distribution made on such Distribution Date to first Determination Date, the Holders of each Original Class of Regular Certificates (other than A and Class B Certificate Principal Balance and the Class P Certificates) allocable to interest, separately identifiedOriginal Pool Principal Balance;
(iii) The number and Principal Balances of all SBA Loans which were the Pool Balance subject of Principal Prepayments during the Group I Mortgage Loans and the Group II Mortgage Loans at the Close of Business at the end of the related Due Period;
(iv) the number, aggregate principal balance, and weighted average Mortgage Rate The product of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of Unguaranteed Percentage multiplied by all Subsequent Mortgage Loans added Curtailments which were received during the preceding Prepayment Due Period;
(v) The product of the number Unguaranteed Percentage multiplied by all Excess Payments and aggregate unpaid the product of the Unguaranteed Percentage multiplied by all Monthly Payments in respect of principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Propertiesreceived during the Due Period;
(vi) the The aggregate amount of Principal Prepayments made during interest received on each SBA Loan net of the related Prepayment PeriodFTA's Fee, the Premium Protection Fee, the Additional Fee and the portion thereof payable to the Registered Holders;
(vii) the aggregate The amount of Realized Losses incurred during the related Prepayment Period Monthly Advances to be made on the Determination Date and the cumulative amount of Realized LossesCompensating Interest payment to be made on the Determination Date;
(viii) The delinquency and foreclosure information set forth in the form attached hereto as Exhibit K;
(ix) The product of the Unguaranteed Percentage multiplied by the amount of any losses realized on a Liquidated SBA Loan;
(x) The Class A and Class B Interest Distribution Amounts and Principal Distribution Amounts for the Remittance Date with the components thereof stated separately;
(xi) The amount available in the Spread Account as of the related Record Date in cash and from liquidation of Permitted Instruments and the amount, if any, to be transferred from the Spread Account to the Certificate Account pursuant to Section 6.02(b)(i);
(xii) The Aggregate Class A Certificate Principal Balance, Aggregate Class B Certificate Principal Balance of each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class O Certificates, Pool Principal Balance after giving effect to the distributions distribution to be made on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Date;
(xii) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Remittance Date;
(xiii) The Excess Spread, the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates Spread Balance and the Class AIO Certificates for Specified Spread Account Requirement with respect to such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Remittance Date;
(xiv) the Supplemental The weighted average maturity and weighted average SBA Loan Interest Payment for each Class on such Distribution DateRate;
(xv) The Servicing Fees and amounts to be deposited to the difference between the Swap Notional Amount and the Underwritten Certificates Principal Balance on such Distribution DateExpense Account;
(xvi) The amount of all payments and reimbursements to the Required Overcollateralization Amount for Servicer pursuant to Section 5.04 (b), (c), (d)(ii), (e) and (f);
(xvii) The Class A and Class B Remittance Rates with respect to such Distribution Remittance Date;
(xviii) During the Funding Period, the aggregate Principal Balance of the Subsequent SBA Loans purchased during the prior Due Period and the amount on deposit in the Pre-Funding Account as of the end of such Due Period; and
(xviixix) Such other information as the Excess Cashflow for Certificateholders or the Rating Agencies may reasonably require. The Trustee shall forward such Distribution report to the Certificateholders and the Rating Agencies on the Remittance Date, together with a separate report indicating the amount of funds deposited in the Certificate Account pursuant to Section 6.01(a)(iv); and the amounts which are reimbursable to the Servicer or the Seller pursuant to Sections 6.03(c)(i), 6.03(c)(ii) and 6.07(b)(vi) (all reports prepared by the Trustee of such withdrawals and deposits will be based in whole or in part upon the information provided to the Trustee by the Servicer). To the extent that there are inconsistencies between the telecopy of the Servicer's Certificate and the hard copy thereof, the Trustee shall be entitled to rely upon the telecopy. In the case of information furnished pursuant to subclauses (iii), (iii), (iv), (v), (x) and (ii) xii), above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each per $1,000 original dollar amount as of the Closing Cut- Off Date. The Additionally, on the Special Remittance Date the Trustee mayshall, in based upon information received from the absence Servicer, forward to the Certificateholders and the Rating Agencies a report setting forth the amount of manifest errorprincipal and interest, conclusively rely upon if any, being paid to each Class of Certificates on the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03Special Remittance Date.
(ba) Within a reasonable period of time after the end of each calendar year, the Servicer shall furnish to the Trustee shall, upon written request, furnish for distribution to each Person who at any time during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) vi), (x), and (ii) xiv), above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished provided by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee Servicer pursuant to any requirements of the Code as from time to time are in force.
(eb) On each Distribution DateUpon reasonable advance notice in writing, the Trustee Servicer will provide to each Certificateholder which is a savings and loan association, bank or insurance company certain reports and access to information and documentation regarding the SBA Loans sufficient to permit such Certificateholder to comply with applicable regulations of the Office of Thrift Supervision or other regulatory authorities with respect to investment in the Certificates.
(c) The Servicer shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible furnish to each Certificateholder, during the statement prepared pursuant to paragraph (a) term of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way Agreement, such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall periodic, special, or other reports or information, whether or not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trusteefor herein, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Dateshall be necessary, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Datereasonable, the Trustee will immediately provide notice in the form of Exhibit J to the or appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust Certificateholder or otherwise with respect to the related Swap Counterparty purposes of this Agreement, all such reports or information to be provided by and in respect accordance with such applicable instructions and directions as the Certificateholder may reasonably require; provided, that the Servicer shall be entitled to be reimbursed by such Certificateholder for the Servicer's actual expenses incurred in providing such reports if such reports are not producible in the ordinary course of notional amounts assigned the Servicer's business. The Rating Agencies shall receive copies of any such reports or reduced under this Section 4.03 (f). In no event shall information furnished to the Trustee allow a Notional Amount Test Event to occur on any Distribution DateCertificateholders.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Money Store of New York Inc)
Statements. (a) On Not later than 12:00 noon, __________ time, on the fifth Business Day prior to each Distribution Date, basedthe Master Servicer shall deliver to the Trustee by electronic modem a computer file containing the information called for by clauses (i) through (xxi) below as of the end of the preceding Due Period and such other information as the Trustee shall reasonably require. Not later than 12:00 noon, as applicable__________ time, on information provided to it by the Servicereach Determination Date, the Trustee shall prepare deliver to the Master Servicer, the Seller, the Representative and make available to the Certificate Insurer, by telecopy, with a hard copy thereof to be delivered on the succeeding Distribution Date, a confirmation of the items in clause (i) below. Not later than one Business Day prior to each Holder of Distribution Date the Regular Certificates, the Swap Counterparties, the Servicer and the Rating Agencies, Trustee shall deliver a statement as (the "Trustee's Remittance Report") containing the information set forth below with respect to the distributions made on such Distribution Date, which information shall be based upon the information furnished by the Master Servicer upon which the Trustee shall conclusively rely without independent verification or calculation thereof:
(i) The Available Funds for the amount of the distribution made on such related Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment ChargesDate;
(ii) the amount of the distribution made on such Distribution Date to the Holders The Class Principal Balance of each Class of Regular Class A Certificates and the Aggregate Class A Principal Balance as reported in the prior Trustee's Remittance Report pursuant to subclause (other than xi) below, or, in the case of the first Determination Date, the Original Class P Certificates) allocable to interest, separately identifiedPrincipal Balance of each Class and the Cut-Off Date Pool Principal Balance;
(iii) The number and Principal Balances of all Home Equity Loans that were the Pool subject of Principal Prepayments during the Due Period;
(iv) The amount of all Curtailments that were received during the Due Period;
(v) The principal portion of all Monthly Payments received during the Due Period;
(vi) The interest portion of all Monthly Payments received on the Home Equity Loans during the Due Period;
(vii) The amount of the Monthly Advances and the Compensating Interest payment to be made on the Determination Date;
(viii) The Class A Principal Distribution, the portion thereof to be distributed on each Class of Class A Certificates then entitled to distributions of principal, and the Class Interest Distribution to be distributed on each Class of Class A Certificates;
(ix) The amount of the Insured Payments, if any, to be made on the Distribution Date;
(x) The amount to be distributed to the Class R Certificateholders for the Distribution Date;
(xi) The Class Principal Balance of each Class of Class A Certificates and the Group I Mortgage Aggregate Class A Principal Balance after giving effect to the distribution to be made on the Distribution Date;
(xii) The weighted average remaining term to maturity of the Home Equity Loans and the Group II Mortgage weighted average Loan Rate;
(xiii) The Servicing Fee and the Premium Amount and Reimbursement Amount to be paid to the Certificate Insurer pursuant to Section 5.01;
(xiv) The amount of all payments or reimbursements to the Master Servicer pursuant to Sections 3.03(ii) and (vi);
(xv) The O/C Amount and the Specified O/C Amount for such Distribution Date;
(xvi) The amounts which are reimbursable to the Master Servicer or the Seller, as appropriate, pursuant to Section 5.01(a)(ii)(2) and the amount paid to Class R Certificateholders pursuant to Section 5.01(a)(ii)(4);
(xvii) The number of Home Equity Loans outstanding at the Close of Business beginning and at the end of the related Due Period;
(ivxviii) The amount of Liquidation Loan Losses experienced during the number, aggregate principal balance, preceding Due Period and weighted average Mortgage Rate the Loan Losses and the Cumulative Net Losses as a percentage of the Mortgage Loans as Cut-Off Date Pool Principal Balance; and
(xix) As of the related Determination Date end of the preceding calendar month, the number and Principal Balance of Home Equity Loans which are 30-59 days delinquent; the number and Principal Balance of Home Equity Loans which are 60-89 days delinquent; the number and Principal Balance of Home Equity Loans which are more than 90 days delinquent; the number and Principal Balance of Home Equity Loans which are in foreclosure; and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment Period;
(v) the number and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Properties;
(vi) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(vii) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(viii) the Certificate Principal Balance of each class Home Equity Loans which are REO Property. The Trustee shall forward such report to the Master Servicer, the Seller, the Certificate Insurer, the Representative, the Certificateholders, the Rating Agencies, [Bloomberg (at 499 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, Xxtention: ____________) and [Intex Solutions (at 35 -71- 77 Hxxxxxxx Xxxxxx, Xxxxxxx, Xxxxxxxxxxxxx 00000, Xxtention: ______________)] on the Distribution Date; provided, however that the Trustee shall remove the Premium Amount to be paid the Certificate Insurer from clause (xiii) of such report prior to submission of the Class A Certificates, each class of the Mezzanine Certificates report to [Bloomberg and the Class O Certificates, after giving effect to the distributions made on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, Intex Solutions]. The Trustee may fully rely upon and shall have no liability with respect to each class information provided by the Master Servicer. The Master Servicer shall calculate all items in clauses (i) - (xix) above. To the extent that there are inconsistencies between the telecopy of the Class A Certificates, each class of the Mezzanine Certificates Trustee's Remittance Report and the Class AIO Certificates for such Distribution Date;
(x) hard copy thereof, the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to Master Servicer may rely upon the extent not covered by payments by the Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Date;
(xii) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiii) the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Date;
(xiv) the Supplemental Interest Payment for each Class on such Distribution Date;
(xv) the difference between the Swap Notional Amount and the Underwritten Certificates Principal Balance on such Distribution Date;
(xvi) the Required Overcollateralization Amount for such Distribution Date; and
(xvii) the Excess Cashflow for such Distribution Datelatter. In the case of information furnished pursuant to subclauses (iii), (xi) and (iixvi) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing related Cut-Off Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(b) Within a reasonable period of time after the end of each calendar year, the Trustee shall, upon written request, shall furnish to each Person who at any time during the calendar year was a Certificateholder Holder of a Regular Class A Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (ivii) and (iixiii) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward to the Residual Class R Certificateholders a copy of the reports forwarded to the Regular Certificateholders Holders of the Class A Certificates in respect of such Distribution Date and a statement setting forth the amounts actually distributed to the Class R Certificateholders on such Distribution Date together with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Class R Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Class R Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee pursuant to any requirements of the Code as from time to time in force.
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties Master Servicer and the Trustee shall provide timely furnish to each Certificateholder and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the TrusteeCertificate Insurer (if requested in writing), as required pursuant hereto.during the term of this Agreement, such
(f) No later than noon on Reports and computer diskettes or files furnished by the second Business Day prior Master Servicer pursuant to each Distribution Datethis Agreement shall be deemed confidential and of a proprietary nature, and shall not be copied or distributed except to the extent required by law or for the internal use of the Certificate Insurer and its counsel or to the Rating Agencies, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution DateSeller, Representative or any Originator, the Trustee will immediately provide notice Certificate Insurer's reinsurers, parent, regulators, liquidity providers and auditors, provided that the Certificate Insurer shall attempt in good faith to cause such additional Persons to acknowledge in writing the form foregoing restrictions, and in connection with the purposes and requirements of Exhibit J this Agreement. No Person entitled to receive copies of such reports or diskettes or files or lists of Certificateholders shall use the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion information therein for the purpose of soliciting the customers of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign Representative or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two any Originator or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty for any other purpose except as set forth in respect of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution DateAgreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Avco Abs Receivables Corp)
Statements. (a) On Not later than 12:00 noon Chicago, Illinois time on the Business Day preceding each Determination Date, the Servicer shall deliver to the Trustee and the Certificate Insurer a computer tape or written report containing the information set forth on EXHIBIT R as to each Mortgage Loan with respect to the related Due Period and such other information with respect to the Mortgage Loans in the aggregate as the Trustee shall reasonably require. Not later than 12:00 noon Chicago, Illinois time two Business Days preceding each Distribution Date, basedthe Trustee shall deliver to the Depositors, as applicableany Paying Agent, on information provided to it by the Servicer, the Trustee shall prepare Certificate Insurer, Xxxxx'x and make available to each Holder of the Regular CertificatesS&P by telecopy, the Swap Counterparties, the Servicer and the Rating Agenciesby request, a statement as (the "REMITTANCE Report") prepared based on the information provided by the Servicer on EXHIBIT R containing the information set forth below with respect to the distributions made on such succeeding Distribution Date, with a hard copy thereof to be delivered on the immediately succeeding Business Day:
(i) the amount Available Funds attributable to each Mortgage Loan Group and any portion of the distribution made on such Distribution Date Available Funds that has been deposited in the Collection Account but may not be withdrawn therefrom pursuant to the Holders an order of each Class a United States bankruptcy court of Regular Certificates, separately identified, allocable competent jurisdiction imposing a stay pursuant to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment ChargesXxxxxxx 000 xx xxx Xxxxxx Xxxxxx Bankruptcy Code;
(ii) the amount Class A-1F Principal Balance, the Class A-2F Principal Balance, the Class A-3F Principal Balance, the Class A-4F Principal Balance, the Class A-5F Principal Balance, the Class A-6F Principal Balance, the Class A-7F Principal Balance, the Class A-1A Principal Balance and the Pool Principal Balance with respect to each Mortgage Loan Group, as reported pursuant to SUBCLAUSE (XIII) below in the Remittance Report provided for the immediately preceding Distribution Date, or, in the case of the distribution made on such Distribution Date first Determination Date, the Original Class A-1F Principal Balance, the Original Class A-2F Principal Balance, the Original Class A-3F Principal Balance, the Original Class A-4F Principal Balance, the Original Class A-5F Principal Balance, the Original Class A-6F Principal Balance, the Original Class A-7F Principal Balance, the Original Class A-1A Principal Balance and the Original Pool Principal Balance with respect to the Holders of each Class of Regular Certificates (other than the Class P Certificates) allocable to interest, separately identifiedMortgage Loan Group;
(iii) with respect to the Mortgage Pool and each Mortgage Loan Group, the number and the aggregate Principal Balances of all Mortgage Loans which were the subject of Principal Prepayments during the related Due Period;
(iv) with respect to the Mortgage Pool and each Mortgage Loan Group, the amount of all Curtailments which were received during the related Due Period;
(v) with respect to the Mortgage Pool and each Mortgage Loan Group, the aggregate amount of principal portions of all Monthly Payments received during the related Due Period;
(vi) with respect to the Mortgage Pool and each Mortgage Loan Group, the amount of interest received on the Mortgage Loans during the related Due Period;
(vii) with respect to the Mortgage Pool and each Mortgage Loan Group, the aggregate amount of the Advances made and recovered with respect to such Distribution Date;
(viii) with respect to the Mortgage Pool and each Mortgage Loan Group, the delinquency and foreclosure information set forth in the form attached hereto as EXHIBIT H and the amount of Mortgage Loan Losses during the related Due Period;
(ix) the Class A-1F Principal Balance, the Class A-2F Principal Balance, the Class A-3F Principal Balance, the Class A-4F Principal Balance, the Class A-5F Principal Balance, the Class A-6F Principal Balance, the Class A-7F Principal Balance, and the Class A-1A Principal Balance after giving effect to the distribution to be made on such Distribution Date;
(x) with respect to the Mortgage Pool and each Mortgage Loan Group, the weighted average maturity and the weighted average Mortgage Interest Rate of the Mortgage Loans in each Mortgage Loan Group as of the last day of the related Due Period;
(xi) the Servicing Fees paid and Servicing Fees accrued during the related Due Period;
(xii) the amount of all payments or reimbursements to the Servicer pursuant to SECTION 5.04 (II), (IV), (V), (VI) AND (VII) paid or to be paid since the prior Distribution Date (or in the case of the first Distribution Date, since the Closing Date);
(xiii) the Pool Principal Balance and aggregate Principal Balance for each Mortgage Loan Group as of the Group I last day of the related Due Period;
(xiv) such other information as the Certificate Insurer and the Certificateholders may reasonably require;
(xv) the amounts which are reimbursable to the Servicer, the Representative or the Depositors, as appropriate, pursuant to SECTION 6.05;
(xvi) with respect to the Mortgage Pool and each Mortgage Loan Group, the number of Mortgage Loans and the Group II Mortgage Loans outstanding at the Close of Business beginning and at the end of the related Due Period;
(ivxvii) the number, aggregate principal balance, and weighted average Mortgage Rate of interest accrued on the Mortgage Loans as of at their respective Mortgage Interest Rates for the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment Due Period;
(vxviii) the number Overcollateralized Amount, the Overcollateralization Target Amount and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans any Overcollateralization Deficiency Amount for each Certificate Group for each Distribution Date, in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Properties;
(vi) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(vii) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(viii) the Certificate Principal Balance of each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class O Certificates, case after giving effect to the distributions made on such Distribution Date;
(ixxix) the Unpaid aggregate Mortgage Loan Losses since the Cut-off Date as of the end of the related Due Period;
(xx) the Class A-1A LIBOR Interest Shortfall AmountCarryover, if any, Fixed Rate Group 1 Interest Carryover and Fixed Rate Group 2 Interest Carryover with respect to such Distribution Date and, any such unpaid Class A-1A LIBOR Interest Carryover, Fixed Rate Group 1 Interest Carryover and Fixed Rate Group 2 Interest Carryover from prior Distribution Date(s), including interest accrued thereon; and
(xxi) the Pass-Through Rate for each class Class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date;the related Accrual Period; and
(xxxii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, interest and/or principal (reported separately) to the extent not covered by payments by the Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Date;
(xii) the Available Funds Cap Carryforward Amount for be distributed on each class Class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
. The Trustee shall forward such report to the Certificateholders on the Distribution Date, by telecopy, with a hard copy to follow (xiii) in the respective REMIC Pass-Through Rates applicable to each class case of the Class A Certificates, each Depository) or by first class mail. The Depositors and the Trustee may fully rely upon and shall have no liability with respect to information provided by the Servicer. To the extent that there are inconsistencies between the telecopy of the Mezzanine Certificates Remittance Report and the Class AIO Certificates for such Distribution Date hard copy thereof, the Servicer and the REMIC Pass-Through Rate applicable to each class of Trustee may rely upon the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Date;
(xiv) the Supplemental Interest Payment for each Class on such Distribution Date;
(xv) the difference between the Swap Notional Amount and the Underwritten Certificates Principal Balance on such Distribution Date;
(xvi) the Required Overcollateralization Amount for such Distribution Date; and
(xvii) the Excess Cashflow for such Distribution Datetelecopy. In the case of information furnished pursuant to subclauses SUBCLAUSE (i) and (iiXXII) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each of the Class A Certificates for each $1,000 original dollar principal amount as of the Closing Cut-off Date. The .
(a) Upon reasonable advance notice in writing, the Servicer will provide to the Trustee mayaccess to information and documentation regarding the Mortgage Loans sufficient to permit any Holder which is a savings and loan association, bank or insurance company to comply with applicable regulations of the FDIC or other regulatory authorities with respect to investment in the absence of manifest errorCertificates, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03as applicable.
(b) Within a reasonable period of time Not later than 10 days after the end of each calendar yearDistribution Date, the Servicer shall provide the Cumulative Loss Percentage to the Trustee shalland the Certificate Insurer as of the most recent Distribution Date. In addition, upon written request, the Servicer shall furnish to each Person who at any time the Trustee and to the Certificate Insurer, during the calendar year was a Certificateholder term of a Regular Certificatethis Agreement, such periodic, special, or other reports or information not specifically provided for herein, as may be necessary, reasonable, or appropriate with respect to the Trustee or the Certificate Insurer, as the case may be, or otherwise with respect to the purposes of this Agreement, all such reports or information to be provided by and in accordance with such applicable instructions and directions as the Trustee or the Certificate Insurer may reasonably require; PROVIDED, that the Servicer shall be entitled to be reimbursed by the requesting party, for the fees and actual expenses associated with providing such reports, if requested such reports are not generally produced in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation ordinary course of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to timeits business.
(c) On each Distribution DateReports and computer tapes furnished by the Servicer pursuant to this Agreement shall be deemed confidential and of proprietary nature, and shall not be copied or distributed except in connection with the Trustee shall forward purposes and requirements of this Agreement; provided that the Certificate Insurer may copy or distribute such information (A) pursuant to a subpoena or order issued by a court of competent jurisdiction or by a judicial or administrative or legislative body or committee, (B) as may be required in any report, statement or testimony submitted to any Federal, state, municipal or other regulatory body having jurisdiction over the Certificate Insurer, (C) in order to comply with any law, ruling, order or regulation applicable to the Residual Certificateholders a copy Certificate Insurer, or (D) as may be required by any rating agency or reinsurer. No Person entitled to receive copies of such reports or tapes shall use the information therein for the purpose of soliciting the customers of the reports forwarded to the Regular Certificateholders Originators or for any other purpose except as set forth in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriatethis Agreement.
(d) Within The Trustee shall promptly send to the Certificate Insurer and, upon request, to each Certificateholder in writing:
(i) notice of the appointment of any Subservicer;
(ii) notice of any transfer of any Account to a reasonable period of time after the end different depository institution;
(iii) a copy of each calendar yearOfficer's Certificate delivered pursuant to SECTION 7.04 and any notice received from the Servicer of a change in the fiscal year of the Servicer;
(iv) a copy of each letter delivered pursuant to SECTION 7.05; and
(v) notice of the receipt by the Trustee of any information regarding the Servicer's servicing activities pursuant to the last paragraph of SECTION 10.01(C). PROVIDED, that in each case the Trustee shall deliver only be required to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by send such Person, such information as is reasonably necessary to provide notices and other items to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied Persons to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee pursuant to any requirements of has itself received the Code as from time to time in force.
(e) On each Distribution Daterelated information. The Depositors, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties Servicer and the Trustee shall provide timely and adequate notification on behalf of Certificateholders (the "TRUST PARTIES") hereby authorize the Certificate Insurer to all above parties regarding include the information contained in reports provided to the Certificate Insurer hereunder (the "INFORMATION") on The Bloomberg, an on-line computer based information network maintained by Bloomberg L.P. ("BLOOMBERG"), or in other electronic or print information services. The Trust Parties agree not to commence any actions or proceedings, or otherwise assert any claims, against the Certificate Insurer or its affiliates or any of the Certificate Insurer's or its affiliates' respective agents, representatives, directors, officers or employees (collectively, the "CERTIFICATE INSURER PARTIES"), arising out of, or related to or in connection with the dissemination and/or use of any Information by the Certificate Insurer, including, but not limited to, claims based on allegations of inaccurate, incomplete or erroneous transfer of information by the Certificate Insurer to Bloomberg or otherwise (other than in connection with the Certificate Insurer's negligence or willful misconduct). The Trust Parties waive their rights to assert any such changesclaims against the Certificate Insurer Parties and fully and finally release the Certificate Insurer Parties from any and all such claims, demands, obligations, actions and liabilities (other than in connection with the Certificate Insurer's negligence or willful misconduct). The Trustee shall not have Certificate Insurer makes no representations or warranties, expressed or implied, of any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust kind whatsoever with respect to such notional amountsthe accuracy, adequacy, timeliness, completeness, merchantability or fitness for any particular purpose of any Information in any form or manner. FurthermoreThe Certificate Insurer reserves the right at any time to withdraw or suspend the dissemination of the Information by the Certificate Insurer. The authorizations, no distributions will be made from covenants and obligations of the Supplemental Interest Trust to the related Swap Counterparty in respect of notional amounts assigned or reduced Parties under this Section 4.03 (f). In no event section shall be irrevocable and shall survive the Trustee allow a Notional Amount Test Event to occur on any Distribution Datetermination of this Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Eqcc Home Equity Loan Trust 1999-3)
Statements. (a) On each Distribution Each month, not later than 12:00 noon New York time on the Determination Date, basedthe Servicer shall deliver to the Trustee, as applicableby telecopy, on information provided for distribution to it by the Certificateholders, the receipt and legibility of which shall be confirmed telephonically, with hard copy thereof and the Servicer's Monthly Computer Tape in the form attached hereto as Exhibit L (both in hard copy and in computer tape form) to be delivered on the Business Day following the Determination Date, a certificate signed by a Servicing Officer (a "Servicer's Certificate") stating the date (day, month and year), the Trustee shall prepare and make available to each Holder Series number of the Regular Certificates, the Swap Counterpartiesdate of this Agreement, and, as of the Servicer and close of business on the Rating Agencies, a statement as to the distributions made on Record Date for such Distribution Datemonth:
(i) Available Funds for the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Chargesrelated Remittance Date;
(ii) The Aggregate Class A Certificate Principal Balance, the amount Aggregate Class M Certificate Principal Balance, the Aggregate Class B Certificate Principal Balance and the Pool Principal Balance as reported in the prior Servicer's Certificate pursuant to subclause (xii) below, or, in the case of the distribution made on such Distribution Date to first Determination Date, the Holders of each Original Class of Regular Certificates (other than A, Class M and Class B Certificate Principal Balance and the Class P Certificates) allocable to interest, separately identifiedOriginal Pool Principal Balance;
(iii) The number and Principal Balances of all SBA Loans which were the Pool Balance subject of Principal Prepayments during the Group I Mortgage Loans and the Group II Mortgage Loans at the Close of Business at the end of the related Due Period;
(iv) the number, aggregate principal balance, and weighted average Mortgage Rate The product of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of Unguaranteed Percentage multiplied by all Subsequent Mortgage Loans added Curtailments which were received during the preceding Prepayment Due Period;
(v) The product of the number Unguaranteed Percentage multiplied by all Excess Payments and aggregate unpaid the product of the Unguaranteed Percentage multiplied by all Monthly Payments in respect of principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Propertiesreceived during the Due Period;
(vi) the The aggregate amount of Principal Prepayments made during interest received on the related Prepayment PeriodUnguaranteed Interest of each SBA Loan net of the FTA's Fee, the Additional Fee and the Servicing Fee attributable to the Unguaranteed Interest;
(vii) the aggregate The amount of Realized Losses incurred during the related Prepayment Period Monthly Advances to be made on the Determination Date and the cumulative amount of Realized LossesCompensating Interest payment to be made on the Determination Date;
(viii) The delinquency and foreclosure information set forth in the Certificate Principal Balance of each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class O Certificates, after giving effect to the distributions made on such Distribution Dateform attached hereto as Exhibit K;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class The product of the Class A Certificates, each class Unguaranteed Percentage multiplied by the amount of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Dateany losses realized on a Liquidated SBA Loan;
(x) The Class A, Class M and Class B Interest Distribution Amounts and Principal Distribution Amounts for the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to Remittance Date with the extent not covered by payments by the Servicer pursuant to Section 3.25components thereof stated separately;
(xi) The amount available in the Spread Account as of the related Record Date in cash and from liquidation of Permitted Instruments and the amount, if any, to be transferred from the Spread Account to the Certificate Account pursuant to Section 6.02(b)(i) and the total amount of Letter of Credit Payments and payments with respect to Alternate Credit Enhancement Percentage for such Distribution Remittance Date;
(xii) the Available Funds Cap Carryforward Amount for each class of the The Aggregate Class A Certificates and each class of the Mezzanine CertificatesCertificate Principal Balance, if anyAggregate Class M Certificate Principal Balance, for such Distribution Date Aggregate Class B Certificate Principal Balance and the amount remaining unpaid Pool Principal Balance after reimbursements therefor giving effect to the distribution to be made on such Distribution the Remittance Date;
(xiii) the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates The Spread Account Balance and the Class AIO Certificates for Specified Spread Account Requirement with respect to such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Remittance Date;
(xiv) the Supplemental The weighted average maturity and weighted average SBA Loan Interest Payment for each Class on such Distribution DateRate;
(xv) The Servicing Fees and amounts to be deposited to the difference between the Swap Notional Amount and the Underwritten Certificates Principal Balance on such Distribution DateExpense Account;
(xvi) The amount of all payments and reimbursements to the Required Overcollateralization Amount for Servicer pursuant to Section 5.04 (b), (c), (d)(ii), (e) and (f);
(xvii) The Class A, Class M and Class B Remittance Rates with respect to such Distribution Remittance Date;
(xviii) During the Funding Period, the aggregate Principal Balance of the Subsequent SBA Loans purchased during the prior Due Period and the amount on deposit in the Pre-Funding Account and the Capitalized Interest Account as of the end of such Due Period; and
(xviixix) the Excess Cashflow for such Distribution Date. In the case of information furnished pursuant to subclauses (i) and (ii) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(b) Within a reasonable period of time after the end of each calendar year, the Trustee shall, upon written request, furnish to each Person who at any time during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar yearTrustee, the Trustee Certificateholders or the Rating Agencies may reasonably require; provided, however, that the Servicer shall deliver have no obligation to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, distribute such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee pursuant directly to any requirements of the Code as from time to time in force.
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating suchCertificateholders. The Trustee shall have the right to change the way forward such statements are distributed in order to make such distribution more convenient and/or accessible report to the above parties Certificateholders and the Trustee shall provide timely Rating Agencies on the Remittance Date, together with a separate report indicating the amount of funds deposited in the Certificate Account pursuant to Section 6.01(a)(iv); and adequate notification the amounts which are reimbursable to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer or the Seller pursuant to be included in such statement or (iiSections 6.03(c)(i), 6.03(c)(ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty in respect of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution Date.and
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Money Store of New York Inc)
Statements. (a) On each Distribution Each month, not later than 12:00 noon New York time on the Determination Date, based, as applicable, on information provided to it by the Servicer, the Trustee shall prepare and make available to each Holder of the Regular Certificates, the Swap Counterparties, the Servicer shall deliver to the Administrative Agent and the Rating AgenciesIndenture Trustee, by telecopy, for distribution to the Noteholders, the receipt and legibility of which shall be confirmed telephonically, with hard copy thereof and the Servicer's Monthly Computer Tape in the form attached hereto as Exhibit L (both in hard copy and in computer tape form) to be delivered on the Business Day following the Determination Date, a statement certificate signed by a Servicing Officer (a "Servicer's Certificate") stating the date (day, month and year), and, as to of the distributions made close of business on the Record Date for such Distribution Datemonth:
(i) Available Funds for the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Chargesrelated Remittance Date;
(ii) The Aggregate Note Principal Balance as reported in the amount prior Servicer's Certificate pursuant to subclause (xi) below, or, in the case of the distribution made on such Distribution Date to first Determination Date, the Holders of each Class of Regular Certificates (other than the Class P Certificates) allocable to interest, separately identifiedoriginal Aggregate Note Principal Balance;
(iii) The number and Principal Balances of all SBA Loans which were the Pool Balance subject of Principal Prepayments during the Group I Mortgage Loans Due Period and the Group II Mortgage Loans at the Close of Business at the end of the related Due Period;number and Principal Balances
(iv) the number, aggregate principal balance, and weighted average Mortgage Rate The product of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of Unguaranteed Percentage multiplied by all Subsequent Mortgage Loans added Curtailments which were received during the preceding Prepayment Due Period;
(v) The product of the number and aggregate unpaid Unguaranteed Percentage multiplied by all Monthly Payments in respect of principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Propertiesreceived during the Due Period;
(vi) the The aggregate amount of Principal Prepayments made during interest received on the related Prepayment PeriodUnguaranteed Interest of each SBA Loan net of the FTA's Fee, the Additional Fee and the Servicing Fee attributable to the Unguaranteed Interest;
(vii) The delinquency and foreclosure information set forth in the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Lossesform attached hereto as Exhibit K;
(viii) The Interest Distribution Amount, Program Fee and Facility Fee for the Certificate Principal Balance of each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class O Certificates, after giving effect to the distributions made on such Distribution Remittance Date;
(ix) The amount available in the Unpaid Interest Shortfall AmountSpread Account as of the related Record Date and the amount, if any, with respect to each class of be transferred from the Class A Certificates, each class of Spread Account to the Mezzanine Certificates and the Class AIO Certificates for such Note Distribution DateAccount pursuant to Section 5.02(b)(i);
(x) the aggregate amount The amount, if any, of any Prepayment Interest Shortfalls for such Distribution Date, principal to be distributed to the extent not covered by payments by Notes on the Servicer pursuant to Section 3.25Remittance Date;
(xi) The Aggregate Note Principal Balance after giving effect to the Credit Enhancement Percentage for such Distribution distribution to be made on the Remittance Date;
(xii) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates The weighted average maturity and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Dateweighted average SBA Loan Interest Rate;
(xiii) The Servicing Fees and amounts to be deposited to the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution DateExpense Account;
(xiv) The amount of all payments and reimbursements to the Supplemental Interest Payment for each Class on such Distribution DateServicer;
(xv) During the difference between Revolving Period, the Swap Notional Amount aggregate Principal Balance of the Unguaranteed Interests in the SBA Loans purchased during the prior Due Period and the Underwritten Certificates Principal Balance amount on deposit in the Funding Account as of the end of such Distribution DateDue Period;
(xvi) the Required Overcollateralization Amount for such Distribution Date; and
(xvii) the Excess Cashflow for such Distribution Date. In the case of information furnished pursuant to subclauses (i) and (ii) above, the amounts shall be expressed in a separate section The aggregate Principal Balance of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Date. The Trustee may, Unguaranteed Interests in the absence of manifest error, conclusively rely upon SBA Loans removed from the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(b) Within a reasonable period of time after the end of each calendar year, the Trustee shall, upon written request, furnish to each Person who at any time Trust during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee pursuant to any requirements of the Code as from time to time in force.
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty in respect of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution Date.Due Period;
Appears in 1 contract
Samples: Sale and Servicing Agreement (First International Bancorp Inc)
Statements. (a) On each Distribution Date, based, as applicable, on information provided to it by the Servicer, the Trustee shall prepare and make available to each Holder of the Regular Certificates, the Swap Counterparties, the Servicer and the Rating Agencies, a statement (the "Distribution Date Statement") as to the distributions made on such Distribution Date:
(i) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Chargesprincipal;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates (other than the Class P Certificates) allocable to interest, separately identified;
(iii) the Pool Balance of the Group I Mortgage Loans Senior Percentage, Senior Prepayment Percentage, Subordinate Percentage and the Group II Mortgage Loans at the Close of Business at the end of the related Due PeriodSubordinate Prepayment Percentage for such Distribution Date;
(iv) the aggregate amount of servicing compensation received by the Servicer during the related Due Period and such other customary information as the Trustee deems necessary or desirable, or which a Certificateholder reasonably requests, to enable Certificateholders to prepare their tax returns;
(v) the aggregate amount of Advances for the related Due Period and the amount of unreimbursed Advances;
(vi) [reserved];
(vii) the Special Hazard Loss Coverage Amount, the Fraud Loss Coverage Amount and the Bankruptcy Loss Coverage Amount, each as of the related Determination Date;
(viii) the Net WAC;
(ix) the number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment PeriodDue Date;
(vx) the number and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1a) 30 to 59 daysdays Delinquent, (2b) 60 to 89 days and Delinquent, (3c) 90 or more daysdays Delinquent, (Bd) as to which foreclosure proceedings have been commenced and (Ce) REO Propertiesin bankruptcy, in each case as of the Close of Business on the last day of the calendar month preceding such Distribution Date;
(vixi) the book value of any REO Property as of the Close of Business on the last Business Day of the calendar month preceding the Distribution Date, and, cumulatively, the total number and cumulative principal balance of all REO Properties as of the Close of Business of the last day of the preceding Due Period;
(xii) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(viixiii) [reserved];
(xiv) the aggregate amount of Realized Losses incurred during the related Prepayment Due Period and the cumulative amount of Realized Losses;
(viiixv) the Class Certificate Principal Balance of each class Class of Certificates (other than the Class X Certificates) and the Class X Certificate Notional Balance of the Class A Certificates, each class of the Mezzanine X Certificates and the Class O Certificates, after giving effect to the any distributions made thereon on such Distribution Date;
(ixxvi) the Unpaid Interest Shortfall AmountDistributable Amount in respect of each Class of the Certificates, for such Distribution Date and the respective portions thereof, if any, with remaining unpaid following the distributions made in respect to each class of the Class A Certificates, each class of the Mezzanine such Certificates and the Class AIO Certificates for on such Distribution Date;
(xxvii) the aggregate amount of any Prepayment Interest Shortfalls and the Unpaid Interest Shortfall Amount for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.253.24 hereof;
(xixviii) the Credit Enhancement Percentage for such Distribution DateAvailable Funds;
(xiixix) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiii) the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Date;
(xiv) the Supplemental Interest Payment for each Class on such Distribution Date;
(xv) the difference between the Swap Notional Amount and the Underwritten of Certificates Principal Balance on such Distribution Date;
(xvi) the Required Overcollateralization Amount for such Distribution Date; and
(xviixx) the Excess Cashflow for aggregate Principal Balance of Mortgage Loans purchased by the Servicer or the Seller during the related Due Period, and indicating the Section of this Agreement requiring or allowing the purchase of each such Mortgage Loan. The Trustee will make the Distribution DateDate Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders and the other parties to this Agreement via the Trustee's internet website and will forward the Distribution Date Statement to each Rating Agency. The Trustee's internet website shall initially be located at "www.ctslink.com". Assistance in using the website or the fax-on-dxxxxx xxxxxxx xan be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the above distribuxxxx xxxxxx xxe entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and requesting same. The Trustee shall have the right to change the way Distribution Date Statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all the above parties regarding any such changes. The Trustee's obligations pursuant to this Section 4.04 are limited to the extent of its receipt of all necessary information from the Servicer. The Trustee may fully rely upon and shall have no liability with respect to information provided by the Servicer. In the case of information furnished pursuant to subclauses (i) and (ii) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Cut-off Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(b) Within a reasonable period of time after the end of each calendar year, the Trustee shall, upon written request, furnish to each Person who at any time during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) and through (iiiii) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee pursuant to any requirements of the Code as from time to time in force.
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty in respect of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc MRT Ln Ps Th CRT Sr 01 Frb1)
Statements. (a) On each Distribution Each month for so long as a Class of Auction Rate Certificates is Outstanding, not later than 12:00 noon New York time on the Auction Reporting Date, basedthe Servicer shall deliver to the Certificate Insurer and the Trustee, as applicable, on information provided to it by the Servicertelecopy, the Trustee receipt and legibility of which shall prepare be confirmed telephonically, with hard copy thereof to be delivered on the Business Day following the Determination Date, a certificate signed by a Servicing Officer stating the date (day, month and make available to each Holder year), the Series number of the Regular Certificates, the Swap Counterpartiesdate of this Agreement, and the amount to be distributed on the upcoming Remittance Date to each Class of Auction Rate Certificates as a payment of principal. Each month, not later than 12:00 noon New York time on the Determination Date, the Servicer shall deliver to the Certificate Insurer and to the Trustee, by telecopy, for distribution to the Certificateholders, the receipt and legibility of which shall be confirmed telephonically, with hard copy thereof and the Rating AgenciesServicer's Monthly Computer Tape in the form attached hereto as Exhibit R (both in hard copy and in computer tape form) to be delivered on the Business Day following the Determination Date, a statement as to certificate signed by a Servicing Officer (a "Servicer's Certificate") stating the distributions made on such Distribution Datedate (day, month and year), the Series number of the Certificates, the date of this Agreement, and the following:
(i) the amount of Pool Available Remittance Amounts for each Pool for the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Chargesrelated Remittance Date;
(ii) the amount of the distribution made on such Distribution Date to the Holders of Class Principal Balances for each Class of Regular Class A Certificates as reported in the prior Servicer's Certificate pursuant to subclause (other than xv) below, or, in the case of the first Determination Date, the Original Principal Balance for each Class P of Class A Certificates) allocable to interest, separately identified;
(iii) the Pool Balance of the Group I Mortgage Loans and the Group II Mortgage Loans at the Close of Business at the end of Principal Distribution Amounts for each Pool for the related Due PeriodRemittance Date, in the aggregate and listed separately for the portions relating to each Class of Class A Certificates;
(iv) the number, aggregate principal balance, and weighted average Mortgage Rate total amount of any Insured Payments included in the Mortgage Loans as of Pool Available Remittance Amount for each Pool for the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment PeriodRemittance Date;
(v) the number Subordinated Amount and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 daysSpecified Subordinated Amount for the related Remittance Date, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Propertieslisted separately for each Pool;
(vi) the aggregate amount number and Principal Balances of all Loans in each Pool which were the subject of Principal Prepayments made during the related Prepayment Due Period;
(vii) the amount of all Curtailments which were received during the Due Period, stated separately for each Pool;
(viii) the aggregate amount of all Excess Payments and the amounts of Monthly Payments in respect of principal received during the Due Period, stated separately for each Pool;
(ix) the amount of interest received on the Mortgage Loans, stated separately for each Pool;
(x) the amount of the Monthly Advances to be made on the Determination Date, the portion of the Monthly Advances to be deposited in the Certificate Accounts pursuant to Section 6.01(a)(ii), and the Compensating Interest payment to be made on the Determination Date, in each case stated separately for each Pool;
(xi) the delinquency and foreclosure information set forth in the form attached hereto as Exhibit O, stated separately for each Pool;
(xii) the amount of any Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(viii) the Certificate Principal Balance of each class of the Class A CertificatesDue Period, each class of the Mezzanine Certificates and the Class O Certificates, after giving effect to the distributions made on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Date;
(xii) the Available Funds Cap Carryforward Amount stated separately for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution DatePool;
(xiii) the respective REMIC Pass-Through Rates applicable Pool Remittance Amounts for each Pool for the Remittance Date, in the aggregate and by component and listed separately for the portions relating to each class Class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates in the related Pool and, with respect to the Auction Rate Certificates, the amount otherwise required to be distributed thereon with respect to principal and each class of retained in the Mezzanine Certificates Certificate Account for the immediately succeeding Distribution DatePool II pursuant to Section 6.08(f);
(xiv) the Supplemental Interest Payment for each Reimbursable Amounts and the Class on such Distribution X Remittance Amount payable pursuant to Section 6.08(d)(iii) and (v) with respect to the Remittance Date;
(xv) the difference between the Swap Notional Amount Class Principal Balance for each Class of Class A Certificates and the Underwritten Certificates Pool Principal Balance for each Pool after giving effect to the distribution to be made on the Remittance Date and after allocation of Realized Losses made on such Distribution Remittance Date;
(xvi) the Required Overcollateralization Monthly Excess Spread Percentage, the Excess Spread, and the Remainder Excess Spread Amount allocable to Reimbursable Amounts and Class R Certificateholders pursuant to Section 5.04(f) (in each case, in the aggregate and stated separately for such Distribution Date; andeach Pool);
(xvii) the Excess Cashflow Cumulative Realized Losses, stated separately for each Pool, with respect to the Remittance Date;
(xviii) the weighted average maturity and weighted average Interest Rate, stated separately for each Pool;
(xix) the Servicing Fees, the Contingency Fees, the Auction Agent Fees and amounts to be deposited to the Expense Accounts and the Insurance Accounts, in each case, as applicable, stated separately for each Pool;
(xx) the amount of all payments and reimbursements to the Servicer pursuant to Section 5.04(b), (c), (d)(ii), (e) and (f)(i), stated separately with respect to each Pool;
(xxi) the Class Pool Factor for each Class determined using the balances in subclause (xv) above;
(xxii) the weighted average Mortgage Interest Rate and Adjusted Mortgage Interest Rate of the Mortgage Loans for each Pool and the weighted average Class Adjusted Loan Remittance Rates for each Pool, in each case for the related Remittance Date, and the weighted average Mortgage Interest Rate for the prior three month period;
(xxiii) the Class A-9 and Class A-10 Remittance Rates with respect to the Remittance Date and if either of the Class A-9 or Class A-10 Remittance Rate was based on the Net Funds Cap, what it would have been if based on LIBOR plus the applicable Margin or the Auction Rate, as the case may be;
(xxiv) the rate of LIBOR and the Auction Rate with respect to the Remittance Date;
(xxv) the Net Funds Cap for Pool II applicable to each Class of Pool II Certificates with respect to the Remittance Date;
(xxvi) if the Remittance Rate for a Class of Pool II Certificates for such Distribution Remittance Date is based on the Net Funds Cap, the amount of any Certificateholders' Interest Carryover for such Class for such Remittance Date;
(xxvii) the amount of the distribution, if any, allocable to Certificateholders' Interest Carryover and the amount of any Certificateholders' Interest Carryover for all prior Remittance Dates after giving effect to such distribution (in each case, stated separately by Class and in the aggregate);
(xxviii) [Reserved]
(xxx) [Reserved]
(xxxi) [Reserved]
(xxxii) [Reserved]
(xxxiii) [Reserved]
(xxxiv) [Reserved]
(xxxv) Such other information as the Certificate Insurer and the Certificateholders may reasonably require. The Trustee shall forward such report to the Certificateholders and the Certificate Insurer on the Remittance Date, together with a separate report indicating the amount of funds deposited in each Certificate Account pursuant to Section 6.01(a)(iv); and the amounts which are reimbursable to the Servicer or the Representative, as appropriate, pursuant to Sections 6.03(c)(i), 6.03(c)(ii), 6.04(b)(iv) and 6.08(d)(iii) (all reports prepared by the Trustee of such withdrawals and deposits will be based in whole or in part upon the information provided to the Trustee by the Servicer). To the extent that there are inconsistencies between the telecopy of the Servicer's Certificate and the hard copy thereof, the Trustee shall be entitled to rely upon the telecopy. In the case of information furnished pursuant to subclauses (iii), (vi), (vii), (viii), (xiii), (xv) and (ii) xxii), above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each per $1,000 (or, in the case of the Auction Rate Certificates, per $25,000) original dollar amount as of the Closing Cut-Off Date. The Additionally, on the Special Remittance Date the Trustee mayshall, in based upon information received from the absence Servicer, forward to the Certificateholders, the Certificate Insurer and the Rating Agencies, a report setting forth the amount of manifest errorprincipal and interest, conclusively rely upon if any, being paid to each Class of Class A Certificates on the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03Special Remittance Date.
