The Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”) entitled “Certificate Account, U.S. Bank National Association, as Trustee, in trust for the benefit of the Holders of GreenPoint Mortgage Funding Trust Mortgage Pass-Through Certificates, Series 2007-AR2” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account and shall be for the benefit of the Certificateholders. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement. The Trustee shall give to the Depositor, Master Servicer and any NIMS Insurer prior written notice of the name and address of the depository institution at which the Certificate Account is maintained and the account number of such Certificate Account. (b) The Trustee shall deposit or cause to be deposited into the Certificate Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes: (i) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself and others prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to itself and others pursuant to any provision of this Agreement or any Custodial Agreement; provided that such payments are for “unanticipated expenses” within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii); (ii) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself or its agents for any amounts reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided that such payments are for “unanticipated expenses” within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii); (iii) to withdraw amounts deposited in the Certificate Account in error; (iv) to make payments to itself and others pursuant to any provision of this Agreement; (v) to make distributions to Certificateholders pursuant to Article V; and (vi) to clear and terminate the Certificate Account pursuant to Section 7.02. Any withdrawals described in the preceding sentence shall be allocated and limited to collections or other recoveries on the related Mortgage Pool and shall be accounted for in such manner. (c) The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Except as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any Eligible Investment, or if a default occurs in any other performance required under any Eligible Investment, the Trustee may and, subject to Section 6.01 and Section 6.02(iv), upon the request of the NIMS Insurer, shall take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate proceedings.
Appears in 1 contract
Samples: Trust Agreement (Greenpoint Mortgage Funding Trust 2007-Ar2)
The Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”) entitled “Certificate Account, U.S. Bank National Association, as Trustee, in trust for the benefit of the Holders of GreenPoint Mortgage Funding Xxxxxx XS Trust Mortgage Pass-Through Certificates, Series 2007-AR24N” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account and shall be for the benefit of the Certificateholders. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement. The Trustee shall give to the Depositor, Master Servicer and any NIMS Insurer prior written notice of the name and address of the depository institution at which the Certificate Account is maintained and the account number of such Certificate Account.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself and others prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to itself and others pursuant to any provision of this Agreement or any Custodial Agreement; provided that such payments are for “unanticipated expenses” within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(ii) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself or its agents for any amounts reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided that such payments are for “unanticipated expenses” within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iii) to withdraw amounts deposited in the Certificate Account in error;
(iv) to make payments to itself and others pursuant to any provision of this Agreement;
(v) to make distributions to Certificateholders pursuant to Article V; and
(vi) to clear and terminate the Certificate Account pursuant to Section 7.02. Any withdrawals described in the preceding sentence shall be allocated and limited to collections or other recoveries on the related Mortgage Pool and shall be accounted for in such manner.
(c) The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Except as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any Eligible Investment, or if a default occurs in any other performance required under any Eligible Investment, the Trustee may and, subject to Section 6.01 and Section 6.02(iv), upon the request of the NIMS Insurer, shall take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate proceedings.
Appears in 1 contract
Samples: Trust Agreement (Lehman XS 2007-4n)
The Certificate Account. (a) The Trustee Administrator, for the benefit of the Certificateholders, shall establish and maintain in its name, as trustee, a trust the name of the Owner Trustee on behalf of the Certificateholders an account (the “Certificate Account”) entitled “Certificate Account, U.S. Bank National AssociationWilmington Trust Company, as Owner Trustee, in trust for the benefit of the Holders holders of GreenPoint Mortgage Funding Trust Mortgage Pass2006-Through HE1, Residual Certificates.”
(a) On each Payment Date, Series 2007-AR2” until disbursed pursuant to the terms of this Agreement. The Certificate Indenture Trustee shall withdraw from the Payment Account shall be an Eligible Account and shall be for the benefit of the Certificateholders. If the existing Certificate Account ceases all amounts required to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement. The Trustee shall give to the Depositor, Master Servicer and any NIMS Insurer prior written notice of the name and address of the depository institution at which the Certificate Account is maintained and the account number of such Certificate Account.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself and others prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to itself and others pursuant to any provision of this Agreement or any Custodial Agreement; provided that such payments are for “unanticipated expenses” within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(ii) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself or its agents for any amounts reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided that such payments are for “unanticipated expenses” within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iii) to withdraw amounts deposited in the Certificate Account in error;
(iv) to make payments to itself and others pursuant to any provision Section 5.03 and remit such amount to the Owner Trustee or the Administrator for deposit into the Certificate Account. On each Payment Date, the Owner Trustee or the Administrator shall distribute all amounts on deposit in the Certificate Account to the Certificateholders in respect of this the Residual Certificates as provided in the Trust Agreement;
(v) . On the Payment Date on which the Note Principal Amount is reduced to make distributions zero, the Administrator shall distribute all amounts remaining on deposit in the Certificate Account to the Certificateholders pursuant to Article V; and
(vi) in respect of the Residual Certificates in order to clear and terminate the Certificate Account pursuant in connection with the termination of this Agreement.