(ba) Within a reasonable period of time after the end of each calendar year, the Servicer shall furnish to the Trustee shall, upon written request, furnish for distribution to each Person who at any time during the calendar year was a Class A Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (iix), (xiii), (xix) and (ii) xxxv), above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished provided by the Trustee to Certificateholders Servicer pursuant to any requirements of the Code as are in force from time to timetime are in force.
(cb) On each Distribution Remittance Date and the Special Remittance Date, the Trustee shall forward to the Residual Class X and Class R Certificateholders a copy of the reports report forwarded to the Regular Certificateholders of each Pool in respect of such Distribution Remittance Date or the Special Remittance Date, as the case may be, and a statement setting forth the amounts actually distributed to the Class X and Class R Certificateholders, on such Remittance Date together with such other information as the Trustee Servicer provides and deems necessary or appropriate.
(dc) Within a reasonable period of time after the end of each calendar year, the Servicer shall furnish to the Trustee shall deliver for distribution to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, Class X or Class R Certificateholder such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Class X or R Certificateholder, as applicable. Such obligation of the Trustee Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders provided by the Trustee Servicer pursuant to any requirements of the Code as from time to time in force.
(ed) On each Distribution DateUpon reasonable advance notice in writing, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible Servicer will provide to each CertificateholderClass A Certificateholder which is a savings and loan association, bank or insurance company certain reports and access to information and documentation regarding the statement prepared pursuant Mortgage Loans sufficient to paragraph (a) permit such Class A Certificateholder to comply with applicable regulations of this Section 4.03. Assistance the Office of Thrift Supervision or other regulatory authorities with respect to investment in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant heretoClass A Certificates.
(fe) No later than noon on the second Business Day prior The Servicer shall furnish to each Distribution DateCertificateholder and the Certificate Insurer, during the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Dateterm of this Agreement, the Trustee will immediately provide notice in the form of Exhibit J to the such periodic, special, or other reports or information, whether or not provided for herein, as shall be necessary, reasonable, or appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermorethe Certificateholder or the Certificate Insurer, no distributions will be made from the Supplemental Interest Trust or otherwise with respect to the related Swap Counterparty purposes of this Agreement, all such reports or information to be provided by and in respect accordance with such applicable instructions and directions as the Certificateholder or the Certificate Insurer may reasonably require; provided, that the Servicer shall be entitled to be reimbursed by such Certificateholder or the Certificate Insurer for the Servicer's actual expenses incurred in providing such reports if such reports are not producible in the ordinary course of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution DateServicer's business.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Money Store Home Equity Corp)
Statements. (a) On each Distribution Each month, not later than 12:00 noon New York time on the Determination Date, basedthe Servicer shall deliver to the Certificate Insurer and to the Trustee, as applicableby telecopy, on information provided for distribution to it by the Certificateholders, the receipt and legibility of which shall be confirmed telephonically, with hard copy thereof and the Servicer's Monthly Computer Tape in the form attached hereto as Ex hibit R (both in hard copy and in computer tape form) to be delivered on the Business Day following the Determination Date, a certificate signed by a Servicing Officer (a "Servicer's Certifi cate") stating the date (day, month and year), the Trustee shall prepare and make available to each Holder Series number of the Regular Certificates, the Swap Counterpartiesdate of this Agreement, the Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Datefollowing:
(i) the amount of Pool Available Remittance Amounts for each Pool for the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Chargesrelated Remittance Date;
(ii) the amount of the distribution made on such Distribution Date to the Holders of Class Principal Balances for each Class of Regular Class A Certificates as reported in the prior Servicer's Certificate pursuant to subclause (other than xv) below, or, in the case of the first Determination Date, the Original Principal Balance for each Class P of Class A Certificates) allocable to interest, separately identified;
(iii) the Pool Balance Principal Distribution Amounts for each Pool for the related Remittance Date, in the aggregate and listed separately for the portions relating to each Class of Class A Certificates;
(iv) the total amount of any Insured Payments included in the Pool Available Remittance Amount for each Pool for the related Remittance Date;
(v) the Subordinated Amount and Specified Subordinated Amount for the related Remittance Date, listed separately for each Pool;
(vi) the number and Principal Balances of all Loans in each Pool which were the subject of Principal Prepayments during the Due Period;
(vii) the amount of all Curtailments which were received during the Due Period, stated separately for each Pool;
(viii) the aggregate amount of all Excess Payments and the amounts of Monthly Payments in respect of principal received during the Due Period, stated separately for each Pool;
(ix) the amount of interest received on the Mortgage Loans, stated separately for each Pool;
(x) the amount of the Group I Monthly Advances to be made on the Determination Date, the portion of the Monthly Advances to be deposited in the Certificate Accounts pursuant to Section 6.01(a)(ii), and the Compensating Interest payment to be made on the Determination Date, in each case stated separately for each Pool;
(xi) the delinquency and foreclosure information set forth in the form attached hereto as Exhibit O, stated separately for each Pool;
(xii) the amount of any Realized Losses incurred during the related Due Period, stated separately for each Pool;
(xiii) the Pool Remittance Amounts for each Pool for the Remittance Date, in the aggregate and by component and listed separately for the portions relating to each Class of Class A Certificates in the related Pool;
(xiv) the Reimbursable Amounts and the Class X Remittance Amount payable pursuant to Section 6.08(d)(iii) and (v) with respect to the Remittance Date;
(xv) the Class Principal Balance for each Class of Class A Certificates and the Pool Principal Balance for each Pool after giving effect to the distribution to be made on the Remittance Date and after allocation of Realized Losses made on such Remittance Date;
(xvi) the Monthly Excess Spread Percentage, the Excess Spread, and the Remainder Excess Spread Amount allocable to Reimbursable Amounts and Class R Certificateholders pursuant to Section 5.04(f) (in each case, in the aggregate and stated separately for each Pool);
(xvii) the Cumulative Realized Losses, stated separately for each Pool, with respect to the Remittance Date;
(xviii) the weighted average maturity and weighted average Interest Rate, stated separately for each Pool;
(xix) the Servicing Fees, the Contingency Fees and amounts to be deposited to the Expense Accounts, the Insurance Accounts and the FHA Premium Account, in each case, as applicable, stated separately for each Pool;
(xx) the amount of all payments and reimbursements to the Servicer pursuant to Section 5.04(b), (c), (d)(ii), (e) and (f)(i), stated separately with respect to each Pool;
(xxi) the Class Pool Factor for each Class determined using the balances in subclause (xv) above;
(xxii) the weighted average Mortgage Interest Rate and Adjusted Mortgage Interest Rate of the Mortgage Loans for each Pool and the Group weighted average Class Adjusted Loan Remittance Rates for each Pool, in each case for the related Remittance Date, and the weighted average Mortgage Interest Rate for the prior three month period;
(xxiii) the Class A-10 and Class A-11 Remittance Rates with respect to the Remittance Date and if either of the Class A-10 or Class A-11 Remittance Rates was based on the applicable Net Funds Cap for the related Pool, what it would have been if based on LIBOR plus the applicable Margin;
(xxiv) the rate of LIBOR with respect to the Remittance Date;
(xxv) the Net Funds Cap for Pool II Mortgage Loans at and Pool III with respect to the Close Remittance Date;
(xxvi) if the Remittance Rate for a Class of Business at Pool II Certificates for such Remittance Date is based on the end Net Funds Cap, the amount of any Certificateholders' Interest Carryover for such Class for such Remittance Date;
(xxvii) the amount of the distribution, if any, allocable to Certificateholders' Interest Carryover and the amount of any Certificateholders' Interest Carryover for all prior Remittance Dates after giving effect to such distribution (in each case, stated separately by Class and in the aggregate);
(xxviii) The amount to be deposited into the FHA Premium Account on the related Remittance Date and the amount reimbursable to the Servicer and/or the Certificate Insurer from the FHA Premium Account pursuant to Section 6.06(b)(i);
(xxix) The amount of FHA Payments and Related Payments received during the related Due Period;
(ivxxx) the number, aggregate principal balance, and weighted average Mortgage Rate of the Mortgage Loans as of The Reserve Amount for the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added Remittance Date;
(xxxi) Claims filed during the preceding Prepayment Due Period;
(vxxxii) the number and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Properties;
(vi) the aggregate amount of Principal Prepayments made Claims paid during the related Prepayment Due Period;
(viixxxiii) Claims denied by the aggregate amount of Realized Losses incurred FHA during the related Prepayment Period and the cumulative amount of Realized LossesDue Period;
(viiixxxiv) the Certificate Principal Balance of each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class O Certificates, after giving effect to the distributions made on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments Claims pending payment by the Servicer pursuant to Section 3.25;
(xi) FHA during the Credit Enhancement Percentage for such Distribution Date;
(xii) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiii) the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Date;
(xiv) the Supplemental Interest Payment for each Class on such Distribution Date;
(xv) the difference between the Swap Notional Amount and the Underwritten Certificates Principal Balance on such Distribution Date;
(xvi) the Required Overcollateralization Amount for such Distribution DateDue Period; and
(xviixxxv) Such other information as the Excess Cashflow for Certificate Insurer and the Certificateholders may reasonably require. The Trustee shall forward such Distribution report to the Certificateholders and the Certificate Insurer on the Remittance Date, together with a separate report indicating the amount of funds deposited in each Certificate Account pursuant to Section 6.01(a)(iv); and the amounts which are reimbursable to the Servicer or the Representative, as appropriate, pursuant to Sections 6.03(c)(i), 6.03(c)(ii), 6.04(b)(iv) and 6.08(d)(iii) (all reports prepared by the Trustee of such withdrawals and deposits will be based in whole or in part upon the information provided to the Trustee by the Servicer or the Claims Administrator). To the extent that there are inconsistencies between the telecopy of the Servicer's Certificate and the hard copy thereof, the Trustee shall be entitled to rely upon the telecopy. In the case of information furnished pursuant to subclauses (iii), (vi), (vii), (viii), (xiii), (xv) and (ii) xxii), above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each per $1,000 original dollar amount as of the Closing Cut-Off Date. The Additionally, on the Special Remittance Date the Trustee mayshall, in based upon information received from the absence Servicer, forward to the Certificateholders, the Certificate Insurer and the Rating Agencies, a report setting forth the amount of manifest errorprincipal and interest, conclusively rely upon if any, being paid to each Class of Class A Certificates on the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03Special Remittance Date.
(ba) Within a reasonable period of time after the end of each calendar year, the Servicer shall furnish to the Trustee shall, upon written request, furnish for distribution to each Person who at any time during the calendar year was a Class A Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (iix), (xiii), (xix) and (ii) xxxv), above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished provided by the Trustee to Certificateholders Servicer pursuant to any requirements of the Code as are in force from time to timetime are in force.
(cb) On each Distribution Remittance Date and the Special Remittance Date, the Trustee shall forward to the Residual Class X and Class R Certificateholders a copy of the reports report forwarded to the Regular Certificateholders of each Pool in respect of such Distribution Remittance Date or the Special Remittance Date, as the case may be, and a statement setting forth the amounts actually distributed to the Class X and Class R Certificateholders, on such Remittance Date together with such other information as the Trustee Servicer provides and deems necessary or appropriate.
(dc) Within a reasonable period of time after the end of each calendar year, the Servicer shall furnish to the Trustee shall deliver for distribution to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, Class X or Class R Certificateholder such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Class X or R Certificateholder, as applicable. Such obligation of the Trustee Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders provided by the Trustee Servicer pursuant to any requirements of the Code as from time to time in force.
(ed) On each Distribution DateUpon reasonable advance notice in writing, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible Servicer will provide to each CertificateholderClass A Certificateholder which is a savings and loan association, bank or insurance company certain reports and access to information and documentation regarding the statement prepared pursuant Mortgage Loans sufficient to paragraph (a) permit such Class A Certificateholder to comply with applicable regulations of this Section 4.03. Assistance the Office of Thrift Supervision or other regulatory authorities with respect to investment in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant heretoClass A Certificates.
(fe) No later than noon on the second Business Day prior The Servicer shall furnish to each Distribution DateCertificateholder and the Certificate Insurer, during the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Dateterm of this Agreement, the Trustee will immediately provide notice in the form of Exhibit J to the such periodic, special, or other reports or information, whether or not provided for herein, as shall be necessary, reasonable, or appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermorethe Certificateholder or the Certificate Insurer, no distributions will be made from the Supplemental Interest Trust or otherwise with respect to the related Swap Counterparty purposes of this Agreement, all such reports or information to be provided by and in respect accordance with such applicable instructions and directions as the Certificateholder or the Certificate Insurer may reasonably require; provided, that the Servicer shall be entitled to be reimbursed by such Certificate holder or the Certificate Insurer for the Servicer's actual expenses incurred in providing such reports if such reports are not producible in the ordinary course of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution DateServicer's business.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Money Store Trust 1996-D)
Statements. (a) On each Distribution Date, based, as applicable, on information provided Tenant shall furnish the following statements to it by the Servicer, the Trustee shall prepare and make available to each Holder of the Regular Certificates, the Swap Counterparties, the Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution DateLandlord:
(i) Within sixty-five (65) days after the amount end of Tenant Parent’s Fiscal Years (commencing with the Fiscal Year ending December 31, 2013) or concurrently with the filing by Texxxx’s Parent of its annual report on Form 10-K with the SEC, whichever is earlier: (x) Tenant’s Parent’s Financial Statements; and (y) a certificate, executed by the chief financial officer or treasurer of the distribution made on Tenant’s Parent (a) certifying that no default has occurred under this Master Lease or, if such Distribution Date a default has occurred, specifying the nature and extent thereof and any corrective action taken or proposed to be taken with respect thereto and (b) setting forth the Holders calculation of each Class the financial covenants set forth in Section 23.3 hereof in reasonable detail as of Regular Certificatessuch Fiscal Year (commencing with the Fiscal Year ending December 31, separately identified2014); and (z) a report with respect to Tenant’s Parent’s Financial Statements from Tenant’s Parent’s accountants, allocable which report shall be unqualified as to principal going concern and scope of audit of Tenant’s Parent and its Subsidiaries (excluding any qualification as to going concern relating to any debt maturities in the twelve month period following the date of such audit or any projected financial performance or covenant default in any Material Indebtedness or this Master Lease in such twelve month period) and shall provide in substance that (a) such consolidated financial statements present fairly the consolidated financial position of Tenant’s Parent and its Subsidiaries as at the dates indicated and the amount results of their operations and cash flow for the distribution periods indicated in conformity with GAAP and (b) that the examination by Texxxx’s Parent’s accountants in connection with such Financial Statements has been made to the Holders of the Class P Certificates allocable to Prepayment Chargesin accordance with generally accepted auditing standards;
(ii) Within forty-five (45) days after the amount end of each of the distribution made first three (3) fiscal quarters of the Tenant’s Parent’s Fiscal Year (commencing with the fiscal quarter ending March 31, 2014) or concurrently with the filing by Texxxx’s Parent of its quarterly report on Form 10-Q with the SEC, whichever is earlier, a copy of Tenant’s Parent’s Financial Statements for such Distribution Date period, together with a certificate, executed by the chief financial officer or treasurer of Tenant’s Parent (i) certifying that no default has occurred or, if such a default has occurred, specifying the nature and extent thereof and any corrective action taken or proposed to be taken with respect thereto, (ii) setting forth the calculation of the financial covenants set forth in Section 23.3 hereof in reasonable detail as of such quarter, to the Holders extent one complete Test Period has been completed which has commenced following the date of each Class this Master Lease and (iii) and certifying that such Financial Statements fairly present, in all material respects, the financial position and results of Regular Certificates operations of Tenant’s Parent and its Subsidiaries on a consolidated basis in accordance with GAAP (other than subject to normal year end audit adjustments and the Class P Certificates) allocable to interest, separately identifiedabsence of footnotes);
(iii) Promptly following Laxxxxxx’s request from time to time, (a) five-year forecasts of Tenant’s income statement and balance sheet covering such quarterly and annual periods as may be reasonably requested by Landlord, and in a format consistent with Tenant Parent’s quarterly and annual financial statements filed with the Pool Balance SEC, and such additional financial information and projections as may be reasonably requested by Landlord in connection with syndications, private placements, or public offerings of GLP’s or Landlord’s debt securities or loans or equity or hybrid securities and (b) such additional information and unaudited quarterly financial information concerning the Leased Property and Tenant as Landlord or GLP may require for its on-going filings with the SEC under both the Securities Act and the Securities Exchange Act of 1934, as amended, including, but not limited to 10-Q Quarterly Reports, 10-K Annual Reports and registration statements to be filed by Landlord or GLP during the Term of this Master Lease, the Internal Revenue Service (including in respect of GLP’s qualification as a “real estate investment trust” (within the meaning of Section 856(a) of the Group I Mortgage Loans Code)) and the Group II Mortgage Loans at the Close of Business at the end of the related Due Periodany other federal, state or local regulatory agency with jurisdiction over GLP or its Subsidiaries subject to Section 23.1(c) below);
(iv) the number, aggregate principal balance, and weighted average Mortgage Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment Period;
Within thirty-five (v35) the number and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Properties;
(vi) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(vii) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(viii) the Certificate Principal Balance of each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class O Certificates, after giving effect to the distributions made on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Date;
(xii) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiii) the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Date;
(xiv) the Supplemental Interest Payment for each Class on such Distribution Date;
(xv) the difference between the Swap Notional Amount and the Underwritten Certificates Principal Balance on such Distribution Date;
(xvi) the Required Overcollateralization Amount for such Distribution Date; and
(xvii) the Excess Cashflow for such Distribution Date. In the case of information furnished pursuant to subclauses (i) and (ii) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(b) Within a reasonable period of time after the end of each calendar month, a copy of Tenant’s income statement for such month and Tenant’s balance sheet as of end of such month (which may be subject to quarterly and year-end adjustments and the absence of footnotes; provided, the Trustee shallhowever, upon written request, furnish that with respect to each Person who at any time during calendar quarter, Tenant shall provide such financial reports for the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information final month thereof as soon as is reasonably necessary practicable following the closing of the books for such month and in sufficient time so that Landlord or its Affiliate is able to provide include the operational results for the entire quarter in its current Form 10-Q or Form 10-K (or supplemental report filed in connection therewith);
(v) Prompt Notice to Landlord of any action, proposal or investigation by any agency or entity, or complaint to such Person agency or entity, (any of which is called a statement containing “Proceeding”), known to Tenant, the information set forth result of which Proceeding would reasonably be expected to be to revoke or suspend or terminate or modify in subclauses (i) and (ii) abovea way adverse to Tenant, aggregated for such calendar year or applicable portion thereof during fail to renew or fully continue in effect, any license or certificate or operating authority pursuant to which such Person was a Certificateholder. Such obligation Tenant carries on any part of the Trustee shall be deemed to have been satisfied to Primary Intended Use of all or any portion of the extent that substantially comparable information shall be Leased Property;
(vi) As soon as it is prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
no event later than sixty (c60) On each Distribution Date, the Trustee shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time days after the end of each calendar yearFiscal Year, the Trustee shall deliver to a capital and operating budget for each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary Facility for that Fiscal Year; and
(vii) Tenant further agrees to provide the financial and operational reports to be delivered to Landlord under this Master Lease in such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall electronic format(s) as may reasonably be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders required by the Trustee pursuant to any requirements of the Code as Landlord from time to time in force.
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or facilitate Laxxxxxx’s internal financial and reporting database and (ii) include permit Landlord to calculate any information required rent, fee or other payments due under Ground Leases. Texxxx xlso agrees that Landlord shall have audit rights with respect to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as extent required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement confirm Tenant’s compliance with the earliest maturity. In the event that two or more Swap Agreements have the same maturity dateMaster Lease terms (including, which date is the earliest maturity date without limitation, calculation of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty in respect of notional amounts assigned or reduced under this Section 4.03 (fNet Revenues). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution Date.
Appears in 1 contract
Statements. (a) On each Distribution Each month for so long as a Class of Auction Rate Certificates is Outstanding, not later than 12:00 noon New York time on the Auction Reporting Date, basedthe Servicer shall deliver to the Certificate Insurer and the Trustee, as applicable, on information provided to it by the Servicertelecopy, the Trustee receipt and legibility of which shall prepare be confirmed telephonically, with hard copy thereof to be delivered on the Business Day following the Determination Date, a certificate signed by a Servicing Officer stating the date (day, month and make available to each Holder year), the Series number of the Regular Certificates, the Swap Counterpartiesdate of this Agreement, and the amount to be distributed on the upcoming Remittance Date to each Class of Auction Rate Certificates as a payment of principal. Each month, not later than 12:00 noon New York time on the Determination Date, the Servicer shall deliver to the Certificate Insurer and to the Trustee, by telecopy, for distribution to the Certificateholders, the receipt and legibility of which shall be confirmed telephonically, with hard copy thereof and the Rating AgenciesServicer's Monthly Computer Tape in the form attached hereto as Exhibit R (both in hard copy and in computer tape form) to be delivered on the Business Day following the Determination Date, a statement as to certificate signed by a Servicing Officer (a "Servicer's Certificate") stating the distributions made on such Distribution Datedate (day, month and year), the Series number of the Certificates, the date of this Agreement, and the following:
(i) the amount of Pool Available Remittance Amounts for each Pool for the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Chargesrelated Remittance Date;
(ii) the amount of the distribution made on such Distribution Date to the Holders of Class Principal Balances for each Class of Regular Class A Certificates as reported in the prior Servicer's Certificate pursuant to subclause (other than xv) below, or, in the case of the first Determination Date, the Original Principal Balance for each Class P of Class A Certificates) allocable to interest, separately identified;
(iii) the Pool Balance Principal Distribution Amounts for each Pool for the related Remittance Date, in the aggregate and listed separately for the portions relating to each Class of Class A Certificates;
(iv) the total amount of any Insured Payments included in the Pool Available Remittance Amount for each Pool for the related Remittance Date;
(v) the Subordinated Amount and Specified Subordinated Amount for the related Remittance Date, listed separately for each Pool;
(vi) the number and Principal Balances of all Loans in each Pool which were the subject of Principal Prepayments during the Due Period;
(vii) the amount of all Curtailments which were received during the Due Period, stated separately for each Pool;
(viii) the aggregate amount of all Excess Payments and the amounts of Monthly Payments in respect of principal received during the Due Period, stated separately for each Pool;
(ix) the amount of interest received on the Mortgage Loans, stated separately for each Pool;
(x) the amount of the Group I Monthly Advances to be made on the Determination Date, the portion of the Monthly Advances to be deposited in the Certificate Accounts pursuant to Section 6.01(a)(ii), and the Compensating Interest payment to be made on the Determination Date, in each case stated separately for each Pool;
(xi) the delinquency and foreclosure information set forth in the form attached hereto as Exhibit O, stated separately for each Pool;
(xii) the amount of any Realized Losses incurred during the related Due Period, stated separately for each Pool;
(xiii) the Pool Remittance Amounts for each Pool for the Remittance Date, in the aggregate and by component and listed separately for the portions relating to each Class of Class A Certificates in the related Pool and, with respect to the Auction Rate Certificates, the amount otherwise required to be distributed thereon with respect to principal and retained in the Certificate Account for Pool II pursuant to Section 6.08 (f);
(xiv) the Reimbursable Amounts and the Class R Remittance Amount payable pursuant to Section 6.08(d)(iii) and (v) with respect to the Remittance Date;
(xv) the Class Principal Balance for each Class of Class A Certificates and the Pool Principal Balance for each Pool after giving effect to the distribution to be made on the Remittance Date and after allocation of Realized Losses made on such Remittance Date;
(xvi) the Monthly Excess Spread Percentage, the Excess Spread, and the Remainder Excess Spread Amount allocable to Reimbursable Amounts and Class R Certificateholders pursuant to Section 5.04(f) (in each case, in the aggregate and stated separately for each Pool);
(xvii) the Cumulative Realized Losses, stated separately for each Pool, with respect to the Remittance Date;
(xviii) the weighted average maturity and weighted average Interest Rate, stated separately for each Pool;
(xix) the Servicing Fees, the Contingency Fees, the Auction Agent Fees and amounts to be deposited to the Expense Accounts, the Insurance Accounts and the FHA Premium Account, in each case, as applicable, stated separately for each Pool;
(xx) the amount of all payments and reimbursements to the Servicer pursuant to Section 5.04(b), (c), (d)(ii), (e) and (f)(i), stated separately with respect to each Pool;
(xxi) the Class Pool Factor for each Class determined using the balances in subclause (xv) above;
(xxii) the weighted average Mortgage Interest Rate and Adjusted Mortgage Interest Rate of the Mortgage Loans for each Pool and the Group weighted average Class Adjusted Loan Remittance Rates for each Pool, in each case for the related Remittance Date, and the weighted average Mortgage Interest Rate for the prior three month period;
(xxiii) the Class A-5, Class A-8, Class A-9 and Class A-10 Remittance Rates with respect to the Remittance Date and if any of the Class A-5, Class A-8, Class A-9 or Class A-10 Remittance Rates was based on the applicable Net Funds Cap for the related Pool, what it would have been if based on LIBOR plus the applicable Margin or the Auction Rate, as the case may be;
(xxiv) the rate of LIBOR and the Auction Rate with respect to the Remittance Date;
(xxv) the Net Funds Cap for Pool I, Pool II Mortgage Loans at and Pool III with respect to the Close Remittance Date;
(xxvi) if the Remittance Rate for a Class of Business at Pool II Certificates for such Remittance Date is based on the end Net Funds Cap, the amount of any Certificateholders' Interest Carryover for such Class for such Remittance Date;
(xxvii) the amount of the distribution, if any, allocable to Certificateholders' Interest Carryover and the amount of any Certificateholders' Interest Carryover for all prior Remittance Dates after giving effect to such distribution (in each case, stated separately by Class and in the aggregate);
(xxviii) if the Remittance Rate for the Class A-5 Certificates for such Remittance Date is based on the Net Funds Cap, the amount of any Class A-5 Interest Shortfall for such Class for such Remittance Date;
(xxix) The amount to be deposited into the FHA Premium Account on the related Remittance Date and the amount reimbursable to the Servicer and/or the Certificate Insurer from the FHA Premium Account pursuant to Section 6.06(b)(i);
(xxx) The amount of FHA Payments and Related Payments received during the related Due Period;
(ivxxxi) the number, aggregate principal balance, and weighted average Mortgage Rate of the Mortgage Loans as of The Reserve Amount for the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added Remittance Date;
(xxxii) Claims filed during the preceding Prepayment Due Period;
(vxxxiii) the number and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Properties;
(vi) the aggregate amount of Principal Prepayments made Claims paid during the related Prepayment Due Period;
(viixxxiv) Claims denied by the aggregate amount of Realized Losses incurred FHA during the related Prepayment Period and the cumulative amount of Realized LossesDue Period;
(viiixxxv) the Certificate Principal Balance of each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class O Certificates, after giving effect to the distributions made on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments Claims pending payment by the Servicer pursuant to Section 3.25;
(xi) FHA during the Credit Enhancement Percentage for such Distribution Date;
(xii) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiii) the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Date;
(xiv) the Supplemental Interest Payment for each Class on such Distribution Date;
(xv) the difference between the Swap Notional Amount and the Underwritten Certificates Principal Balance on such Distribution Date;
(xvi) the Required Overcollateralization Amount for such Distribution DateDue Period; and
(xviixxxvi) Such other information as the Excess Cashflow for Certificate Insurer and the Certificateholders may reasonably require. The Trustee shall forward such Distribution report to the Certificateholders and the Certificate Insurer on the Remittance Date, together with a separate report indicating the amount of funds deposited in each Certificate Account pursuant to Section 6.01(a)(iv); and the amounts which are reimbursable to the Servicer or the Representative, as appropriate, pursuant to Sections 6.03(c)(i), 6.03(c)(ii), 6.04(b)(iv) and 6.08(d)(iii) (all reports prepared by the Trustee of such withdrawals and deposits will be based in whole or in part upon the information provided to the Trustee by the Servicer or the Claims Administrator). To the extent that there are inconsistencies between the telecopy of the Servicer's Certificate and the hard copy thereof, the Trustee shall be entitled to rely upon the telecopy. In the case of information furnished pursuant to subclauses (iii), (vi), (vii), (viii), (xiii), (xv) and (ii) xxii), above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each per $1,000 (or in the case of the Auction Rate Certificates, per $25,000) original dollar amount as of the Closing Cut-Off Date. The Additionally, on the Special Remittance Date the Trustee mayshall, in based upon information received from the absence Servicer, forward to the Certificateholders, the Certificate Insurer and the Rating Agencies, a report setting forth the amount of manifest errorprincipal and interest, conclusively rely upon if any, being paid to each Class of Class A Certificates on the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03Special Remittance Date.
(ba) Within a reasonable period of time after the end of each calendar year, the Servicer shall furnish to the Trustee shall, upon written request, furnish for distribution to each Person who at any time during the calendar year was a Class A Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (iix), (xiii), (xix) and (ii) xxxvi), above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished provided by the Trustee to Certificateholders Servicer pursuant to any requirements of the Code as are in force from time to timetime are in force.
(cb) On each Distribution Remittance Date and the Special Remittance Date, the Trustee shall forward to the Residual Class R Certificateholders a copy of the reports report forwarded to the Regular Certificateholders of each Pool in respect of such Distribution Remittance Date or the Special Remittance Date, as the case may be, and a statement setting forth the amounts actually distributed to the Class R Certificateholders, on such Remittance Date together with such other information as the Trustee Servicer provides and deems necessary or appropriate.
(dc) Within a reasonable period of time after the end of each calendar year, the Servicer shall furnish to the Trustee shall deliver for distribution to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, Class R Certificateholder such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Class R Certificateholder. Such obligation of the Trustee Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders provided by the Trustee Servicer pursuant to any requirements of the Code as from time to time in force.
(ed) On each Distribution DateUpon reasonable advance notice in writing, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible Servicer will provide to each CertificateholderClass A Certificateholder which is a savings and loan association, bank or insurance company certain reports and access to information and documentation regarding the statement prepared pursuant Mortgage Loans sufficient to paragraph (a) permit such Class A Certificateholder to comply with applicable regulations of this Section 4.03. Assistance the Office of Thrift Supervision or other regulatory authorities with respect to investment in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant heretoClass A Certificates.
(fe) No later than noon on the second Business Day prior The Servicer shall furnish to each Distribution DateCertificateholder and the Certificate Insurer, during the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Dateterm of this Agreement, the Trustee will immediately provide notice in the form of Exhibit J to the such periodic, special, or other reports or information, whether or not provided for herein, as shall be necessary, reasonable, or appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermorethe Certificateholder or the Certificate Insurer, no distributions will be made from the Supplemental Interest Trust or otherwise with respect to the related Swap Counterparty purposes of this Agreement, all such reports or information to be provided by and in respect accordance with such applicable instructions and directions as the Certificateholder or the Certificate Insurer may reasonably require; provided, that the Servicer shall be entitled to be reimbursed by such Certificateholder or the Certificate Insurer for the Servicer's actual expenses incurred in providing such reports if such reports are not producible in the ordinary course of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution DateServicer's business.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Money Store Trust 1996-C)
Statements. (a) On each Distribution Date, based, as applicable, on information provided Tenant shall furnish the following statements to it by the Servicer, the Trustee shall prepare and make available to each Holder of the Regular Certificates, the Swap Counterparties, the Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution DateLandlord:
(i) Within sixty-five (65) days after the amount end of Tenant Parent’s Fiscal Years (commencing with the Fiscal Year ending December 31, 2023 or concurrently with the filing by Xxxxxx’s Parent of its annual report on Form 10-K with the SEC, whichever is earlier: (x) Xxxxxx’s Parent’s Financial Statements; (y) a certificate, executed by the chief financial officer or treasurer of the distribution made on Tenant’s Parent (a) certifying that no default has occurred under this Master Lease or, if such Distribution Date a default has occurred, specifying the nature and extent thereof and any corrective action taken or proposed to be taken with respect thereto and (b) setting forth the Holders calculation of each Class the financial covenants set forth in Section 23.3 hereof in reasonable detail as of Regular Certificatessuch Fiscal Year (commencing with the Fiscal Year ending December 31, separately identified2023; and (z) a report with respect to Tenant’s Parent’s Financial Statements from Tenant’s Parent’s accountants, allocable which report shall be unqualified as to principal going concern and scope of audit of Tenant’s Parent and its Subsidiaries (excluding any qualification as to going concern relating to any debt maturities in the twelve month period following the date of such audit or any projected financial performance or covenant default in any Material Indebtedness or this Master Lease in such twelve month period) and shall provide in substance that (a) such consolidated financial statements present fairly the consolidated financial position of Tenant’s Parent and its Subsidiaries as at the dates indicated and the amount results of their operations and cash flow for the distribution periods indicated in conformity with GAAP and (b) that the examination by Xxxxxx’s Parent’s accountants in connection with such Financial Statements has been made to the Holders of the Class P Certificates allocable to Prepayment Chargesin accordance with generally accepted auditing standards;
(ii) Within forty-five (45) days after the amount end of each of the distribution made first three (3) fiscal quarters of the Tenant’s Parent’s Fiscal Year (commencing with the fiscal quarter ending March 31, 2023 or concurrently with the filing by Xxxxxx’s Parent of its quarterly report on Form 10-Q with the SEC, whichever is earlier, a copy of Tenant’s Parent’s Financial Statements for such Distribution Date period, together with a certificate, executed by the chief financial officer or treasurer of Tenant’s Parent (i) certifying that no default has occurred or, if such a default has occurred, specifying the nature and extent thereof and any corrective action taken or proposed to be taken with respect thereto, (ii) setting forth the calculation of the financial covenants set forth in Section 23.3 hereof in reasonable detail as of such quarter, to the Holders extent one complete Test Period has been completed which has commenced following the date of each Class this Master Lease and (iii) certifying that such Financial Statements fairly present, in all material respects, the financial position and ACTIVE/119970514.22 results of Regular Certificates operations of Tenant’s Parent and its Subsidiaries on a consolidated basis in accordance with GAAP (other than subject to normal year-end audit adjustments and the Class P Certificates) allocable to interest, separately identifiedabsence of footnotes);
(iii) Promptly following Xxxxxxxx’s request from time to time, (a) five-year forecasts of Tenant’s income statement and balance sheet covering such quarterly and annual periods as may be reasonably requested by Landlord, and in a format consistent with Tenant Parent’s quarterly and annual financial statements filed with the Pool Balance SEC, and such additional financial information and projections as may be reasonably requested by Landlord in connection with syndications, private placements, or public offerings of GLP’s or Landlord’s debt securities or loans or equity or hybrid securities and (b) such additional information and unaudited quarterly financial information concerning the Leased Property and Tenant as Landlord or GLP may require for its ongoing filings with the SEC under both the Securities Act and the Securities Exchange Act of 1934, as amended, including, but not limited to 10-Q Quarterly Reports, 10-K Annual Reports and registration statements to be filed by Landlord or GLP during the Term of this Master Lease, the Internal Revenue Service (including in respect of GLP’s qualification as a “real estate investment trust” (within the meaning of Section 856(a) of the Group I Mortgage Loans Code)) and the Group II Mortgage Loans at the Close of Business at the end of the related Due Periodany other federal, state or local regulatory agency with jurisdiction over GLP or its Subsidiaries subject to Section 23.1(c) below);
(iv) the number, aggregate principal balance, and weighted average Mortgage Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment Period;
Within thirty-five (v35) the number and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Properties;
(vi) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(vii) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(viii) the Certificate Principal Balance of each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class O Certificates, after giving effect to the distributions made on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Date;
(xii) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiii) the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Date;
(xiv) the Supplemental Interest Payment for each Class on such Distribution Date;
(xv) the difference between the Swap Notional Amount and the Underwritten Certificates Principal Balance on such Distribution Date;
(xvi) the Required Overcollateralization Amount for such Distribution Date; and
(xvii) the Excess Cashflow for such Distribution Date. In the case of information furnished pursuant to subclauses (i) and (ii) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(b) Within a reasonable period of time after the end of each calendar month, a copy of Tenant’s income statement for such month and Tenant’s balance sheet as of the end of such month (which may be subject to quarterly and year-end adjustments and the absence of footnotes); provided, the Trustee shallhowever, upon written request, furnish that with respect to each Person who at any time during calendar quarter, Tenant shall provide such financial reports for the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information final month thereof as soon as is reasonably necessary practicable following the closing of the books for such month and in sufficient time so that Landlord or its Affiliate is able to provide include the operational results for the entire quarter in its current Form 10-Q or Form 10-K (or supplemental report filed in connection therewith);
(v) Prompt Notice to Landlord of any action, proposal or investigation by any agency or entity, or complaint to such Person agency or entity, (any of which is called a statement containing “Proceeding”), known to Tenant, the information set forth result of which Proceeding would reasonably be expected to be to revoke or suspend or terminate or modify in subclauses (i) and (ii) abovea way adverse to Tenant, aggregated for such calendar year or applicable portion thereof during fail to renew or fully continue in effect, any license or certificate or operating authority pursuant to which such Person was a Certificateholder. Such obligation Tenant carries on any part of the Trustee shall be deemed to have been satisfied to Primary Intended Use of all or any portion of the extent that substantially comparable information shall be Leased Property; and
(vi) As soon as it is prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
no event later than sixty (c60) On each Distribution Date, the Trustee shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time days after the end of each calendar yearFiscal Year, the Trustee shall deliver to a capital and operating budget for each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary Facility for that Fiscal Year
(vii) Tenant further agrees to provide the financial and operational reports to be delivered to Landlord under this Master Lease in such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall electronic format(s) as may reasonably be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders required by the Trustee pursuant to any requirements of the Code as Landlord from time to time in force.
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify facilitate Xxxxxxxx’s ACTIVE/119970514.22 internal financial and reporting database and (ii) permit Landlord to calculate any rent, fee or other payments due under Ground Leases.
(viii) Xxxxxx also agrees that Landlord shall have audit rights with respect to any such information provided by Tenant to the Servicer to be included in extent such statement or (ii) include any information audit is reasonably required to be included in such statement if confirm Tenant’s compliance with the Servicer has failed to timely produce such information Master Lease terms (including, without limitation, the calculation of Net Revenues to the Trustee, as extent reasonably required pursuant hereto.
(fto confirm Tenant’s compliance with Section 23.3(a) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty in respect of notional amounts assigned or reduced under this Section 4.03 (fMaster Lease). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution Date.
Appears in 1 contract
Statements. (a) On each Distribution Date, based, as applicable, on information provided to it by the Servicer, the Trustee shall prepare and make available to each Holder of the Regular Certificates, the Swap CounterpartiesSeller, the each Servicer and the Rating Agencies, a statement (the "Distribution Date Statement") as to the distributions made on such Distribution Date:
(i) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Chargesprincipal;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates (other than the Class P Certificates) allocable to interest, separately identified;
(iii) the Pro Rata Senior Percentage, Senior Percentage, Senior Prepayment Percentage, Subordinate Percentage and Subordinate Prepayment Percentage for the following Distribution Date;
(iv) the aggregate amount of servicing compensation received by each Servicer during the related Due Period and such other customary information as the Trustee deems necessary or desirable, or which a Certificateholder reasonably requests, to enable Certificateholders to prepare their tax returns;
(v) the aggregate amount of Advances for the related Due Period and the amount of unreimbursed Advances;
(vi) the Special Hazard Loss Coverage Amount, the Fraud Loss Coverage Amount and the Bankruptcy Loss Coverage Amount, each as of the related Determination Date;
(vii) the Pool Balance of the Group I Mortgage Loans and the Group II Net WAC for all Mortgage Loans at the Close of Business at the end of the related Due Period;
(ivviii) the aggregate Principal Balance of the One Year CMT Indexed Mortgage Loans at the Close of Business at the end of the related Due Period;
(ix) the aggregate Principal Balance of the Six Month LIBOR Indexed Mortgage Loans at the Close of Business at the end of the related Due Period;
(x) [Reserved];
(xi) the number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Loan Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment PeriodDue Date;
(vxii) the number and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1a) 30 to 59 daysdays Delinquent, (2b) 60 to 89 days and Delinquent, (3c) 90 or more daysdays Delinquent, (Bd) as to which foreclosure proceedings have been commenced and (Ce) REO Propertiesin bankruptcy, in each case as of the Close of Business on the related Determination Date;
(vixiii) the book value of any REO Property as of the Close of Business on the last Business Day of the calendar month preceding the Distribution Date, and, cumulatively, the total number and cumulative principal balance of all REO Properties as of the Close of Business of the last day of the preceding Due Period;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(viixv) the aggregate amount of Realized Losses incurred during the related Prepayment Due Period and the cumulative amount of Realized Losses;
(viiixvi) the Class Certificate Principal Balance of each class Class of Certificates (other than the Class X-1 and Class X-2 Certificates) and the Class Certificate Notional Balances of the Class A X-1 and Class X-2 Certificates, in each class of the Mezzanine Certificates and the Class O Certificates, case after giving effect to the any distributions made thereon, on such Distribution Date;
(ixxvii) the Unpaid Interest Shortfall AmountDistributable Amount in respect of each Class of Certificates, for such Distribution Date and the respective portions thereof, if any, with remaining unpaid following the distributions made in respect to each class of the Class A Certificates, each class of the Mezzanine such Certificates and the Class AIO Certificates for on such Distribution Date;
(xxviii) the aggregate amount of any Prepayment Interest Shortfalls and the Unpaid Interest Shortfall Amount for such Distribution Date, to the extent not covered by payments by the Servicer Servicers pursuant to Section 3.25the applicable terms of their respective Servicing Contracts;
(xixix) the Credit Enhancement Percentage for such Distribution DateAvailable Funds;
(xiixx) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiii) the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Date;
(xiv) the Supplemental Interest Payment for each Class on such Distribution Date;
(xv) the difference between the Swap Notional Amount and the Underwritten of Certificates Principal Balance on such Distribution Date;
(xvi) the Required Overcollateralization Amount for such Distribution Date; and
(xviixxi) the Excess Cashflow for aggregate Principal Balance of Mortgage Loans purchased by each Servicer or the Seller during the related Due Period, and indicating the relevant section of the related Servicing Contract, or the Section of this Agreement, as applicable, requiring or allowing the purchase of each such Mortgage Loan. The Trustee will make the Distribution DateDate Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders and the other parties to this Agreement via the Trustee's internet website and its fax-on-demand service and will forward the Distribution Date Statement to each Rating Agency. The Trustee's fax-on-demand service may be accessed through the fax number 000-000-0000. The Trustee's internet website shall initially be located at "xxxx://xxx-xxxx.xxx.xxxxxxxx-xxxx.xxx/invr". Assistance in using the website or the fax-on-demand service can be obtained by calling the Trustee's customer service desk at 000-000-0000. Parties that are unable to use the above distribution options are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and requesting same. The Trustee shall have the right to change the way Distribution Date Statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all the above parties regarding any such changes. The Trustee's obligations pursuant to this Section 4.04 are limited to the extent of its receipt of all necessary information from each Servicer. The Trustee may fully rely upon and shall have no liability with respect to information provided by any Servicer. In the case of information furnished pursuant to subclauses (i) and (ii) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Cut-Off Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(b) Within a reasonable period of time after the end of each calendar year, the Trustee shall, upon written request, furnish to each Person who at any time during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) and through (iiiii) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward supply an electronic tape to the Residual Certificateholders Bloomberg Financial Markets, Inc. in a copy of the reports forwarded format acceptable to the Regular Certificateholders Bloomberg Financial Markets, Inc. on a monthly basis, and shall supply an electronic tape to Mortgage Information Corporation in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriatea format acceptable to Mortgage Information Corporation on a monthly basis.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee pursuant to any requirements of the Code as from time to time in force.
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible supply an electronic tape to the Seller containing the following with respect to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to Mortgage Loan:
(i) verify information provided by the Servicer to be included in such statement or Mortgage Loan identifying number;
(ii) include whether such Mortgage Loan is a Bank of America Loan, a Cendant Loan, a MLCC Loan or a WAMU Loan (and in the case of any information required to be included in MLCC Loan, whether such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant hereto.loan is a Servicing Transferred Loan);
(fiii) No later than noon on the second Business Day prior to each Distribution Date, current Loan Rate as of the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion end of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on Due Period;
(iv) the related Distribution Date. The Trustee shall assign or reduce Servicing Fee Rate;
(v) the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date current Monthly Payment due as of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, end of the related Swap Counterparty will have no obligation toDue Period;
(vi) the next scheduled Due Date as of the end of the related Due Period;
(vii) the next Adjustment Date of the Mortgage Loan as of the end of the related Due Period, nor interest in, if applicable;
(viii) the Trust with respect to such notional amounts. Furthermore, no distributions will be made from Stated Principal Balance of the Supplemental Interest Trust Mortgage Loan immediately prior to the related Swap Counterparty Due Period;
(ix) the Stated Principal Balance of the Mortgage Loan as of the end of the related Due Period;
(x) the Stated Principal Balance of the Mortgage Loan as of the end of the related Due Period, but only to the extent of principal actually received, not advanced;
(xi) the aggregate of all interest received on the Mortgage Loan, including Advances;
(xii) the related Servicing Fee;
(xiii) the aggregate of all scheduled principal payments received on the Mortgage Loans, including Advances;
(xiv) Principal Prepayments in respect part;
(xv) Principal Prepayments in full;
(xvi) the delinquency status of notional amounts assigned the Mortgage Loan (i.e., 0, 30, 60, 90+ days Delinquent);
(xvii) an indication as to whether the obligor on the Mortgage Loan is in bankruptcy;
(xviii) an indication as to whether the Mortgage Loan is in foreclosure;
(xix) an indication as to whether the related Mortgaged Property has become an REO Property;
(xx) the date of bankruptcy, if any;
(xxi) the date of foreclosure, if any;
(xxii) the date on which the related Mortgaged Property became an REO Property;
(xxiii) for each Mortgage Loan for which a Liquidation Event has occurred, whether such Mortgage Loan (i) has been paid in full, (ii) is a Liquidated Mortgage Loan or reduced under this Section 4.03 (f). In no event shall iii) has been repurchased or replaced;
(xxiv) the Trustee allow date after which the Stated Principal Balance of the Mortgage Loan is zero;
(xxv) the Stated Principal Balance of the Mortgage Loan on the date on which a Notional Amount Test Liquidation Event to occur occurs;
(xxvi) Liquidation Proceeds;
(xxvii) Net Liquidation Proceeds;
(xxviii) Realized Losses;
(xxix) Net Prepayment Interest Shortfalls;
(xxx) Relief Act Reductions;
(xxxi) the aggregate of all scheduled interest received on any Distribution Datethe Mortgage Loans, excluding Advances;
(xxxii) the aggregate of all scheduled principal received on the Mortgage Loans, excluding Advances;
(xxxiii) the current amount of Advances outstanding;
(xxxiv) the amount advanced by the related Servicer;
(xxxv) the amount of principal advanced by the related Servicer; and
(xxxvi) the amount of interest advanced by the related Servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc)
Statements. (a) On each Distribution Date, based, as applicable, on the Mortgage Loan information provided to it by contained in the ServicerRemittance Report, the Trustee shall prepare and make available post on its website at xxx.xxxxxxxx.xxx/xxxxxx and forward by mail to each Holder of the Regular Certificates, the Swap Counterparties, the Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date:
(i) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular CertificatesCertificates allocable to principal or reduction of Notional Amount, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Charges;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates (other than the Class P Certificates) allocable to interestinterest or Class X Distributable Amount, separately identified;
(iii) the Overcollateralization Amount, the Overcollateralization Release Amount, the Overcollateralization Deficiency and the Overcollateralization Target Amount as of such Distribution Date and the Monthly Excess Interest Amount and Monthly Excess Cashflow Amount for such Distribution Date;
(iv) the aggregate amount of servicing compensation received by the Servicer during the related Collection Period and accrued and unpaid Special Servicing Fees;
(v) the aggregate amount of Advances for the related Collection Period;
(vi) the Pool Balance of the Group I Mortgage Loans and the Group II Mortgage Loans at the Close close of Business business at the end of the related Due Collection Period;
(ivvii) the number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Interest Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment PeriodDue Date;
(vviii) the number and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1a) 30 to 59 daysdays past due on a contractual basis, (2b) 60 to 89 days and past due on a contractual basis, (3c) 90 or more daysdays past due on a contractual basis, (Bd) as to which foreclosure proceedings have been commenced and (Ce) REO Propertiesin bankruptcy as of the close of business on the last day of the calendar month preceding such Distribution Date;
(viix) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number of such Mortgage Loan, the unpaid principal balance and the Principal Balance of such Mortgage Loan as of the date it became an REO Property;
(x) the book value of any REO Property as of the close of business on the last Business Day of the calendar month preceding the Distribution Date, and, cumulatively, the total number and cumulative principal balance of all REO Properties as of the close of business of the last day of the preceding Collection Period;
(xi) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(viixii) the aggregate amount of prepayment penalties collected (including amounts deposited in connection with the full or partial waiver of such prepayment penalties pursuant to Section 3.01) during the related Collection Period and the amounts thereof allocable to the Class N Certificates and the Class X Certificates;
(xiii) the aggregate amount of Realized Losses incurred during the related Prepayment Collection Period and the cumulative amount of Realized Losses;
(viiixiv) the Certificate Principal Balance Balance, or Notional Amount, as applicable, of each class Class of the Class A Certificates, each class of the Mezzanine Certificates and the Class O Certificates, after giving effect to the distributions, and allocations of Realized Losses or Applied Realized Loss Amounts, as applicable, made on such Distribution Date, separately identifying any reduction thereof due to allocations of Realized Losses or Applied Realized Loss Amounts;
(xv) the Accrued Certificate Interest in respect of each Class of Offered Certificates and the Class B-3 Certificates for such Distribution Date, separately identifying the portions thereof attributable to LIBOR Carryover Amounts, and the respective portions thereof, if any, remaining unpaid following the distributions made in respect of such Certificates on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date;
(xxvi) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.253.23;
(xixvii) the Credit Enhancement Percentage amount of the Trustee Fee paid;
(xviii) the LIBOR Carryover Amounts distributed on such Distribution Date and the amounts remaining after giving effect to distributions thereof on such Distribution Date;
(xix) any Overcollateralization Deficiency after giving effect to the distribution of principal on such Distribution Date;
(xx) whether a Trigger Event has occurred and is continuing, and the cumulative Realized Losses, as a percentage of the original Pool Balance;
(xxi) the Available Funds;
(xxii) the rate at which interest accrues for each Class of Certificates for such Distribution Date;
(xiixxiii) the Available Funds Cap Carryforward Amount Liquidation Report for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiiixxiv) the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Date;
(xiv) the Supplemental Interest Payment for each Class on such Distribution Date;
(xv) the difference between the Swap Notional Amount and the Underwritten Certificates aggregate Principal Balance on of Mortgage Loans purchased by the Servicer or Seller during the related Collection Period and indicating the Section of this Agreement requiring or allowing the purchase of each such Distribution Date;
(xvi) the Required Overcollateralization Amount for such Distribution DateMortgage Loan; and
(xviixxv) the Excess Cashflow for such Distribution Dateaggregate Principal Balance of the Mortgage Loans repurchased by the Servicer (or an affiliate) during the related Collection Period in connection with Section 3.16. The Trustee may fully rely upon and shall have no liability with respect to information with respect to the Mortgage Loans provided by the Servicer. In the case of information furnished pursuant to subclauses (i) and through (iiiii) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Cut-off Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(b) Within a reasonable period of time after the end of each calendar year, the Trustee shall, upon written request, shall furnish to each Person who at any time during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i), (ii), (xv) and (iixx) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Residual Certificateholders by the Trustee pursuant to any requirements of the Code as from time to time in force.
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty in respect of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Solomon Mortgage Ln Tr Ser 2002-Cb3 C-Bass MRT Ln as BCK Cer)
Statements. (a) On each Distribution Date, based, as applicable, on information provided to it by the Servicer, the Trustee Certificate Administrator shall prepare and make available to each Holder of the Regular Certificates, the Swap Counterparties, the Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date:
(i) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Charges;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates (other than the Class P Certificates) allocable to interest, separately identified;
(iii) the Pool Balance of the Group I Mortgage Loans and the Group II Mortgage Loans at the Close of Business at the end of the related Due Period;
(iv) the number, aggregate principal balance, and weighted average Mortgage Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment Period;
(v) the number and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Properties;
(vi) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(vii) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(viii) the Certificate Principal Balance of each class of the Class A Certificates, each class of the Mezzanine Certificates, the Class B Certificates and the Class O Certificates, after giving effect to the distributions made on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates, the Class B Certificates and the Class AIO Certificates for such Distribution Date;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Date;
(xii) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates and Certificates, each class of the Mezzanine Certificates and the Class B Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiii) the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates Certificates, the Class B Certificates, and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and Certificates, each class of the Mezzanine Certificates and the Class B Certificates for the immediately succeeding Distribution Date;
(xiv) the Supplemental Interest Payment for each Class on such Distribution Date;
(xv) the difference between the Swap Notional Amount and the Underwritten Certificates (and the Class B Certificate if held by an entity unrelated to the Seller) Principal Balance on such Distribution Date;
(xvi) the Required Overcollateralization Amount for such Distribution Date; and
(xvii) the Excess Cashflow for such Distribution Date. In the case of information furnished pursuant to subclauses (i) and (ii) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Date. The Trustee Certificate Administrator may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(b) Within a reasonable period of time after the end of each calendar year, the Trustee Certificate Administrator shall, upon written request, furnish to each Person who at any time during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Certificate Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished by the Trustee Certificate Administrator to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee Certificate Administrator shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee Certificate Administrator deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee Certificate Administrator shall deliver to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee Certificate Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee Certificate Administrator pursuant to any requirements of the Code as from time to time in force.
(e) On No later than noon on the Business Day prior to each Distribution Date, the Trustee Certificate Administrator shall post on its website at xxx.xxxxxxxx.xxx\absmbsforward, which posting shall be accessible to each Certificateholderby facsimile transmission, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order , together with all other information reasonably necessary to make such distribution more convenient and/or accessible the distributions pursuant to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information Section 4.01 of this Agreement, to the Trustee, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to . On each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur Certificate Administrator, on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion behalf of the related notional amount from Trustee, shall forward by mail to each Certificateholder the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date statement prepared pursuant to paragraph (a) of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty in respect of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution Date4.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Novastar Mortgage Funding Corp Trust Series 2002-3)
Statements. (a) On each Distribution Date, based, as applicable, on information provided to it by the Servicer, the Trustee shall prepare and make available to each Holder of the Regular Certificates, the Swap Counterparties, the Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date:
(i) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Charges;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates (other than the Class P Certificates) allocable to interest, separately identified;
(iii) the Pool Balance of the Group I Mortgage Loans, the Group II Mortgage Loans and the Group II III Mortgage Loans at the Close of Business at the end of the related Due Period;
(iv) the number, aggregate principal balance, and weighted average Mortgage Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment Period;
(v) the number and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Properties;
(vi) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(vii) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(viii) the Certificate Principal Balance of each class of the Class A Certificates, each class of the Mezzanine Certificates, each class of the Class B Certificates and the Class O Certificates, after giving effect to the distributions made on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the each class of Class AIO B Certificates for such Distribution Date;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Date;
(xii) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates, each class of the Mezzanine Certificates and each class of the Mezzanine Certificates, Class B Certificates if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiii) the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO B Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and each class of the Mezzanine Class B Certificates for the immediately succeeding Distribution Date;
(xiv) the Supplemental Interest Payment for each Class on such Distribution Date;
(xv) the difference between (x) the sum of (i) aggregate notional amount of the Swap Notional Amount Agreements and (ii) the aggregate notional amount of the Cap Agreements and (y) the aggregate Certificate Principal Balance of the Underwritten Certificates Principal Balance on such Distribution Date;
(xvi) the Required Overcollateralization Amount for such Distribution Date; and
(xvii) the Excess Cashflow for such Distribution Date. In the case of information furnished pursuant to subclauses (i) and (ii) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(b) Within a reasonable period of time after the end of each calendar year, the Trustee shall, upon written request, furnish to each Person who at any time during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee pursuant to any requirements of the Code as from time to time in force.
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbsxxx.xxxxxxxx.xxx\sfr, which posting shall be accessible to each CertificateholderCertificateholder and the Swap Counterparty, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 10,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basisAgreement with the lowest fixed rate. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust I to the related Swap Counterparty in respect of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Novastar Mortgage Funding Corp Home Equity Loan Ser 2003-4)
Statements. (a) On each Distribution Date, based, as applicable, on loan-level information provided to it by the Master Servicer, the Trustee shall prepare and make available to each Holder of the Regular Certificates, the Swap CounterpartiesSeller, the Master Servicer and the Rating AgenciesAgency, a statement (the "DISTRIBUTION DATE STATEMENT") as to the distributions made on such Distribution Date:
(i) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Chargesprincipal;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates (other than the Class P Certificates) allocable to interest, separately identified;
(iii) the Pro Rata Senior Percentage, Senior Percentage, Senior Prepayment Percentage, Subordinate Percentage and Subordinate Prepayment Percentage for the following Distribution Date;
(iv) the aggregate amount of servicing compensation received by each Servicer during the related Due Period and such other customary information as the Trustee deems necessary or desirable, or which a Certificateholder reasonably requests, to enable Certificateholders to prepare their tax returns;
(v) the aggregate amount of Advances for the related Due Period and the amount of unreimbursed Advances;
(vi) the Special Hazard Loss Coverage Amount, the Fraud Loss Coverage Amount and the Bankruptcy Loss Coverage Amount, each as of the related Determination Date;
(vii) the Pool Balance of the Group I Mortgage Loans and the Group II Net WAC for all Mortgage Loans at the Close of Business at the end of the related Due Period;
(ivviii) the aggregate Principal Balance of the Six-Month CMT Indexed, One-Year CMT Indexed and Five-Year CMT Indexed Mortgage Loans at the Close of Business at the end of the related Due Period;
(ix) the aggregate Principal Balance of the Six-Month LIBOR Indexed, One-Month LIBOR Indexed and One-Year LIBOR Indexed Mortgage Loans at the Close of Business at the end of the related Due Period;
(x) the amount of the Master Servicing Fees and Servicing Fees, if any;
(xi) the number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Loan Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment PeriodDue Date;
(vxii) the number and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1a) 30 to 59 daysdays Delinquent, (2b) 60 to 89 days and Delinquent, (3c) 90 or more daysdays Delinquent, (Bd) as to which foreclosure proceedings have been commenced and (Ce) REO Propertiesin bankruptcy, in each case as of the close of business on the last day of the preceding calendar month;
(vixiii) the book value of any REO Property as of the Close of Business on the last Business Day of the calendar month preceding the Distribution Date, and, cumulatively, the total number and cumulative principal balance of all REO Properties as of the Close of Business of the last day of the preceding Due Period;
(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(viixv) the aggregate amount of Realized Losses incurred during the related Prepayment Due Period and the cumulative amount of Realized Losses;
(viiixvi) the Class Certificate Principal Balance of each class Class of Certificates (other than the Class A Certificates, each class of the Mezzanine Certificates and the Class O Certificates, LTA-R Certificate) after giving effect to the any distributions made thereon, on such Distribution Date;
(ixxvii) the Unpaid Interest Shortfall AmountDistributable Amount in respect of each Class of Certificates, for such Distribution Date and the respective portions thereof, if any, with remaining unpaid following the distributions made in respect to each class of the Class A Certificates, each class of the Mezzanine such Certificates and the Class AIO Certificates for on such Distribution Date;
(xxviii) the aggregate amount of any Prepayment Interest Shortfalls and the Unpaid Interest Shortfall Amount for such Distribution Date, to the extent not covered by payments by the Servicer Servicers pursuant to Section 3.25the applicable terms of their respective Servicing Agreements or the Master Servicer;
(xixix) the Credit Enhancement Percentage Available Funds;
(xx) the Pass-Through Rate for each Class of Certificates for such Distribution Date;
(xiixxi) the Available Funds Cap Carryforward Amount for each class of any amounts distributed to the Class A Certificates and each class of the Mezzanine LTA-R Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiii) the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Date;
(xiv) the Supplemental Interest Payment for each Class on such Distribution Date;
(xv) the difference between the Swap Notional Amount and the Underwritten Certificates Principal Balance on such Distribution Date;
(xvi) the Required Overcollateralization Amount for such Distribution Date; and
(xviixxii) the Excess Cashflow for aggregate Principal Balance of Mortgage Loans purchased hereunder by the Seller during the related Due Period, and indicating the relevant section of the related Servicing Agreement, or the Section of this Agreement, as applicable, requiring or allowing the purchase of each such Mortgage Loan. The Trustee will make the Distribution DateDate Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders and the other parties to this Agreement via the Trustee's internet website and its fax-on-demand service and will forward the Distribution Date Statement to the Rating Agency. The Trustee's internet website shall initially be located at "xxxx://xxx-xxxx.xxx.xxxxxxxx- xxxx.xxx/xxxx". Parties that are unable to use the above distribution options are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and requesting same. The Trustee shall have the right to change the way Distribution Date Statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all the above parties regarding any such changes. The Trustee's obligations pursuant to this Section 4.04 are limited to the extent of its receipt of all necessary information from the Master Servicer. The Trustee may fully rely upon and shall have no liability with respect to information provided by the Master Servicer. In the case of information furnished pursuant to subclauses (i) and (ii) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Cut-Off Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(b) Within a reasonable period of time after the end of each calendar year, the Trustee shall, upon written request, furnish to each Person who at any time during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) through (iii) and (iixxi) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward supply an electronic tape to the Residual Certificateholders Bloomberg Financial Markets, Inc. in a copy of the reports forwarded format acceptable to the Regular Certificateholders Bloomberg Financial Markets, Inc. on a monthly basis, and shall supply an electronic tape to Mortgage Information Corporation in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver format acceptable to each Person who at any time during the calendar year was Mortgage Information Corporation on a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholdermonthly basis. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee pursuant to any requirements of the Code as from time to time in force.
(e) On each Distribution Date, the Master Servicer shall provide the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible the following information with respect to each Certificateholder, Mortgage Loan (the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to "REMITTANCE REPORT"):
(i) verify information provided by the Servicer to be included in such statement or Mortgage Loan identifying number;
(ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant hereto.[reserved];
(fiii) No later than noon on the second Business Day prior to each Distribution Date, current Loan Rate as of the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion end of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on Due Period;
(iv) the related Distribution Date. The Trustee shall assign or reduce Servicing Fee Rate;
(v) the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date current Monthly Payment due as of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, end of the related Swap Counterparty will have no obligation toDue Period;
(vi) the next scheduled Due Date as of the end of the related Due Period;
(vii) the next Adjustment Date of the Mortgage Loan as of the end of the related Due Period, nor interest in, if applicable;
(viii) the Trust with respect to such notional amounts. Furthermore, no distributions will be made from Stated Principal Balance of the Supplemental Interest Trust Mortgage Loan immediately prior to the related Swap Counterparty Due Period;
(ix) the Stated Principal Balance of the Mortgage Loan as of the end of the related Due Period;
(x) [reserved];
(xi) the aggregate of all interest received on the Mortgage Loan, including Advances;
(xii) [reserved];
(xiii) the aggregate of all scheduled principal payments received on the Mortgage Loans, including Advances;
(xiv) Principal Prepayments in respect part;
(xv) Principal Prepayments in full;
(xvi) the delinquency status of notional amounts assigned the Mortgage Loan (i.e., 0, 30, 60, 90+ days Delinquent);
(xvii) [reserved];
(xviii) an indication as to whether the Mortgage Loan is in foreclosure;
(xix) an indication as to whether the related Mortgaged Property has become an REO Property;
(xx) the date of bankruptcy of the Mortgagor, if any;
(xxi) the date of foreclosure, if any;
(xxii) the date on which the related Mortgaged Property became an REO Property;
(xxiii) for each Mortgage Loan for which a Liquidation Event has occurred, whether such Mortgage Loan (i) has been paid in full, (ii) is a Liquidated Mortgage Loan or reduced under this Section 4.03 (f). In no event shall iii) has been repurchased or replaced;
(xxiv) [reserved];
(xxv) the Trustee allow Stated Principal Balance of the Mortgage Loan on the date on which a Notional Amount Test Liquidation Event to occur occurs;
(xxvi) Liquidation Proceeds;
(xxvii) Net Liquidation Proceeds;
(xxviii) Realized Losses;
(xxix) Net Prepayment Interest Shortfalls;
(xxx) Relief Act Reductions;
(xxxi) the aggregate of all scheduled interest received on any Distribution Date.the Mortgage Loans, excluding Advances;
(xxxii) the aggregate of all scheduled principal received on the Mortgage Loans, excluding Advances;
(xxxiii) the current amount of Advances outstanding;
(xxxiv) the amount advanced by the related Servicer;
(xxxv) the amount of principal advanced by the related Servicer; and
(xxxvi) the amount of interest advanced by the related Servicer
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenwich Capital Acc Inc Mort Loan Pas THR Certs Ser 01 2)
Statements. (a) On each Distribution Date, based, as applicable, on information provided Tenant shall furnish the following statements to it by the Servicer, the Trustee shall prepare and make available to each Holder of the Regular Certificates, the Swap Counterparties, the Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution DateLandlord:
(i) Within sixty-five (65) days after the amount end of Tenant Parent’s Fiscal Years (commencing with the Fiscal Year ending December 31, 2023) or concurrently with the filing by Xxxxxx’s Parent of its annual report on Form 10-K with the SEC, whichever is earlier: (x) Tenant’s Parent’s Financial Statements; (y) a certificate, executed by the chief financial officer or treasurer of the distribution made on Tenant’s Parent (a) certifying that no default has occurred under this Master Lease or, if such Distribution Date a default has occurred, specifying the nature and extent thereof and any corrective action taken or proposed to be taken with respect thereto and (b) setting forth the Holders calculation of each Class the financial covenants set forth in Section 23.3 hereof in reasonable detail as of Regular Certificatessuch Fiscal Year (commencing with the Fiscal Year ending December 31, separately identified2023); and (z) a report with respect to Tenant’s Parent’s Financial Statements from Tenant’s Parent’s accountants, allocable which report shall be unqualified as to principal going concern and scope of audit of Tenant’s Parent and its Subsidiaries (excluding any qualification as to going concern relating to any debt maturities in the twelve month period following the date of such audit or any projected financial performance or covenant default in any Material Indebtedness or this Master Lease in such twelve month period) and shall provide in substance that (a) such consolidated financial statements present fairly the consolidated financial position of Tenant’s Parent and its Subsidiaries as at the dates indicated and the amount results of their operations and cash flow for the distribution periods indicated in conformity with GAAP and (b) that the examination by Xxxxxx’s Parent’s accountants in connection with such Financial Statements has been made to the Holders of the Class P Certificates allocable to Prepayment Chargesin accordance with generally accepted auditing standards;
(ii) Within forty-five (45) days after the amount end of each of the distribution made first three (3) fiscal quarters of the Tenant’s Parent’s Fiscal Year (commencing with the fiscal quarter ending March 31, 2023) or concurrently with the filing by Xxxxxx’s Parent of its quarterly report on Form 10-Q with the SEC, whichever is earlier, a copy of Xxxxxx’s Parent’s Financial Statements for such Distribution Date period, together with a certificate, executed by the chief financial officer or treasurer of Tenant’s Parent (i) certifying that no default has occurred or, if such a default has occurred, specifying the nature and extent thereof and any corrective action taken or proposed to be taken with respect thereto, (ii) setting forth the calculation of the financial covenants set forth in Section 23.3 hereof in reasonable detail as of such quarter, to the Holders extent one complete Test Period has been completed which has commenced following the date of each Class this Master Lease and (iii) certifying that such Financial Statements fairly present, in all material respects, the financial position and results of Regular Certificates operations of Tenant’s Parent and its Subsidiaries on a consolidated basis in accordance with GAAP (other than subject to normal year-end audit adjustments and the Class P Certificates) allocable to interest, separately identifiedabsence of footnotes);
(iii) Promptly following Xxxxxxxx’s request from time to time, (a) five-year forecasts of Tenant’s income statement and balance sheet covering such quarterly and annual periods as may be reasonably requested by Landlord, and in a format consistent with Tenant Parent’s quarterly and annual financial statements filed with the Pool Balance SEC, and such additional financial information and projections as may be reasonably requested by Landlord in connection with syndications, private placements, or public offerings of GLP’s or Landlord’s debt securities or loans or equity or hybrid securities and (b) such additional information and unaudited quarterly financial information concerning the Leased Property and Tenant as Landlord or GLP may require for its ongoing filings with the SEC under both the Securities Act and the Securities Exchange Act of 1934, as amended, including, but not limited to 10-Q Quarterly Reports, 10-K Annual Reports and registration statements to be filed by Landlord or GLP during the Term of this Master Lease, the Internal Revenue Service (including in respect of GLP’s qualification as a “real estate investment trust” (within the meaning of Section 856(a) of the Group I Mortgage Loans Code)) and the Group II Mortgage Loans at the Close of Business at the end of the related Due Periodany other federal, state or local regulatory agency with jurisdiction over GLP or its Subsidiaries subject to Section 23.1(c) below);
(iv) the number, aggregate principal balance, and weighted average Mortgage Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment Period;
Within thirty-five (v35) the number and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Properties;
(vi) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(vii) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(viii) the Certificate Principal Balance of each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class O Certificates, after giving effect to the distributions made on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Date;
(xii) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiii) the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Date;
(xiv) the Supplemental Interest Payment for each Class on such Distribution Date;
(xv) the difference between the Swap Notional Amount and the Underwritten Certificates Principal Balance on such Distribution Date;
(xvi) the Required Overcollateralization Amount for such Distribution Date; and
(xvii) the Excess Cashflow for such Distribution Date. In the case of information furnished pursuant to subclauses (i) and (ii) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(b) Within a reasonable period of time after the end of each calendar month, a copy of Tenant’s income statement for such month and Tenant’s balance sheet as of the end of such month (which may be subject to quarterly and year-end adjustments and the absence of footnotes); provided, the Trustee shallhowever, upon written request, furnish that with respect to each Person who at any time during calendar quarter, Tenant shall provide such financial reports for the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information final month thereof as soon as is reasonably necessary practicable following the closing of the books for such month and in sufficient time so that Landlord or its Affiliate is able to provide include the operational results for the entire quarter in its current Form 10-Q or Form 10-K (or supplemental report filed in connection therewith);
(v) Prompt Notice to Landlord of any action, proposal or investigation by any agency or entity, or complaint to such Person agency or entity, (any of which is called a statement containing “Proceeding”), known to Tenant, the information set forth result of which Proceeding would reasonably be expected to be to revoke or suspend or terminate or modify in subclauses (i) and (ii) abovea way adverse to Tenant, aggregated for such calendar year or applicable portion thereof during fail to renew or fully continue in effect, any license or certificate or operating authority pursuant to which such Person was a Certificateholder. Such obligation Tenant carries on any part of the Trustee shall be deemed to have been satisfied to Primary Intended Use of all or any portion of the extent that substantially comparable information shall be Leased Property; and
(vi) As soon as it is prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
no event later than sixty (c60) On each Distribution Date, the Trustee shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time days after the end of each calendar yearFiscal Year, the Trustee shall deliver to a capital and operating budget for each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary Facility for that Fiscal Year
(vii) Tenant further agrees to provide the financial and operational reports to be delivered to Landlord under this Master Lease in such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall electronic format(s) as may reasonably be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders required by the Trustee pursuant to any requirements of the Code as Landlord from time to time in force.
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify facilitate Xxxxxxxx’s internal financial and reporting database and (ii) permit Landlord to calculate any rent, fee or other payments due under Ground Leases.
(viii) Xxxxxx also agrees that Landlord shall have audit rights with respect to any such information provided by Tenant to the Servicer to be included in extent such statement or (ii) include any information audit is reasonably required to be included in such statement if confirm Tenant’s compliance with the Servicer has failed to timely produce such information Master Lease terms (including, without limitation, the calculation of Net Revenues to the Trustee, as extent reasonably required pursuant hereto.
(fto confirm Tenant’s compliance with Section 23.3(a) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty in respect of notional amounts assigned or reduced under this Section 4.03 (fMaster Lease). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution Date.
Appears in 1 contract
Statements. (a) On each Distribution Date, based, as applicable, on information provided to it by the Master Servicer, the Trustee shall prepare and make available to each Holder of the Regular Certificates, the Swap CounterpartiesMaster Servicer, the Servicer NIMs Insurer and the Rating Agencies, a statement as to the distributions made on such Distribution Date:
(i) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates (other than the Class S Certificates), separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment ChargesCharges and Master Servicer Prepayment Charge Payment Amounts;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates (other than the Class P Certificates) allocable to interest, separately identified;
(iii) the Overcollateralized Amount, the Overcollateralization Release Amount, the Overcollateralization Deficiency Amount and the Overcollateralization Target Amount as of such Distribution Date and the Excess Overcollateralized Amount for the Mortgage Pool for such Distribution Date;
(iv) the aggregate amount of servicing compensation received by the Master Servicer with respect to the related Due Period and such other customary information as the Trustee deems necessary or desirable, or which a Certificateholder reasonably requests, to enable Certificateholders to prepare their tax returns; 91
(v) the aggregate amount of Advances for the related Due Period;
(vi) the aggregate Stated Principal Balance of the Group I Mortgage Loans and the Group II Mortgage Loans at the Close of Business at the end of the related Due Period;
(ivvii) the number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment PeriodDate;
(vviii) the number and aggregate unpaid principal balance of Mortgage Loans that were (Aa) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to delinquent 30-59 days, (2b) 60 to delinquent 60-89 days and days, (3c) delinquent 90 or more daysdays in each case, as of the last day of the preceding calendar month, (Bd) as to which foreclosure proceedings have been commenced and (Ce) REO Propertieswith respect to which the related Mortgagor has filed for protection under applicable bankruptcy laws, with respect to whom bankruptcy proceedings are pending or with respect to whom bankruptcy protection is in force;
(viix) with respect to any Mortgage Loan that became an REO Property during the preceding Prepayment Period, the unpaid principal balance and the Principal Balance of such Mortgage Loan as of the date it became an REO Property;
(x) the total number and cumulative principal balance of all REO Properties as of the Close of Business of the last day of the preceding Prepayment Period;
(xi) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(viixii) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(viiixiii) the aggregate amount of Extraordinary Trust Fund expenses withdrawn from the Collection Account or the Distribution Account for such Distribution Date;
(xiv) the Certificate Principal Balance of each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class O C Certificates, after giving effect to the distributions made on such Distribution Date, and the Notional Amount of the Class S Certificates and the Class C Certificates, after giving effect to the distributions made on such Distribution Date;
(ixxv) the Monthly Interest Distributable Amount in respect of the Class A Certificates, the Class S Certificates, the Mezzanine Certificates and the Class C Certificates for such Distribution Date and the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Class S Certificates and the Class AIO Mezzanine Certificates for such Distribution Date;
(xxvi) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Master Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Date;
(xii) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiii) the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Date;
(xiv) the Supplemental Interest Payment for each Class on such Distribution Date;
(xv) the difference between the Swap Notional Amount and the Underwritten Certificates Principal Balance on such Distribution Date;
(xvi) the Required Overcollateralization Amount for such Distribution Date; and
(xvii) the Excess Cashflow for such Distribution Date. In the case of information furnished pursuant to subclauses (i) and (ii) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(b) Within a reasonable period of time after the end of each calendar year, the Trustee shall, upon written request, furnish to each Person who at any time during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee pursuant to any requirements of the Code as from time to time in force.
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty in respect of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2001-1 as Bk Cert Ser 2001-1)
Statements. (a) On Not later than 12:00 noon, California time, on the fifth Business Day prior to each Distribution Date, basedthe Servicer shall deliver to the Trustee by electronic modem a computer file containing the information called for by clauses (i) through (xxi) below as of the end of the preceding Due Period and such other information as the Trustee shall reasonably require. Not later than 12:00 noon, as applicableCalifornia time, on information provided each Determination Date, the Trustee shall deliver to it by the Servicer, the Depositor and to the Certificate Insurer, by telecopy, with a hard copy thereof to be delivered on the succeeding Distribution Date, a confirmation of the items in clause (i) below. Not later than one Business Day prior to each Distribution Date the Trustee shall prepare and make available to each Holder of the Regular Certificates, the Swap Counterparties, the Servicer and the Rating Agencies, deliver a statement as (the "Trustee's Remittance Report") containing the information set forth below with respect to the distributions made on such Distribution Date, which information shall be based upon the information furnished by the Servicer upon which the Trustee shall conclusively rely without independent verification or calculation thereof:
(i) The Available Funds for each Certificate Group and each Class's Certificate Rate for the amount of the distribution made on such related Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment ChargesDate;
(ii) the amount of the distribution made on such Distribution Date to the Holders The Class Principal Balance of each Class of Regular Class A Certificates and the Aggregate Class A Principal Balance for each Certificate Group as reported in the prior Trustee's Remittance Report pursuant to subclause (other than xi) below, or, in the case of the first Determination Date, the Original Class P Certificates) allocable to interest, separately identifiedPrincipal Balance of each Class and the Cut-Off Date Pool Principal Balance;
(iii) The number and Principal Balances of all Mortgage Loans that were the Pool subject of Principal Prepayments during the Due Period;
(iv) The amount of all Curtailments that were received during the Due Period;
(v) The principal portion of all Monthly Payments received during the Due Period;
(vi) The interest portion of all Monthly Payments received on the Mortgage Loans during the Due Period;
(vii) The amount of the Monthly Advances and the Compensating Interest payment to be made on the Determination Date;
(viii) The Class A Principal Distribution, the portion thereof to be distributed on each Class of Class A Certificates then entitled to distributions of principal, and the Class Interest Distribution to be distributed on each Class of Senior Certificates.
(ix) The amount of the Insured Payments, if any, to be made on the Distribution Date;
(x) The amount to be distributed to the Class R Certificateholders for the Distribution Date;
(xi) The Class Principal Balance of each Class of Class A Certificates and the Group I Certificate Principal Balance for each Certificate Group after giving effect to the distribution to be made on the Distribution Date;
(xii) The weighted average remaining term to maturity of the Mortgage Loans and the Group II weighted average Loan Rate;
(xiii) The Servicing Fee and the Premium Amount and Reimbursement Amount to be paid to the Certificate Insurer pursuant to Section 5.01;
(xiv) The amount of all payments or reimbursements to the Servicer pursuant to Sections 3.03(ii) and (vi);
(xv) The O/C Amount and the Specified O/C Amount for such Distribution Date;
(xvi) The amounts which are reimbursable to the Servicer or the Seller, as appropriate, pursuant to Section 5.01(a)(vi)(3) and the amount paid to Class R Certificateholders pursuant to Section 5.01(a)(vi)(7);
(xvii) The number of Mortgage Loans outstanding at the Close of Business beginning and at the end of the related Due Period;
(ivxviii) The amount of Liquidation Loan Losses experienced during the number, aggregate principal balance, preceding Due Period and weighted average Mortgage Rate the Loan Losses and the Cumulative Net Losses as a percentage of the Cut-Off Date Pool Principal Balance;
(xix) As of the end of the preceding calendar month, the number and Principal Balance of Mortgage Loans as which are 30- 59 days delinquent; the number and Principal Balance of Mortgage Loans which are 60-89 days delinquent; the related Determination Date number and Principal Balance of Mortgage Loans which are more than 90 days delinquent; the number and Principal Balance of Mortgage Loans which are in foreclosure; and the number and aggregate principal balance Principal Balance of all Subsequent Mortgage Loans added during the preceding Prepayment Periodwhich are REO Property;
(vxx) the number and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Properties;
(vi) the aggregate The amount of Principal Prepayments made during the related Prepayment Period;
(vii) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(viii) the Certificate Principal Balance of each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class O Certificates, after giving effect to the distributions made A-7 Basis Risk Carryover Amount distributed on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Date;
(xii) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount any remaining unpaid after reimbursements therefor on such Distribution Date;Class A-7 Basis Risk Carryover Amount; and
(xiiixxi) the respective REMIC Pass-Through The Certificate Rates applicable to each class of for the Class A Certificates, each class of the Mezzanine Certificates A-7 and the Class AIO S Certificates for such Distribution Date and the REMIC Pass-Through Class A-7 Formula Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Date;
(xiv) the Supplemental Interest Payment for each Class on such Distribution Date;
(xv) the difference between the Swap Notional Amount related and the Underwritten Certificates Principal Balance following Interest Period. The Trustee shall forward such report to the Servicer, the Depositor, the Certificate Insurer, the Certificateholders, the Rating Agencies, Bloomberg (at 000 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, Attention: Xxxx Xxxxxx) and Intex Solutions (at 00 xxxxxxxx Xxxxxx, Xxxxxxx, Xxxxxxxxxxxxx 00000, Attention: Xxxxxx Xxxxxxxx) on such Distribution Date;
(xvi) the Required Overcollateralization Amount for such Distribution Date; and
provided, however that the Trustee shall remove the Premium Amount to be paid the Certificate Insurer from clause (xviixiii) of such report prior to submission of the Excess Cashflow for such Distribution Datereport to Bloomberg and Intex Solutions. The Trustee may fully rely upon and shall have no liability with respect to information provided by the Servicer. The Servicer shall calculate all items in clauses (i) - (xxi) above. To the extent that there are inconsistencies between the telecopy of the Trustee's Remittance Report and the hard copy thereof, the Servicer may rely upon the latter. In the case of information furnished pursuant to subclauses (iii), (xi) and (iixvi) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing related Cut-Off Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(b) Within a reasonable period of time after the end of each calendar year, the Trustee shall, upon written request, shall furnish to each Person who at any time during the calendar year was a Certificateholder Holder of a Regular Senior Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (ivii) and (iixiii) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward to the Residual Class R Certificateholders a copy of the reports forwarded to the Regular Certificateholders Holders of the Senior Certificates in respect of such Distribution Date and a statement setting forth the amounts actually distributed to the Class R Certificateholders on such Distribution Date together with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Class R Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Class R Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee pursuant to any requirements of the Code as from time to time in force.
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties Servicer and the Trustee shall provide timely furnish to each Certificateholder and adequate notification to the Certificate Insurer (if requested in writing), during the term of this Agreement, such periodic, special or other reports or information, whether or not provided for herein, as shall be necessary, reasonable or appropriate with respect to the Certificateholder or the Certificate Insurer, as the case may be, or otherwise with respect to the purposes of this Agreement, all above parties regarding any such changes. The reports or information to be provided by and in accordance with such applicable instructions and directions (if requested in writing) as the Certificateholder or the Certificate Insurer, as the case may be, may reasonably require; provided that the Servicer and the Trustee shall not have any responsibility to (i) verify information provided by the Servicer be entitled to be included in reimbursed by such statement Certificateholder or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the TrusteeCertificate Insurer, as required pursuant heretothe case may be, for their respective fees and actual expenses associated with providing such reports, if such reports are not generally produced in the ordinary course of their respective businesses or readily obtainable.