(b) All distributions made on the Residual Certificates shall be made by wire transfer of immediately available funds to Section 7.02the account of such Certificateholders. Any withdrawals described The final distribution on the Residual Certificates will be made in like manner, but only upon presentment and surrender of such Residual Certificates at the location specified in the preceding sentence shall be allocated and limited notice to collections or other recoveries on the related Mortgage Pool and shall be accounted for in Certificateholders of such mannerfinal distribution.
(c) The Indenture Trustee may shall invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested Payment Account in Eligible Investments (which may be obligations of the Indenture Trustee)) in accordance with the written instructions of the holders of the Class L Certificate. Absent its receipt of any such written instructions, the Indenture Trustee shall invest or cause to be invested such funds in the “First American Treasury Obligations Reserve Class”. All such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Payment Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Indenture Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Except as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any Eligible Investment, or if a default occurs in any other performance required under any Eligible Investment, the Trustee may and, subject to Section 6.01 and Section 6.02(iv), upon the request of the NIMS Insurer, shall take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate proceedings.
Appears in 1 contract
Samples: Transfer and Servicing Agreement (Greenpoint Mortgage Funding Trust 2006-He1)
The Certificate Account. (a) The Trustee Administrator, for the benefit of the Certificateholders, shall establish and maintain in its name, as trustee, a trust the name of the Owner Trustee on behalf of the Certificateholders an account (the “Certificate Account”) entitled “Certificate Account, U.S. Bank National Association[ ], as Owner Trustee, in trust for the benefit holders of the Holders of GreenPoint Mortgage Funding [ ] Home Equity Loan Trust Mortgage Pass-Through [ ], Residual Certificates, Series 2007-AR2” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account and shall be for the benefit of the Certificateholders. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement. The Trustee shall give to the Depositor, Master Servicer and any NIMS Insurer prior written notice of the name and address of the depository institution at which the Certificate Account is maintained and the account number of such Certificate Account.”
(b) The On each Payment Date, the Indenture Trustee shall deposit or cause withdraw from the Payment Account all amounts required to be deposited into the Certificate Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself and others prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to itself and others pursuant to any provision of this Agreement or any Custodial Agreement; provided that such payments are for “unanticipated expenses” within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(ii) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself or its agents for any amounts reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided that such payments are for “unanticipated expenses” within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iii) to withdraw amounts deposited in the Certificate Account in error;
(iv) to make payments to itself and others pursuant to any provision Section 5.03 and remit such amount to the Owner Trustee or the Administrator for deposit into the Certificate Account. On each Payment Date, the Owner Trustee or the Administrator shall distribute all amounts on deposit in the Certificate Account to the Certificateholders in respect of this the Residual Certificates as provided in the Trust Agreement;
(v) . On the Payment Date on which the Note Principal Amount is reduced to make distributions zero, the Administrator shall distribute all amounts remaining on deposit in the Certificate Account to the Certificateholders pursuant to Article V; and
(vi) in respect of the Residual Certificates in order to clear and terminate the Certificate Account pursuant to Section 7.02. Any withdrawals described in connection with the preceding sentence shall be allocated and limited to collections or other recoveries on the related Mortgage Pool and shall be accounted for in such mannertermination of this Agreement.
(c) All distributions made on the Residual Certificates shall be made by wire transfer of immediately available funds to the account of such Certificateholders. The final distribution on the Residual Certificates will be made in like manner, but only upon presentment and surrender of such Residual Certificates at the location specified in the notice to the Certificateholders of such final distribution.
(d) The Indenture Trustee may shall invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested Payment Account in Eligible Investments (which may be obligations of the Indenture Trustee)) in accordance with the written instructions of the holders of the Class [ ] Certificate. Absent its receipt of any such written instructions, the Indenture Trustee shall invest or cause to be invested such funds in the “First American Treasury Obligations Reserve Class”. All such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Payment Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Indenture Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Except as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any Eligible Investment, or if a default occurs in any other performance required under any Eligible Investment, the Trustee may and, subject to Section 6.01 and Section 6.02(iv), upon the request of the NIMS Insurer, shall take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate proceedings.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Bond Securitization LLC)
The Certificate Account. (a) The Trustee Certificate Account shall establish and maintain in its name, as trustee, be a separate trust account established and maintained by the Trustee. Should a successor Trustee be appointed, then the Servicer shall, with the Trustee's assistance as may be reasonably necessary, cause the Certificate Account to be moved to the successor Trustee. Except as provided in paragraph (b) below, all funds deposited in the “Certificate Account”) entitled “Certificate Account, U.S. Bank National Association, as Trustee, Account shall be held in trust for the benefit of the Holders of GreenPoint Mortgage Funding Trust Mortgage Pass-Through Certificates, Series 2007-AR2” Certificateholders until disbursed pursuant to applied in accordance with Section 3.09.