(f) No later than noon on Reports and computer diskettes or files furnished by the second Business Day prior Servicer pursuant to each Distribution Datethis Agreement shall be deemed confidential and of a proprietary nature, and shall not be copied or distributed except to the extent required by law or for the internal use of the Certificate Insurer and its counsel or to the Rating Agencies, the Trustee will verify Certificate Insurer's reinsurers, parent, regulators, liquidity providers and auditors, provided that no Notional Amount Test Event is scheduled the Certificate Insurer shall attempt in good faith to occur on cause such additional Persons to acknowledge in writing the related Distribution Dateforegoing restrictions, and in connection with the purposes and requirements of this Agreement. In No Person entitled to receive copies of such reports or diskettes or files or lists of Certificateholders shall use the event a Notional Amount Test Event would otherwise occur on information therein for the related Distribution Date, purpose of soliciting the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion customers of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign Seller or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty for any other purpose except as set forth in respect of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution DateAgreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Delta Funding Corp /De/)
Statements. (a) On each Not later than 12:00 noon New York time on the Distribution Date, based, as applicable, on information provided to it by the Servicer, the Trustee shall prepare and make available deliver to each Holder of the Regular CertificatesMaster Servicer, the Swap CounterpartiesDepositor and to the Certificate Insurer, the Servicer and the Rating Agenciesby telecopy, with a hard copy thereof to be delivered on such Distribution Date, a statement as (the "Trustee's Remittance Report") (based solely on the information provided pursuant to Section 4.1) containing the distributions made on information set forth below with respect to such Distribution Date:
(i) The Available Funds for the amount of the distribution made on such related Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment ChargesDate;
(ii) The Class A Principal Balance of each Class, the amount Aggregate Loan Balance and the Aggregate Loan Balance as reported in the prior Trustee's Remittance Report, or, in the case of the distribution made on such Distribution Date to first Determination Date, the Holders Original Class A Principal Balance of each Class of Regular Certificates (other than Class, and the Class P Certificates) allocable to interest, separately identifiedCut-Off Date Aggregate Loan Balance;
(iii) The aggregate amount of collections received on the Pool Balance Mortgage Loans on or prior to the Determination Date in respect of the Group I Mortgage Loans preceding Collection Period, separately stating the amounts received in respect principal and interest and reporting separately, the amounts received in respect of scheduled principal payments and the Group II Mortgage Loans at the Close of Business at the end of the related Due Periodamounts representing Principal Prepayments;
(iv) The amount repaid by the numberSeller or Master Servicer (reported separately) pursuant to Sections 2.2, aggregate principal balance, and weighted average Mortgage Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment Period2.6 or 3.1;
(v) The amount of the number and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 Monthly Advances to 59 days, (2) 60 be made with respect to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Propertiessuch Distribution Date;
(vi) The Class A Principal Distribution for the aggregate amount of Principal Prepayments made during Distribution Date with the related Prepayment Periodcomponents thereof stated separately and the Class Interest Distribution for the Distribution Date and for each Class, stating separately the components thereof; and the Class B-IO Distribution Amount for such Distribution Date, separately stating the components thereof;
(vii) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(viii) the Certificate Principal Balance of each class The amount, if any, of the Outstanding Class Interest Carryover Shortfall and Outstanding Class A Certificates, Principal Carryover Shortfall for each class of the Mezzanine Certificates and the Class O Certificates, after giving effect to the distributions made on such Distribution Date;
(ixviii) The amount of the Unpaid Interest Shortfall AmountInsured Payment, if any, with respect to each class of be made on the Distribution Date;
(ix) The Class A Certificates, Principal Balance of each class of the Mezzanine Certificates Class and the Aggregate Class AIO Certificates for such A Principal Balance after giving effect to the distribution to be made on the Distribution Date;
(x) The weighted average remaining term to maturity of the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to Mortgage Loans and the extent not covered by payments by the Servicer pursuant to Section 3.25weighted average Loan Rate;
(xi) The Servicing Fee and the Credit Enhancement Percentage for such Distribution Dateamount to be paid to the Certificate Insurer, separately stated, pursuant to Sections 5.1(a)(i)(D), 5.1(a)(ii)(A) and 5.1(a)(ii)(B);
(xii) The amount of all payments or reimbursements to the Available Funds Cap Carryforward Amount for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution DateMaster Servicer pursuant to Section 3.3;
(xiii) The Pool Factor determined using the respective REMIC Pass-Through Rates applicable balances in subclause (x) above, computed to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Datesix (6) decimal places;
(xiv) The O/C Amount, the Supplemental Interest Payment O/C Reduction Amount, the Excess O/C Amount and the Specified O/C Amount for each Class on the Distribution Date and the Excess Spread for such Distribution Date;
(xv) The amount of Distributable Excess Spread to be distributed to the difference between the Swap Notional Amount and the Underwritten Certificates Principal Balance Class A Certificateholders on such Distribution Date pursuant to Sections 5.1(a)(i)(E) on such Distribution Date;
(xvi) The number of Mortgage Loans outstanding at the Required Overcollateralization Amount beginning and at the end of the related Collection Period;
(xvii) The aggregate Liquidation Loss Amount, if any, for the preceding Collection Period, the cumulative Total Losses and the Rolling Three Month Delinquency Rate;
(xviii) The Aggregate Loan Balance, as of the end of the Collection Period related to such Distribution Date;
(xix) The number and aggregate Principal Balances of Mortgage Loans (w) as to which the Monthly Payment is delinquent for 30-59 days, 60-89 days and 90 or more days, respectively, (x) that have become REO, in each case as of the end of the preceding Collection Period, (y) that are in foreclosure, and (z) the Mortgagor of which is the subject of any bankruptcy or insolvency proceeding;
(xx) The unpaid principal amount of all Mortgage Loans that became Liquidated Mortgage Loans during such Collection Period;
(xxi) The Net Liquidation Proceeds received during such Collection Period;
(xxii) The book value (within the meaning of 12 C.F.R. ss. 571.13 or comparable provision) of any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure; and
(xviixxiii) Such other information as is required by the Excess Cashflow for Code and regulations thereunder to be made available to Holders of the Class A Certificates. The Trustee shall forward such report to the Master Servicer, the Depositor, the Certificate Insurer, the Certificateholders and the Rating Agencies on such Distribution Date. The Trustee may fully rely upon and shall have no liability with respect to information provided by the Master Servicer. To the extent that there are inconsistencies between the telecopy of the Trustee's Remittance Report and the hard copy thereof, the Master Servicer may rely upon the latter. In the case of information furnished pursuant to subclauses (i) and subclause (ii) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Cut-Off Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(b) Within a reasonable period of time after the end of each calendar year, the Trustee shall, upon written request, shall furnish to each Person who at any time during the calendar year was a Certificateholder of a Regular CertificateClass A or Class B-IO Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (ivi) and (iivii) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular Class A and Class B-IO Certificateholders in respect of such Distribution Date and a statement setting forth the amounts actually distributed to the Residual Certificateholders on such Distribution Date together with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee pursuant to any requirements of the Code as from time to time in force.
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties Master Servicer and the Trustee shall provide timely furnish to each Certificateholder and adequate notification to the Certificate Insurer (if requested in writing), during the term of this Agreement, such periodic, special, or other reports or information, whether or not provided for herein, as shall be necessary, reasonable, or appropriate with respect to the Certificateholder or the Certificate Insurer, as the case may be, or otherwise with respect to the purposes of this Agreement, all above parties regarding any such changes. The reports or information to be provided by and in accordance with such applicable instructions and directions (if requested in writing) as the Certificateholder or the Certificate Insurer, as the case may be, may reasonably require; provided, that the Master Servicer and the Trustee shall not have any responsibility to (i) verify information provided by the Servicer be entitled to be included in reimbursed by such statement Certificateholder or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the TrusteeCertificate Insurer, as required pursuant heretothe case may be, for their respective fees and actual expenses associated with providing such reports, if such reports are not generally produced in the ordinary course of their respective businesses or readily obtainable.
(f) No later than noon on Reports and computer tapes furnished by the second Business Day prior Master Servicer pursuant to each Distribution Datethis Agreement shall be deemed confidential and of a proprietary nature, and shall not be copied or distributed except to the extent provided in this Agreement and to the extent required by law or to the Rating Agencies, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution DateDepositor, the Trustee will immediately provide notice in the form of Exhibit J Certificate Insurer's reinsurer, parent, regulators, liquidity providers and auditors and to the appropriate NovaStar entity and assign extent the Seller instructs the Trustee in acting to furnish information regarding the Trust or reduce in $25,000,000 increments a portion the Mortgage Loans to third-party information providers. No Person entitled to receive copies of such reports or tapes or lists of Certificateholders shall use the information therein for the purpose of soliciting the customers of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign Seller or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty for any other purpose except as set forth in respect of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution DateAgreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Union Residential Securitization Transactions Inc)
Statements. (a) On each Distribution Each month, not later than 12:00 noon New York time on the Determination Date, based, as applicable, on information provided to it by the Servicer, the Trustee shall prepare and make available to each Holder of the Regular Certificates, the Swap Counterparties, the Servicer shall deliver to the Indenture Trustee, by telecopy, for distribution to the Noteholders, the receipt and legibility of which shall be confirmed telephonically, with hard copy thereof and the Rating AgenciesServicer's Monthly Computer Tape in the form attached hereto as Exhibit L (both in hard copy and in computer tape form) to be delivered on the Business Day following the Determination Date, a statement certificate signed by a Servicing Officer (a "Servicer's Certificate") stating the date (day, month and year), the Series number of the Notes, the date of this Agreement, and, as to of the distributions made close of business on the Record Date for such Distribution Datemonth:
(i) Available Funds for the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Chargesrelated Remittance Date;
(ii) The Aggregate Class A Note Principal Balance, the amount Aggregate Class M-1 Note Principal Balance, the Aggregate Class M-2 Note Principal Balance, and the Aggregate Class B Note Principal Balance as reported in the prior Servicer's Certificate pursuant to subclause (xi) below, or, in the case of the distribution made on such Distribution Date to first Determination Date, the Holders of each Original Class of Regular Certificates (other than the A, Class P Certificates) allocable to interestM-1, separately identifiedClass M-2, and Class B Note Principal Balance;
(iii) The number and Principal Balances of all Business Loans which were the Pool Balance subject of Principal Prepayments during the Group I Mortgage Loans Due Period and the Group II Mortgage number and Principal Balances of all Defaulted Business Loans at purchased by the Close of Business at Servicer during the end of the related Due Period;
(iv) the number, aggregate principal balance, and weighted average Mortgage Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance The amount of all Subsequent Mortgage Loans added Curtailments which were received during the preceding Prepayment Due Period;
(v) The amount of all Excess Payments and the number and aggregate unpaid amount of all Monthly Payments in respect of principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Propertiesreceived during the Due Period;
(vi) the The aggregate amount of Principal Prepayments made during the related Prepayment Periodinterest received on Business Loans;
(vii) the aggregate The amount of Realized Losses incurred during the related Prepayment Period Monthly Advances to be made on the Determination Date and the cumulative amount of Realized LossesCompensating Interest payment to be made on the Determination Date;
(viii) The delinquency and foreclosure information set forth in the Certificate form attached hereto as Exhibit K;
(ix) The Interest Distribution Amounts and Principal Distribution Amounts for each Class for the Remittance Date with the components thereof stated separately;
(x) The amount available in the Spread Account as of the related Record Date in cash and from liquidation of Permitted Instruments and the amount, if any, to be transferred from the Spread Account to the Note Distribution Account pursuant to Section 5.02(b)(i);
(xi) The Aggregate Class A Note Principal Balance, Aggregate Class M-1 Note Principal Balance, Aggregate Class M-2 Note Principal Balance of each class of the and Aggregate Class A Certificates, each class of the Mezzanine Certificates and the Class O Certificates, B Note Principal Balance after giving effect to the distributions distribution to be made on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Remittance Date;
(xii) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates The weighted average maturity and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Dateweighted average Business Loan Interest Rate;
(xiii) The Servicing Fees and amounts to be deposited to the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution DateExpense Account;
(xiv) The amount of all payments and reimbursements to the Supplemental Interest Payment for each Class on such Distribution DateServicer;
(xv) the difference between the Swap Notional Amount The Class A, Class M-1, Class M-2 and the Underwritten Certificates Principal Balance on Class B Remittance Rates with respect to such Distribution Remittance Date;
(xvi) During the Required Overcollateralization Amount Funding Period, the aggregate Principal Balance of the Subsequent Business Loans purchased during the prior Due Period and the amount on deposit in the Pre-Funding Account as of the end of such Due Period;
(xvii) The Net Interest Cap with respect to the Remittance Date;
(xviii) If the Class Remittance Rate for a Class of Notes for such Distribution Remittance Date is based on the Net Interest Cap, the amount of any Interest Carryover for such Class of Notes for such Remittance Date;
(xix) the amount of the distribution, if any, allocable to Interest Carryover and the amount of any Interest Carryover for all prior Remittance Dates after giving effect to such distribution (in each case, stated separately by Class and in the aggregate); and
(xviixx) Such other information as the Excess Cashflow for Indenture Trustee, the Noteholders and the Certificateholders or the Rating Agencies may reasonably require. The Indenture Trustee shall forward such report to the Noteholders, the Certificateholders, the Owner Trustee and the Rating Agencies on the Remittance Date, together with a separate report indicating the amount of funds deposited in each Note Distribution DateAccount pursuant to Section 5.01(a)(iv); and the amounts which are reimbursable to the Servicer or the Seller pursuant to Sections 5.03(c)(i), 5.03(c)(ii) and 5.07(b)(x) (all reports prepared by the Indenture Trustee of such withdrawals and deposits will be based in whole or in part upon the information provided to the Indenture Trustee by the Servicer). To the extent that there are inconsistencies between the telecopy of the Servicer's Certificate and the hard copy thereof, the Indenture Trustee shall be entitled to rely upon the telecopy. In the case of information furnished pursuant to subclauses (iii), (iii), (iv), (v), (ix) and (ii) xi), above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each per $1,000 original dollar amount as of the Closing Cut-Off Date. The Additionally, on the Special Remittance Date the Indenture Trustee mayshall, in based upon information received from the absence Servicer, forward to the Noteholders, the Owner Trustee and the Rating Agencies a report setting forth the amount of manifest errorprincipal and interest, conclusively rely upon if any, being paid to each Class of Notes on the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03Special Remittance Date.
(ba) Within a reasonable period of time after the end of each calendar year, the Servicer shall furnish to the Indenture Trustee shall, upon written request, furnish and the Owner Trustee for distribution to each Person who at any time during the calendar year was a Noteholder or a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) vi), (ix), and (ii) xiv), above, aggregated for such calendar year or applicable portion thereof during which such Person was a Noteholder or a Certificateholder. Such obligation of the Trustee Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished provided by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee Servicer pursuant to any requirements of the Code as from time to time are in force.
(eb) On each Distribution DateUpon reasonable advance notice in writing, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible Servicer will provide to each CertificateholderNoteholder or Certificateholder which is a savings and loan association, bank or insurance company certain reports and access to information and documentation regarding the statement prepared pursuant Business Loans sufficient to paragraph (a) permit such Noteholder or Certificateholder to comply with applicable regulations of this Section 4.03. Assistance the Office of Thrift Supervision or other regulatory authorities with respect to investment in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement Notes or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the TrusteeCertificates, as required pursuant heretoapplicable.
(fc) No later than noon on the second Business Day prior The Servicer shall furnish to each Distribution DateNoteholder and Certificateholder, during the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Dateterm of this Agreement, the Trustee will immediately provide notice in the form of Exhibit J to the such periodic, special, or other reports or information, whether or not provided for herein, as shall be necessary, reasonable, or appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust Noteholder and Certificateholder or otherwise with respect to the related Swap Counterparty purposes of this Agreement, all such reports or information to be provided by and in respect accordance with such applicable instructions and directions as the Noteholder and Certificateholder may reasonably require; provided, that the Servicer shall be entitled to be reimbursed by such Noteholder or Certificateholder for the Servicer's actual expenses incurred in providing such reports if such reports are not producable in the ordinary course of notional amounts assigned the Servicer's business. The Rating Agencies shall receive copies of any such reports or reduced under this Section 4.03 (f). In no event shall information furnished to the Trustee allow a Notional Amount Test Event to occur on any Distribution DateNoteholders and Certificateholders.
Appears in 1 contract
Samples: Sale and Servicing Agreement (First International Bancorp Inc)
Statements. (a) On each Distribution Each month, not later than 12:00 noon New York time on the Determination Date, basedthe Servicer shall deliver to the Trustee, as applicableby telecopy, on information provided for distribution to it by the Certificateholders, the receipt and legibility of which shall be confirmed telephonically, with hard copy thereof and the Servicer's Monthly Computer Tape in the form attached hereto as Exhibit L (both in hard copy and in computer tape form) to be delivered on the Business Day following the Determination Date, a certificate signed by a Servicing Officer (a "Servicer's Certificate") stating the date (day, month and year), the Trustee shall prepare and make available to each Holder Series number of the Regular Certificates, the Swap Counterpartiesdate of this Agreement, and, as of the Servicer and close of business on the Rating Agencies, a statement as to the distributions made on Record Date for such Distribution Datemonth:
(i) Available Funds for the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Chargesrelated Remittance Date;
(ii) The Aggregate Class A Certificate Principal Balance, the amount Aggregate Class B Certificate Principal Balance and the Pool Principal Balance as reported in the prior Servicer's Certificate pursuant to subclause (xii) below, or, in the case of the distribution made on such Distribution Date to first Determination Date, the Holders of each Original Class of Regular Certificates (other than A and Class B Certificate Principal Balance and the Class P Certificates) allocable to interest, separately identifiedOriginal Pool Principal Balance;
(iii) The number and Principal Balances of all SBA Loans which were the Pool Balance subject of Principal Prepayments during the Group I Mortgage Loans and the Group II Mortgage Loans at the Close of Business at the end of the related Due Period;
(iv) the number, aggregate principal balance, and weighted average Mortgage Rate The product of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of Unguaranteed Percentage multiplied by all Subsequent Mortgage Loans added Curtailments which were received during the preceding Prepayment Due Period;
(v) The product of the number Unguaranteed Percentage multiplied by all Excess Payments and aggregate unpaid the product of the Unguaranteed Percentage multiplied by all Monthly Payments in respect of principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Propertiesreceived during the Due Period;
(vi) the The aggregate amount of Principal Prepayments made during interest received on each SBA Loan net of the related Prepayment PeriodFTA's Fee, the Premium Protection Fee, the Additional Fee and the portion thereof payable to the Registered Holders;
(vii) the aggregate The amount of Realized Losses incurred during the related Prepayment Period Monthly Advances to be made on the Determination Date and the cumulative amount of Realized LossesCompensating Interest payment to be made on the Determination Date;
(viii) The delinquency and foreclosure information set forth in the form attached hereto as Exhibit K;
(ix) The product of the Unguaranteed Percentage multiplied by the amount of any losses realized on a Liquidated SBA Loan;
(x) The Class A and Class B Interest Distribution Amounts and Principal Distribution Amounts for the Remittance Date with the components thereof stated separately;
(xi) The amount available in the Spread Account as of the related Record Date in cash and from liquidation of Permitted Instruments and the amount, if any, to be transferred from the Spread Account to the Certificate Account pursuant to Section 6.02(b)(i);
(xii) The Aggregate Class A Certificate Principal Balance, Aggregate Class B Certificate Principal Balance of each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class O Certificates, Pool Principal Balance after giving effect to the distributions distribution to be made on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Date;
(xii) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Remittance Date;
(xiii) The Excess Spread, the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates Spread Balance and the Class AIO Certificates for Specified Spread Account Requirement with respect to such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Remittance Date;
(xiv) the Supplemental The weighted average maturity and weighted average SBA Loan Interest Payment for each Class on such Distribution DateRate;
(xv) The Servicing Fees and amounts to be deposited to the difference between the Swap Notional Amount and the Underwritten Certificates Principal Balance on such Distribution DateExpense Account;
(xvi) The amount of all payments and reimbursements to the Required Overcollateralization Amount for Servicer pursuant to Section 5.04 (b), (c), (d)(ii), (e) and (f);
(xvii) The Class A and Class B Remittance Rates with respect to such Distribution Remittance Date;
(xviii) During the Funding Period, the aggregate Principal Balance of the Subsequent Mortgage Loans purchased during the prior Due Period and the amount on deposit in the Pre-Funding Account as of the end of such Due Period; and
(xviixix) Such other information as the Excess Cashflow for Certificateholders or the Rating Agencies may reasonably require. The Trustee shall forward such Distribution report to the Certificateholders and the Rating Agencies on the Remittance Date, together with a separate report indicating the amount of funds deposited in the Certificate Account pursuant to Section 6.01(a)(iv); and the amounts which are reimbursable to the Servicer or the Seller pursuant to Sections 6.03(c)(i), 6.03(c)(ii) and 6.07(b)(vi) (all reports prepared by the Trustee of such withdrawals and deposits will be based in whole or in part upon the information provided to the Trustee by the Servicer). To the extent that there are inconsistencies between the telecopy of the Servicer's Certificate and the hard copy thereof, the Trustee shall be entitled to rely upon the telecopy. In the case of information furnished pursuant to subclauses (iii), (iii), (iv), (v), (x) and (ii) xii), above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each per $1,000 original dollar amount as of the Closing Cut-Off Date. The Additionally, on the Special Remittance Date the Trustee mayshall, in based upon information received from the absence Servicer, forward to the Certificateholders and the Rating Agencies a report setting forth the amount of manifest errorprincipal and interest, conclusively rely upon if any, being paid to each Class of Certificates on the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03Special Remittance Date.
(ba) Within a reasonable period of time after the end of each calendar year, the Servicer shall furnish to the Trustee shall, upon written request, furnish for distribution to each Person who at any time during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) vi), (x), and (ii) xiv), above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished provided by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee Servicer pursuant to any requirements of the Code as from time to time are in force.
(eb) On each Distribution DateUpon reasonable advance notice in writing, the Trustee Servicer will provide to each Certificateholder which is a savings and loan association, bank or insurance company certain reports and access to information and documentation regarding the SBA Loans sufficient to permit such Certificateholder to comply with applicable regulations of the Office of Thrift Supervision or other regulatory authorities with respect to investment in the Certificates.
(c) The Servicer shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible furnish to each Certificateholder, during the statement prepared pursuant to paragraph (a) term of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way Agreement, such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall periodic, special, or other reports or information, whether or not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trusteefor herein, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Dateshall be necessary, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Datereasonable, the Trustee will immediately provide notice in the form of Exhibit J to the or appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust Certificateholder or otherwise with respect to the related Swap Counterparty purposes of this Agreement, all such reports or information to be provided by and in respect accordance with such applicable instructions and directions as the Certificateholder may reasonably require; provided, that the Servicer shall be entitled to be reimbursed by such Certificateholder for the Servicer's actual expenses incurred in providing such reports if such reports are not producible in the ordinary course of notional amounts assigned the Servicer's business. The Rating Agencies shall receive copies of any such reports or reduced under this Section 4.03 (f). In no event shall information furnished to the Trustee allow a Notional Amount Test Event to occur on any Distribution DateCertificateholders.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Money Store Sba Loan Backed Adj Rak Cert Series 1997-I)
Statements. (a) On Not later than 12:00 noon Chicago, Illinois time on the Business Day preceding each Determination Date, the Servicer shall deliver to the Trustee and the Certificate Insurer a computer tape or written report containing the information set forth on EXHIBIT R as to each Mortgage Loan with respect to the related Due Period and such other information with respect to the Mortgage Loans in the aggregate as the Trustee shall reasonably require. Not later than 12:00 noon Chicago, Illinois time two Business Days preceding each Distribution Date, basedthe Trustee shall deliver to the Depositors, as applicableany Paying Agent, on information provided to it by the Servicer, the Trustee shall prepare Certificate Insurer, Moody's and make available to each Holder of the Regular CertificatesS&P by telecopy, the Swap Counterparties, the Servicer and the Rating Agenciesby request, a statement as (the "REMITTANCE REPORT") containing the information set forth below with respect to the distributions made on such succeeding Distribution Date, with a hard copy thereof to be delivered on the immediately succeeding Business Day:
(i) the amount Available Payment Amount attributable to each Mortgage Loan Group and any portion of the distribution made on such Distribution Date Available Payment Amount that has been deposited in the Collection Account but may not be withdrawn therefrom pursuant to the Holders an order of each Class a United States bankruptcy court of Regular Certificates, separately identified, allocable competent jurisdiction imposing a stay pursuant to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment ChargesXxxxxxx 000 xx xxx Xxxxxx Xxxxxx Bankruptcy Code;
(ii) the amount Class A-1F Principal Balance, the Class A-2F Principal Balance, the Class A-3F Principal Balance, the Class A-4F Principal Balance, the Class A-5F Principal Balance, the Class A-6F Principal Balance, the Class A-1A Principal Balance and the Pool Principal Balance with respect to each Mortgage Loan Group, as reported in the Remittance Report provided pursuant to SUBCLAUSE (XIII) below for the immediately preceding Distribution Date, or, in the case of the distribution made on such Distribution Date first Determination Date, the Original Class A-1F Principal Balance, the Original Class A-2F Principal Balance, the Original Class A-3F Principal Balance, the Original Class A-4F Principal Balance, the Original Class A-5F Principal Balance, the Original Class A-6F Principal Balance, the Original Class A-1A Principal Balance and the Original Pool Principal Balance with respect to the Holders of each Class of Regular Certificates (other than the Class P Certificates) allocable to interest, separately identifiedMortgage Loan Group;
(iii) with respect to the Mortgage Pool and each Mortgage Loan Group, the number and Principal Balances of all Mortgage Loans which were the subject of Principal Prepayments during the related Due Period;
(iv) with respect to the Mortgage Pool and each Mortgage Loan Group, the amount of all Curtailments which were received during the related Due Period;
(v) with respect to the Mortgage Pool and each Mortgage Loan Group, the aggregate amount of principal portion of all Monthly Payments received during the related Due Period;
(vi) with respect to the Mortgage Pool and each Mortgage Loan Group, the amount of interest received on the Mortgage Loans during the related Due Period;
(vii) with respect to the Mortgage Pool and each Mortgage Loan Group, the aggregate amount of the Advances made and recovered with respect to such Distribution Date;
(viii) with respect to the Mortgage Pool and each Mortgage Loan Group, the delinquency and foreclosure information set forth in the form attached hereto as EXHIBIT H and the amount of Mortgage Loan Losses during the related Due Period;
(ix) the Class A-1F PrinCameon rincipal Balance, the Class A-2F Principal Balance, the Class A-3F Principal Balance, the Class A-4F Principal Balance, the Class A-5F Principal Balance, the Class A-6F Principal Balance and the Class A-1A Principal Balance after giving effect to the distribution to be made on such Distribution Date;
(x) with respect to the Mortgage Pool and each Mortgage Loan Group, the weighted average maturity and the weighted average Mortgage Interest Rate of the Mortgage Loans in each Mortgage Loan Group as of the last day of the related Due Period;
(xi) zthe Servicing Fees paid and Servicing Fees accrued during the related Due Period;
(xii) the amount of all payments or reimbursements to the Servicer pursuant to SECTION 5.04 (II), (IV), (V), (VI) AND (VII) paid or to be paid since the prior Distribution Date (or in the case of the first Distribution Date, since the Closing Date);
(xiii) the Pool Principal Balance and aggregate Principal Balance for each Mortgage Loan Group as of the Group I last day of the related Due Period;
(xiv) such other information as the Certificate Insurer and the Certificateholders may reasonably require;
(xv) the amounts which are reimbursable to the Servicer, the Representative or the Depositors, as appropriate, pursuant to SECTION 6.05;
(xvi) with respect to the Mortgage Pool and each Mortgage Loan Group, the number of Mortgage Loans and the Group II Mortgage Loans outstanding at the Close of Business beginning and at the end of the related Due Period;
(ivxvii) the number, aggregate principal balance, and weighted average Mortgage Rate of interest accrued on the Mortgage Loans as of at their respective Mortgage Interest Rates for the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment Due Period;
(vxviii) the number and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans Subordinated Amount, the amount on deposit in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 daysthe Spread Account, (2) 60 to 89 days and (3) 90 or more daysthe Cumulative Excess Spread Receipts, (B) as to which foreclosure proceedings have been commenced and (C) REO Properties;
(vi) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(vii) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(viii) the Certificate Principal Balance of in each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class O Certificates, case after giving effect to any payments or withdrawals on such Distribution Date, and with respect to the distributions made on Mortgage Pool and each Mortgage Loan Group, the Excess Spread with respect to such Distribution Date;
(ixxix) the Unpaid aggregate Mortgage Loan Losses since the Cut-off Date as of the end of the related Due Period;
(xx) the Class A-1A LIBOR Interest Shortfall Amount, if any, Carryover and Fixed Rate Interest Carryover with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Date;
(xii) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and, any such unpaid Class A-1A LIBOR Interest Carryover and the amount remaining unpaid after reimbursements therefor on such Fixed Rate Interest Carryover from prior Distribution Date;Date(s), including interest accrued thereon; and
(xiiixxi) the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to for each class Class of the Class A Certificates and each class for the related Accrual Period. The Trustee shall forward such report to the Certificateholders on the Distribution Date, by telecopy, with a hard copy to follow (in the case of the Mezzanine Certificates for Depository) or by first class mail. The Depositors and the immediately succeeding Distribution Date;
(xiv) Trustee may fully rely upon and shall have no liability with respect to information provided by the Supplemental Interest Payment for each Class on such Distribution Date;
(xv) Servicer. To the difference extent that there are inconsistencies between the Swap Notional Amount telecopy of the Remittance Report and the Underwritten Certificates Principal Balance on such Distribution Date;
(xvi) hard copy thereof, the Required Overcollateralization Amount for such Distribution Date; and
(xvii) Servicer and the Excess Cashflow for such Distribution DateTrustee may rely upon the telecopy. In the case of information furnished pursuant to subclauses SUBCLAUSES (iII) and AND (iiIX) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each of the Class A Certificates for each $1,000 original dollar principal amount as of the Closing Cut-off Date. The .
(a) Upon reasonable advance notice in writing, the Servicer will provide to the Trustee mayaccess to information and documentation regarding the Mortgage Loans sufficient to permit any Holder which is a savings and loan association, bank or insurance company to comply with applicable regulations of the FDIC or other regulatory authorities with respect to investment in the absence of manifest errorCertificates, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03as applicable.
(b) Within a reasonable period of time Not later than 10 days after the end of each calendar yearDistribution Date, the Servicer shall provide the Loss Coverage Ratio to the Trustee shalland the Certificate Insurer as of the most recent Distribution Date. In addition, upon written request, the Servicer shall furnish to each Person who at any time the Trustee and to the Certificate Insurer, during the calendar year was a Certificateholder term of a Regular Certificatethis Agreement, such periodic, special, or other reports or information not specifically provided for herein, as may be necessary, reasonable, or appropriate with respect to the Trustee or the Certificate Insurer, as the case may be, or otherwise with respect to the purposes of this Agreement, all such reports or information to be provided by and in accordance with such applicable instructions and directions as the Trustee or the Certificate Insurer may reasonably require; PROVIDED, that the Servicer shall be entitled to be reimbursed by the requesting party, for the fees and actual expenses associated with providing such reports, if requested such reports are not generally produced in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation ordinary course of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to timeits business.
(c) On each Distribution DateReports and computer tapes furnished by the Servicer pursuant to this Agreement shall be deemed confidential and of proprietary nature, and shall not be copied or distributed except in connection with the Trustee shall forward purposes and requirements of this Agreement; provided that the Certificate Insurer may copy or distribute such information (A) pursuant to a subpoena or order issued by a court of competent jurisdiction or by a judicial or administrative or legislative body or committee, (B) as may be required in any report, statement or testimony submitted to any Federal, state, municipal or other regulatory body having jurisdiction over the Certificate Insurer, (C) in order to comply with any law, ruling, order or regulation applicable to the Residual Certificateholders a copy Certificate Insurer, or (D) as may be required by any rating agency or reinsurer. No Person entitled to receive copies of such reports or tapes shall use the information therein for the purpose of soliciting the customers of the reports forwarded to the Regular Certificateholders Originators or for any other purpose except as set forth in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriatethis Agreement.
(d) Within The Trustee shall promptly send to the Certificate Insurer and, upon request, to each Certificateholder in writing:
(i) notice of any reduction in the Specified Spread Account Requirement;
(ii) notice of any reduction of the percentages set forth in the definition of "Monthly Excess Spread Amount;"
(iii) notice of the appointment of any Subservicer;
(iv) notice of any transfer of any Account to a reasonable period of time after the end different depository institution;
(v) a copy of each calendar yearOfficer's Certificate delivered pursuant to SECTION 7.04 and any notice received from the Servicer of a change in the fiscal year of the Servicer;
(vi) a copy of each letter delivered pursuant to SECTION 7.05; and
(vii) notice of the receipt by the Trustee of any information regarding the Servicer's servicing activities pursuant to the last paragraph of SECTION 10.01(C). PROVIDED, that in each case the Trustee shall deliver only be required to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by send such Person, such information as is reasonably necessary to provide notices and other items to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied Persons to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee pursuant to any requirements of has itself received the Code as from time to time in force.
(e) On each Distribution Daterelated information. The Depositors, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties Servicer and the Trustee shall provide timely and adequate notification on behalf of Certificateholders (the "TRUST PARTIES") hereby authorize the Certificate Insurer to all above parties regarding include the information contained in reports provided to the Certificate Insurer hereunder (the "INFORMATION") on The Bloomberg, an on-line computer based information network maintained by Bloomberg L.P. ("BLOOMBERG"), or in other electronic or print information services. The Trust Parties agree not to commence any actions or proceedings, or otherwise assert any claims, against the Certificate Insurer or its affiliates or any of the Certificate Insurer's or its affiliates' respective agents, representatives, directors, officers or employees (collectively, the "CERTIFICATE INSURER PARTIES"), arising out of, or related to or in connection with the dissemination and/or use of any Information by the Certificate Insurer, including, but not limited to, claims based on allegations of inaccurate, incomplete or erroneous transfer of information by the Certificate Insurer to Bloomberg or otherwise (other than in connection with the Certificate Insurer's negligence or willful misconduct). The Trust Parties waive their rights to assert any such changesclaims against the Certificate Insurer Parties and fully and finally release the Certificate Insurer Parties from any and all such claims, demands, obligations, actions and liabilities (other than in connection with the Certificate Insurer's negligence or willful misconduct). The Trustee shall not have Certificate Insurer makes no representations or warranties, expressed or implied, of any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust kind whatsoever with respect to such notional amountsthe accuracy, adequacy, timeliness, completeness, merchantability or fitness for any particular purpose of any Information in any form or manner. FurthermoreThe Certificate Insurer reserves the right at any time to withdraw or suspend the dissemination of the Information by the Certificate Insurer. The authorizations, no distributions will be made from covenants and obligations of the Supplemental Interest Trust to the related Swap Counterparty in respect of notional amounts assigned or reduced Parties under this Section 4.03 (f). In no event section shall be irrevocable and shall survive the Trustee allow a Notional Amount Test Event to occur on any Distribution Datetermination of this Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Eqcc Home Equity Loan Trust 1999-1)
Statements. (a) On each Distribution Each month, not later than 12:00 noon New York time on the Determination Date, based, as applicable, on information provided to it by the Servicer, the Trustee shall prepare and make available to each Holder of the Regular Certificates, the Swap Counterparties, the Servicer shall deliver to the Indenture Trustee, by telecopy, for distribution to the Noteholders, the receipt and legibility of which shall be confirmed telephonically, with hard copy thereof and the Rating AgenciesServicer's Monthly Computer Tape in the form attached hereto as Exhibit L (both in hard copy and in computer tape form) to be delivered on the Business Day following the Determination Date, a statement certificate signed by a Servicing Officer (a "Servicer's Certificate") stating the date (day, month and year), the Series number of the Notes, the date of this Agreement, and, as to of the distributions made close of business on the Record Date for such Distribution Datemonth:
(i) Available Funds for the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Chargesrelated Remittance Date;
(ii) The Aggregate Class A Note Principal Balance, the amount Aggregate Class M-1 Note Principal Balance, the Aggregate Class M-2 Note Principal Balance, and the Aggregate Class B Note Principal Balance as reported in the prior Servicer's Certificate pursuant to subclause (xi) below, or, in the case of the distribution made on such Distribution Date to first Determination Date, the Holders of each Original Class of Regular Certificates (other than the A, Class P Certificates) allocable to interestM-1, separately identifiedClass M-2, and Class B Note Principal Balance;
(iii) The number and Principal Balances of all Business Loans which were the Pool Balance subject of Principal Prepayments during the Group I Mortgage Loans Due Period and the Group II Mortgage number and Principal Balances of all Defaulted Business Loans at purchased by the Close of Business at Servicer during the end of the related Due Period;
(iv) the number, aggregate principal balance, and weighted average Mortgage Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance The amount of all Subsequent Mortgage Loans added Curtailments which were received during the preceding Prepayment Due Period;
(v) The amount of all Excess Payments and the number and aggregate unpaid amount of all Monthly Payments in respect of principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Propertiesreceived during the Due Period;
(vi) the The aggregate amount of Principal Prepayments made during the related Prepayment Periodinterest received on Business Loans;
(vii) the aggregate The amount of Realized Losses incurred during the related Prepayment Period Monthly Advances to be made on the Determination Date and the cumulative amount of Realized LossesCompensating Interest payment to be made on the Determination Date;
(viii) The delinquency and foreclosure information set forth in the Certificate form attached hereto as Exhibit K;
(ix) The Interest Distribution Amounts and Principal Distribution Amounts for each Class for the Remittance Date with the components thereof stated separately;
(x) The amount available in the Spread Account as of the related Record Date in cash and from liquidation of Permitted Instruments and the amount, if any, to be transferred from the Spread Account to the Note Distribution Account pursuant to Section 5.02(b)(i);
(xi) The Aggregate Class A Note Principal Balance, Aggregate Class M-1 Note Principal Balance, Aggregate Class M-2 Note Principal Balance of each class of the and Aggregate Class A Certificates, each class of the Mezzanine Certificates and the Class O Certificates, B Note Principal Balance after giving effect to the distributions distribution to be made on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Remittance Date;
(xii) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates The weighted average maturity and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Dateweighted average Business Loan Interest Rate;
(xiii) The Servicing Fees and amounts to be deposited to the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution DateExpense Account;
(xiv) The amount of all payments and reimbursements to the Supplemental Interest Payment for each Class on such Distribution DateServicer;
(xv) the difference between the Swap Notional Amount The Class A, Class M-1, Class M-2 and the Underwritten Certificates Principal Balance on Class B Remittance Rates with respect to such Distribution Remittance Date;
(xvi) During the Required Overcollateralization Amount for Funding Period, the aggregate Principal Balance of the Subsequent Business Loans purchased during the prior Due Period and the amount on deposit in the Pre-Funding Account as of the end of such Distribution Date; andDue Period;
(xvii) the Excess Cashflow for such Distribution Date. In the case of information furnished pursuant to subclauses (i) and (ii) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(b) Within a reasonable period of time after the end of each calendar year, the Trustee shall, upon written request, furnish to each Person who at any time during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee pursuant to any requirements of the Code as from time to time in force.
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust Net Interest Cap with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty in respect of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution Remittance Date.;
Appears in 1 contract
Samples: Sale and Servicing Agreement (First International Bancorp Inc)
Statements. (a) On each Distribution Date, based, as applicable, on information provided to it by the each Servicer, the Trustee shall prepare and make available to each Holder of the Regular Certificates, the Swap Counterparties, the Servicer Servicers and the Rating Agencies, a statement as to the distributions made on such Distribution Date:
(i) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment ChargesCharges and Servicer Prepayment Charge Payment Amounts;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates (other than the Class P Certificates) allocable to interest, separately identified;
(iii) the Overcollateralized Amount, the Overcollateralization Deficiency Amount and the Overcollateralization Target Amount as of such Distribution Date and the Excess Overcollateralized Amount for the Mortgage Pool for such Distribution Date;
(iv) the aggregate amount of servicing compensation received by each Servicer with respect to the related Due Period and such other customary information as the Trustee deems necessary or desirable, or which a Certificateholder reasonably requests, to enable Certificateholders to prepare their tax returns;
(v) the aggregate amount of Advances for the related Due Period;
(vi) the Pool Balance of the Group I Mortgage Loans and the Group II Mortgage Loans at the Close of Business at the end of the related Due Period;
(ivvii) the number, aggregate principal balanceStated Principal Balance, weighted average remaining term to maturity and weighted average Mortgage Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment PeriodDate;
(vviii) the number and aggregate unpaid principal balance Stated Principal Balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and Delinquent (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (C) in bankruptcy and Delinquent (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, in each case as of the Close of Business on the last day of the calendar month preceding such Distribution Date and (D) REO Properties, as well as the aggregate principal balance of Mortgage Loans that were liquidated and the net proceeds resulting therefrom;
(viix) [reserved];
(x) the total number and cumulative Stated Principal Balance of all REO Properties as of the Close of Business of the last day of the preceding Prepayment Period and the number and aggregate Stated Principal Balance of all Subsequent Mortgage Loans added during the Funding Period;
(xi) the aggregate amount of Principal Prepayments made during the related Prepayment Period, separately indicating Principal Prepayments in full and Principal Prepayments in part;
(viixii) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized LossesLosses and the aggregate amount of Subsequent Recoveries received during the related Prepayment Period and the cumulative amount of Subsequent Recoveries received since the Closing Date;
(viiixiii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Collection Account for such Distribution Date;
(xiv) the Certificate Principal Balance of each class Class of the Class A Certificates, each class of the Mezzanine Floating Rate Certificates and the Class O C Certificates, after giving effect to the distributions made on such Distribution Date;
(ixxv) the Monthly Interest Distributable Amount in respect of each Class of Floating Rate Certificates and the Class C Certificates for such Distribution Date and the Unpaid Interest Shortfall Amount, if any, with respect to each class Class of the Class A Certificates, each class of the Mezzanine Floating Rate Certificates and the Class AIO C Certificates for such Distribution Date;
(xxvi) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the related Servicer pursuant to Section 3.253.24;
(xixvii) the Credit Enhancement Percentage for such Distribution Date;
(xiixviii) the Available Funds Cap Carryforward Net WAC Rate Carryover Amount for each class Class of the Class A Certificates and each class of the Mezzanine Floating Rate Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiiixix) any Overcollateralization Target Amount, Overcollateralized Amount and Overcollateralization Deficiency Amount after giving effect to the distribution of principal on such Distribution Date;
(xx) when the Stepdown Date or a Trigger Event has occurred;
(xxi) the Available Funds;
(xxii) the respective REMIC Pass-Through Rates applicable to each class Class of the Class A Certificates, each class of the Mezzanine Floating Rate Certificates and the Class AIO C Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class Class of the Class A Certificates and each class of the Mezzanine Floating Rate Certificates for the immediately succeeding Distribution Date;
(xivxxiii) payments, if any, made under the Cap Contract; and
(xxiv) the Supplemental amount on deposit in the Pre-Funding Account and the Interest Payment Coverage Account; and
(xxv) for each the distribution occurring on the Distribution Date immediately following the end of the Funding Period, the balance on deposit in the Pre-Funding Account that has not been used to purchase Subsequent Mortgage Loans, as applicable, and that is being distributed to the Class A Certificates as a mandatory distribution of principal, if any, on such Distribution Date;
. The Trustee will make such statement (xvand, at its option, any additional files containing the same information in an alternative format) the difference between the Swap Notional Amount available each month to Certificateholders and the Underwritten Certificates Principal Balance Rating Agencies via the Trustee’s internet website. The Trustee’s internet website shall initially be located at “hxxxx://xxx.xxx.xx.xxx/xxxx”. Assistance in using the website can be obtained by calling the Trustee’s customer service desk at (000) 000-0000. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access to the Trustee’s internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall also be entitled to rely on such but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the Distribution Date;
Date statement and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (xvi) without suggesting liability on the Required Overcollateralization Amount for such Distribution Date; and
(xvii) the Excess Cashflow for such Distribution Datepart of any other party thereto). In the case of information furnished pursuant to subclauses (i) and (ii) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Cut-off Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(b) Within a reasonable period of time after the end of each calendar year, the Trustee shall, upon written request, furnish to each Person who at any time during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward make available to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee pursuant to any requirements of the Code as from time to time in force.
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty in respect of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2005-2)
Statements. (a) On each Distribution Date, based, as applicable, on information provided Tenant shall furnish the following statements to it by the Servicer, the Trustee shall prepare and make available to each Holder of the Regular Certificates, the Swap Counterparties, the Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution DateLandlord:
(i) Within sixty-five (65) days after the amount end of Tenant Parent’s Fiscal Years (commencing with the Fiscal Year ending December 31, 2013) or concurrently with the filing by Xxxxxx’s Parent of its annual report on Form 10-K with the SEC, whichever is earlier: (x) Tenant’s Parent’s Financial Statements; (y) a certificate, executed by the chief financial officer or treasurer of the distribution made on Tenant’s Parent (a) certifying that no default has occurred under this Master Lease or, if such Distribution Date a default has occurred, specifying the nature and extent thereof and any corrective action taken or proposed to be taken with respect thereto and (b) setting forth the Holders calculation of each Class the financial covenants set forth in Section 23.3 hereof in reasonable detail as of Regular Certificatessuch Fiscal Year (commencing with the Fiscal Year ending December 31, separately identified2014); and (z) a report with respect to Tenant’s Parent’s Financial Statements from Tenant’s Parent’s accountants, allocable which report shall be unqualified as to principal going concern and scope of audit of Tenant’s Parent and its Subsidiaries (excluding any qualification as to going concern relating to any debt maturities in the twelve month period following the date of such audit or any projected financial performance or covenant default in any Material Indebtedness or this Master Lease in such twelve month period) and shall provide in substance that (a) such consolidated financial statements present fairly the consolidated financial position of Tenant’s Parent and its Subsidiaries as at the dates indicated and the amount results of their operations and cash flow for the distribution periods indicated in conformity with GAAP and (b) that the examination by Xxxxxx’s Parent’s accountants in connection with such Financial Statements has been made to the Holders of the Class P Certificates allocable to Prepayment Chargesin accordance with generally accepted auditing standards;
(ii) Within forty-five (45) days after the amount end of each of the distribution made first three (3) fiscal quarters of the Tenant’s Parent’s Fiscal Year (commencing with the fiscal quarter ending March 31, 2014) or concurrently with the filing by Xxxxxx’s Parent of its quarterly report on Form 10-Q with the SEC, whichever is earlier, a copy of Xxxxxx’s Parent’s Financial Statements for such Distribution Date period, together with a certificate, executed by the chief financial officer or treasurer of Tenant’s Parent (i) certifying that no default has occurred or, if such a default has occurred, specifying the nature and extent thereof and any corrective action taken or proposed to be taken with respect thereto, (ii) setting forth the calculation of the financial covenants set forth in Section 23.3 hereof in reasonable detail as of such quarter, to the Holders extent one complete Test Period has been completed which has commenced following the date of each Class this Master Lease and (iii) certifying that such Financial Statements fairly present, in all material respects, the financial position and results of Regular Certificates operations of Tenant’s Parent and its Subsidiaries on a consolidated basis in accordance with GAAP (other than subject to normal year-end audit adjustments and the Class P Certificates) allocable to interest, separately identifiedabsence of footnotes);
(iii) Promptly following Xxxxxxxx’s request from time to time, (a) five-year forecasts of Tenant’s income statement and balance sheet covering such quarterly and ACTIVE/119768607.18 annual periods as may be reasonably requested by Landlord, and in a format consistent with Tenant Parent’s quarterly and annual financial statements filed with the Pool Balance SEC, and such additional financial information and projections as may be reasonably requested by Landlord in connection with syndications, private placements, or public offerings of GLP’s or Landlord’s debt securities or loans or equity or hybrid securities and (b) such additional information and unaudited quarterly financial information concerning the Leased Property and Tenant as Landlord or GLP may require for its ongoing filings with the SEC under both the Securities Act and the Securities Exchange Act of 1934, as amended, including, but not limited to 10-Q Quarterly Reports, 10-K Annual Reports and registration statements to be filed by Landlord or GLP during the Term of this Master Lease, the Internal Revenue Service (including in respect of GLP’s qualification as a “real estate investment trust” (within the meaning of Section 856(a) of the Group I Mortgage Loans Code)) and the Group II Mortgage Loans at the Close of Business at the end of the related Due Periodany other federal, state or local regulatory agency with jurisdiction over GLP or its Subsidiaries subject to Section 23.1(c) below);
(iv) the number, aggregate principal balance, and weighted average Mortgage Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment Period;
Within thirty-five (v35) the number and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Properties;
(vi) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(vii) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(viii) the Certificate Principal Balance of each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class O Certificates, after giving effect to the distributions made on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Date;
(xii) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiii) the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Date;
(xiv) the Supplemental Interest Payment for each Class on such Distribution Date;
(xv) the difference between the Swap Notional Amount and the Underwritten Certificates Principal Balance on such Distribution Date;
(xvi) the Required Overcollateralization Amount for such Distribution Date; and
(xvii) the Excess Cashflow for such Distribution Date. In the case of information furnished pursuant to subclauses (i) and (ii) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(b) Within a reasonable period of time after the end of each calendar month, a copy of Tenant’s income statement for such month and Tenant’s balance sheet as of the end of such month (which may be subject to quarterly and year-end adjustments and the absence of footnotes); provided, the Trustee shallhowever, upon written request, furnish that with respect to each Person who at any time during calendar quarter, Tenant shall provide such financial reports for the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information final month thereof as soon as is reasonably necessary practicable following the closing of the books for such month and in sufficient time so that Landlord or its Affiliate is able to provide include the operational results for the entire quarter in its current Form 10-Q or Form 10-K (or supplemental report filed in connection therewith);
(v) Prompt Notice to Landlord of any action, proposal or investigation by any agency or entity, or complaint to such Person agency or entity, (any of which is called a statement containing “Proceeding”), known to Tenant, the information set forth result of which Proceeding would reasonably be expected to be to revoke or suspend or terminate or modify in subclauses (i) and (ii) abovea way adverse to Tenant, aggregated for such calendar year or applicable portion thereof during fail to renew or fully continue in effect, any license or certificate or operating authority pursuant to which such Person was a Certificateholder. Such obligation Tenant carries on any part of the Trustee shall be deemed to have been satisfied to Primary Intended Use of all or any portion of the extent that substantially comparable information shall be Leased Property;
(vi) As soon as it is prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
no event later than sixty (c60) On each Distribution Date, the Trustee shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time days after the end of each calendar yearFiscal Year, the Trustee shall deliver to a capital and operating budget for each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary Facility for that Fiscal Year; and
(vii) Tenant further agrees to provide the financial and operational reports to be delivered to Landlord under this Master Lease in such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall electronic format(s) as may reasonably be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders required by the Trustee pursuant to any requirements of the Code as Landlord from time to time in force.
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or facilitate Xxxxxxxx’s internal financial and reporting database and (ii) include permit Landlord to calculate any information required rent, fee or other payments due under Ground Leases. Xxxxxx also agrees that Landlord shall have audit rights with respect to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as extent required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement confirm Tenant’s compliance with the earliest maturity. In the event that two or more Swap Agreements have the same maturity dateMaster Lease terms (including, which date is the earliest maturity date without limitation, calculation of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty in respect of notional amounts assigned or reduced under this Section 4.03 (fNet Revenues). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution Date.ACTIVE/119768607.18
Appears in 1 contract
Statements. (a) On each Distribution Each month, not later than 12:00 noon New York time on the Determination Date, basedthe Servicer shall deliver to the Trustee, as applicableby telecopy, on information provided for distribution to it by the Certificateholders, the receipt and legibility of which shall be confirmed telephonically, with hard copy thereof and the Servicer's Monthly Computer Diskette in the form attached hereto as Exhibit L (both in hard copy and in computer diskette form) to be delivered on the Business Day following the Determination Date, a certificate signed by a Servicing Officer (a "Servicer's Certificate") stating the date (day, month and year), the Trustee shall prepare and make available to each Holder Series number of the Regular Certificates, the Swap Counterpartiesdate of this Agreement, and, as of the Servicer and close of business on the Rating Agencies, a statement as to the distributions made on Record Date for such Distribution Datemonth:
(i) Available Funds for the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Chargesrelated Remittance Date;
(ii) The Aggregate Class A Certificate Principal Balance, the amount Aggregate Class M Certificate Principal Balance, the Aggregate Class B Certificate Principal Balance and the Pool Principal Balance as reported in the prior Servicer's Certificate pursuant to subclause (xii) below, or, in the case of the distribution made on such Distribution Date to first Determination Date, the Holders of each Original Class of Regular Certificates (other than A, Class M and Class B Certificate Principal Balance and the Class P Certificates) allocable to interest, separately identifiedOriginal Pool Principal Balance;
(iii) The number and Principal Balances of all SBA Loans which were the Pool Balance subject of Principal Prepayments during the Group I Mortgage Loans Due Period and the Group II Mortgage number and Principal Balances of all Defaulted SBA Loans at purchased by the Close of Business at Servicer during the end of the related Due Period;
(iv) the number, aggregate principal balance, and weighted average Mortgage Rate The product of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of Unguaranteed Percentage multiplied by all Subsequent Mortgage Loans added Curtailments which were received during the preceding Prepayment Due Period;
(v) The product of the number Unguaranteed Percentage multiplied by all Excess Payments and aggregate unpaid the product of the Unguaranteed Percentage multiplied by all Monthly Payments in respect of principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Propertiesreceived during the Due Period;
(vi) the The aggregate amount of Principal Prepayments made during interest received on the related Prepayment PeriodUnguaranteed Interest of each SBA Loan net of the FTA's Fee, the Additional Fee and the Servicing Fee attributable to the Unguaranteed Interest;
(vii) the aggregate The amount of Realized Losses incurred during the related Prepayment Period Monthly Advances to be made on the Determination Date and the cumulative amount of Realized LossesCompensating Interest payment to be made on the Determination Date;
(viii) The delinquency and foreclosure information set forth in the form attached hereto as Exhibit K;
(ix) The product of the Unguaranteed Percentage multiplied by the amount of any losses realized on a Liquidated SBA Loan;
(x) The Class A, Class M and Class B Interest Distribution Amounts and Principal
(xi) The amount stated in dollars and as a percentage of the current aggregate Principal Balance of the Class A, Class M and Class B Certificates of the funds available in the Spread Account as of the related Record Date in cash and from liquidation of Permitted Instruments and the amount, if any, to be transferred from the Spread Account to the Certificate Account pursuant to Section 6.02(b)(i);
(xii) The Aggregate Class A Certificate Principal Balance, Aggregate Class M Certificate Principal Balance, Aggregate Class B Certificate Principal Balance of each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class O Certificates, Pool Principal Balance after giving effect to the distributions distribution to be made on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Date;
(xii) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Remittance Date;
(xiii) the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates The Spread Account Balance and the Class AIO Certificates for Specified Spread Account Requirement with respect to such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Remittance Date;
(xiv) the Supplemental The weighted average maturity and weighted average SBA Loan Interest Payment for each Class on such Distribution DateRate;
(xv) The Servicing Fees and the difference between the Swap Notional Annual Expense Escrow Amount and other amounts to be deposited to the Underwritten Certificates Principal Balance on such Distribution DateExpense Account;
(xvi) The amount of all payments and reimbursements to the Required Overcollateralization Amount Servicer pursuant to Section 5.04 (b), (c), (d)(ii), (e) and (f);
(xvii) The Class A, Class M and Class B Benchmark Rates with respect to such Remittance Date and the actual interest rate for the Class A, Class M and Class B Certificates with respect to such Remittance Date based upon the Class A, Class M and Class B Interest Distribution DateAmounts;
(xviii) During the Funding Period, the aggregate Principal Balance of the Subsequent SBA Loans purchased during the prior Due Period and the amount on deposit in the Pre-Funding Account and the Capitalized Interest Account as of the end of such Due Period; and
(xviixix) Such other information as the Excess Cashflow for Trustee, the Certificateholders or the Rating Agency may reasonably require; provided, however, that the VI-12 95 Servicer shall have no obligation to distribute such Distribution information directly to any Certificateholder. The Trustee shall forward such report to the Certificateholders and the Rating Agency on the Remittance Date, together with a separate report indicating the amount of funds deposited in the Certificate Account pursuant to Section 6.01(a)(iv); and the amounts which are reimbursable to the Servicer or the Seller pursuant to Sections 6.03(c)(i), 6.03(c)(ii) and 6.07(b)(xii) (all reports prepared by the Trustee of such withdrawals and deposits will be based in whole or in part upon the information provided to the Trustee by the Servicer). To the extent that there are inconsistencies between the telecopy of the Servicer's Certificate and the hard copy thereof, the Trustee shall be entitled to rely upon the telecopy. In the case of information furnished pursuant to subclauses (iii), (iii), (iv), (v), (x) and (ii) xii), above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each per $1,000 original dollar amount as of the Closing Cut-Off Date. The Trustee mayAdditionally, in on the absence of manifest error, conclusively rely upon the Determination Special Remittance Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(b) Within a reasonable period of time after the end of each calendar year, the Trustee shall, based upon written requestinformation received from the Servicer, furnish to each Person who at any time during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward to the Residual Certificateholders and the Rating Agency a copy report setting forth the amount of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar yearprincipal and interest, the Trustee shall deliver if any, being paid to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation Class of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee pursuant to any requirements of the Code as from time to time in force.
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant hereto.
(f) No later than noon Certificates on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty in respect of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution Special Remittance Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First International Bancorp Inc)
Statements. (a) On each Distribution Date, based, as applicable, on information provided to it by the Master Servicer, the Trustee shall prepare and make available to each Holder of the Regular Certificates, the Swap CounterpartiesGuarantor, the NIMS Insurer, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date:
(i) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates (other than the Class S Certificates), separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment ChargesCharges and Master Servicer Prepayment Charge Payment Amounts;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates (other than the Class P Certificates) allocable to interest, separately identifiedidentified and the calculation thereof;
(iii) the Pool Balance Overcollateralized Amount, the Overcollateralization Release Amount, the Overcollateralization Deficiency Amount, the Overcollateralization Target Amount as of the Group I Mortgage Loans such Distribution Date and the Excess Overcollateralized Amount for the Mortgage Pool for such Distribution Date;
(iv) the aggregate amount of servicing compensation received by the Master Servicer with respect to the related Due Period and such other customary information as the Trustee deems necessary or desirable, or which a Certificateholder reasonably requests, to enable Certificateholders to prepare their tax returns;
(v) the aggregate amount of Advances for each Loan Group II Mortgage Loans at the Close of Business at the end of for the related Due Period;
(ivvi) the number, aggregate principal balance, and weighted average Mortgage Rate Principal Balance of the Mortgage Loans in each Loan Group (after giving effect to the principal portion of Monthly Payments due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period);
(vii) as of the related Determination Date and with respect to each Loan Group, (A) the number of Mortgage Loans, (B) the aggregate principal balance of the Mortgage Loans, (C) the weighted average remaining term to maturity of the Mortgage Loans and (D) the weighted average Mortgage Rate as of the first day of the most recently ended Due Period of the Mortgage Loans and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment Period;
(vviii) the number and aggregate unpaid principal balance of Mortgage Loans in each Loan Group that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and Delinquent (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (C) in bankruptcy and Delinquent (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, in each case as of the Close of Business 130 on the last day of the calendar month preceding such Distribution Date and (D) REO Properties;
(viix) [reserved];
(x) the total number and cumulative principal balance of all REO Properties in each Loan Group as of the Close of Business of the last day of the preceding Prepayment Period;
(xi) the aggregate amount of Principal Prepayments for each Loan Group made during the related Prepayment Period;
(viixii) the aggregate amount of Realized Losses for each Loan Group incurred during the related Prepayment Period and Period, the cumulative amount of Realized LossesLosses for each Loan Group and the Three-Month Rolling Delinquency Percentage;
(viiixiii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Collection Account for such Distribution Date;
(xiv) the Certificate Principal Balance of each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class O C Certificates and the Notional Amount of each Class of Class S Certificates, after giving effect to the distributions made on such Distribution Date;
(ixxv) the Monthly Interest Distributable Amount in respect of each class of Class A Certificates, the Class S Certificates, each Class of Mezzanine Certificates and the Class C Certificates for such Distribution Date and the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, the Class S Certificates, each class Class of the Mezzanine Certificates and the Class AIO C Certificates for such Distribution Date;
(xxvi) the aggregate amount of any Prepayment Interest Shortfalls for each Loan Group for such Distribution Date, to the extent not covered by payments by the Master Servicer pursuant to Section 3.253.26;
(xixvii) the Credit Enhancement Percentage for such Distribution Date;
(xiixviii) the Available Funds Cap Carryforward Net WAC Rate Carryover Amount for each class of Class A Certificates, the Class A S Certificates and each class Class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiiixix) the Overcollateralization Target Amount, Overcollateralized Amount and any Overcollateralization Deficiency Amount after giving effect to the distribution of principal on such Distribution Date;
(xx) when the Stepdown Date or a Trigger Event has occurred;
(xxi) the Available Funds;
(xxii) the respective REMIC Pass-Through Rates applicable to each class Class of the Class A Certificates, each class Class of the Class S Certificates, each Class of Mezzanine Certificates and the Class AIO C Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class Class of the Class A Certificates and each class Class of the Mezzanine Certificates for the immediately succeeding Distribution Date;
(xivxxiii) the Supplemental amount on deposit in the Pre-Funding Accounts immediately prior to the related Prepayment Period, the amount withdrawn therefrom during the related Prepayment Period and the amount remaining on deposit therein as of the end of the related Prepayment Period and as of such Distribution Date, the amount on deposit in, and the amounts withdrawn from and included in Available Funds, each Interest Payment Coverage Account and the Net WAC Rate Carryover Reserve Account;
(xxiv) for each the distribution occurring on the Distribution Date immediately following the end of the Funding Period, the balance on deposit in the Group I Pre-Funding Account and/or the Group II Pre-Funding Account that has not been used to purchase Subsequent Group I Mortgage Loans and/or Subsequent Group II Mortgage Loans, as applicable, and that is being distributed to the related Class A Certificates as a mandatory distribution of principal, if any, on such Distribution Date;
(xvxxv) the difference between Guarantee Fee to be paid to the Swap Notional Amount and Guarantor with respect to the Underwritten Guaranteed Certificates Principal Balance on for such Distribution Date;
(xvixxvi) such other information as the Guarantor may reasonably request in such format as reasonably requested by the Guarantor and any other information that is required by the Code and regulations thereunder to be made available to Certificateholders; and
(xxvii) the Required Overcollateralization Amount Maximum Cap Rate for such Distribution Date; The Trustee will make such statement (and
, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, the Guarantor, the NIMS Insurer and the Rating Agencies via the Trustee's internet website. The Trustee's internet website shall initially be located at "xxx.xxxxxxx.xxx". Assistance in using the website can be obtained by calling the Trustee's customer service desk at (xvii301) 815-6600. Parties that are unable to use the Excess Cashflow above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for such Distribution Datethe dissemination of information in accordance with this Agreement. The Trustee shall also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the distribution 132 date statement and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party thereto). In the case of information furnished pursuant to subclauses (i) and through (iiiii) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Cut-off Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(b) Within a reasonable period of time after the end of each calendar year, the Trustee shall, upon written request, furnish to the Guarantor, the NIMS Insurer and each Person who at any time during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) and through (iiiii) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward to the NIMS Insurer and the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to the NIMS Insurer and each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee pursuant to any requirements of the Code as from time to time in force.
(e) On each Distribution DateBy not later than September 15, 2002, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility is required to (i) verify information provided confirm, to the extent such data is available in the Information Circular or from Banc of America Securities LLC, that the cash flows, weighted average lives, yields and credit enhancement default analysis for the Class A-1 Certificates and Class S-1 Certificates as presented in the Information Circular are correct therein based on the assumptions and principal and interest methodology described in the Information Circular and are consistent with the model developed by the Servicer Trustee for the calculations that the Trustee is required to be included in such statement or make hereunder and (ii) include any notify the Guarantor that the information required referred to be included in such statement if clause (i) above is consistent with the Servicer has failed to timely produce such information to model developed by the Trustee, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty in respect of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Option One Mortgage Loan Tr Asset Backed Cert Ser 2002-5)
Statements. (a) On each Distribution Each month for so long as a Class of Auction Rate Certificates is Outstanding, not later than 12:00 noon New York time on the Auction Reporting Date, basedthe Servicer shall deliver to the Trustee, as applicable, on information provided to it by the Servicertelecopy, the Trustee receipt and legibility of which shall prepare be confirmed telephonically, with hard copy thereof to be delivered on the Business Day following the Determination Date, a certificate signed by a Servicing Officer stating the date (day, month and make available to each Holder year), the Series number of the Regular Certificates, the Swap Counterpartiesdate of this Agreement, and the amount to be distributed on the upcoming Remittance Date to each Class of Auction Rate Certificates as a payment of principal. Each month, not later than 12:00 noon New York time on the Determination Date, the Servicer shall deliver to the Certificate Insurer and to the Trustee, by telecopy, for distribution to the Certificateholders, the receipt and legibility of which shall be confirmed telephonically, with hard copy thereof and the Rating AgenciesServicer's Monthly Computer Tape in the form attached hereto as Exhibit R (both in hard copy and in computer tape form) to be delivered on the Business Day following the Determination Date, a statement as to certificate signed by a Servicing Officer (a "Servicer's Certificate") stating the distributions made on such Distribution Datedate (day, month and year), the Series number of the Certificates, the date of this Agreement, and the following:
(i) the amount of Pool Available Remittance Amounts for each Pool for the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Chargesrelated Remittance Date;
(ii) the amount of the distribution made on such Distribution Date to the Holders of Class Principal Balances for each Class of Regular Pool I, Pool II, Pool III and Pool IV Certificates as reported in the prior Servicer's Certificate pursuant to subclause (other than xv) below, or, in the case of the first Determination Date, the Original Principal Balance for each Class P of Pool I, Pool II, Pool III and Pool IV Certificates) allocable to interest, separately identified;
(iii) the Pool Balance Principal Distribution Amounts for each Pool for the related Remittance Date, in the aggregate and listed separately for the portions relating to each Class of Pool I, Pool II, Pool III and Pool IV Certificates;
(iv) the total amount of any Insured Payments included in the Pool Available Remittance Amount for Pool I or Pool IV for the related Remittance Date;
(v) the Subordinated Amount and Specified Subordinated Amount for the related Remittance Date, listed separately for each Pool and the Pool Available Maximum Subordinated Amount for Pool II and Pool III;
(vi) the number and Principal Balances of all Loans in each Pool which were the subject of Principal Prepayments during the Due Period;
(vii) the amount of all Curtailments which were received during the Due Period, stated separately for each Pool;
(viii) the aggregate amount of all Excess Payments and the amounts of Monthly Payments in respect of principal received during the Due Period, stated separately for each Pool;
(ix) the amount of interest received on the Mortgage Loans, stated separately for each Pool;
(x) the amount of the Group Monthly Advances to be made on the Determination Date, the portion of the Monthly Advances to be deposited in the Certificate Accounts pursuant to Section 6.01(a)(ii), and the Compensating Interest payment to be made on the Determination Date, in each case stated separately for each Pool;
(xi) the delinquency and foreclosure information set forth in the form attached hereto as Exhibit O, stated separately for each Pool;
(xii) the amount of any Realized Losses incurred during the related Due Period, stated separately for each Pool;
(xiii) the Pool Remittance Amounts for Pool I and Pool IV and the Class Current Interest Requirement and the Pool Principal Distribution Amount for Pool II and Pool III for the Remittance Date, in the aggregate and by component and listed separately for the portions relating to each Class of Certificates in the related Pool, any Interest Shortfall Carryforward Amount relating to each Class of Certificates and, with respect to the Auction Rate Certificates, the amount otherwise required to be distributed thereon with respect to principal and retained in the Certificate Account for Pool II pursuant to Section 6.08(f);
(xiv) the Reimbursable Amounts, the Pool I and Pool II Strip Amounts and the Class X Remittance Amount payable pursuant to Section 6.08(d)(X)(v), Section 6.08(d)(Y)(xviii) and Section 6.08(d)(Z)(xviii) with respect to the Remittance Date;
(xv) the Class Principal Balance for each Class of Certificates and the Pool Principal Balance for each Pool after giving effect to the distribution to be made on the Remittance Date and after allocation of Realized Losses made on such Remittance Date;
(xvi) the Monthly Excess Spread Percentage, the Excess Spread, and the Remainder Excess Spread Amount (in each case, in the aggregate and stated separately for each Pool);
(xvii) the Cumulative Realized Losses, stated separately for each Pool, with respect to the Remittance Date;
(xviii) the weighted average maturity and weighted average Interest Rate, stated separately for each Pool;
(xix) the Servicing Fees, the Contingency Fees, the Auction Agent Fees and amounts to be deposited to the Expense Accounts, the Insurance Accounts and the FHA Premium Account, in each case, as applicable, stated separately for each Pool;
(xx) the amount of all payments and reimbursements to the Servicer pursuant to Section 5.04(b), (c), (d)(ii), (e) and (f)(i), stated separately with respect to each Pool;
(xxi) the Class Pool Factor for each Class determined using the balances in subclause (xv) above;
(xxii) the weighted average Mortgage Interest Rate and Adjusted Mortgage Interest Rate of the Mortgage Loans for each Pool and the Group weighted average Class Adjusted Loan Remittance Rates for each Pool, in each case for the related Remittance Date, and the weighted average Mortgage Interest Rate for the prior three month period;
(xxiii) the Class AV, Class MV-1, Class MV-2 and Class BV Remittance Rates with respect to the Remittance Date and if any of the Class AV, Class MV-1, Class MV-2 and Class BV Remittance Rates was based on the applicable Net Funds Cap for the related Pool, what it would have been if based on LIBOR plus the applicable Margin or the Auction Rate, as the case may be;
(xxiv) the rate of LIBOR and the Auction Rate with respect to the Remittance Date;
(xxv) the Net Funds Cap for each Class of Pool II Mortgage Loans at Certificates with respect to the Close Remittance Date;
(xxvi) if the Remittance Rate for Class of Business at Pool II Certificates for such Remittance Date is based on the end Net Funds Cap, the amount of any Certificateholders' Interest Carryover for such Class for such Remittance Date;
(xxvii) the amount of the distribution, if any, allocable to Certificateholders' Interest Carryover and the amount of any Certificateholders' Interest Carryover for all prior Remittance Dates after giving effect to such distribution (in each case, stated separately by Class and in the aggregate);
(xxviii) whether the Trigger Event for Pool II and Pool III and the S&P Trigger and the Pool II Cumulative Loss Trigger for Pool II is in effect;
(xxix) the Senior Percentage and the Class B Percentage for the current Remittance Date;
(xxx) the amount of any Applied Realized Loss Amount, Realized Loss Amount and Unpaid Realized Loss Amount for each Class of Pool II and Pool III Certificates as of the close of such Remittance Date;
(xxxi) the Accelerated Principal Distribution Amount for Pool II and Pool III for such Remittance Date;
(xxxii) the amount to be deposited into the FHA Premium Account on the related Remittance Date and the amount reimbursable to the Servicer and/or the Certificate Insurer from the FHA Premium Account pursuant to Section 6.06(b)(i);
(xxxiii) The amount of FHA Payments and Related Payments received during the related Due Period;
(ivxxxiv) the number, aggregate principal balance, and weighted average Mortgage Rate of the Mortgage Loans as of The Reserve Amount for the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added Remittance Date;
(xxxv) Claims filed during the preceding Prepayment Due Period;
(vxxxvi) the number and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Properties;
(vi) the aggregate amount of Principal Prepayments made Claims paid during the related Prepayment Due Period;
(viixxxvii) Claims denied by the aggregate amount of Realized Losses incurred FHA during the related Prepayment Period and the cumulative amount of Realized LossesDue Period;
(viiixxxviii) Claims pending payment by the FHA during the Due Period; and
(xxxix) Such other information as the Certificate Principal Balance of each class of the Class A Certificates, each class of the Mezzanine Certificates Insurer and the Class O Certificates, after giving effect Certificateholders may reasonably require. The Trustee shall forward such report to the distributions made on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if anyCertificateholders and, with respect to each class of the Class A Certificates, each class of report on the Mezzanine Certificates Pool I and the Class AIO Certificates for such Distribution Date;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution DatePool IV Mortgage Loans, to the extent not covered Certificate Insurer on the Remittance Date, together with a separate report indicating the amount of funds deposited in each Certificate Account pursuant to Section 6.01(a)(iv); and the amounts which are reimbursable to the Servicer or the Representative, as appropriate, pursuant to Sections 6.03(c)(i), 6.03(c)(ii), 6.04(b)(iv), 6.08(d)(X)(iii), 6.08(d)(Y) and 6.08(d)(Z) (all reports prepared by payments the Trustee of such withdrawals and deposits will be based in whole or in part upon the information provided to the Trustee by the Servicer pursuant to Section 3.25;
(xi) or the Credit Enhancement Percentage for such Distribution Date;
(xii) Claims Administrator). To the Available Funds Cap Carryforward Amount for each class extent that there are inconsistencies between the telecopy of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date Servicer's Certificate and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiii) hard copy thereof, the respective REMIC Pass-Through Rates applicable Trustee shall be entitled to each class of rely upon the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Date;
(xiv) the Supplemental Interest Payment for each Class on such Distribution Date;
(xv) the difference between the Swap Notional Amount and the Underwritten Certificates Principal Balance on such Distribution Date;
(xvi) the Required Overcollateralization Amount for such Distribution Date; and
(xvii) the Excess Cashflow for such Distribution Datetelecopy. In the discretion of the Servicer, in the case of certain information furnished pursuant to subclauses (i) and (ii) abovethe above provisions, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each per $1,000 (or, in the case of the Auction Rate Certificates, per $25,000) original dollar amount as of the Closing Cut-Off Date. The Additionally, on the Special Remittance Date the Trustee mayshall, in based upon information received from the absence Servicer, forward to the Certificateholders and the Rating Agencies, a report setting forth the amount of manifest errorprincipal and interest, conclusively rely upon if any, being paid to each Class of Certificates on the Determination Date Report of Special Remittance Date, and to the Servicer in its preparation of Certificate Insurer, a report setting forth such information only with respect to the statement to Certificateholders pursuant to this Section 4.03Pool I and Pool IV Certificates.
(ba) Within a reasonable period of time after the end of each calendar year, the Servicer shall furnish to the Trustee shall, upon written request, furnish for distribution to each Person who at any time during the calendar year was a Certificateholder the amount of a Regular Certificate, if requested in writing by interest and principal distributed with respect to each Class of Certificates plus such Person, such other customary information as is reasonably the Servicer determines to be necessary and/or required by the Internal Revenue Service to provide enable the Certificateholders to such Person a statement containing the information set forth in subclauses (i) and (ii) above, aggregated prepare their tax returns for such calendar year or applicable portion thereof during which such Person was a Certificateholderyear. Such obligation of the Trustee Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished provided by the Trustee to Certificateholders Servicer pursuant to any requirements of the Code as are in force from time to timetime are in force.
(cb) On each Distribution Remittance Date and the Special Remittance Date, the Trustee shall forward to the Residual Class X and Class R Certificateholders a copy of the reports report forwarded to the Regular Certificateholders of each Pool in respect of such Distribution Remittance Date or the Special Remittance Date, as the case may be, and a statement setting forth the amounts actually distributed to the Class X and Class R Certificateholders, on such Remittance Date together with such other information as the Trustee Servicer provides and deems necessary or appropriate.
(dc) Within a reasonable period of time after the end of each calendar year, the Servicer shall furnish to the Trustee shall deliver for distribution to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, Class X or Class R Certificateholder such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Class X or R Certificateholder, as applicable. Such obligation of the Trustee Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders provided by the Trustee Servicer pursuant to any requirements of the Code as from time to time in force.
(ed) On each Distribution DateUpon reasonable advance notice in writing, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible Servicer will provide to each CertificateholderCertificateholder which is a savings and loan association, bank or insurance company certain reports and access to information and documentation regarding the statement prepared pursuant Mortgage Loans sufficient to paragraph (a) permit such Certificateholder to comply with applicable regulations of this Section 4.03. Assistance the Office of Thrift Supervision or other regulatory authorities with respect to investment in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant heretoCertificates.
(fe) No later than noon on the second Business Day prior The Servicer shall furnish to each Distribution DateCertificateholder and the Certificate Insurer, during the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Dateterm of this Agreement, the Trustee will immediately provide notice in the form of Exhibit J to the such periodic, special, or other reports or information, whether or not provided for herein, as shall be necessary, reasonable, or appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermorethe Certificateholder or the Certificate Insurer, no distributions will be made from the Supplemental Interest Trust or otherwise with respect to the related Swap Counterparty purposes of this Agreement, all such reports or information to be provided by and in respect accordance with such applicable instructions and directions as the Certificateholder or the Certificate Insurer may reasonably require; provided, that the Servicer shall be entitled to be reimbursed by such Certificateholder or the Certificate Insurer for the Servicer's actual expenses incurred in providing such reports if such reports are not producible in the ordinary course of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution DateServicer's business.
Appears in 1 contract
Statements. (a) On each Distribution Each month, not later than 12:00 noon New York time on the Determination Date, basedthe Trust Administrator shall deliver to the Indenture Trustee, as applicableby telecopy, on information provided for distribution to it by the ServicerNoteholders, and the Owner Trustee for distribution to the Certificateholders, the Trustee receipt and legibility of which shall prepare and make available be confirmed telephonically, with hard copy thereof to each Holder be delivered on the Business Day following the Determination Date, a certificate signed by an officer of the Regular CertificatesTrust Administrator (a "Trust Administrator's Certificate") stating the date (day, month and year), the Swap CounterpartiesSeries number of the Notes, the Servicer date of this Agreement, and the Rating Agencies, a statement as to the distributions made on such Distribution Datefollowing:
(i) the amount of Pool Available Remittance Amounts for each Pool for the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Chargesrelated Remittance Date;
(ii) the amount of the distribution made on such Distribution Date to the Holders of Class Principal Balances for each Class of Regular Certificates Pool I and Pool II Notes as reported in the prior Trust Administrator's Certificate pursuant to subclause (other than xv) below, or, in the case of the first Determination Date, the Original Principal Balance for each Class P Certificates) allocable to interest, separately identifiedof Pool I and Pool II Notes;
(iii) the Pool Balance of the Group I Mortgage Loans and the Group II Mortgage Loans at the Close of Business at the end of Principal Distribution Amounts for each Pool for the related Due PeriodRemittance Date, in the aggregate and listed separately for the portions relating to each Class of Pool I and Pool II Notes;
(iv) the number, amount of any Letter of Credit Payments in the aggregate principal balance, and weighted average Mortgage Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment Periodlisted separately by Pool;
(v) the number and aggregate unpaid principal balance Current Interest Requirements for each Class of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO PropertiesNotes for the related Remittance Date;
(vi) the aggregate amount number and Principal Balances of all Loans in each Pool which were the subject of Principal Prepayments made during the related Prepayment Due Period;
(vii) the amount of all Curtailments which were received during the Due Period, stated separately for each Pool;
(viii) the aggregate amount of all Excess Payments and the amounts of Monthly Payments in respect of principal received during the Due Period, stated separately for each Pool;
(ix) the amount of interest received on the Mortgage Loans, stated separately for each Pool;
(x) the amount of the Monthly Advances to be made on the Determination Date, the portion of the Monthly Advances to be deposited in the Note Distribution Accounts pursuant to Section 7.01(a)(ii), and the Compensating Interest payment to be made on the Determination Date, in each case stated separately for each Pool;
(xi) the delinquency and foreclosure information set forth in the form attached hereto as Exhibit L, stated separately for each Pool;
(xii) the amount of any Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(viii) the Certificate Principal Balance of each class of the Class A CertificatesDue Period, each class of the Mezzanine Certificates and the Class O Certificates, after giving effect to the distributions made on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Date;
(xii) the Available Funds Cap Carryforward Amount stated separately for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution DatePool;
(xiii) the respective REMIC Pass-Through Rates applicable to Interest Shortfall Carryforward Amounts, if any, for each class Class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates Notes for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Remittance Date;
(xiv) the Supplemental Interest Payment Reimbursable Amounts and the amounts transferred to the Owner Trustee for deposit into the Certificate Distribution Account and distribution to each Class on such Distribution of Certificates with respect to the Remittance Date;
(xv) the difference between the Swap Notional Amount Class Principal Balance for each Class of Notes and the Underwritten Certificates Pool Principal Balance for each Pool after giving effect to the distribution to be made on the Remittance Date and after allocation of Applied Realized Loss Amounts made on such Distribution Remittance Date;
(xvi) the Required Overcollateralization Amount Excess Spread (in the aggregate and stated separately for such Distribution Date; andeach Pool);
(xvii) the Excess Cashflow Spread Amount and the Specified Subordinated Amount for such Remittance Date, stated separately by Pool;
(xviii) the amount of any Applied Realized Loss Amount, Realized Loss Amount and Unpaid Realized Loss Amount for each Class;
(xix) amounts to be deposited to the Expense Accounts, stated separately for each Pool;
(xx) the amount of all payments and reimbursements to the Servicer pursuant to Section 4.04(b), (c), (d)(ii), (e) and (f), stated separately with respect to each Pool;
(xxi) the Class Pool Factor for each Class determined using the balances in subclause (xv) above;
(xxii) the weighted average Loan Interest Rate of the Loans for each Pool and the Weighted Average Class Adjusted Loan Remittance Rates for each Pool, in each case for the related Remittance Date, and the weighted average Loan Interest Rate for the prior three month period;
(xxiii) the Class Remittance Rate for each Class of Notes with respect to the Remittance Date and if the Class Remittance Rate for any Class of Notes was based on the applicable Net Funds Cap, what it would have been if based on LIBOR plus the applicable Margin or the Auction Rate, as the case may be;
(xxiv) the rate of LIBOR and the Auction Rate with respect to the Remittance Date;
(xxv) if the Remittance Rate for any Class of Notes for such Remittance Date is based on the applicable Net Funds Cap, the Net Funds Cap and, for Pool I, the Weighted Average Coupon Cap, for such Class of Notes with respect to the Remittance Date;
(xxvi) if the Remittance Rate for any Class of Notes for such Remittance Date is based on the applicable Net Funds Cap, the amount of any Noteholders' Interest Carryover for such Class for such Remittance Date;
(xxvii) the amount of the distribution, if any, allocable to Noteholders' Interest Carryover and the amount of any Noteholders' Interest Carryover for all prior Remittance Dates after giving effect to such distribution (in each case, stated separately by Class and in the aggregate);
(xxviii) the number and Principal Balance of all Defaulted Loans purchased during the Due Period, stated separately for each Pool; and
(xxix) such other information as the Indenture Trustee may reasonably require. The Indenture Trustee shall forward such report to the Noteholders of the applicable Pool and the Owner Trustee on the Remittance Date, together, if requested by a Noteholder, with a separate report indicating the amount of funds deposited in each Note Distribution DateAccount pursuant to Section 7.01(a)(iv); and the amounts which are reimbursable to the Servicer (all reports prepared by the Indenture Trustee of such withdrawals and deposits will be based in whole or in part upon the information provided to the Indenture Trustee by the Servicer or the Trust Administrator). To the extent that there are inconsistencies between the telecopy of the Trust Administrator's Certificate and the hard copy thereof, the Indenture Trustee shall be entitled to rely upon the telecopy. In the discretion of the Trust Administrator, in the case of certain information furnished pursuant to subclauses (i) and (ii) abovethe above provisions, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each per $1,000 25,000 original dollar amount as of the Closing Cut-Off Date. The Trustee mayEach month, in not later than the absence of manifest error, conclusively rely upon third Business Day prior to the Determination Date Report occurring in such month, the Servicer shall deliver to the Trust Administrator the Servicer's Monthly Computer Tape in the form attached hereto as Exhibit R (both in hard copy and in computer tape form). The Trust Administrator may rely fully upon and shall have no liability with respect to any such information provided to it by the Servicer. The Trust Administrator shall not be obligated to verify, recompute, reconcile or confirm any information contained in the Servicer's Monthly Computer Tape or otherwise provided by the Servicer. In making any payments or distributions required to be made by them pursuant to any of the provisions hereof, the Indenture Trustee shall make such payments and distributions based solely upon the information contained in the applicable Trust Administrator's Certificate or, if such information is not included in the applicable Trust Administrator's Certificate, upon written instructions of the Servicer or the Trust Administrator. The Indenture Trustee may rely fully upon and shall have no liability with respect to any such information provided to it by the Servicer or the Trust Administrator. The Indenture Trustee shall not be obligated to verify, recompute, reconcile or confirm any information contained in its preparation of any Trust Administrator's Certificate or otherwise provided by the statement to Certificateholders pursuant to this Section 4.03Trust Administrator or the Servicer.
(ba) Within a reasonable period of time after the end of each calendar year, the Trust Administrator shall furnish to the Indenture Trustee shall, upon written request, furnish for distribution to each Person who at any time during the calendar year was a Certificateholder Noteholder of a Regular Certificate, if requested in writing by the applicable Pool the amount of interest and principal distributed with respect to each Class of Notes plus such Person, such other customary information as is reasonably the Trust Administrator determines to be necessary and/or required by the Internal Revenue Service to provide enable the Noteholders to such Person a statement containing the information set forth in subclauses (i) and (ii) above, aggregated prepare their tax returns for such calendar year or applicable portion thereof during which such Person was a Certificateholderyear. Such obligation of the Trustee Trust Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished provided by the Trustee to Certificateholders Trust Administrator pursuant to any requirements of the Code as are in force from time to timetime are in force.
(cb) On each Distribution Remittance Date, the Indenture Trustee shall forward to the Residual Certificateholders Owner Trustee, for distribution to the Certificateholders, a copy of the reports report forwarded to the Regular Certificateholders Noteholders of each Pool in respect of such Distribution Remittance Date, as the case may be, and a statement, prepared by the Servicer or the Trust Administrator, setting forth the amounts actually distributed to the Certificateholders on such Remittance Date together with such other information as the Trustee Servicer or Trust Administrator provides and deems necessary or appropriate.
(dc) Within a reasonable period of time after the end of each calendar year, the Trust Administrator shall furnish to the Indenture Trustee, with a copy to the Owner Trustee shall deliver for distribution to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, Certificateholder such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder, as applicable. Such obligation of the Trustee Trust Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders provided by the Trustee Trust Administrator pursuant to any requirements of the Code as from time to time in force.
(ed) On each Distribution DateUpon reasonable advance notice in writing, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible Servicer will provide to each CertificateholderNoteholder which is a savings and loan association, bank or insurance company certain reports and access to information and documentation regarding the statement prepared pursuant Loans sufficient to paragraph (a) permit such Noteholder to comply with applicable regulations of this Section 4.03. Assistance the Office of Thrift Supervision or other regulatory authorities with respect to investment in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant heretoNotes.
(fe) No later than noon on the second Business Day prior The Servicer shall furnish to each Distribution DateNoteholder during the term of this Agreement, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Datesuch periodic, the Trustee will immediately provide notice in the form of Exhibit J to the special, or other reports or information, whether or not provided for herein, as shall be necessary, reasonable, or appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermorethe Noteholder, no distributions will be made from the Supplemental Interest Trust or otherwise with respect to the related Swap Counterparty purposes of this Agreement, all such reports or information to be provided by and in respect accordance with such applicable instructions and directions as the Noteholder may reasonably require; provided, that the Servicer shall be entitled to be reimbursed by such Noteholder for the Servicer's actual expenses incurred in providing such reports if such reports are not producible in the ordinary course of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution DateServicer's business.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Money Store Commercial Mortgage Inc)
Statements. (a) On Not later than 12:00 noon California time on the fourth Business Day following the last day of a Due Period, the Servicer shall deliver to the Trustee a computer tape containing the information set forth on Exhibit D as to each Distribution Mortgage Loan as of such Due Period and such other information as the Trustee shall reasonably require. Not later than 12:00 noon California time on the Determination Date, based, as applicable, on information provided the Trustee shall make available to it by the Servicer, the Trustee shall prepare Depositor and make available to each Holder of the Regular CertificatesCertificate Insurer by telecopy, and on the Swap Counterparties, the Servicer and the Rating AgenciesDistribution Date via its website, a statement as (the “Trustee’s Remittance Report”) containing the information set forth below (to the distributions made on extent any such information to be delivered by the Servicer pursuant to the first sentence of this Section 5.01(a) has been so delivered) with respect to such Distribution Date:
(i) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal The Available Funds and the amount of Class A Certificate Interest Rate for the distribution made to the Holders of the Class P Certificates allocable to Prepayment Chargesrelated Distribution Date;
(ii) The Class A Certificate Principal Balance and the amount Aggregate Principal Balance of the distribution made on such Distribution Mortgage Loans as reported in the prior Trustee’s Remittance Report pursuant to subclause (xii) below, or, in the case of the first Determination Date, the Original Class A Certificate Balance and the related Cut-Off Date to Principal Balance of the Holders of each Class of Regular Certificates (other than the Class P Certificates) allocable to interest, separately identifiedMortgage Loans;
(iii) The number and Principal Balances of all Mortgage Loans and of the Pool Mortgage Loans, that were the subject of Principal Prepayments during the Due Period;
(iv) The amount of all Curtailments that were received during the Due Period;
(v) The principal portion of all Monthly Payments received during the Due Period;
(vi) The amount of interest received on the Mortgage Loans;
(vii) The amount of the Monthly Advances and the Compensating Interest payment to be made on the Determination Date;
(viii) The delinquency and foreclosure information set forth in the form attached hereto as Exhibit L;
(ix) The Remittance Amount for the Class A Certificates for the Distribution Date with the components thereof stated separately;
(x) The amount of the Insured Amounts, if any, to be paid on the Distribution Date;
(xi) The amount to be distributed to the Class C Certificateholders for the Distribution Date;
(xii) The Class A Certificate Principal Balance and the Aggregate Principal Balance of the Group I Mortgage Loans, each after giving effect to the distribution to be made on the Distribution Date;
(xiii) The weighted average remaining term to maturity of the Mortgage Loans and the Group II weighted average Loan Rate;
(xiv) The Servicing Fee, the Trustee Fee and the amount to be paid to the Certificate Insurer pursuant to Section 5.01;
(xv) The amount of all payments or reimbursements to the Servicer pursuant to Section 3.03;
(xvi) The Pool Factor determined using the balances in subclause (ii) above;
(xvii) The amount, if any, transferred from the Spread Account to the Distribution Account pursuant to Section 4.01;
(xviii) The percentage of the Excess Spread used to determine the Monthly Excess Spread Amount, the Spread Account Excess and the allocation of the Spread Account Excess to Reimbursable Amounts, Monthly Advances and Class C Certificateholders pursuant to Section 4.01;
(xix) The amounts which are reimbursable to the Servicer or the Seller, as appropriate, pursuant to Section 5.01(a)(iv) and the amount paid to Class C Certificateholders pursuant to Section 5.01(a)(viii);
(xx) The number of Mortgage Loans outstanding at the Close of Business beginning and at the end of the related Due Period;
(ivxxi) The amount on deposit in the number, aggregate principal balance, Spread Account after the Distribution Date;
(xxii) The amount of losses experienced on the Mortgage Loans during the preceding Due Period and weighted average Mortgage Rate of the cumulative losses for the Mortgage Loans as a percentage of the related Determination Cut-Off Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment PeriodPrincipal Balance;
(vxxiii) The amount of Class A Available Funds Cap Carryover Amount distributed to the number Class A Certificates from the Basis Risk Reserve Fund, stating separately any amounts received from the Corridor Contract Counterparty with respect to the Corridor Contract and aggregate unpaid principal balance the amount of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO PropertiesClass A Available Funds Cap Carryover Amount remaining if any;
(vixxiv) The amount on deposit in the aggregate Basis Risk Reserve Fund, the Required Basis Risk Reserve Fund Deposit and the amount of Principal Prepayments made during any withdrawal from such Account for the related Prepayment PeriodDistribution Date distributed to the Class C Certificates;
(viixxv) the aggregate The amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(viii) the Certificate Principal Balance of each class of Class Interest Carryover Shortfall relating to the Class A Certificates, each class of stating the Mezzanine Certificates amount that is allocable to such Class and the Class O Certificates, after giving effect amount allocable to the distributions made on such Distribution Dateinterest and principal;
(ixxxvi) Whether a Servicer Termination Delinquency Event or a Servicer Termination Loss Event has occurred and specifying the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Datedetails thereof;
(xxxvii) During the aggregate Funding Period, the amount of any Prepayment Interest Shortfalls for such Distribution Date, used to acquire Subsequent Mortgage Loans since the extent not covered by payments by the Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Date;
(xii) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such preceding Distribution Date and the amount remaining unpaid Pre-Funded Amount after reimbursements therefor on such Distribution Date;acquiring Subsequent Mortgage Loans; and
(xiiixxviii) During the respective REMIC Pass-Through Rates applicable to each class of Funding Period, the Class A Certificates, each class of amount on deposit in the Mezzanine Certificates and Interest Coverage Account after the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Date;
(xiv) the Supplemental Capitalized Interest Payment for each Class on such Distribution Date;
(xv) the difference between the Swap Notional Amount and the Underwritten Certificates Principal Balance on such Distribution Date;
(xvi) the Required Overcollateralization Amount for such Distribution Date; and
. The Trustee shall make such report available to the Servicer, the Depositor, the Certificateholders, the Certificate Insurer, the Rating Agencies and Bloomberg (xviiat 400 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, Attention: Mxxx Xxxxxx) on its internet website on the Excess Cashflow for such related Distribution Date. Assistance in using the website can be obtained by calling the Trustee’s investor relations desk at (000) 000-0000. Parties that are unable to use the above distribution method are entitled to have a paper copy mailed to them via first class mail by calling the investor relations desk and indicating such. In addition, together with such report, the Trustee shall forward to Bloomberg a copy of the computer tape delivered by the Servicer on the Distribution Date. The Trustee may fully rely upon and shall have no liability with respect to information provided by the Servicer. To the extent that there are inconsistencies between the copy of the Trustee’s Remittance Report posted on its website and the hard copy issued upon request (pursuant to the preceding paragraph) thereof, the Servicer may rely upon the former. In the case of information furnished pursuant to subclauses (iii) and (iiix) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(b) Within a reasonable period of time after the end of each calendar year, the Trustee shall, upon written request, furnish to each Person who at any time during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee pursuant to any requirements of the Code as from time to time in force.
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0Cut-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty in respect of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution Off Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Home Loan Mortgage Loan Trust 2005-1)
Statements. (a) On each Distribution Each month, not later than 12:00 noon New York time on the Determination Date, basedthe Trust Administrator shall deliver to the Certificate Insurer and to the Co-Trustees, as applicableby telecopy, on information provided for distribution to it by the ServicerCertificateholders, the Trustee receipt and legibility of which shall prepare and make available be confirmed telephonically, with hard copy thereof to each Holder be delivered on the Business Day following the Determination Date, a certificate signed by an officer of the Regular Trust Administrator (a " Trust Administrator's Certificate") stating the date (day, month and year), the Series number of the Certificates, the Swap Counterpartiesdate of this Agreement, the Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Datefollowing:
(i) the amount of Pool Available Remittance Amounts for each Pool for the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Chargesrelated Remittance Date;
(ii) the amount of the distribution made on such Distribution Date to the Holders of Class Principal Balances for each Class of Regular Pool I, Pool II and Pool III Certificates as reported in the prior Servicer's Certificate pursuant to subclause (other than xv) below, or, in the case of the first Determination Date, the Original Principal Balance for each Class P of Pool I, Pool II and Pool III Certificates) allocable to interest, separately identified;
(iii) the Pool Balance of the Group I Mortgage Loans and the Group II Mortgage Loans at the Close of Business at the end of Principal Distribution Amounts for each Pool for the related Due PeriodRemittance Date, in the aggregate and listed separately for the portions relating to each Class of Pool I, Pool II and Pool III Certificates;
(iv) the number, aggregate principal balance, and weighted average Mortgage Rate total amount of any Insured Payments included in the Mortgage Loans as of Pool Available Remittance Amount for Pool I or Pool II for the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment PeriodRemittance Date;
(v) the number Subordinated Amount and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure Specified Subordinated Amount for the related Remittance Date, listed separately for each Pool and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Propertiesthe Pool Available Maximum Subordinated Amount for Pool III;
(vi) the aggregate amount number and Principal Balances of all Mortgage Loans in each Pool which were the subject of Principal Prepayments made during the related Prepayment Due Period;
(vii) the amount of all Curtailments which were received during the Due Period, stated separately for each Pool;
(viii) the aggregate amount of all Excess Payments and the amounts of Monthly Payments in respect of principal received during the Due Period, stated separately for each Pool;
(ix) the amount of interest received on the Mortgage Loans, stated separately for each Pool;
(x) the amount of the Monthly Advances to be made on the Determination Date, the portion of the Monthly Advances to be deposited in the Certificate Accounts pursuant to Section 6.01(a)(ii), and the Compensating Interest payment to be made on the Determination Date, in each case stated separately for each Pool;
(xi) the delinquency and foreclosure information set forth in the form attached hereto as Exhibit O, stated separately for each Pool;
(xii) the amount of any Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(viii) the Certificate Principal Balance of each class of the Class A CertificatesDue Period, each class of the Mezzanine Certificates and the Class O Certificates, after giving effect to the distributions made on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Date;
(xii) the Available Funds Cap Carryforward Amount stated separately for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution DatePool;
(xiii) the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates Pool Remittance Amounts for Pool I and Pool II and the Class AIO Certificates for such Distribution Date Current Interest Requirement and the REMIC Pass-Through Rate applicable Pool Principal Distribution Amount for Pool III for the Remittance Date, in the aggregate and by component and listed separately for the portions relating to each class Class of Certificates in the related Pool, and any Interest Shortfall Carryforward Amount or Pool Carry-Forward Amount, as the case may be, relating to each Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution DateCertificates;
(xiv) the Supplemental Interest Payment for each Reimbursable Amounts and the Class on such Distribution X Remittance Amount payable pursuant to Section 6.08(d)(X)(v) and Section 6.08(d)(Z)(xviii) with respect to the Remittance Date;
(xv) the difference between the Swap Notional Amount Class Principal Balance for each Class of Certificates and the Underwritten Certificates Pool Principal Balance for each Pool after giving effect to the distribution to be made on the Remittance Date and after allocation of Realized Losses made on such Distribution Remittance Date;
(xvi) the Required Overcollateralization Monthly Excess Spread Percentage, the Excess Spread, and the Remainder Excess Spread Amount (in each case, in the aggregate and stated separately for such Distribution Date; andeach Pool);
(xvii) the Excess Cashflow Cumulative Realized Losses, stated separately for each Pool, with respect to the Remittance Date;
(xviii) the weighted average maturity and weighted average Interest Rate, stated separately for each Pool;
(xix) the Servicing Fees, the Contingency Fees, and amounts to be deposited to the Expense Accounts, the Insurance Accounts and the FHA Premium Account, in each case, as applicable, stated separately for each Pool;
(xx) the amount of all payments and reimbursements to the Servicer pursuant to Section 5.04(b), (c), (d)(ii), (e) and (f)(i), stated separately with respect to each Pool;
(xxi) the Class Pool Factor for each Class determined using the balances in subclause (xv) above;
(xxii) the weighted average Mortgage Interest Rate and Adjusted Mortgage Interest Rate of the Mortgage Loans for each Pool and the weighted average Class Adjusted Loan Remittance Rates for each Pool, in each case for the related Remittance Date, and the weighted average Mortgage Interest Rate for the prior three month period;
(xxiii) the Class AV Remittance Rate with respect to the Remittance Date and if the Class AV Remittance Rate was based on the applicable Net Funds Cap, what it would have been if based on LIBOR plus the applicable Margin;
(xxiv) the rate of LIBOR with respect to the Remittance Date;
(xxv) the Net Funds Cap for the Class AV Certificates with respect to the Remittance Date;
(xxvi) if the Remittance Rate for the Class AV Certificates for such Remittance Date is based on the Net Funds Cap, the amount of any Certificateholders' Interest Carryover for such Class for such Remittance Date;
(xxvii) the amount of the distribution, if any, allocable to Certificateholders' Interest Carryover and the amount of any Certificateholders' Interest Carryover for all prior Remittance Dates after giving effect to such distribution (in each case, stated separately by Class and in the aggregate);
(xxviii) whether the Trigger Event for Pool III is in effect;
(xxix) the Senior Percentage and the Class B Pool Percentage for the current Remittance Date;
(xxx) the amount of any Pool Applied Realized Loss Amount, Realized Loss Amount and Unpaid Realized Loss Amount for each Class of Pool III Certificates as of the close of such Remittance Date;
(xxxi) the Accelerated Principal Distribution Amount for Pool III for such Remittance Date;
(xxxii) the amount to be deposited into the FHA Premium Account on the related Remittance Date and the amount reimbursable to the Servicer from the FHA Premium Account pursuant to Section 6.06(b)(i);
(xxxiii) The amount of FHA Payments and Related Payments received during the related Due Period, stated separately for each Pool;
(xxxiv) The Reserve Amount for the related Remittance Date;
(xxxv) Claims filed during the Due Period;
(xxxvi) Claims paid during the Due Period;
(xxxvii) Claims denied by the FHA during the Due Period;
(xxxviii) Claims pending payment by the FHA during the Due Period; and
(xxxix) The number and Principal Balance of all Defaulted Mortgage Loans purchased during the Due Period, stated separately for each Pool;
(xl) Such other information as the Certificate Insurer and the Co-Trustees may reasonably require. Each Co-Trustee shall forward such report to the Certificateholders of the applicable Pool and, with respect to the report on the Pool I and Pool II Mortgage Loans, to the Certificate Insurer on the Remittance Date, together, if requested by a Certificateholder, with a separate report indicating the amount of funds deposited in each Certificate Account pursuant to Section 6.01(a)(iv); and the amounts which are reimbursable to the Servicer or the Representative, as appropriate, pursuant to Sections 6.03(c)(i), 6.03(c)(ii), 6.04(b)(iv), 6.08(d)(X)(iii), and 6.08(d)(Z) (all reports prepared by the Co-Trustees of such withdrawals and deposits will be based in whole or in part upon the information provided to the Co-Trustees by the Servicer, the Trust Administrator or the Claims Administrator). To the extent that there are inconsistencies between the telecopy of the Trust Administrator's Certificate and the hard copy thereof, the Co-Trustees shall be entitled to rely upon the telecopy. In the discretion of the Trust Administrator, in the case of certain information furnished pursuant to subclauses (i) and (ii) abovethe above provisions, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each per $1,000 25,000 original dollar amount as of the Closing Cut-Off Date. The Trustee mayEach month, in not later than the absence of manifest error, conclusively rely upon third Business Day prior to the Determination Date Report occurring in such month, the Servicer shall deliver to the Trust Administrator the Servicer's Monthly Computer Tape in the form attached hereto as Exhibit R (both in hard copy and in computer tape form). In making any payments or distributions required to be made by them pursuant to any of the provisions hereof, the Co-Trustees shall make such payments and distributions based solely upon the information contained in the applicable Trust Administrator's Certificate or, if such information is not included in the applicable Trust Administrator's Certificate, upon written instructions of the Servicer or the Trust Administrator. The Co-Trustees may rely fully upon and shall have no liability with respect to any such information provided to them by the Servicer or the Trust Administrator. Neither Co-Trustee shall be obligated to verify, recompute, reconcile or confirm any information contained in its preparation of any Trust Administrator's Certificate or otherwise provided by the statement to Certificateholders pursuant to this Section 4.03Trust Administrator or the Servicer.
(ba) Within a reasonable period of time after the end of each calendar year, the Trustee shall, upon written request, Trust Administrator shall furnish to the Co-Trustees for distribution to each Person who at any time during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by the applicable Pool the amount of interest and principal distributed with respect to each Class of Certificates plus such Person, such other customary information as is reasonably the Trust Administrator determines to be necessary and/or required by the Internal Revenue Service to provide enable the Certificateholders to such Person a statement containing the information set forth in subclauses (i) and (ii) above, aggregated prepare their tax returns for such calendar year or applicable portion thereof during which such Person was a Certificateholderyear. Such obligation of the Trustee Trust Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished provided by the Trustee to Certificateholders Trust Administrator pursuant to any requirements of the Code as are in force from time to timetime are in force.
(cb) On each Distribution Remittance Date, the Trustee Co-Trustees shall forward to the Residual Class X and Class R Certificateholders a copy of the reports report forwarded to the Regular Certificateholders of each Pool in respect of such Distribution Remittance Date, as the case may be, and a statement, prepared by the Servicer or the Trust Administrator, setting forth the amounts actually distributed to the Class X and Class R Certificateholders, on such Remittance Date together with such other information as the Trustee Servicer or Trust Administrator provides and deems necessary or appropriate.
(dc) Within a reasonable period of time after the end of each calendar year, the Trust Administrator shall furnish to the Pool I and Pool II Co-Trustee shall deliver for distribution to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, Class X or Class R Certificateholder such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Class X or R Certificateholder, as applicable. Such obligation of the Trustee Trust Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders provided by the Trustee Trust Administrator pursuant to any requirements of the Code as from time to time in force.
(ed) On each Distribution DateUpon reasonable advance notice in writing, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible Servicer will provide to each CertificateholderCertificateholder which is a savings and loan association, bank or insurance company certain reports and access to information and documentation regarding the statement prepared pursuant Mortgage Loans sufficient to paragraph (a) permit such Certificateholder to comply with applicable regulations of this Section 4.03. Assistance the Office of Thrift Supervision or other regulatory authorities with respect to investment in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant heretoCertificates.
(fe) No later than noon on the second Business Day prior The Servicer shall furnish to each Distribution DateCertificateholder and the Certificate Insurer, during the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Dateterm of this Agreement, the Trustee will immediately provide notice in the form of Exhibit J to the such periodic, special, or other reports or information, whether or not provided for herein, as shall be necessary, reasonable, or appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermorethe Certificateholder or the Certificate Insurer, no distributions will be made from the Supplemental Interest Trust or otherwise with respect to the related Swap Counterparty purposes of this Agreement, all such reports or information to be provided by and in respect accordance with such applicable instructions and directions as the Certificateholder or the Certificate Insurer may reasonably require; provided, that the Servicer shall be entitled to be reimbursed by such Certificateholder or the Certificate Insurer for the Servicer's actual expenses incurred in providing such reports if such reports are not producible in the ordinary course of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution DateServicer's business.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Money Store Home Equity Corp)
Statements. (a) On each Distribution Date, based, as applicable, on information provided Tenant shall furnish the following statements to it by the Servicer, the Trustee shall prepare and make available to each Holder of the Regular Certificates, the Swap Counterparties, the Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution DateLandlord:
(i) Within sixty-five (65) days after the amount end of Tenant Parent’s Fiscal Years (commencing with the Fiscal Year ending December 31, 2016) or concurrently with the filing by Xxxxxx’s Parent of its annual report on Form 10-K with the SEC, whichever is earlier: (x) Tenant’s Parent’s Financial Statements; (y) a certificate, executed by the chief financial officer or treasurer of the distribution made on Tenant’s Parent (a) certifying that no default has occurred under this Master Lease or, if such Distribution Date a default has occurred, specifying the nature and extent thereof and any corrective action taken or proposed to be taken with respect thereto and (b) setting forth the Holders calculation of each Class the financial covenants set forth in Section 23.3 hereof in reasonable detail as of Regular Certificatessuch Fiscal Year (commencing with the Fiscal Year ending December 31, separately identified2016); and (z) a report with respect to Tenant’s Parent’s Financial Statements from Tenant’s Parent’s accountants, allocable which report shall be unqualified as to principal going concern and scope of audit of Tenant’s Parent and its Subsidiaries (excluding any qualification as to going concern relating to any debt maturities in the twelve month period following the date of such audit or any projected financial performance or covenant default in any Material Indebtedness or this Master Lease in such twelve month period) and shall provide in substance that (a) such consolidated financial statements present fairly the consolidated financial position of Tenant’s Parent and its Subsidiaries as at the dates indicated and the amount results of their operations and cash flow for the distribution periods indicated in conformity with GAAP and (b) that the examination by Tenant’s Parent’s accountants in connection with such Financial Statements has been made to the Holders of the Class P Certificates allocable to Prepayment Chargesin accordance with generally accepted auditing standards;
(ii) Within forty-five (45) days after the amount end of each of the distribution made first three (3) fiscal quarters of the Tenant’s Parent’s Fiscal Year (commencing with the fiscal quarter ending June 30, 2016) or concurrently with the filing by Xxxxxx’s Parent of its quarterly report on Form 10-Q with the SEC, whichever is earlier, a copy of Xxxxxx’s Parent’s Financial Statements for such Distribution Date period, together with a certificate, executed by the chief financial officer or treasurer of Tenant’s Parent (i) certifying that no default has occurred or, if such a default has occurred, specifying the nature and extent thereof and any corrective action taken or proposed to be taken with respect thereto, (ii) setting forth the calculation of the financial covenants set forth in Section 23.3 hereof in reasonable detail as of such quarter, to the Holders extent one complete Test Period has been completed which has commenced following the date of each Class this Master Lease and (iii) certifying that such Financial Statements fairly present, in all material respects, the financial position and results of Regular Certificates operations of Tenant’s Parent and its Subsidiaries on a consolidated basis in accordance with GAAP (other than subject to normal year-end audit adjustments and the Class P Certificates) allocable to interest, separately identifiedabsence of footnotes);
(iii) Promptly following Xxxxxxxx’s request from time to time, (a) five-year forecasts of Tenant’s income statement and balance sheet covering such quarterly and annual periods as may be reasonably requested by Landlord, and in a format consistent with Tenant Parent’s quarterly and annual financial statements filed with the Pool Balance SEC, and such additional financial information and projections as may be reasonably requested by Landlord in connection with syndications, private placements, or public offerings of GLP’s or Landlord’s debt securities or loans or equity or hybrid securities and (b) such additional information and unaudited quarterly financial information concerning the Leased Property and Tenant as Landlord or GLP may require for its ongoing filings with the SEC under both the Securities Act and the Securities Exchange Act of 1934, as amended, including, but not limited to 10-Q Quarterly Reports, 10-K Annual Reports and registration statements to be filed by Landlord or GLP during the Term of this Master Lease, the Internal Revenue Service (including in respect of GLP’s qualification as a “real estate investment trust” (within the meaning of Section 856(a) of the Group I Mortgage Loans Code)) and the Group II Mortgage Loans at the Close of Business at the end of the related Due Periodany other federal, state or local regulatory agency with jurisdiction over GLP or its Subsidiaries subject to Section 23.1(c) below);
(iv) the number, aggregate principal balance, and weighted average Mortgage Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment Period;
Within thirty-five (v35) the number and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Properties;
(vi) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(vii) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(viii) the Certificate Principal Balance of each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class O Certificates, after giving effect to the distributions made on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Date;
(xii) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiii) the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Date;
(xiv) the Supplemental Interest Payment for each Class on such Distribution Date;
(xv) the difference between the Swap Notional Amount and the Underwritten Certificates Principal Balance on such Distribution Date;
(xvi) the Required Overcollateralization Amount for such Distribution Date; and
(xvii) the Excess Cashflow for such Distribution Date. In the case of information furnished pursuant to subclauses (i) and (ii) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(b) Within a reasonable period of time after the end of each calendar month, a copy of Tenant’s income statement for such month and Xxxxxx’s balance sheet as of the end of such month (which may be subject to quarterly and year-end adjustments and the absence of footnotes); provided, the Trustee shallhowever, upon written request, furnish that with respect to each Person who at any time during calendar quarter, Tenant shall provide such financial reports for the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information final month thereof as soon as is reasonably necessary practicable following the closing of the books for such month and in sufficient time so that Landlord or its Affiliate is able to provide include the operational results for the entire quarter in its current Form 10-Q or Form 10-K (or supplemental report filed in connection therewith);
(v) Prompt Notice to Landlord of any action, proposal or investigation by any agency or entity, or complaint to such Person agency or entity, (any of which is called a statement containing “Proceeding”), known to Tenant, the information set forth result of which Proceeding would reasonably be expected to be to revoke or suspend or terminate or modify in subclauses (i) and (ii) abovea way adverse to Tenant, aggregated for such calendar year or applicable portion thereof during fail to renew or fully continue in effect, any license or certificate or operating authority pursuant to which such Person was a Certificateholder. Such obligation Tenant carries on any part of the Trustee shall be deemed to have been satisfied to Primary Intended Use of all or any portion of the extent that substantially comparable information shall be Leased Property;
(vi) As soon as it is prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
no event later than sixty (c60) On each Distribution Date, the Trustee shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time days after the end of each calendar yearFiscal Year, the Trustee shall deliver to a capital and operating budget for each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary Facility for that Fiscal Year; and
(vii) Tenant further agrees to provide the financial and operational reports to be delivered to Landlord under this Master Lease in such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall electronic format(s) as may reasonably be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders required by the Trustee pursuant to any requirements of the Code as Landlord from time to time in force.
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or facilitate Xxxxxxxx’s internal financial and reporting database and (ii) include permit Landlord to calculate any information required rent, fee or other payments due under Ground Leases. Xxxxxx also agrees that Landlord shall have audit rights with respect to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as extent required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement confirm Tenant’s compliance with the earliest maturity. In the event that two or more Swap Agreements have the same maturity dateMaster Lease terms (including, which date is the earliest maturity date without limitation, calculation of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty in respect of notional amounts assigned or reduced under this Section 4.03 (fNet Revenues). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution Date.
Appears in 1 contract
Statements. (a) On each Distribution Date, based, as applicable, on information provided Tenant shall furnish the following statements to it by the Servicer, the Trustee shall prepare and make available to each Holder of the Regular Certificates, the Swap Counterparties, the Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution DateLandlord:
(i) Within sixty-five (65) days after the amount end of Tenant Parent’s Fiscal Years (commencing with the Fiscal Year ending December 31, 2016) or concurrently with the filing by Xxxxxx’s Parent of its annual report on Form 10-K with the SEC, whichever is earlier: (x) Tenant’s Parent’s Financial Statements; (y) a certificate, executed by the chief financial officer or treasurer of the distribution made on Tenant’s Parent (a) certifying that no default has occurred under this Master Lease or, if such Distribution Date a default has occurred, specifying the nature and extent thereof and any corrective action taken or proposed to be taken with respect thereto and (b) setting forth the Holders calculation of each Class the financial covenants set forth in Section 23.3 hereof in reasonable detail as of Regular Certificatessuch Fiscal Year (commencing with the Fiscal Year ending December 31, separately identified2016); and (z) a report with respect to Tenant’s Parent’s Financial Statements from Tenant’s Parent’s accountants, allocable which report shall be unqualified as to principal going concern and scope of audit of Tenant’s Parent and its Subsidiaries (excluding any qualification as to going concern relating to any debt maturities in the twelve month period following the date of such audit or any projected financial performance or covenant default in any Material Indebtedness or this Master Lease in such twelve month period) and shall provide in substance that (a) such consolidated financial statements present fairly the consolidated financial position of Tenant’s Parent and its Subsidiaries as at the dates indicated and the amount results of their operations and cash flow for the distribution periods indicated in conformity with GAAP and (b) that the examination by Xxxxxx’s Parent’s accountants in connection with such Financial Statements has been made to the Holders of the Class P Certificates allocable to Prepayment Chargesin accordance with generally accepted auditing standards;
(ii) Within forty-five (45) days after the amount end of each of the distribution made first three (3) fiscal quarters of the Tenant’s Parent’s Fiscal Year (commencing with the fiscal quarter ending June 30, 2016) or concurrently with the filing by Xxxxxx’s Parent of its quarterly report on Form 10-Q with the SEC, whichever is earlier, a copy of Xxxxxx’s Parent’s Financial Statements for such Distribution Date period, together with a certificate, executed by the chief financial officer or treasurer of Tenant’s Parent (i) certifying that no default has occurred or, if such a default has occurred, specifying the nature and extent thereof and any corrective action taken or proposed to be taken with respect thereto, (ii) setting forth the calculation of the financial covenants set forth in Section 23.3 hereof in reasonable detail as of such quarter, to the Holders extent one complete Test Period has been completed which has commenced following the date of each Class this Master Lease and (iii) certifying that such Financial Statements fairly present, in all material respects, the financial position and results of Regular Certificates operations of Tenant’s Parent and its Subsidiaries on a consolidated basis in accordance with GAAP (other than subject to normal year-end audit adjustments and the Class P Certificates) allocable to interest, separately identifiedabsence of footnotes);
(iii) Promptly following Xxxxxxxx’s request from time to time, (a) five-year forecasts of Tenant’s income statement and balance sheet covering such quarterly and annual periods as may be reasonably requested by Landlord, and in a format consistent with Tenant Parent’s quarterly and annual financial statements filed with the Pool Balance SEC, and such additional financial information and projections as may be reasonably requested by Landlord in connection with syndications, private placements, or public offerings of GLP’s or Landlord’s debt securities or loans or equity or hybrid securities and (b) such additional information and unaudited quarterly financial information concerning the Leased Property and Tenant as Landlord or GLP may require for its ongoing filings with the SEC under both the Securities Act and the Securities Exchange Act of 1934, as amended, including, but not limited to 10-Q Quarterly Reports, 10-K Annual Reports and registration statements to be filed by Landlord or GLP during the Term of this Master Lease, the Internal Revenue Service (including in respect of GLP’s qualification as a “real estate investment trust” (within the meaning of Section 856(a) of the Group I Mortgage Loans Code)) and the Group II Mortgage Loans at the Close of Business at the end of the related Due Periodany other federal, state or local regulatory agency with jurisdiction over GLP or its Subsidiaries subject to Section 23.1(c) below);
(iv) the number, aggregate principal balance, and weighted average Mortgage Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment Period;
Within thirty-five (v35) the number and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Properties;
(vi) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(vii) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(viii) the Certificate Principal Balance of each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class O Certificates, after giving effect to the distributions made on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Date;
(xii) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiii) the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Date;
(xiv) the Supplemental Interest Payment for each Class on such Distribution Date;
(xv) the difference between the Swap Notional Amount and the Underwritten Certificates Principal Balance on such Distribution Date;
(xvi) the Required Overcollateralization Amount for such Distribution Date; and
(xvii) the Excess Cashflow for such Distribution Date. In the case of information furnished pursuant to subclauses (i) and (ii) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(b) Within a reasonable period of time after the end of each calendar month, a copy of Tenant’s income statement for such month and Tenant’s balance sheet as of the end of such month (which may be subject to quarterly and year-end adjustments and the absence of footnotes); provided, the Trustee shallhowever, upon written request, furnish that with respect to each Person who at any time during calendar quarter, Tenant shall provide such financial reports for the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information final month thereof as soon as is reasonably necessary practicable following the closing of the books for such month and in sufficient time so that Landlord or its Affiliate is able to provide include the operational results for the entire quarter in its current Form 10-Q or Form 10-K (or supplemental report filed in connection therewith);
(v) Prompt Notice to Landlord of any action, proposal or investigation by any agency or entity, or complaint to such Person agency or entity, (any of which is called a statement containing “Proceeding”), known to Tenant, the information set forth result of which Proceeding would reasonably be expected to be to revoke or suspend or terminate or modify in subclauses (i) and (ii) abovea way adverse to Tenant, aggregated for such calendar year or applicable portion thereof during fail to renew or fully continue in effect, any license or certificate or operating authority pursuant to which such Person was a Certificateholder. Such obligation Tenant carries on any part of the Trustee shall be deemed to have been satisfied to Primary Intended Use of all or any portion of the extent that substantially comparable information shall be Leased Property;
(vi) As soon as it is prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
no event later than sixty (c60) On each Distribution Date, the Trustee shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time days after the end of each calendar yearFiscal Year, the Trustee shall deliver to a capital and operating budget for each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary Facility for that Fiscal Year; and
(vii) Tenant further agrees to provide the financial and operational reports to be delivered to Landlord under this Master Lease in such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall electronic format(s) as may reasonably be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders required by the Trustee pursuant to any requirements of the Code as Landlord from time to time in force.
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or facilitate Xxxxxxxx’s internal financial and reporting database and (ii) include permit Landlord to calculate any information required rent, fee or other payments due under Ground Leases. Xxxxxx also agrees that Landlord shall have audit rights with respect to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as extent required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement confirm Tenant’s compliance with the earliest maturity. In the event that two or more Swap Agreements have the same maturity dateMaster Lease terms (including, which date is the earliest maturity date without limitation, calculation of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty in respect of notional amounts assigned or reduced under this Section 4.03 (fNet Revenues). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution Date.
Appears in 1 contract
Statements. (a) No later than each Determination Date, the Servicer shall deliver to the Indenture Trustee (i) a printed report setting forth the payments and collections received with respect to the Loans during the Due Period for the month immediately preceding the month in which such Determination Date occurs (each such tape, a "Servicer Remittance Report") and (ii),if not included in the Servicer Remittance Report, a printed report and an electromagnetic tape in computer readable format, setting forth the information described in clauses (A) --(I) of Section 6.1(b) for the month immediately preceding the month in which such Determination Date occurs (such report, a "Delinquency Report"). Furthermore, no later than each Determination Date, the Servicer shall deliver to the Indenture Trustee a magnetic tape or computer disk providing such information regarding the Servicer's activities in servicing the Loans during the related Due Period as the Indenture Trustee may reasonably require.
(b) On each Distribution Date, basedIndenture Trustee shall distribute, as applicable, based on information provided to it by the Servicer, a monthly statement (the Trustee shall prepare and make available "Distribution Statement"), to each Holder of the Regular CertificatesDepositor, the Swap Counterparties, the Servicer Securityholders and the Rating Agencies, a statement as to stating the distributions made on such Distribution Datedate of original issuance of the Securities (day, month and year), the name of the Issuer (i.e. "_______________ Trust ____________"), the series designation of the Notes (i.e., "Series ___________"), the date of this Agreement and the following information:
(i) the amount of Available Collection Amount and Available Distribution Amount for the distribution made on such related Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment ChargesDate;
(ii) the amount of the distribution made on such Distribution Date to the Holders Class Principal Balance of each Class of Regular Certificates (other than Notes before and after giving effect to distributions made to the Class P Certificates) allocable to interestholders of such Securities on such Distribution Date, separately identified;
(iii) and the Pool Principal Balance as of the Group I Mortgage Loans first and the Group II Mortgage Loans at the Close of Business at the end last day of the related Due Period;
(iii) the Class Factor with respect to each Class of the Securities then outstanding;
(iv) the number, aggregate amount of principal balance, and weighted average Mortgage Rate of interest received on the Mortgage Loans as of during the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment Due Period;
(v) with respect to each Class of Notes, the number and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO PropertiesOptimal Principal Balance thereof;
(vi) the aggregate Overcollateralization Deficiency Amount, and any amount to be distributed to the Noteholders or the holders of Principal Prepayments made during the related Prepayment PeriodResidual Interests on such Distribution Date;
(vii) the aggregate amount of Realized Losses incurred during Servicing Compensation, the related Prepayment Period Indenture Trustee Fee, the Owner Trustee Fee and the cumulative amount of Realized LossesCustodial Fee for such Distribution Date;
(viii) the Certificate Principal Balance Overcollateralization Amount on such Distribution Date, the Overcollateralization Target Amount as of each class such Distribution Date, the Net Loan Losses incurred during the related Due Period, the cumulative Net Loan Losses as of the Class A Certificates, each class of the Mezzanine Certificates such Distribution Date and the Class O Certificates, after giving effect to the distributions made on Allocable Loss Amount for such Distribution Date;
(ix) the Unpaid weighted average maturity of the Loans and the weighted average Loan Interest Shortfall AmountRate of the Loans;
(x) certain performance information, if any, including delinquency and foreclosure information with respect to each class the Loans, as set forth in the Servicer's Monthly Remittance Report; and
(xi) the Pre-Funding Amount at the end of the Class A Certificatesrelated Due Period. In addition, on each class Distribution Date the Indenture Trustee shall distribute to each Securityholder, together with the information described above, the following information based solely upon information provided to the Indenture Trustee pursuant to Section 6.1(a) upon which the Indenture Trustee may conclusively rely without independent verification:
(A) the number and aggregate Principal Balance (including the percentage equivalent relative to the aggregate Principal Balance of all Loans) of Loans (i) 30-59 days delinquent, (ii) 60-89 days delinquent and (iii) 90 days or more delinquent (which statistics shall include Loans in foreclosure and bankruptcy but which shall exclude Foreclosure Properties), as of the Mezzanine Certificates close of business on the last day of the calendar month next preceding such Distribution Date and the Class AIO Certificates for aggregate Principal Balances of all Loans as of such date;
(B) the number of, and aggregate Principal Balance of, all Loans in foreclosure proceedings (other than any Loans described in clause (C)) and the percent of the aggregate Principal Balances of such Loans to the aggregate Principal Balances of all Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(xC) the number of, and the aggregate amount Principal Balance of, the related Loans in bankruptcy proceedings (other than any Loans described in clause (B)) and the percent of any Prepayment Interest Shortfalls for the aggregate Principal Balances of such Distribution Date, Loans to the extent not covered by payments by aggregate Principal Balances of all Loans, all as of the Servicer pursuant to Section 3.25;
(xi) close of business on the Credit Enhancement Percentage for last day of the calendar month next preceding such Distribution Date;
(xiiD) the Available Funds Cap Carryforward Amount for each class number of Foreclosure Properties, the aggregate Principal Balances of the Class A Certificates related Loans, the book value of such Foreclosure Properties and each class the percent of the Mezzanine Certificatesaggregate Principal Balances of such Loans to the aggregate Principal Balances of all Loans, if any, for such Distribution Date and all as of the amount remaining unpaid after reimbursements therefor close of business on the last day of the calendar month next preceding such Distribution Date;
(xiiiE) for each Foreclosure Property, the respective REMIC Pass-Through Rates applicable to each class Principal Balance of the Class A Certificatesrelated Loan, each class the loan number of such Loan, the value of the Mezzanine Certificates Mortgaged Property, the value established by any new appraisal, the estimated cost of disposing of the Loan and the Class AIO Certificates amount of any unreimbursed Servicing Advances;
(F) for each Loan which is in foreclosure, the Principal Balance of such Loan, the book value of the Mortgaged Property, the combined loan-to-value ratio as of the date of origination, the combined loan-to-value ratio as of the close of business on the last day of the calendar month next preceding such Distribution Date and the REMIC Passlast paid-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Dateto-date;
(xivG) the Supplemental Interest Payment for principal balance of each Class on such Distribution DateLoan that was modified or extended pursuant to the terms hereof;
(xvH) during the difference between related Due Period, the Swap Notional Amount number of and aggregate Principal Balance and the Underwritten Certificates Principal Balance on loan numbers of Loans for each of the following: (A) that became Liquidated Loans, (B) that became Defective Loans pursuant to Section 3.5 as a result of such Distribution DateDefective Loans being Defective Loans, and (C) that became Defaulted Loans;
(xviI) from the Required Overcollateralization Amount Closing Date through the most current Due Period, the number of and cumulative aggregate Principal Balance of Loans for such Distribution Date; and
each of the following: (xviiA) the Excess Cashflow for such Distribution Date. In the case of information furnished that became Liquidated Loans, (B) that became Defective Loans pursuant to subclauses (i) Section 3.5 as a result of such Deleted Home loans being Defective Loans, and (iiC) above, the amounts shall be expressed in a separate section of the report that became Defective Loans pursuant to Section 3.5 as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(b) Within a reasonable period of time after the end of each calendar year, the Trustee shall, upon written request, furnish to each Person who at any time during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect result of such Distribution Date with such other information as Defective Loans being Defaulted Loans or a Loan in default or imminent default, including the Trustee deems necessary or appropriate.
foregoing amounts by loan type (d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee pursuant to any requirements of the Code as from time to time in force.
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty in respect of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution Date.i.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Residential Asset Funding Corp)
Statements. (a) No later than each Determination Date, the Servicer shall deliver to the Indenture Trustee (i) a printed report setting forth the payments and collections received with respect to the Loans during the Due Period for the month immediately preceding the month in which such Determination Date occurs (each such tape, a "Servicer Remittance Report") and (ii),if not included in the Servicer Remittance Report, a printed report and an electromagnetic tape in computer readable format, setting forth the information described in clauses (A) - (I) of Section 6.1(b) for the month immediately preceding the month in which such Determination Date occurs (such report, a "Delinquency Report"). Furthermore, no later than each Determination Date, the Servicer shall deliver to the Indenture Trustee a magnetic tape or computer disk providing such information regarding the Servicer's activities in servicing the Loans during the related Due Period as the Indenture Trustee may reasonably require.
(b) On each Distribution Date, basedIndenture Trustee shall distribute, as applicable, based on information provided to it by the Servicer, a monthly statement (the Trustee shall prepare and make available "Distribution Statement"), to each Holder of the Regular CertificatesDepositor, the Swap Counterparties, the Servicer Securityholders and the Rating Agencies, a statement as to stating the distributions made on such Distribution Datedate of original issuance of the Securities (day, month and year), the name of the Issuer (i.e. "_______________ Trust ____________"), the series designation of the Notes (i.e., "Series ___________"), the date of this Agreement and the following information:
(i) the amount of Available Collection Amount and Available Distribution Amount for the distribution made on such related Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment ChargesDate;
(ii) the amount of the distribution made on such Distribution Date to the Holders Class Principal Balance of each Class of Regular Certificates (other than Notes before and after giving effect to distributions made to the Class P Certificates) allocable to interestholders of such Securities on such Distribution Date, separately identified;
(iii) and the Pool Principal Balance as of the Group I Mortgage Loans first and the Group II Mortgage Loans at the Close of Business at the end last day of the related Due Period;
(iii) the Class Factor with respect to each Class of the Securities then outstanding;
(iv) the number, aggregate amount of principal balance, and weighted average Mortgage Rate of interest received on the Mortgage Loans as of during the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment Due Period;
(v) with respect to each Class of Notes, the number and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO PropertiesOptimal Principal Balance thereof;
(vi) the aggregate Overcollateralization Deficiency Amount, and any amount to be distributed to the Noteholders or the holders of Principal Prepayments made during the related Prepayment PeriodResidual Interests on such Distribution Date;
(vii) the aggregate amount of Realized Losses incurred during Servicing Compensation, the related Prepayment Period Indenture Trustee Fee, the Owner Trustee Fee and the cumulative amount of Realized LossesCustodial Fee for such Distribution Date;
(viii) the Certificate Principal Balance Overcollateralization Amount on such Distribution Date, the Overcollateralization Target Amount as of each class such Distribution Date, the Net Loan Losses incurred during the related Due Period, the cumulative Net Loan Losses as of the Class A Certificates, each class of the Mezzanine Certificates such Distribution Date and the Class O Certificates, after giving effect to the distributions made on Allocable Loss Amount for such Distribution Date;
(ix) the Unpaid weighted average maturity of the Loans and the weighted average Loan Interest Shortfall AmountRate of the Loans;
(x) certain performance information, if any, including delinquency and foreclosure information with respect to each class the Loans, as set forth in the Servicer's Monthly Remittance Report; and
(xi) the Pre-Funding Amount at the end of the Class A Certificatesrelated Due Period. In addition, on each class Distribution Date the Indenture Trustee shall distribute to each Securityholder, together with the information described above, the following information based solely upon information provided to the Indenture Trustee pursuant to Section 6.1(a) upon which the Indenture Trustee may conclusively rely without independent verification:
(A) the number and aggregate Principal Balance (including the percentage equivalent relative to the aggregate Principal Balance of all Loans) of Loans (i) 30-59 days delinquent, (ii) 60-89 days delinquent and (iii) 90 days or more delinquent (which statistics shall include Loans in foreclosure and bankruptcy but which shall exclude Foreclosure Properties), as of the Mezzanine Certificates close of business on the last day of the calendar month next preceding such Distribution Date and the Class AIO Certificates for aggregate Principal Balances of all Loans as of such date;
(B) the number of, and aggregate Principal Balance of, all Loans in foreclosure proceedings (other than any Loans described in clause (C)) and the percent of the aggregate Principal Balances of such Loans to the aggregate Principal Balances of all Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(xC) the number of, and the aggregate amount Principal Balance of, the related Loans in bankruptcy proceedings (other than any Loans described in clause (B)) and the percent of any Prepayment Interest Shortfalls for the aggregate Principal Balances of such Distribution Date, Loans to the extent not covered by payments by aggregate Principal Balances of all Loans, all as of the Servicer pursuant to Section 3.25;
(xi) close of business on the Credit Enhancement Percentage for last day of the calendar month next preceding such Distribution Date;
(xiiD) the Available Funds Cap Carryforward Amount for each class number of Foreclosure Properties, the aggregate Principal Balances of the Class A Certificates related Loans, the book value of such Foreclosure Properties and each class the percent of the Mezzanine Certificatesaggregate Principal Balances of such Loans to the aggregate Principal Balances of all Loans, if any, for such Distribution Date and all as of the amount remaining unpaid after reimbursements therefor close of business on the last day of the calendar month next preceding such Distribution Date;
(xiiiE) for each Foreclosure Property, the respective REMIC Pass-Through Rates applicable to each class Principal Balance of the Class A Certificatesrelated Loan, each class the loan number of such Loan, the value of the Mezzanine Certificates Mortgaged Property, the value established by any new appraisal, the estimated cost of disposing of the Loan and the Class AIO Certificates amount of any unreimbursed Servicing Advances;
(F) for each Loan which is in foreclosure, the Principal Balance of such Loan, the book value of the Mortgaged Property, the combined loan-to-value ratio as of the date of origination, the combined loan-to-value ratio as of the close of business on the last day of the calendar month next preceding such Distribution Date and the REMIC Passlast paid-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Dateto-date;
(xivG) the Supplemental Interest Payment for principal balance of each Class on such Distribution DateLoan that was modified or extended pursuant to the terms hereof;
(xvH) during the difference between related Due Period, the Swap Notional Amount number of and aggregate Principal Balance and the Underwritten Certificates Principal Balance on loan numbers of Loans for each of the following: (A) that became Liquidated Loans, (B) that became Defective Loans pursuant to Section 3.5 as a result of such Distribution DateDefective Loans being Defective Loans, and (C) that became Defaulted Loans;
(xviI) from the Required Overcollateralization Amount Closing Date through the most current Due Period, the number of and cumulative aggregate Principal Balance of Loans for such Distribution Date; and
each of the following: (xviiA) the Excess Cashflow for such Distribution Date. In the case of information furnished that became Liquidated Loans, (B) that became Defective Loans pursuant to subclauses (i) Section 3.5 as a result of such Deleted Home loans being Defective Loans, and (iiC) above, the amounts shall be expressed in a separate section of the report that became Defective Loans pursuant to Section 3.5 as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(b) Within a reasonable period of time after the end of each calendar year, the Trustee shall, upon written request, furnish to each Person who at any time during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect result of such Distribution Date with such other information as Defective Loans being Defaulted Loans or a Loan in default or imminent default, including the Trustee deems necessary or appropriate.
foregoing amounts by loan type (d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee pursuant to any requirements of the Code as from time to time in force.
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty in respect of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution Date.i.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Home Equity Securitization Corp)
Statements. (a) On each Distribution Each month, not later than 12:00 noon New York time on the Determination Date, basedthe Certificate Administrator shall prepare a report signed by an officer of the Certificate Administrator (a "Certificate Administrator's Report") stating the date (day, as applicable, on information provided to it by the Servicermonth and year), the Trustee shall prepare and make available to each Holder Series number of the Regular Certificates, the Swap Counterpartiesdate of this Agreement, and the following (based solely on the information received from the Servicer and in the Rating Agencies, a statement as to the distributions made on such Distribution Date:Servicer's monthly computer tape):
(i) the amount of Available Funds for the distribution made on such related Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment ChargesDate;
(ii) the amount of the distribution made on such Distribution Date to the Holders of Class Principal Balances for each Class of Regular Certificates (other than or, in the case of the first Determination Date, the Original Principal Balance for each Class P of Certificates) allocable to interest, separately identified;
(iii) the Pool Balance of the Group I Mortgage Loans and the Group II Mortgage Loans at the Close of Business at the end of Principal Distribution Amounts for the related Due PeriodDistribution Date, in the aggregate and listed separately for the portions relating to each Class of Certificates;
(iv) the number, aggregate principal balance, Overcollateralization Amount and weighted average Mortgage Rate of the Mortgage Loans as of Targeted Overcollateralization Amount for the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment PeriodDistribution Date;
(v) the number and aggregate unpaid principal balance Principal Balances of all Mortgage Loans that which were (A) Delinquent (exclusive the subject of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO PropertiesPrincipal Prepayments during the Collection Period;
(vi) the aggregate amount of Principal Prepayments made all Curtailments which were received during the related Prepayment Collection Period;
(vii) the aggregate amount of Realized Losses incurred all Excess Payments and the amounts of Monthly Payments in respect of principal received during the related Prepayment Period and the cumulative amount of Realized LossesCollection Period;
(viii) the Certificate Principal Balance amount of each class of interest received on the Class A Certificates, each class of the Mezzanine Certificates and the Class O Certificates, after giving effect to the distributions made on such Distribution DateMortgage Loans;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class amount of the Class A CertificatesMonthly Advances to be made on the Determination Date, each class the portion of the Mezzanine Certificates Monthly Advances to be deposited in the Certificate Account pursuant to Section 6.01(a)(ii), and the Class AIO Certificates for such Distribution Compensating Interest payment to be made on the Determination Date;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to delinquency and foreclosure information set forth in the extent not covered by payments by the Servicer pursuant to Section 3.25form attached hereto as Exhibit I;
(xi) the Credit Enhancement Percentage for such Distribution Dateamount of any Realized Losses incurred during the related Collection Period;
(xii) the Available Funds Cap Current Interest for the Distribution Date for each Class of Certificates and any Interest Shortfall Carryforward Amount for relating to each class Class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiii) the respective REMIC Pass-Through Rates applicable Reimbursable Amounts and amounts payable to each class of the Class A Certificates, each class of X Certificates pursuant to Sections 6.04(d) with respect to the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Date;
(xiv) the Supplemental Interest Payment Class Principal Balance for each Class of Certificates and the Principal Balance after giving effect to the distribution to be made on the Distribution Date and after allocation of Realized Losses made on such Distribution Date;
(xv) the difference between Cumulative Realized Losses with respect to the Swap Notional Amount and the Underwritten Certificates Principal Balance on such Distribution Date;
(xvi) the Required Overcollateralization Supplemental Interest Amount for the Class A-2 Certificates with respect to the Distribution Date;
(xvii) the Servicing Fees, and amounts to be deposited to the Expense Account;
(xviii) the amount of all payments and reimbursements to the Servicer pursuant to Section 5.04(b), (c), (d)(ii), (e) and (f);
(xix) the weighted average maturity and weighted average Mortgage Interest Rate of the Mortgage Loans for the related Collection Period, and the weighted average Mortgage Interest Rate for the prior three month period;
(xx) the Pass-Through Rate for each Class of Certificates with respect to the Distribution Date and if the Pass-Through Rate for any Class of Certificates was based on the Pool Cap (or in the case of the Class A-2 Certificates, the Fixed Cap), what it would have been without regard to the Pool Cap (or Fixed Cap);
(xxi) the rate of LIBOR with respect to the Distribution Date;
(xxii) the Pool Cap with respect to the Distribution Date;
(xxiii) if the Pass-Through Rate for the Class A-2 Certificates for such Distribution Date is based on the Fixed Cap, the amount of any remaining Supplemental Interest Amount for such Class after any Supplemental Interest Payments are made for such Distribution Date;
(xxiv) with respect to the Class A-2 Certificates, the amount of the distribution, if any, allocable to Supplemental Interest Amount and the amount of any Supplemental Interest Amount for all prior Distribution Dates after giving effect to such distribution;
(xxv) whether the Trigger Event is in effect;
(xxvi) the amount of any Applied Realized Loss Amount with respect to each Class of Certificates, the amount of Realized Losses for the related Collection Period with respect to the Mortgage Loans, and the amount of Cumulative Realized Losses on the Mortgage Loans as of the close of such Distribution Date;
(xxvii) the amount of the Accelerated Principal Distribution Amount for such Distribution Date; and;
(xviixxviii) the Excess Cashflow number and Principal Balance of all Defaulted Mortgage Loans purchased during the Collection Period;
(xxix) the Overcollaterization Amount for such the applicable Distribution Date;
(xxx) such other information as the Trustee may reasonably require. The Certificate Administrator will make the report to Certificateholders available each month via the Certificate Administrator's internet website. The Certificate Administrator's internet website will initially be located at "www.firstlinkabs.com". Assistance in using the website can be obtainex xx xxxxxxx xxx Xxxtificate Administrator's customer service desk at 704-383-9568. Parties that are unable to use the above distribution mxxxxx xxx xxtitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall forward such report to the Certificateholders on the Distribution Date, together, if requested by a Certificateholder, with a separate report indicating the amount of funds deposited in the Certificate Account pursuant to Section 6.01(a); and the amounts which are reimbursable to the Servicer or the Seller, as appropriate, pursuant to Sections 6.02(c)(i) and 6.02(c)(ii). In the discretion of the Certificate Administrator, in the case of certain information furnished pursuant to subclauses (i) and (ii) abovethe above provisions, the amounts shall be expressed in a separate section Section of the report as a dollar amount for each Class for each per $1,000 25,000 original dollar amount as of the Closing Cut-Off Date. Each month, not later than the third Business Day prior to the Determination Date occurring in such month, the Servicer shall deliver to the Certificate Administrator the Servicer's Monthly Computer Tape in the form attached hereto as Exhibit J (both in hard copy and in computer tape form). The Certificate Administrator may rely fully upon and shall have no liability with respect to any information provided to it by the Servicer. The Certificate Administrator shall not be obligated to verify, recompute, reconcile or confirm any information contained in the Servicer's Monthly Computer Tape or otherwise provided by the Servicer. In making any payments or distributions required to be made by them pursuant to any of the provisions hereof, the Certificate Administrator shall make such payments and distributions based solely upon the information contained in the Servicer's Monthly Computer Tape or, if such information is not included in the Servicer's Monthly Computer Tape, upon written instructions of the Servicer. The Trustee may, in the absence of manifest error, conclusively may rely fully upon the Determination Date Report of and shall have no liability with respect to any such information provided to it by the Servicer or the Certificate Administrator. The Trustee shall not be obligated to verify, recompute, reconcile or confirm any information contained in its preparation of any Certificate Administrator's Report or otherwise provided by the statement to Certificateholders pursuant to this Section 4.03Certificate Administrator or the Servicer.
(b) Within a reasonable period of time after the end of each calendar year, the Trustee shall, upon written request, Certificate Administrator shall furnish to each Person who at any time during the calendar year was a Certificateholder and who so requests the amount of a Regular Certificate, if requested in writing by interest and principal distributed with respect to each Class of Certificates plus such Person, such other customary information as is reasonably the Certificate Administrator determines to be necessary and/or required by the Internal Revenue Service to provide enable the Certificateholders to such Person a statement containing the information set forth in subclauses (i) and (ii) above, aggregated prepare their tax returns for such calendar year or applicable portion thereof during which such Person was a Certificateholderyear. Such obligation of the Trustee Certificate Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished provided by the Trustee to Certificateholders Certificate Administrator pursuant to any requirements of the Code as are in force from time to timetime are in force.
(c) On each Distribution Date, the Trustee Certificate Administrator shall forward make available to the Residual Class X and Class R Certificateholders a copy of the reports report forwarded to the Regular Certificateholders in respect of such Distribution Date, as the case may be, and a statement, prepared by the Servicer or the Certificate Administrator, setting forth the amounts actually distributed to the Class X and Class R Certificateholders, on such Distribution Date together with such other information as the Trustee Servicer or Certificate Administrator provides and deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee Certificate Administrator shall deliver distribute to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, Class X or Class R Certificateholder and who so requests such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Class X or R Certificateholder, as applicable. Such obligation of the Trustee Certificate Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders provided by the Trustee Certificate Administrator pursuant to any requirements of the Code as from time to time in force.
(e) On each Distribution DateUpon reasonable advance notice in writing, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible Servicer will provide to each CertificateholderCertificateholder which is a savings and loan association, bank or insurance company certain reports and access to information and documentation regarding the statement prepared pursuant Mortgage Loans sufficient to paragraph (a) permit such Certificateholder to comply with applicable regulations of this Section 4.03. Assistance the Office of Thrift Supervision or other regulatory authorities with respect to investment in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant heretoCertificates.
(f) No later than noon on the second Business Day prior The Servicer shall furnish to each Distribution DateCertificateholder, during the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Dateterm of this Agreement, the Trustee will immediately provide notice in the form of Exhibit J to the such periodic, special, or other reports or information, whether or not provided for herein, as shall be necessary, reasonable, or appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermorethe Certificateholder, no distributions will be made from the Supplemental Interest Trust or otherwise with respect to the related Swap Counterparty purposes of this Agreement, all such reports or information to be provided by and in respect accordance with such applicable instructions and directions as the Certificateholder may reasonably require; provided, that the Servicer shall be entitled to be reimbursed by such Certificateholder for the Servicer's actual expenses incurred in providing such reports if such reports are not producible in the ordinary course of notional amounts assigned the Servicer's business.
(g) The Certificate Administrator shall, on behalf of the Trust Fund, prepare, sign and file with the Securities and Exchange Commission any and all reports, statements and information respecting the Trust which the Depositor determines are required to be filed with the Securities and Exchange Commission pursuant to Sections 13(a) or reduced 15(d) of the Securities Exchange Act of 1934, as amended, each such report, statement and information to be filed on or prior to the required filing date for such report, statement or information. Upon the request of the Certificate Administrator, each of the Servicer and the Depositor shall cooperate with the Certificate Administrator in the preparation of any such report and shall provide to the Certificate Administrator in a timely manner all such information or documentation as the Certificate Administrator may reasonably request in connection with the performance of its duties and obligations under this Section 4.03 (f6.06(g). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Residential Asset Funding Corp)
Statements. (a) Not later than 12:00 noon, New York City time, on each Determination Date, the Servicer shall deliver to the Trustee a computer tape (or such other report in a form and format mutually agreeable to the Servicer and the Trustee) containing the information set forth in Exhibit E hereto as to each Mortgage Loan as of the end of the preceding Due Period and such other information as the Trustee shall reasonably require. On each the Business Day preceding the Distribution Date, based, as applicable, on information provided the Trustee shall deliver to it by the Servicer, the Trustee shall prepare Depositor and make available to each Holder of the Regular CertificatesCertificate Insurer, the Swap Counterpartiesby telecopy, the Servicer and the Rating Agencieswith a hard copy thereof to be delivered on such Distribution Date, a statement as (the "Trustee's Remittance Report") (based solely on the information contained on the computer tape) containing the information set forth below with respect to the distributions made on such Distribution Date:
(i) The Available Funds and each Class' Certificate Rate for the amount of the distribution made on such related Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment ChargesDate;
(ii) The Class A-1 Principal Balance, the amount Notional Principal Balance of the distribution made on such Distribution Class A-2 Certificates, the Pool Principal Balance as reported in the prior Trustee's Remittance Report or, in the case of the first Determination Date, the Original Class A-1 Certificate Principal Balance and the Cut-Off Date to the Holders of each Class of Regular Certificates (other than the Class P Certificates) allocable to interest, separately identifiedPool Principal Balance;
(iii) The aggregate amount of collections received on the Pool Balance Mortgage Loans on or prior to such Determination Date in respect of the Group I preceding Due Period, separately stating the amounts received in respect of principal and interest;
(iv) The number and Principal Balances of all Mortgage Loans and that were the Group II Mortgage Loans at the Close subject of Business at the end of Principal Prepayments during the related Due Period;
(ivv) the number, aggregate principal balance, and weighted average Mortgage Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance The amount of all Subsequent Mortgage Loans added Curtailments that were received during the preceding Prepayment Due Period;
(v) the number and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Properties;
(vi) the aggregate amount The principal portion of Principal Prepayments made all Monthly Payments received during the related Prepayment Due Period;
(vii) The interest portion of all Monthly Payments received on the aggregate amount of Realized Losses incurred Mortgage Loans during the related Prepayment Period and the cumulative amount of Realized LossesDue Period;
(viii) The amount required to be paid by the Certificate Principal Balance of each class of the Class A CertificatesSeller (reported separately) pursuant to Sections 2.02, each class of the Mezzanine Certificates and the Class O Certificates, after giving effect to the distributions made on such Distribution Date2.04 or 2.06;
(ix) The amount of the Unpaid Monthly Advances and the Compensating Interest Shortfall Amount, if any, payment to be made with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to Certificate Rate on the extent not covered by payments by Variable Rate Certificates and the Servicer pursuant to Section 3.25Certificate Index;
(xi) The Class A-1 Principal Distribution and the Credit Enhancement Percentage Class Interest Distribution for such the related Distribution DateDate to be distributed on each Class of Class A Certificates;
(xii) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates and each class of the Mezzanine CertificatesThe amount, if any, for such Distribution Date of the Outstanding Class Interest Carryover Shortfall and Class A-1 Principal Shortfall Amount after giving effect to the amount remaining unpaid after reimbursements therefor distributions on such the related Distribution Date;
(xiii) the respective REMIC Pass-Through Rates applicable to each class The amount of the Class A CertificatesInsured Payments, each class of if any, to be made on the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding related Distribution Date;
(xiv) The amount to be distributed to the Supplemental Interest Payment Class R Certificateholders for each Class on such the related Distribution Date;
(xv) the difference between the Swap Notional Amount and the Underwritten Certificates The Class A-1 Principal Balance on such Distribution Date;
(xvi) the Required Overcollateralization Amount for such Distribution Date; and
(xvii) the Excess Cashflow for such Distribution Date. In the case of information furnished pursuant to subclauses (i) and (ii) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(b) Within a reasonable period of time after the end of each calendar year, the Trustee shall, upon written request, furnish to each Person who at any time during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied giving effect to the extent that substantially comparable information shall be prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee pursuant to any requirements of the Code as from time to time in force.
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur made on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J ; (xvi) The weighted average remaining term to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion maturity of the related notional amount from Mortgage Loans and the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty in respect of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution Date.weighted average Loan Rate;
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)
Statements. (a) On each Distribution Date, the Trustee shall make available to each Certificateholder, the Seller and each Rating Agency, a statement based, as applicable, on loan-level information provided to it by the Servicer, the Trustee shall prepare and make available to each Holder of the Regular Certificates, the Swap Counterparties, obtained from the Servicer and (the Rating Agencies, a statement “Distribution Date Statement”) as to the distributions to be made or made, as applicable, on such Distribution Date:
(i) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Chargesprincipal;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates (other than the Class P Certificates) allocable to interest, separately identified;
(iii) the Senior Percentage, Senior Prepayment Percentage, Subordinate Percentage and Subordinate Prepayment Percentage for the following Distribution Date;
(iv) the amount of servicing compensation received by the Servicer during the related Due Period
(v) any customary information as the Trustee deems necessary or desirable, or which a Certificateholder reasonably requests, to enable Certificateholders to prepare their tax returns;
(vi) the aggregate amount of Advances for the related Due Period and the amount of unreimbursed Advances;
(vii) the Pool Balance of the Group I Mortgage Loans and the Group II Mortgage Loans Net WAC at the Close of Business at the end of the related Due Period;
(ivviii) the number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Loan Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment PeriodDue Date;
(vix) the number and aggregate unpaid principal balance of Mortgage Loans that were Loans, (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1a) 30 to 59 daysdays Delinquent, (2b) 60 to 89 days and Delinquent, (3c) 90 or more daysdays Delinquent, (Bd) as to which foreclosure proceedings have been commenced and (Ce) REO Propertiesin bankruptcy, in each case as of the close of business on the last day of the preceding calendar month;
(vix) the book value of any REO Property as of the Close of Business on the last Business Day of the calendar month preceding the Distribution Date, and, cumulatively, the total number and cumulative principal balance of all REO Properties as of the Close of Business of the last day of the preceding Due Period;
(xi) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(viixii) the aggregate amount of Realized Losses incurred during the related Prepayment Due Period and the cumulative amount of Realized Losses;
(viiixiii) the Class Certificate Principal Balance or Class Certificate Notional Amount, as applicable, of each class Class of the Class A Certificates, each class of the Mezzanine Certificates and the Class O Certificates, after giving effect to the any distributions made thereon, on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Date;
(xii) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiii) the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Date;
(xiv) the Supplemental Interest Payment for Distributable Amount in respect of each Class of Certificates, for such Distribution Date and the respective portions thereof, if any, remaining unpaid following the distributions made in respect of such Certificates on such Distribution Date;
(xv) the difference between the Swap Notional Amount aggregate amount of any Net Interest Shortfalls and the Underwritten Certificates Principal Balance on Unpaid Interest Shortfall Amount for such Distribution Date;
(xvi) the Required Overcollateralization Amount Available Funds;
(xvii) the Pass-Through Rate for each Class of Certificates for such Distribution Date; and
(xviixviii) the Excess Cashflow for aggregate Principal Balance of Mortgage Loans purchased hereunder by the Seller during the related Due Period, and indicating the relevant section of the Servicing Agreement, or the Section of this Agreement, as applicable, requiring or allowing the purchase of each such Mortgage Loan. The Trustee will make the Distribution DateDate Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders and the other parties to this Agreement via the Trustee’s internet website. The Trustee’s internet website shall initially be located at “xxx.xxxxxxxx.xxx/xxx.” Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk at 0-000-000-0000 and indicating such. The Trustee shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such change. In the case of information furnished pursuant to subclauses (i) and (ii) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Cut-Off Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(b) Within a reasonable period of time after the end of each calendar year, the Trustee shall, upon written request, furnish to each Person who at any time during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward supply an electronic tape to the Residual Certificateholders Bloomberg Financial Markets, Inc. in a copy of the reports forwarded format acceptable to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar yearBloomberg Financial Markets, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee pursuant to any requirements of the Code as from time to time in force.
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) Inc. on a pro rata monthly basis. Once such notional amounts have been reduced or assigned back , and shall supply an electronic tape to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect Loan Performance and Intex Solutions in a format acceptable to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty in respect of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow Loan Performance and Intex Solutions on a Notional Amount Test Event to occur on any Distribution Datemonthly basis.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenpoint Mortgage Loan Trust 2004-1)
Statements. (a) On each Distribution Each month, not later than 12:00 noon New York time on the Determination Date, based, as applicable, on information provided to it by the Servicer, the Trustee shall prepare and make available to each Holder of the Regular Certificates, the Swap Counterparties, the Servicer shall deliver to the Trustee, by telecopy, for distribution to the Noteholders, and the Rating AgenciesOwner Trustee for distribution to the Certificateholders, the receipt and legibility of which shall be confirmed telephonically, with hard copy thereof and the Servicer's Monthly Computer Tape in the form attached hereto as Exhibit M (both in hard copy and in computer tape form) to be delivered on the Business Day following the Determination Date, a statement as to certificate signed by a Servicing Officer (a "Servicer's Certificate") stating the distributions made on such Distribution Datedate (day, month and year), the Series number, the date of this Agreement, and the following:
(i) the amount of Available Remittance Amounts for the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Chargesrelated Remittance Date;
(ii) the amount of the distribution made on such Distribution Date to the Holders of Class Principal Balances for each Class of Regular Certificates Class A, Class M and Class B Notes as reported in the prior Servicer's Certificate pursuant to subclause (other than xv) below, or, in the case of the first Determination Date, the Original Principal Balance for each Class P Certificates) allocable to interestof Class A, separately identifiedClass M and Class B Notes;
(iii) the Pool Balance Principal Distribution Amounts for the related Remittance Date, in the aggregate and listed separately for the portions relating to each Class of Class A, Class M and Class B Notes;
(iv) the Interest Shortfall Carryforward Amounts and Realized Loss Amounts for the related Remittance Date (by Class and in the aggregate);
(v) the Available Maximum Subordination Amount for the related Remittance Date;
(vi) the number and Principal Balances of all Loans which were the subject of Principal Prepayments during the Due Period;
(vii) the amount of all Curtailments which were received during the Due Period;
(viii) the aggregate amount of all Excess Payments and the amounts of Monthly Payments in respect of principal received during the Due Period;
(ix) the amount of interest received on the Loans;
(x) the amount of the Group I Mortgage Loans Monthly Advances to be made on the Determination Date, the portion of the Monthly Advances to be deposited in the Note Distribution Account pursuant to Section 7.01(a)(ii), and the Group II Mortgage Loans at Compensating Interest payment to be made on the Close Determination Date;
(xi) the delinquency and foreclosure information set forth in the form attached hereto as Exhibit L;
(xii) the amount of Business at the end of any Realized Losses incurred during the related Due Period;
(iv) the number, aggregate principal balance, and weighted average Mortgage Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment Period;
(v) the number and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Properties;
(vi) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(vii) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(viii) the Certificate Principal Balance of each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class O Certificates, after giving effect to the distributions made on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Date;
(xiixiii) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiii) the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates Remittance Amounts for the immediately succeeding Distribution Remittance Date, in the aggregate and by component;
(xiv) the Supplemental Interest Payment for each Class on such Distribution Reimbursable Amounts and the GP Remittance Amount payable with respect to the Remittance Date;
(xv) the difference between the Swap Notional Amount Class Principal Balance for each Class of Class A, Class M and Class B Notes and the Underwritten Certificates Principal Pool Balance after giving effect to the distribution to be made on the Remittance Date and after allocation of the Applied Realized Loss Amount made on such Distribution Remittance Date;
(xvi) the Required Overcollateralization Amount for such Distribution Date; andcalculation of the Trigger Event, including the various components thereof;
(xvii) the Excess Cashflow Cumulative Realized Losses, with respect to the Remittance Date;
(xviii) the amount, if any, by which the applicable Formula Distribution Amount exceeds the applicable Class Distribution Amount for such Remittance Date;
(xix) the Servicing Fees, the Contingency Fees and amounts to be deposited to the Expense Account and the FHA Premium Account;
(xx) the amount of all payments and reimbursements to the Servicer pursuant to Section 4.04(b), (c), (d)(ii), (e) and (f);
(xxi) the Class Factor for each Class determined using the balances in subclause (xv) above;
(xxii) the weighted average Loan Interest Rate and the weighted average Class Adjusted Loan Remittance Rates, in each case for the related Remittance Date, and the weighted average Loan Interest Rate for the prior three month period;
(xxiii) the Senior Percentage and the Class B Percentage for the current Remittance Date;
(xxiv) the Spread Amount and the Specified Subordinated Amount for such Remittance Date;
(xxv) the amount of any Applied Realized Loss Amount, Realized Loss Amount and Unpaid Realized Loss Amount for each Class as of the close of such Remittance Date;
(xxvi) the Accelerated Principal Distribution Amount for such Remittance Date;
(xxvii) Reserved;
(xxviii) the amount to be deposited into the FHA Premium Account on the related Remittance Date and the amount reimbursable to the Servicer from the FHA Premium Account pursuant to Section 7.03(b)(i);
(xxix) the amount of FHA Payments and Related Payments received during the related Due Period;
(xxx) the Reserve Amount for the related Remittance Date;
(xxxi) claims filed during the Due Period;
(xxxii) claims paid during the Due Period;
(xxxiii) claims denied by the FHA during the Due Period;
(xxxiv) claims pending payment by the FHA during the Due Period; and
(xxxv) Such other information as the Noteholders or Certificateholders may reasonably require. The Trustee shall forward such report to the Noteholders and the Owner Trustee on the Remittance Date, together with a separate report indicating the amount of funds deposited in the Note Distribution Account pursuant to Section 7.01(a)(iv); and the amounts which are reimbursable to the Servicer or the Representative, as appropriate, pursuant to Sections 7.04(c)(i), 7.04(c)(ii) and 7.05(d)(xvii) (all reports prepared by the Trustee of such withdrawals and deposits will be based in whole or in part upon the information provided to the Trustee by the Servicer or the Claims Administrator). To the extent that there are inconsistencies between the telecopy of the Servicer's Certificate and the hard copy thereof, the Trustee shall be entitled to rely upon the telecopy. In the case of information furnished pursuant to subclauses (iii), (viii) and (iixiii) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each Note per $1,000 original dollar amount as of the Closing Cut-Off Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(ba) Within a reasonable period of time after the end of each calendar year, the Servicer shall furnish to the Trustee shall, upon written request, furnish for distribution to each Person who at any time during the calendar year was a Certificateholder of a Regular CertificateClass A, if requested in writing by such Person, Class M and Class B Noteholder such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (iix), (xiii), (xix) and (ii) xxxv), above, aggregated for such calendar year or applicable portion thereof during which such Person was a CertificateholderNoteholder. Such obligation of the Trustee Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished provided by the Trustee to Certificateholders Servicer pursuant to any requirements of the Code as are in force from time to timetime are in force.
(cb) On each Distribution Remittance Date, the Trustee shall forward to the Residual Certificateholders Owner Trustee, for distribution to the Holder of the GP Interest, a copy of the reports report forwarded to the Regular Certificateholders Noteholder in respect of such Distribution Remittance Date and a statement setting forth the amounts actually distributed to the Holder of the GP Interest, on such Remittance Date together with such other information as the Trustee Servicer provides and deems necessary or appropriate.
(dc) Within a reasonable period of time after the end of each calendar year, the Servicer shall furnish to the Trustee, with a copy to the Owner Trustee shall deliver for distribution to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, Holder of the GP Interest such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual CertificateholderHolder of the GP Interest. Such obligation of the Trustee Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders provided by the Trustee Servicer pursuant to any requirements of the Code as from time to time in force.
(ed) On each Distribution DateUpon reasonable advance notice in writing, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible Servicer will provide to each CertificateholderClass A, Class M and Class B Noteholder which is a savings and loan association, bank or insurance company certain reports and access to information and documentation regarding the statement prepared pursuant Loans sufficient to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable permit such Class A, Class M and Class B Noteholder to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion comply with applicable regulations of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign Office of Thrift Supervision or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust other regulatory authorities with respect to such notional amounts. Furthermoreinvestment in the Class A, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty in respect of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution DateClass M and Class B Notes.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Money Store Home Equity Corp)
Statements. (a) On each Distribution Each month, not later than 12:00 noon New York time on the Determination Date, basedthe Servicer shall deliver to the Trustee, as applicableby telecopy, on information provided for distribution to it by the Certificateholders, the receipt and legibility of which shall be confirmed telephonically, with hard copy thereof and the Servicer's Monthly Computer Tape in the form attached hereto as Exhibit L (both in hard copy and in computer tape form) to be delivered on the Business Day following the Determination Date, a certificate signed by a Servicing Officer (a "Servicer's Certificate") stating the date (day, month and year), the Trustee shall prepare and make available to each Holder Series number of the Regular Certificates, the Swap Counterpartiesdate of this Agreement, and, as of the Servicer and close of business on the Rating Agencies, a statement as to the distributions made on Record Date for such Distribution Datemonth:
(i) Available Funds for the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Chargesrelated Remittance Date;
(ii) The Aggregate Class A Certificate Principal Balance, the amount Aggregate Class M Certificate Principal Balance, the Aggregate Class B Certificate Principal Balance and the Pool Principal Balance as reported in the prior Servicer's Certificate pursuant to subclause (xii) below, or, in the case of the distribution made on such Distribution Date to first Determination Date, the Holders of each Original Class of Regular Certificates (other than A, Class M and Class B Certificate Principal Balance and the Class P Certificates) allocable to interest, separately identifiedOriginal Pool Principal Balance;
(iii) The number and Principal Balances of all Business Loans which were the Pool Balance subject of Principal Prepayments during the Group I Mortgage Loans and the Group II Mortgage Loans at the Close of Business at the end of the related Due Period;
(iv) the number, aggregate principal balance, and weighted average Mortgage Rate The amount of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of by all Subsequent Mortgage Loans added Curtailments which were received during the preceding Prepayment Due Period;
(v) The amount of all Excess Payments and the number and aggregate unpaid amount of all Monthly Payments in respect of principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Propertiesreceived during the Due Period;
(vi) the The aggregate amount of Principal Prepayments made during the related Prepayment Periodinterest received on each Business Loan;
(vii) the aggregate The amount of the Monthly Advances to be made on the Determination Date and the Compensating Interest payment to be made on the Determination Date;
(viii) The delinquency and foreclosure information set forth in the form attached hereto as Exhibit K;
(ix) The amount of any Realized Losses incurred during the related Prepayment Due Period and the cumulative amount of Realized LossesActual Loss Amount for such Remittance Date;
(viiix) The Class A, Class M and Class B Interest Distribution Amounts and Principal Distribution Amounts for the Remittance Date with the components thereof stated separately;
(xi) The amount available in the Spread Account as of the related Record Date in cash and from liquidation of Permitted Instruments and the amount, if any, to be transferred from the Spread Account to the Certificate Account pursuant to Section 6.02(b)(i) and the total amount of Guaranty Payments and payments with respect to Alternate Credit Enhancement for such Remittance Date;
(xii) The Aggregate Class A Certificate Principal Balance, Aggregate Class M Certificate Principal Balance, Aggregate Class B Certificate Principal Balance of each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class O Certificates, Pool Principal Balance after giving effect to the distributions distribution to be made on such Distribution the Remittance Date;
(ixxiii) The Extra Interest received with respect to such Remittance Date and, for each Remittance Date after the Spread Account Trigger Date, the Spread Balance and the Specified Spread Account Requirement with respect to such Remittance Date;
(xiv) The weighted average maturity and weighted average Business Loan Interest Rate;
(xv) The Servicing Fees and amounts to be deposited to the Expense Account;
(xvi) The amount of all payments and reimbursements to the Servicer pursuant to Section 5.04 (b), (c), (d)(ii), (e) and (f);
(xvii) The Class A, Class M and Class B Remittance Rates with respect to such Remittance Date;
(xviii) the Unpaid Interest Cumulative Actual Loss Amount and Cumulative Realized Losses for such Remittance Date;
(xix) the Class B Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Remittance Date;
(xxx) During the Funding Period, the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Date;
(xii) the Available Funds Cap Carryforward Amount for each class Principal Balance of the Class A Certificates and each class of Subsequent Mortgage Loans purchased during the Mezzanine Certificates, if any, for such Distribution Date prior Due Period and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiii) deposit in the respective REMIC PassPre-Through Rates applicable to each class Funding Account as of the Class A Certificates, each class end of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Date;
(xiv) the Supplemental Interest Payment for each Class on such Distribution Date;
(xv) the difference between the Swap Notional Amount and the Underwritten Certificates Principal Balance on such Distribution Date;
(xvi) the Required Overcollateralization Amount for such Distribution DateDue Period; and
(xviixxi) Such other information as the Excess Cashflow for Certificateholders or the Rating Agencies may reasonably require. The Trustee shall forward such Distribution report to the Certificateholders and the Rating Agencies on the Remittance Date, together with a separate report indicating the amount of funds deposited in the Certificate Account pursuant to Section 6.01(a)(iv); and the amounts which are reimbursable to the Servicer or the Seller pursuant to Sections 6.03(c)(i), 6.03(c)(ii) and 6.07(b)(vi) (all reports prepared by the Trustee of such withdrawals and deposits will be based in whole or in part upon the information provided to the Trustee by the Servicer). To the extent that there are inconsistencies between the telecopy of the Servicer's Certificate and the hard copy thereof, the Trustee shall be entitled to rely upon the telecopy. In the case of information furnished pursuant to subclauses (iii), (iii), (iv), (v), (x) and (ii) xii), above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each per $1,000 original dollar amount as of the Closing Cut- Off Date. The Additionally, on the Special Remittance Date the Trustee mayshall, in based upon information received from the absence Servicer, forward to the Certificateholders and the Rating Agencies a report setting forth the amount of manifest errorprincipal and interest, conclusively rely upon if any, being paid to each Class of Certificates on the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03Special Remittance Date.
(ba) Within a reasonable period of time after the end of each calendar year, the Servicer shall furnish to the Trustee shall, upon written request, furnish for distribution to each Person who at any time during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) vi), (x), and (ii) xv), above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished provided by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee Servicer pursuant to any requirements of the Code as from time to time are in force.
(eb) On each Distribution DateUpon reasonable advance notice in writing, the Trustee Servicer will provide to each Certificateholder which is a savings and loan association, bank or insurance company certain reports and access to information and documentation regarding the Business Loans sufficient to permit such Certificateholder to comply with applicable regulations of the Office of Thrift Supervision or other regulatory authorities with respect to investment in the Certificates.
(c) The Servicer shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible furnish to each Certificateholder, during the statement prepared pursuant to paragraph (a) term of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way Agreement, such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall periodic, special, or other reports or information, whether or not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trusteefor herein, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Dateshall be necessary, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Datereasonable, the Trustee will immediately provide notice in the form of Exhibit J to the or appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust Certificateholder or otherwise with respect to the related Swap Counterparty purposes of this Agreement, all such reports or information to be provided by and in respect accordance with such applicable instructions and directions as the Certificateholder may reasonably require; provided, that the Servicer shall be entitled to be reimbursed by such Certificateholder for the Servicer's actual expenses incurred in providing such reports if such reports are not producible in the ordinary course of notional amounts assigned the Servicer's business. The Rating Agencies shall receive copies of any such reports or reduced under this Section 4.03 (f). In no event shall information furnished to the Trustee allow a Notional Amount Test Event to occur on any Distribution DateCertificateholders.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Money Store Commercial Mortgage Inc)
Statements. (a) On each Distribution Each month, not later than 12:00 noon New York time on the Determination Date, basedthe Servicer shall deliver to the Trustee, as applicableby telecopy, on information provided for distribution to it by the Certificateholders, the receipt and legibility of which shall be confirmed telephonically, with hard copy thereof and the Servicer's Monthly Computer Tape in the form attached hereto as Exhibit R (both in hard copy and in computer tape form) to be delivered on the Business Day following the Determination Date, a certificate signed by a Servicing Officer (a "Servicer's Certificate") stating the date (day, month and year), the Trustee shall prepare and make available to each Holder Series number of the Regular Certificates, the Swap Counterpartiesdate of this Agreement, the Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Datefollowing:
(i) the amount of Available Remittance Amounts for the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Chargesrelated Remittance Date;
(ii) the amount of the distribution made on such Distribution Date to the Holders of Class Principal Balances for each Class of Regular Class A, Class M and Class B Certificates as reported in the prior Servicer's Certificate pursuant to subclause (other than xv) below, or, in the case of the first Determination Date, the Original Principal Balance for each Class P of Class A, Class M and Class B Certificates) allocable to interest, separately identified;
(iii) the Pool Balance Principal Distribution Amounts for the related Remittance Date, in the aggregate and listed separately for the portions relating to each Class of Class A, Class M and Class B Certificates;
(iv) the Interest Shortfall Carryforward Amounts and Principal Shortfall Carryforward Amounts for the related Remittance Date and the aggregate Shortfall Carryforward Amounts;
(v) the Available Maximum Subordination Amount for the related Remittance Date;
(vi) the number and Principal Balances of all Home Improvement Loans which were the subject of Principal Prepayments during the Due Period;
(vii) the amount of all Curtailments which were received during the Due Period;
(viii) the aggregate amount of all Excess Payments and the amounts of Monthly Payments in respect of principal received during the Due Period;
(ix) the amount of interest received on the Home Improvement Loans;
(x) the amount of the Group I Mortgage Loans Monthly Advances to be made on the Determination Date, the portion of the Monthly Advances to be deposited in the Certificate Account pursuant to Section 6.01(a)(ii), and the Group II Mortgage Loans at Compensating Interest payment to be made on the Close Determination Date;
(xi) the delinquency and foreclosure information set forth in the form attached hereto as Exhibit O;
(xii) the amount of Business at the end of any Realized Losses incurred during the related Due Period;
(iv) the number, aggregate principal balance, and weighted average Mortgage Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment Period;
(v) the number and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Properties;
(vi) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(vii) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(viii) the Certificate Principal Balance of each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class O Certificates, after giving effect to the distributions made on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Date;
(xiixiii) the Available Funds Cap Carryforward Amount Remittance Amounts for each class of the Class A Certificates Remittance Date, in the aggregate and each class of by component and listed separately for the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiii) the respective REMIC Pass-Through Rates applicable portions relating to each class Class of the Class A A, Class M and Class B Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Date;
(xiv) the Supplemental Interest Payment for each Reimbursable Amounts and the Class on such Distribution X Remittance Amount payable pursuant to Section 6.08(d)(xiv) and (xvii) with respect to the Remittance Date;
(xv) the difference between the Swap Notional Amount Class Principal Balance for each Class of Class A, Class M and Class B Certificates and the Underwritten Certificates Pool Principal Balance after giving effect to the distribution to be made on the Remittance Date and after allocation of Principal Writedown Amounts made on such Distribution Remittance Date;
(xvi) the Required Overcollateralization Amount for such calculation of the Class B Principal Distribution Date; andTest, including the various components thereof;
(xvii) the Excess Cashflow Cumulative Realized Losses, with respect to the Remittance Date;
(xviii) Reserved;
(xix) the Servicing Fees, the Contingency Fees and amounts to be deposited to the Expense Account and the FHA Premium Account;
(xx) the amount of all payments and reimbursements to the Servicer pursuant to Section 5.04(b), (c), (d)(ii), (e) and (f);
(xxi) the Class Factor for each Class determined using the balances in subclause (xv) above;
(xxii) the weighted average Home Improvement Loan Interest Rate and Adjusted Home Improvement Loan Interest Rate and the weighted average Class Adjusted Loan Remittance Rates, in each case for the related Remittance Date, and the weighted average Home Improvement Loan Interest Rate for the prior three month period;
(xxiii) the amount of Guaranty Payments or Altenate Credit Enhancement Payments received during the related Due Period;
(xxiv) the amount of any Defaulted Guaranty Payment Amount for such Distribution related Due Period;
(xxv) Reserved;
(xxvi) Reserved;
(xxvii) Reserved;
(xxviii) the amount to be deposited into the FHA Premium Account on the related Remittance Date and the amount reimbursable to the Servicer from the FHA Premium Account pursuant to Section 6.06(b)(i);
(xxix) the amount of FHA Payments and Related Payments received during the related Due Period;
(xxx) the Reserve Amount for the related Remittance Date;
(xxxi) claims filed during the Due Period;
(xxxii) claims paid during the Due Period;
(xxxiii) claims denied by the FHA during the Due Period;
(xxxiv) claims pending payment by the FHA during the Due Period; and
(xxxv) Such other information as the Certificateholders may reasonably require. The Trustee shall forward such report to the Certificateholders on the Remittance Date, together with a separate report indicating the amount of funds deposited in the Certificate Account pursuant to Section 6.01(a)(iv); and the amounts which are reimbursable to the Servicer or the Representative, as appropriate, pursuant to Sections 6.03(c)(i), 6.03(c)(ii) and 6.08(d)(iii) (all reports prepared by the Trustee of such withdrawals and deposits will be based in whole or in part upon the information provided to the Trustee by the Servicer or the Claims Administrator). To the extent that there are inconsistencies between the telecopy of the Servicer's Certificate and the hard copy thereof, the Trustee shall be entitled to rely upon the telecopy. In the case of information furnished pursuant to subclauses (iii), (viii) and (iixiii) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each per $1,000 original dollar amount as of the Closing Cut-Off Date. The Additionally, on the Special Remittance Date the Trustee mayshall, in based upon information received from the absence Servicer, forward to the Certificateholders and the Rating Agencies, a report setting forth the amount of manifest errorprincipal and interest, conclusively rely upon if any, being paid to each Class of Class A, Class M and Class B Certificates on the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03Special Remittance Date.
(ba) Within a reasonable period of time after the end of each calendar year, the Servicer shall furnish to the Trustee shall, upon written request, furnish for distribution to each Person who at any time during the calendar year was a Class A, Class M and Class B Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (iix), (xiii), (xix) and (ii) xxxv), above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished provided by the Trustee to Certificateholders Servicer pursuant to any requirements of the Code as are in force from time to timetime are in force.
(cb) On each Distribution Remittance Date and the Special Remittance Date, the Trustee shall forward to the Residual Class X and Class R Certificateholders a copy of the reports report forwarded to the Regular Certificateholders of each Pool in respect of such Distribution Remittance Date or the Special Remittance Date, as the case may be, and a statement setting forth the amounts actually distributed to the Class X and Class R Certificateholders, on such Remittance Date together with such other information as the Trustee Servicer provides and deems necessary or appropriate.
(dc) Within a reasonable period of time after the end of each calendar year, the Servicer shall furnish to the Trustee shall deliver for distribution to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, Class X or Class R Certificateholder such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Class X or R Certificateholder, as applicable. Such obligation of the Trustee Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders provided by the Trustee Servicer pursuant to any requirements of the Code as from time to time in force.
(d) Upon reasonable advance notice in writing, the Servicer will provide to each Class A, Class M and Class B Certificateholder which is a savings and loan association, bank or insurance company certain reports and access to information and documentation regarding the Home Improvement Loans sufficient to permit such Class A, Class M and Class B Certificateholder to comply with applicable regulations of the Office of Thrift Supervision or other regulatory authorities with respect to investment in the Class A, Class M and Class B Certificates.
(e) On each Distribution Date, the Trustee The Servicer shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible furnish to each Certificateholder, during the statement prepared pursuant to paragraph (a) term of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way Agreement, such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall periodic, special, or other reports or information, whether or not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trusteefor herein, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Dateshall be necessary, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Datereasonable, the Trustee will immediately provide notice in the form of Exhibit J to the or appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermorethe Certificateholder, no distributions will be made from the Supplemental Interest Trust or otherwise with respect to the related Swap Counterparty purposes of this Agreement, all such reports or information to be provided by and in respect accordance with such applicable instructions and directions as the Certificateholder may reasonably require; provided, that the Servicer shall be entitled to be reimbursed by such Certificateholder for the Servicer's actual expenses incurred in providing such reports if such reports are not producible in the ordinary course of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution DateServicer's business.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Money Store Home Equity Corp)
Statements. (a) On No later than each Distribution Determination Date, based, the ---------- Servicer shall deliver to the Indenture Trustee a magnetic tape or computer disk providing such information regarding the Servicer's activities in servicing the Home Loans during the related Due Period as applicable, on information provided the Indenture Trustee may reasonably require.
(1) Subject to it the modification of the Servicer's Monthly Statement by the ServicerServicer with the prior written consent of the Majority Securityholders and the Indenture Trustee, no later than three (3) Business Days before each Payment Date, the Trustee Servicer shall prepare and make available the Indenture Trustee shall distribute a monthly statement (the "Servicer's Monthly Statement", with respect to such Payment Date) to the Seller, the Securityholders and each Holder Rating Agency, stating the date of original issuance of the Regular CertificatesSecurities (day, month and year), the Swap Counterpartiesname of the Issuer (I.E., "FIRSTPLUS Home Loan Owner Trust 1998-4"), the Servicer series designation of the Securities (I.E., "Series 1998-4"), the date of this Agreement and the Rating Agencies, a statement as to the distributions made on such Distribution Datefollowing information:
(i) the amount of Available Collection Amount, the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal Payment Amount and the amount of Excess Spread for the distribution made to the Holders of the Class P Certificates allocable to Prepayment Chargesrelated Payment Date;
(ii) the amount of amount, if any, on deposit in the distribution made Pre-Funding Account on such Distribution Date to the Holders of each Class of Regular Certificates (other than the Class P Certificates) allocable to interest, separately identifiedPayment Date;
(iii) the Pool Class Principal Balance of each Class of Securities (and the Group I Mortgage Component Principal Balance or Component Notional Balance, as applicable, of the Components of the Residual Interest Certificate), and the Pool Principal Balance as of the first day of the related Due Period and after giving effect to payments and distributions made to the holders of such Securities on such Payment Date;
(iv) the Class Pool Factor with respect to each Class of Securities then outstanding, carried to seven decimal places;
(v) the amount of principal and interest received on the Home Loans during the related Due Period;
(vi) the amount, if any, of the Overcollateralization Surplus;
(vii) the Servicing Compensation for such Payment Date;
(viii) the Overcollateralization Amount with respect to such Payment Date, the Required Overcollateralization Amount as of such Payment Date, the Net Loan Losses incurred during the related Due Period and the cumulative Net Loan Losses with respect to such Payment Date;
(ix) the amount, if any, paid on such Payment Date to each Class of Subordinate Securities in respect of Deferred Amounts;
(x) with respect to each Class of Subordinate Securities and the B-2 Component of the Residual Interest Certificate, the amount of any applicable Deferred Amounts remaining unreimbursed after giving effect to payments made on such Payment Date;
(xi) the weighted average remaining term to maturity of the Home Loans and the Group II Mortgage weighted average Home Loan Interest Rate of the Home Loans at each as of such Payment Date;
(xii) certain performance information, including delinquency and foreclosure information with respect to the Close Home Loans, as set forth in the Servicer's Monthly Remittance Report;
(xiii) the amount of Business at any Servicing Advance Reimbursement Amount to be paid to the end Servicer on such Payment Date, and the amount of any Servicing Advance Reimbursement Amount remaining unpaid following such payment;
(xiv) the number of and aggregate Principal Balance of all Home Loans in foreclosure proceedings (other than any Home Loans described in clause (xvi)) and the percent of the aggregate Principal Balances of such Home Loans to the aggregate Principal Balances of all Home Loans, all as of the close of business on the last day of the related Due Period;
(ivxv) the number, number of and the aggregate principal balance, and weighted average Mortgage Rate Principal Balance of the Mortgage Home Loans in bankruptcy proceedings (other than any Home Loans described in clause (xvii)) and the percent of the aggregate Principal Balances of such Home Loans to the aggregate Principal Balances of all Home Loans, all as of the related Determination Date and close of business on the number and aggregate principal balance last day of all Subsequent Mortgage Loans added during the preceding Prepayment Period;
(v) the number and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Properties;
(vi) the aggregate amount of Principal Prepayments made during the related Prepayment Due Period;
(vii) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(viii) the Certificate Principal Balance of each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class O Certificates, after giving effect to the distributions made on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Date;
(xii) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiii) the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Date;
(xiv) the Supplemental Interest Payment for each Class on such Distribution Date;
(xv) the difference between the Swap Notional Amount and the Underwritten Certificates Principal Balance on such Distribution Date;
(xvi) the Required Overcollateralization Amount number of Foreclosure Properties, the aggregate Principal Balance of the related Home Loans, the book value of such Foreclosure Properties and the percent of the aggregate Principal Balances of such Home Loans to the aggregate Principal Balances of all Home Loans, all as of the close of business on the last day of the related Due Period;
(xvii) during the related Due Period, the aggregate Principal Balance of Home Loans for each of the following: (A) that became Liquidated Home Loans and (B) that became Deleted Home Loans pursuant to Section 3.05 as a result of such Distribution DateDeleted Home Loans being Liquidated Home Loans or a Home Loan in foreclosure, default or imminent default, including the foregoing amounts by loan type;
(xviii) from the Closing Date through the most current Due Period, the cumulative aggregate Principal Balance of Home Loans for each of the following: (A) that became Liquidated Home Loans, and (B) that became Deleted Home Loans pursuant to Section 3.05 as a result of such Deleted Home Loans being in foreclosure, default or imminent default;
(xix) the scheduled principal payments and the principal prepayments received with respect to the Home Loans during the related Due Period;
(xx) the number of Home Loans remaining in the Home Loan Pool; and
(xviixxi) such other information as may be reasonably requested by the Excess Cashflow for such Distribution Date. In the case of information furnished pursuant to subclauses (i) and (ii) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03Indenture Trustee.
(b2) No later than three (3) Business Days before each Payment Date, the Servicer shall prepare and distribute to the Seller and each Rating Agency a monthly statement that includes the cumulative aggregate Principal Balance of Home Loans that became Deleted Home Loans pursuant to Section 3.05(c) as a result of such Deleted Home Loans being Defective Home Loans, from the Closing Date through the most current Due Period.
(3) No later than seven days following a repurchase or substitution pursuant to Sections 2.06, 3.05 or 4.02, the Servicer shall notify each Rating Agency of the aggregate principal balances of the Home Loans repurchased or substituted and (if applicable) the relevant Substitution Adjustment. All reports prepared by the Servicer of the withdrawals from and deposits in the Collection Account will be based in whole or in part upon the information provided to the Indenture Trustee by the Servicer, and the Indenture Trustee may fully rely upon and shall have no liability with respect to such information provided by the Servicer.
(c) Within a reasonable period of time after the end of each calendar year, the Servicer shall prepare and direct the Indenture Trustee shall, upon written request, furnish to distribute to each Person who at any time during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such PersonSecurityholder, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (ib)(iv) and (iiv) above, aggregated for such calendar year or applicable portion thereof during which such Person was a CertificateholderSecurityholder. Such obligation of the Indenture Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished provided by the Trustee Servicer to Certificateholders the Securityholders pursuant to any requirements of the Code as are in force from time to time.
(cd) On each Distribution Payment Date, the Indenture Trustee shall forward to DTC and to the holder of the Residual Certificateholders Interest Certificate a copy of the reports forwarded to the Regular Certificateholders Servicer's Monthly Statement in respect of such Distribution Payment Date and a statement setting forth the amounts actually distributed to the holder of the Residual Interest Certificate on such Payment Date, together with such other information as the Indenture Trustee deems necessary or appropriate.
(de) Within a reasonable period of time after the end of each calendar year, the Servicer shall prepare and direct the Indenture Trustee shall deliver to distribute to each Person who at any time during the calendar year was a the holder of the Residual CertificateholderInterest Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a the holder of the Residual CertificateholderInterest Certificate. Such obligation of the Indenture Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders provided by the Trustee Servicer to the holder of the Residual Interest Certificate pursuant to any requirements of the Code as are in force from time to time in force.
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant heretotime.
(f) No later than noon on Upon reasonable advance notice in writing, the second Business Day prior Servicer will provide to each Distribution DateSecurityholder which is a savings and loan association, bank or insurance company access to information and documentation regarding the Trustee will verify that no Notional Amount Test Event is scheduled Home Loans sufficient to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J permit such Securityholder to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion comply with applicable regulations of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign FDIC or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust other regulatory authorities with respect to investment in such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust Securities.
(g) The Servicer or its agent shall furnish to the related Swap Counterparty Indenture Trustee, who in turn shall forward to each Securityholder, during the term of this Agreement, such periodic, special, or other reports, including information tax returns or reports required with respect to the Securities, including Internal Revenue Service Forms 1099 and (if instructed in writing by the Seller on the basis of notional amounts assigned the advice of legal counsel) and other similar reports that are required to be filed by the Servicer or reduced under its agent and the holder of Residual Interest Certificate, whether or not provided for herein, as shall be necessary, reasonable, or appropriate with respect to the Securityholders or the holders of the Residual Interest Certificate, or otherwise with respect to the purposes of this Section 4.03 Agreement, all such reports or information to be provided by and in accordance with such applicable instructions and directions as the Securityholders may reasonably require.
(f)h) Reports and computer tapes furnished by the Servicer and the Indenture Trustee pursuant to this Agreement shall be deemed confidential and of proprietary nature, and shall not be copied or distributed except in connection with the purposes and requirements of this Agreement. In no event No Person entitled to receive copies of such reports or tapes shall use the Trustee allow a Notional Amount Test Event to occur on information therein for the purpose of soliciting the customers of the Seller or the Servicer or for any Distribution Dateother purpose except as set forth in this Agreement.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Firstplus Investment Corp)
Statements. (a) On each Distribution Each month, not later than 12:00 noon New York time on the Determination Date, basedthe Servicer shall deliver to the Trustee, as applicableby telecopy, on information provided for distribution to it by the Certificateholders, the receipt and legibility of which shall be confirmed telephonically, with hard copy thereof and the Servicer's Monthly Computer Tape in the form attached hereto as Exhibit L (both in hard copy and in computer tape form) to be delivered on the Business Day following the Determination Date, a certificate signed by a Servicing Officer (a "Servicer's Certificate") stating the date (day, month and year), the Trustee shall prepare and make available to each Holder Series number of the Regular Certificates, the Swap Counterpartiesdate of this Agreement, and, as of the Servicer and close of business on the Rating Agencies, a statement as to the distributions made on Record Date for such Distribution Datemonth:
(i) Available Funds for the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Chargesrelated Remittance Date;
(ii) The Aggregate Class A Certificate Principal Balance, the amount Aggregate Class B Certificate Principal Balance and the Pool Principal Balance as reported in the prior Servicer's Certificate pursuant to subclause (xii) below, or, in the case of the distribution made on such Distribution Date to first Determination Date, the Holders of each Original Class of Regular Certificates (other than A and Class B Certificate Principal Balance and the Class P Certificates) allocable to interest, separately identifiedOriginal Pool Principal Balance;
(iii) The number and Principal Balances of all SBA Loans which were the Pool Balance subject of Principal Prepayments during the Group I Mortgage Loans and the Group II Mortgage Loans at the Close of Business at the end of the related Due Period;
(iv) the number, aggregate principal balance, and weighted average Mortgage Rate The product of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of Unguaranteed Percentage multiplied by all Subsequent Mortgage Loans added Curtailments which were received during the preceding Prepayment Due Period;
(v) The product of the number Unguaranteed Percentage multiplied by all Excess Payments and aggregate unpaid the product of the Unguaranteed Percentage multiplied by all Monthly Payments in respect of principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Propertiesreceived during the Due Period;
(vi) the The aggregate amount of Principal Prepayments made during interest received on each SBA Loan net of the related Prepayment PeriodAgent of the SBA's Fee, the Premium Protection Fee, the Additional Fee and the portion thereof payable to the Registered Holders;
(vii) the aggregate The amount of Realized Losses incurred during the related Prepayment Period Monthly Advances to be made on the Determination Date and the cumulative amount of Realized LossesCompensating Interest payment to be made on the Determination Date;
(viii) The delinquency and foreclosure information set forth in the form attached hereto as Exhibit K;
(ix) The product of the Unguaranteed Percentage multiplied by the amount of any losses realized on a Liquidated SBA Loan;
(x) The Class A and Class B Interest Distribution Amounts and Principal Distribution Amounts for the Remittance Date with the components thereof stated separately;
(xi) The amount available in the Spread Account as of the related Record Date in cash and from liquidation of Permitted Instruments and the amount, if any, to be transferred from the Spread Account to the Certificate Account pursuant to Section 6.02(b)(i);
(xii) The Aggregate Class A Certificate Principal Balance, Aggregate Class B Certificate Principal Balance of each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class O Certificates, Pool Principal Balance after giving effect to the distributions distribution to be made on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Date;
(xii) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Remittance Date;
(xiii) The Excess Spread, the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates Spread Balance and the Class AIO Certificates for Specified Spread Account Requirement with respect to such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Remittance Date;
(xiv) the Supplemental The weighted average maturity and weighted average SBA Loan Interest Payment for each Class on such Distribution DateRate;
(xv) The Servicing Fees and amounts to be deposited to the difference between the Swap Notional Amount and the Underwritten Certificates Principal Balance on such Distribution DateExpense Account;
(xvi) The amount of all payments and reimbursements to the Required Overcollateralization Amount for Servicer pursuant to Section 5.04 (b), (c), (d)(ii), (e) and (f);
(xvii) The Class A and Class B Remittance Rates with respect to such Distribution Remittance Date;
(xviii) During the Funding Period, the aggregate Principal Balance of the Subsequent Mortgage Loans purchased during the prior Due Period and the amount on deposit in the Pre-Funding Account as of the end of such Due Period; and
(xviixix) Such other information as the Excess Cashflow for Certificateholders or the Rating Agencies may reasonably require. The Trustee shall forward such Distribution report to the Certificateholders and the Rating Agencies on the Remittance Date, together with a separate report indicating the amount of funds deposited in the Certificate Account pursuant to Section 6.01(a)(iv); and the amounts which are reimbursable to the Servicer or the Seller pursuant to Sections 6.03(c)(i), 6.03(c)(ii) and 6.07(b)(vi) (all reports prepared by the Trustee of such withdrawals and deposits will be based in whole or in part upon the information provided to the Trustee by the Servicer). To the extent that there are inconsistencies between the telecopy of the Servicer's Certificate and the hard copy thereof, the Trustee shall be entitled to rely upon the telecopy. In the case of information furnished pursuant to subclauses (iii), (iii), (iv), (v), (x) and (ii) xii), above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each per $1,000 original dollar amount as of the Closing Cut-Off Date. The Additionally, on the Special Remittance Date the Trustee mayshall, in based upon information received from the absence Servicer, forward to the Certificateholders and the Rating Agencies a report setting forth the amount of manifest errorprincipal and interest, conclusively rely upon if any, being paid to each Class of Certificates on the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03Special Remittance Date.
(ba) Within a reasonable period of time after the end of each calendar year, the Servicer shall furnish to the Trustee shall, upon written request, furnish for distribution to each Person who at any time during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) vi), (x), and (ii) xiv), above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished provided by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee Servicer pursuant to any requirements of the Code as from time to time are in force.
(eb) On each Distribution DateUpon reasonable advance notice in writing, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible Servicer will provide to each CertificateholderCertificateholder which is a savings and loan association, bank or insurance company certain reports and access to information and documentation regarding the statement prepared pursuant SBA Loans sufficient to paragraph (a) permit such Certificateholder to comply with applicable regulations of this Section 4.03. Assistance the Office of Thrift Supervision or other regulatory authorities with respect to investment in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant heretoCertificates.
(fc) No later than noon on the second Business Day prior The Servicer shall furnish to each Distribution DateCertificate holder, during the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Dateterm of this Agreement, the Trustee will immediately provide notice in the form of Exhibit J to the such periodic, special, or other reports or information, whether or not provided for herein, as shall be necessary, reasonable, or appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust Certificateholder or otherwise with respect to the related Swap Counterparty purposes of this Agreement, all such reports or information to be provided by and in respect accordance with such applicable instructions and directions as the Certificateholder may reasonably require; provided, that the Servicer shall be entitled to be reimbursed by such Certificateholder for the Servicer's actual expenses incurred in providing such reports if such reports are not producible in the ordinary course of notional amounts assigned the Servicer's business. The Rating Agencies shall receive copies of any such reports or reduced under this Section 4.03 (f). In no event shall information furnished to the Trustee allow a Notional Amount Test Event to occur on any Distribution DateCertificateholders.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Money Store of New York Inc)
Statements. (a) On each Distribution Date, basedbased solely, as applicable, on information provided to it by the Servicer, the Servicer in its Determination Date Report. The Trustee shall prepare and make available to each Holder of the Regular Certificates, the Swap Counterparties, the Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date:
(i) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Charges;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates (other than the Class P Certificates) allocable to interest, separately identified;
(iii) the Pool Balance of the Group I IA Mortgage Loans, the Group IB Mortgage Loans, the Group II Mortgage Loans and the Group II III Mortgage Loans at the Close of Business at the end of the related Due Period;
(iv) the number, aggregate principal balance, and weighted average Mortgage Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment Period;
(v) the number and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Properties;
(vi) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(vii) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(viii) the Certificate Principal Balance of each class of the Class A Certificates, each class of the Mezzanine Certificates, each class of the Class B Certificates and the Class O Certificates, after giving effect to the distributions made on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the each class of Class AIO B Certificates for such Distribution Date;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Date;
(xii) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates, each class of the Mezzanine Certificates and each class of the Mezzanine Certificates, Class B Certificates if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiii) the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO B Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and each class of the Mezzanine Class B Certificates for the immediately succeeding Distribution Date;
(xiv) the Supplemental Interest Payment for each Class on such Distribution Date;
(xv) the difference between (x) the aggregate notional amount of the Swap Notional Amount Agreements and (y) the aggregate Certificate Principal Balance of the Underwritten Certificates Principal Balance on such Distribution Date;
(xvi) the Required Overcollateralization Amount for such Distribution Date; and;
(xvii) the Excess Cashflow for such Distribution Date;
(xviii) the aggregate amount of Scheduled Principal Payments made during the related Due Period;
(xix) the aggregate amount of Principal Prepayments made during the related Due Period in which the related Mortgagor paid the related Mortgage Loan in full;
(xx) the aggregate amount of Principal Prepayments in part made during the related Prepayment Period;
(xxi) the number and the aggregate principal balance of all Liquidated Mortgage Loans for the related Prepayment Period; and
(xxii) the aggregate amount of Net Liquidation Proceeds received during the related Prepayment Period. In the case of information furnished pursuant to subclauses (i) and (ii) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(b) Within a reasonable period of time after the end of each calendar year, the Trustee shall, upon written request, furnish to each Person who at any time during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee pursuant to any requirements of the Code as from time to time in force.
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbsxxx.xxxxxxxx.xxx\sfr, which posting shall be accessible to each CertificateholderCertificateholder and the Swap Counterparty, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's ’s customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling providing a written request of such to the customer service desk and indicating suchTrustee at is Corporate Trust office. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 10,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basisAgreement with the lowest fixed rate. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty in respect of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Novastar Mortgage Funding Trust Series 2004-1)
Statements. (a) On each Distribution Each month, not later than 12:00 noon New York time on the Determination Date, basedthe Servicer shall deliver to the Certificate Insurer and to the Trustee, as applicableby telecopy, on information provided for distribution to it by the Certificateholders, the receipt and legibility of which shall be confirmed telephonically, with hard copy thereof and the Servicer's Monthly Computer Tape in the form attached hereto as Exhibit R (both in hard copy and in computer tape form) to be delivered on the Business Day following the Determination Date, a certificate signed by a Servicing Officer (a "Servicer's Certificate") stating the date (day, month and year), the Trustee shall prepare and make available to each Holder Series number of the Regular Certificates, the Swap Counterpartiesdate of this Agreement, the Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Datefollowing:
(i) the amount of Pool Available Remittance Amounts for each Pool for the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment Chargesrelated Remittance Date;
(ii) the amount of the distribution made on such Distribution Date to the Holders of Class Principal Balances for each Class of Regular Pool I, Pool II and Pool III Certificates as reported in the prior Servicer's Certificate pursuant to subclause (other than xv) below, or, in the case of the first Determination Date, the Original Principal Balance for each Class P of Pool I, Pool II and Pool III Certificates) allocable to interest, separately identified;
(iii) the Pool Balance of the Group I Mortgage Loans and the Group II Mortgage Loans at the Close of Business at the end of Principal Distribution Amounts for each Pool for the related Due PeriodRemittance Date, in the aggregate and listed separately for the portions relating to each Class of Pool I, Pool II and Pool III Certificates;
(iv) the number, aggregate principal balance, and weighted average Mortgage Rate total amount of any Insured Payments included in the Mortgage Loans as of Pool Available Remittance Amount for Pool I or Pool II for the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment PeriodRemittance Date;
(v) the number Subordinated Amount and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure Specified Subordinated Amount for the related Remittance Date, listed separately for each Pool and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Propertiesthe Pool Available Maximum Subordinated Amount for Pool III;
(vi) the aggregate amount number and Principal Balances of all Mortgage Loans in each Pool which were the subject of Principal Prepayments made during the related Prepayment Due Period;
(vii) the amount of all Curtailments which were received during the Due Period, stated separately for each Pool;
(viii) the aggregate amount of all Excess Payments and the amounts of Monthly Payments in respect of principal received during the Due Period, stated separately for each Pool;
(ix) the amount of interest received on the Mortgage Loans, stated separately for each Pool;
(x) the amount of the Monthly Advances to be made on the Determination Date, the portion of the Monthly Advances to be deposited in the Certificate Accounts pursuant to Section 6.01(a)(ii), and the Compensating Interest payment to be made on the Determination Date, in each case stated separately for each Pool;
(xi) the delinquency and foreclosure information set forth in the form attached hereto as Exhibit O, stated separately for each Pool;
(xii) the amount of any Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(viii) the Certificate Principal Balance of each class of the Class A CertificatesDue Period, each class of the Mezzanine Certificates and the Class O Certificates, after giving effect to the distributions made on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Date;
(xii) the Available Funds Cap Carryforward Amount stated separately for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution DatePool;
(xiii) the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates Pool Remittance Amounts for Pool I and Pool II and the Class AIO Certificates for such Distribution Date Current Interest Requirement and the REMIC Pass-Through Rate applicable Pool Principal Distribution Amount for Pool III for the Remittance Date, in the aggregate and by component and listed separately for the portions relating to each class Class of Certificates in the related Pool, and any Interest Shortfall Carryforward Amount or Pool Carry-Forward Amount, as the case may be, relating to each Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution DateCertificates;
(xiv) the Supplemental Interest Payment for each Reimbursable Amounts, the Pool I and Pool II Strip Amounts and the Class on such Distribution X Remittance Amount payable pursuant to Section 6.08(d)(X)(v) and Section 6.08(d)(Z)(xviii) with respect to the Remittance Date;
(xv) the difference between the Swap Notional Amount Class Principal Balance for each Class of Certificates and the Underwritten Certificates Pool Principal Balance for each Pool after giving effect to the distribution to be made on the Remittance Date and after allocation of Realized Losses made on such Distribution Remittance Date;
(xvi) the Required Overcollateralization Monthly Excess Spread Percentage, the Excess Spread, and the Remainder Excess Spread Amount (in each case, in the aggregate and stated separately for such Distribution Date; andeach Pool);
(xvii) the Excess Cashflow Cumulative Realized Losses, stated separately for each Pool, with respect to the Remittance Date;
(xviii) the weighted average maturity and weighted average Interest Rate, stated separately for each Pool;
(xix) the Servicing Fees, the Contingency Fees, and amounts to be deposited to the Expense Accounts, the Insurance Accounts and the FHA Premium Account, in each case, as applicable, stated separately for each Pool;
(xx) the amount of all payments and reimbursements to the Servicer pursuant to Section 5.04(b), (c), (d)(ii), (e) and (f)(i), stated separately with respect to each Pool;
(xxi) the Class Pool Factor for each Class determined using the balances in subclause (xv) above;
(xxii) the weighted average Mortgage Interest Rate and Adjusted Mortgage Interest Rate of the Mortgage Loans for each Pool and the weighted average Class Adjusted Loan Remittance Rates for each Pool, in each case for the related Remittance Date, and the weighted average Mortgage Interest Rate for the prior three month period;
(xxiii) the Class AV Remittance Rate with respect to the Remittance Date and if the Class AV Remittance Rate was based on the applicable Net Funds Cap, what it would have been if based on LIBOR plus the applicable Margin;
(xxiv) the rate of LIBOR with respect to the Remittance Date;
(xxv) the Net Funds Cap for the Class AV Certificates with respect to the Remittance Date;
(xxvi) if the Remittance Rate for the Class AV Certificates for such Remittance Date is based on the Net Funds Cap, the amount of any Certificateholders' Interest Carryover for such Class for such Remittance Date;
(xxvii) the amount of the distribution, if any, allocable to Certificateholders' Interest Carryover and the amount of any Certificateholders' Interest Carryover for all prior Remittance Dates after giving effect to such distribution (in each case, stated separately by Class and in the aggregate);
(xxviii) whether the Trigger Event for Pool III is in effect;
(xxix) the Senior Percentage and the Class B Pool Percentage for the current Remittance Date;
(xxx) the amount of any Pool Applied Realized Loss Amount, Realized Loss Amount and Unpaid Realized Loss Amount for each Class of Pool III Certificates as of the close of such Remittance Date;
(xxxi) the Accelerated Principal Distribution Amount for Pool III for such Remittance Date;
(xxxii) the amount to be deposited into the FHA Premium Account on the related Remittance Date and the amount reimbursable to the Servicer and/or the Certificate Insurer from the FHA Premium Account pursuant to Section 6.06(b)(i);
(xxxiii) The amount of FHA Payments and Related Payments received during the related Due Period, stated separately for each Pool;
(xxxiv) The Reserve Amount for the related Remittance Date;
(xxxv) Claims filed during the Due Period;
(xxxvi) Claims paid during the Due Period;
(xxxvii) Claims denied by the FHA during the Due Period;
(xxxviii) Claims pending payment by the FHA during the Due Period; and
(xxxix) The number and Principal Balance of all Defaulted Mortgage Loans purchased during the Due Period, stated separately for each Pool;
(xl) Such other information as the Certificate Insurer and the Certificateholders may reasonably require. The Trustee shall forward such report to the Certificateholders and, with respect to the report on the Pool I and Pool II Mortgage Loans, to the Certificate Insurer on the Remittance Date, together with a separate report indicating the amount of funds deposited in each Certificate Account pursuant to Section 6.01(a)(iv); and the amounts which are reimbursable to the Servicer or the Representative, as appropriate, pursuant to Sections 6.03(c)(i), 6.03(c)(ii), 6.04(b)(iv), 6.08(d)(X)(iii), and 6.08(d)(Z) (all reports prepared by the Trustee of such withdrawals and deposits will be based in whole or in part upon the information provided to the Trustee by the Servicer or the Claims Administrator). To the extent that there are inconsistencies between the telecopy of the Servicer's Certificate and the hard copy thereof, the Trustee shall be entitled to rely upon the telecopy. In the discretion of the Servicer, in the case of certain information furnished pursuant to subclauses (i) and (ii) abovethe above provisions, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each per $1,000 original dollar amount as of the Closing Cut-Off Date. The Additionally, on the Special Remittance Date the Trustee mayshall, in based upon information received from the absence Servicer, forward to the Certificateholders and the Rating Agencies, a report setting forth the amount of manifest errorprincipal and interest, conclusively rely upon if any, being paid to each Class of Certificates on the Determination Date Report of Special Remittance Date, and to the Servicer in its preparation of Certificate Insurer, a report setting forth such information only with respect to the statement to Certificateholders pursuant to this Section 4.03Pool I and Pool II Certificates.
(ba) Within a reasonable period of time after the end of each calendar year, the Servicer shall furnish to the Trustee shall, upon written request, furnish for distribution to each Person who at any time during the calendar year was a Certificateholder the amount of a Regular Certificate, if requested in writing by interest and principal distributed with respect to each Class of Certificates plus such Person, such other customary information as is reasonably the Servicer determines to be necessary and/or required by the Internal Revenue Service to provide enable the Certificateholders to such Person a statement containing the information set forth in subclauses (i) and (ii) above, aggregated prepare their tax returns for such calendar year or applicable portion thereof during which such Person was a Certificateholderyear. Such obligation of the Trustee Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished provided by the Trustee to Certificateholders Servicer pursuant to any requirements of the Code as are in force from time to timetime are in force.
(cb) On each Distribution Remittance Date and the Special Remittance Date, the Trustee shall forward to the Residual Class X and Class R Certificateholders a copy of the reports report forwarded to the Regular Certificateholders of each Pool in respect of such Distribution Remittance Date or the Special Remittance Date, as the case may be, and a statement setting forth the amounts actually distributed to the Class X and Class R Certificateholders, on such Remittance Date together with such other information as the Trustee Servicer provides and deems necessary or appropriate.
(dc) Within a reasonable period of time after the end of each calendar year, the Servicer shall furnish to the Trustee shall deliver for distribution to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, Class X or Class R Certificateholder such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Class X or R Certificateholder, as applicable. Such obligation of the Trustee Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders provided by the Trustee Servicer pursuant to any requirements of the Code as from time to time in force.
(ed) On each Distribution DateUpon reasonable advance notice in writing, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible Servicer will provide to each CertificateholderCertificateholder which is a savings and loan association, bank or insurance company certain reports and access to information and documentation regarding the statement prepared pursuant Mortgage Loans sufficient to paragraph (a) permit such Certificateholder to comply with applicable regulations of this Section 4.03. Assistance the Office of Thrift Supervision or other regulatory authorities with respect to investment in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant heretoCertificates.
(fe) No later than noon on the second Business Day prior The Servicer shall furnish to each Distribution DateCertificateholder and the Certificate Insurer, during the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Dateterm of this Agreement, the Trustee will immediately provide notice in the form of Exhibit J to the such periodic, special, or other reports or information, whether or not provided for herein, as shall be necessary, reasonable, or appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermorethe Certificateholder or the Certificate Insurer, no distributions will be made from the Supplemental Interest Trust or otherwise with respect to the related Swap Counterparty purposes of this Agreement, all such reports or information to be provided by and in respect accordance with such applicable instructions and directions as the Certificateholder or the Certificate Insurer may reasonably require; provided, that the Servicer shall be entitled to be reimbursed by such Certificateholder or the Certificate Insurer for the Servicer's actual expenses incurred in providing such reports if such reports are not producible in the ordinary course of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution DateServicer's business.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Money Store Home Equity Corp)
Statements. (a) On Not later than 12:00 noon, New York ---------- time, on each Determination Date, the Master Servicer shall deliver to the Trustee a computer tape (or such other report in a form and format mutually agreeable to the Master Servicer and the Trustee) as to each Mortgage Loan as of the end of the preceding Due Period and such other information as the Trustee shall reasonably require. Not later than 12:00 noon, New York time, on the Distribution Date, based, as applicable, on information provided to it by the Servicer, the Trustee shall prepare and make available deliver to each Holder of the Regular Certificates, the Swap Counterparties, the Master Servicer and to the Rating AgenciesCertificate Insurer, by telecopy, with a hard copy thereof to be delivered on such Distribution Date, a statement as (the "Trustee's Remittance Report") (based solely on the information contained on the computer tape) containing the information set forth below with respect to the distributions made on such Distribution Date:
(i) The Available Funds for each Certificate Group and each Class' Certificate Rate for the amount of the distribution made on such related Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and the amount of the distribution made to the Holders of the Class P Certificates allocable to Prepayment ChargesDate;
(ii) The Class Principal Balance of each Class, the amount Pool Principal Balance and the Loan Group Principal Balance of the distribution made on such Distribution Date to Mortgage Loans in each Loan Group as reported in the Holders prior Trustee's Remittance Report or, in the case of the first Determination Date, the Original Class Principal Balance of each Class Class, the Cut-Off Date Pool Principal Balance and the Cut-Off Date Loan Group Principal Balance of Regular Certificates (other than the Class P Certificates) allocable to interest, separately identifiedMortgage Loans in each Loan Group;
(iii) The aggregate amount of collections received on the Pool Balance Mortgage Loans on or prior to such Determination Date in respect of the Group I preceding Due Period, separately stating the amounts received in respect of principal and interest;
(iv) The number and Principal Balances of all Mortgage Loans that were the subject of Principal Prepayments during the Due Period;
(v) The amount of all Curtailments that were received during the Due Period;
(vi) The principal portion of all Monthly Payments received during the Due Period;
(vii) The interest portion of all Monthly Payments received on the Mortgage Loans during the Due Period;
(viii) The amount required to be paid by the Seller or Master Servicer (reported separately) pursuant to Sections 2.03, 2.06 or 3.01(j);
(ix) The amount of the Monthly Advances and the amount of any Compensating Interest payment to be made with respect to such Distri- bution Date;
(x) The Class A Principal Distribution for each Certificate Group II for the related Distribution Date, the Class Interest Distribution for the related Distribution Date to be distributed on each Class of Class A Certificates and any Net Funds Cap Carryover Amount to be distributed on the Class A-2 Certificates on the related Distribution Date;
(xi) The amount, if any, of the Outstanding Class Interest Carryover Shortfall and Class A Principal Shortfall Amount for each Class after giving effect to the distributions on the related Distribution Date;
(xii) The amount of the Insured Payments, if any, to be made on the related Distribution Date;
(xiii) The amount to be distributed to the Class R Certif- icateholders for the related Distribution Date;
(xiv) The Class Principal Balance for each Class after giving effect to the distribution to be made on the related Distribution Date;
(xv) The weighted average remaining term to maturity of the Mortgage Loans in each Loan Group and the weighted average Loan Rate in each Loan Group;
(a) The Master Servicing Fee to be paid to the Master Servicer and (b) the amounts paid to the Certificate Insurer, separately stated, pursuant to Sections 5.01(a)(i)(4) and 5.01(a)(ii)(4) and the Reimbursement Amount to be paid to the Certificate Insurer pursuant to Section 5.01(a)(vi)(4);
(xvii) The aggregate Premium Amount to be paid to the Certificate Insurer pursuant to Section 5.01;
(xviii) The amount of all payments or reimbursements to the Master Servicer pursuant to Section 3.03;
(xix) The Pool Factor for each Loan Group determined using the balances in subclause (xxiv) above, computed to six (6) decimal places;
(xx) The O/C Amount, the O/C Reduction Amount, the Excess O/C Amount and the Specified O/C Amount for the Distribution Date and each Certificate Group and the Excess Spread for each related Loan Group for such Distribution Date;
(xxi) The amount paid to Class R Certificateholders pursuant to Section 5.01(a)(vi)(7);
(xxii) The amount of Distributable Excess Spread to be distributed to the Class A Certificateholders of each Class on such Distribution Date pursuant to Sections 5.01(a)(iv), 5.01(a)(v) and 5.01(a)(vi)(1), as applicable, on such Distribution Date;
(xxiii) The number of Mortgage Loans outstanding at the Close of Business beginning and at the end of the related Due Period;
(ivxxiv) The Pool Principal Balance and the numberLoan Group Principal Balance for each Loan Group, aggregate principal balance, and weighted average Mortgage Rate of the Mortgage Loans each as of the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment Period;
(v) the number and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Properties;
(vi) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(vii) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(viii) the Certificate Principal Balance of each class end of the Class A Certificates, each class of the Mezzanine Certificates and the Class O Certificates, after giving effect Due Period related to the distributions made on such Distribution Date;
(ixxxv) Separately stated for each Loan Group, the number and aggregate Principal Balances of Mortgage Loans (w) as to which the Monthly Payment is delinquent for 30-59 days, 60-89 days and 90 or more days, respectively, (x) that have become REO Properties, in each case as of the end of the preceding Due Period, (y) that are in foreclosure and (z) the Unpaid Interest Shortfall Amount, if any, with respect to each class Mortgagor of which is the Class A Certificates, each class subject of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Dateany bankruptcy or insolvency proceeding;
(xxxvi) the aggregate The unpaid principal amount of all Mortgage Loans that became Liquidated Mortgage Loans during such Due Period;
(xxvii) The Net Liquidation Proceeds received during such Due Period;
(xxviii) The book value (within the meaning of 12 C.F.R. Section 571.13 or comparable provision) of any Prepayment Interest Shortfalls for such Distribution Datereal estate acquired through foreclosure or grant of a deed in lieu of foreclosure; (xxix) For so long as the Master Servicer is the Seller, the Rating Agencies' ratings of the long-term unsecured debt of the Seller (to the extent not covered by payments such information is provided to the Trustee by the Servicer pursuant to Section 3.25;
(xi) Certificate Insurer or the Credit Enhancement Percentage for such Distribution Date;
(xii) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiii) the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Date;
(xiv) the Supplemental Interest Payment for each Class on such Distribution Date;
(xv) the difference between the Swap Notional Amount and the Underwritten Certificates Principal Balance on such Distribution Date;
(xvi) the Required Overcollateralization Amount for such Distribution DateMaster Servicer); and
(xvii) the Excess Cashflow for such Distribution Date. In the case of information furnished pursuant to subclauses (i) and (ii) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(b) Within a reasonable period of time after the end of each calendar year, the Trustee shall, upon written request, furnish to each Person who at any time during the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
(c) On each Distribution Date, the Trustee shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders by the Trustee pursuant to any requirements of the Code as from time to time in force.
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or (ii) include any information required to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement with the earliest maturity. In the event that two or more Swap Agreements have the same maturity date, which date is the earliest maturity date of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty in respect of notional amounts assigned or reduced under this Section 4.03 (f). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution Date.
Appears in 1 contract
Statements. (a) On each Distribution Date, based, as applicable, on information provided Tenant shall furnish the following statements to it by the Servicer, the Trustee shall prepare and make available to each Holder of the Regular Certificates, the Swap Counterparties, the Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution DateLandlord:
(i) Within sixty-five (65) days after the amount end of Tenant Parent’s Fiscal Years (commencing with the Fiscal Year ending December 31, 2013) or concurrently with the filing by Xxxxxx’s Parent of its annual report on Form 10-K with the SEC, whichever is earlier: (x) Tenant’s Parent’s Financial Statements; (y) a certificate, executed by the chief financial officer or treasurer of the distribution made on Tenant’s Parent (a) certifying that no default has occurred under this Master Lease or, if such Distribution Date a default has occurred, specifying the nature and extent thereof and any corrective action taken or proposed to be taken with respect thereto and (b) setting forth the Holders calculation of each Class the financial covenants set forth in Section 23.3 hereof in reasonable detail as of Regular Certificatessuch Fiscal Year (commencing with the Fiscal Year ending December 31, separately identified2014); and (z) a report with respect to Tenant’s Parent’s Financial Statements from Tenant’s Parent’s accountants, allocable which report shall be unqualified as to principal going concern and scope of audit of Tenant’s Parent and its Subsidiaries (excluding any qualification as to going concern relating to any debt maturities in the twelve month period following the date of such audit or any projected financial performance or covenant default in any Material Indebtedness or this Master Lease in such twelve month period) and shall provide in substance that (a) such consolidated financial statements present fairly the consolidated financial position of Tenant’s Parent and its Subsidiaries as at the dates indicated and the amount results of their operations and cash flow for the distribution periods indicated in conformity with GAAP and (b) that the examination by Tenant’s Parent’s accountants in connection with such Financial Statements has been made to the Holders of the Class P Certificates allocable to Prepayment Chargesin accordance with generally accepted auditing standards;
(ii) Within forty-five (45) days after the amount end of each of the distribution made first three (3) fiscal quarters of the Tenant’s Parent’s Fiscal Year (commencing with the fiscal quarter ending March 31, 2014) or concurrently with the filing by Xxxxxx’s Parent of its quarterly report on Form 10-Q with the SEC, whichever is earlier, a copy of Xxxxxx’s Parent’s Financial Statements for such Distribution Date period, together with a certificate, executed by the chief financial officer or treasurer of Tenant’s Parent (i) certifying that no default has occurred or, if such a default has occurred, specifying the nature and extent thereof and any corrective action taken or proposed to be taken with respect thereto, (ii) setting forth the calculation of the financial covenants set forth in Section 23.3 hereof in reasonable detail as of such quarter, to the Holders extent one complete Test Period has been completed which has commenced following the date of each Class this Master Lease and (iii) certifying that such Financial Statements fairly present, in all material respects, the financial position and results of Regular Certificates operations of Tenant’s Parent and its Subsidiaries on a consolidated basis in accordance with GAAP (other than subject to normal year-end audit adjustments and the Class P Certificates) allocable to interest, separately identifiedabsence of footnotes);
(iii) Promptly following Xxxxxxxx’s request from time to time, (a) five-year forecasts of Tenant’s income statement and balance sheet covering such quarterly and annual periods as may be reasonably requested by Landlord, and in a format consistent with Tenant Parent’s quarterly and annual financial statements filed with the Pool Balance SEC, and such additional financial information and projections as may be reasonably requested by Landlord in connection with syndications, private placements, or public offerings of GLP’s or Landlord’s debt securities or loans or equity or hybrid securities and (b) such additional information and unaudited quarterly financial information concerning the Leased Property and Tenant as Landlord or GLP may require for its ongoing filings with the SEC under both the Securities Act and the Securities Exchange Act of 1934, as amended, including, but not limited to 10-Q Quarterly Reports, 10-K Annual Reports and registration statements to be filed by Landlord or GLP during the Term of this Master Lease, the Internal Revenue Service (including in respect of GLP’s qualification as a “real estate investment trust” (within the meaning of Section 856(a) of the Group I Mortgage Loans Code)) and the Group II Mortgage Loans at the Close of Business at the end of the related Due Periodany other federal, state or local regulatory agency with jurisdiction over GLP or its Subsidiaries subject to Section 23.1(c) below);
(iv) the number, aggregate principal balance, and weighted average Mortgage Rate of the Mortgage Loans as of the related Determination Date and the number and aggregate principal balance of all Subsequent Mortgage Loans added during the preceding Prepayment Period;
Within thirty-five (v35) the number and aggregate unpaid principal balance of Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings have been commenced and (C) REO Properties;
(vi) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(vii) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;
(viii) the Certificate Principal Balance of each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class O Certificates, after giving effect to the distributions made on such Distribution Date;
(ix) the Unpaid Interest Shortfall Amount, if any, with respect to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date;
(x) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.25;
(xi) the Credit Enhancement Percentage for such Distribution Date;
(xii) the Available Funds Cap Carryforward Amount for each class of the Class A Certificates and each class of the Mezzanine Certificates, if any, for such Distribution Date and the amount remaining unpaid after reimbursements therefor on such Distribution Date;
(xiii) the respective REMIC Pass-Through Rates applicable to each class of the Class A Certificates, each class of the Mezzanine Certificates and the Class AIO Certificates for such Distribution Date and the REMIC Pass-Through Rate applicable to each class of the Class A Certificates and each class of the Mezzanine Certificates for the immediately succeeding Distribution Date;
(xiv) the Supplemental Interest Payment for each Class on such Distribution Date;
(xv) the difference between the Swap Notional Amount and the Underwritten Certificates Principal Balance on such Distribution Date;
(xvi) the Required Overcollateralization Amount for such Distribution Date; and
(xvii) the Excess Cashflow for such Distribution Date. In the case of information furnished pursuant to subclauses (i) and (ii) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Closing Date. The Trustee may, in the absence of manifest error, conclusively rely upon the Determination Date Report of the Servicer in its preparation of the statement to Certificateholders pursuant to this Section 4.03.
(b) Within a reasonable period of time after the end of each calendar month, a copy of Tenant’s income statement for such month and Tenant’s balance sheet as of the end of such month (which may be subject to quarterly and year-end adjustments and the absence of footnotes); provided, the Trustee shallhowever, upon written request, furnish that with respect to each Person who at any time during calendar quarter, Tenant shall provide such financial reports for the calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information final month thereof as soon as is reasonably necessary practicable following the closing of the books for such month and in sufficient time so that Landlord or its Affiliate is able to provide include the operational results for the entire quarter in its current Form 10-Q or Form 10-K (or supplemental report filed in connection therewith);
(v) Prompt Notice to Landlord of any action, proposal or investigation by any agency or entity, or complaint to such Person agency or entity, (any of which is called a statement containing “Proceeding”), known to Tenant, the information set forth result of which Proceeding would reasonably be expected to be to revoke or suspend or terminate or modify in subclauses (i) and (ii) abovea way adverse to Tenant, aggregated for such calendar year or applicable portion thereof during fail to renew or fully continue in effect, any license or certificate or operating authority pursuant to which such Person was a Certificateholder. Such obligation Tenant carries on any part of the Trustee shall be deemed to have been satisfied to Primary Intended Use of all or any portion of the extent that substantially comparable information shall be Leased Property;
(vi) As soon as it is prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are in force from time to time.
no event later than sixty (c60) On each Distribution Date, the Trustee shall forward to the Residual Certificateholders a copy of the reports forwarded to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate.
(d) Within a reasonable period of time days after the end of each calendar yearFiscal Year, the Trustee shall deliver to a capital and operating budget for each Person who at any time during the calendar year was a Residual Certificateholder, if requested in writing by such Person, such information as is reasonably necessary Facility for that Fiscal Year; and
(vii) Tenant further agrees to provide the financial and operational reports to be delivered to Landlord under this Master Lease in such Person a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Residual Certificateholder. Such obligation of the Trustee shall electronic format(s) as may reasonably be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Certificateholders required by the Trustee pursuant to any requirements of the Code as Landlord from time to time in force.
(e) On each Distribution Date, the Trustee shall post on its website at xxx.xxxxxxxx.xxx\absmbs, which posting shall be accessible to each Certificateholder, the statement prepared pursuant to paragraph (a) of this Section 4.03. Assistance in using the website can be obtained by calling the Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall not have any responsibility to (i) verify information provided by the Servicer to be included in such statement or facilitate Xxxxxxxx’s internal financial and reporting database and (ii) include permit Landlord to calculate any information required rent, fee or other payments due under Ground Leases. Xxxxxx also agrees that Landlord shall have audit rights with respect to be included in such statement if the Servicer has failed to timely produce such information to the Trustee, as extent required pursuant hereto.
(f) No later than noon on the second Business Day prior to each Distribution Date, the Trustee will verify that no Notional Amount Test Event is scheduled to occur on the related Distribution Date. In the event a Notional Amount Test Event would otherwise occur on the related Distribution Date, the Trustee will immediately provide notice in the form of Exhibit J to the appropriate NovaStar entity and assign or reduce in $25,000,000 increments a portion of the related notional amount from the affected Swap Agreement on the day immediately preceding that Distribution Date until no Notional Amount Test Event will occur on the related Distribution Date. The Trustee shall assign or reduce the applicable notional amount from the Swap Agreement confirm Tenant’s compliance with the earliest maturity. In the event that two or more Swap Agreements have the same maturity dateMaster Lease terms (including, which date is the earliest maturity date without limitation, calculation of the outstanding Swap Agreements, the Trustee shall assign or reduce the applicable notional amounts from the Swap Agreement(s) on a pro rata basis. Once such notional amounts have been reduced or assigned back to the appropriate NovaStar entity, the related Swap Counterparty will have no obligation to, nor interest in, the Trust with respect to such notional amounts. Furthermore, no distributions will be made from the Supplemental Interest Trust to the related Swap Counterparty in respect of notional amounts assigned or reduced under this Section 4.03 (fNet Revenues). In no event shall the Trustee allow a Notional Amount Test Event to occur on any Distribution Date.
Appears in 1 contract