(b) Funds on deposit in the terms of this Agreement. The Certificate Account shall be an invested at the written direction of the Servicer (which may be in the form of standing instructions) by the Trustee in Eligible Investments maturing on or before the Business Day preceding the following Distribution Date. All such Eligible Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. So long as no Event of Default shall have occurred and be continuing, all Eligible Investments Earnings on deposit in the Certificate Account and shall be for the benefit of the CertificateholdersServicer as servicing compensation and shall be remitted to it monthly as provided herein. If the existing Certificate Account ceases to be an Event of Default has occurred and is continuing, all Eligible Account, the Trustee Investments Earnings shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement. The Trustee shall give to the Depositor, Master Servicer and any NIMS Insurer prior written notice of the name and address of the depository institution at which the Certificate Account is maintained and the account number of such Certificate Account.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments distribution as set forth in subsection (c) below, and to make payments to itself and others prior to making distributions part of Additional Funds pursuant to Section 5.02 for 3.09(b) on each Distribution Date. The amount of any expenses or other indemnification owing to itself and others pursuant to any provision of this Agreement or any Custodial Agreement; provided that such payments are for “unanticipated expenses” within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(ii) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself or its agents for any amounts reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided that such payments are for “unanticipated expenses” within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iii) to withdraw amounts deposited realized losses in the Certificate Account in error;
respect of any such investments shall promptly be deposited by the Servicer (ivfrom its own funds) to make payments to itself and others pursuant to in the Certificate Account. The Trustee in its fiduciary capacity shall not be liable for the amount of any provision loss incurred in respect of this Agreement;
(v) to make distributions to Certificateholders pursuant to Article V; and
(vi) to clear and terminate any investment or lack of investment of funds held in the Certificate Account pursuant to and made in accordance with this Section 7.02. Any withdrawals described in the preceding sentence shall be allocated and limited to collections or other recoveries on the related Mortgage Pool and shall be accounted for in such manner3.02(b).
(c) The Trustee may invest, or cause shall keep and maintain appropriate accounting records relating to be invested, funds held in deposits to and withdrawals from the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Except as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any Eligible Investment, or if a default occurs in any other performance required under any Eligible Investment, the Trustee may and, subject to Section 6.01 and Section 6.02(iv), upon the request of the NIMS Insurer, shall take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate proceedings.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Resource America Inc)
The Certificate Account. (a) The Trustee Indenture Trustee, for the benefit of the Certificateholders, shall establish and maintain in its name, as trustee, a trust the name of the Owner Trustee on behalf of the Certificateholders an account (the “"Certificate Account”") entitled “"Certificate Account, U.S. Bank National Association[_____________], as Owner Trustee, in trust for the benefit holders of the Holders of GreenPoint Mortgage Funding Trust Mortgage Pass-Through [_____________] Residual Certificates, Series 2007-AR2” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account and shall be for the benefit of the Certificateholders. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement. The Trustee shall give to the Depositor, Master Servicer and any NIMS Insurer prior written notice of the name and address of the depository institution at which the Certificate Account is maintained and the account number of such Certificate Account."
(b) The On each Payment Date, the Indenture Trustee shall deposit or cause withdraw from the Payment Account all amounts required to be deposited into the Certificate Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself and others prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to itself and others pursuant to any provision of this Agreement or any Custodial Agreement; provided that such payments are for “unanticipated expenses” within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(ii) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself or its agents for any amounts reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided that such payments are for “unanticipated expenses” within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iii) to withdraw amounts deposited in the Certificate Account in error;
(iv) to make payments to itself and others pursuant to any provision of this Agreement;
(vSections 5.03(X)(iii) to make distributions to Certificateholders pursuant to Article V; and
and (vi) and remit such amount to the Owner Trustee or the Administrator for deposit into the Certificate Account. On each Payment Date, the Indenture Trustee shall distribute all amounts on deposit in the Certificate Account to the Certificateholders in respect of the Residual Certificates as provided in the Trust Agreement. On the Payment Date on which the Note Balance is reduced to zero, the Indenture Trustee shall distribute all amounts remaining on deposit in the Certificate Account to the Certificateholders in respect of the Residual Certificates in order to clear and terminate the Certificate Account pursuant to Section 7.02. Any withdrawals described in connection with the preceding sentence shall be allocated and limited to collections or other recoveries on the related Mortgage Pool and shall be accounted for in such mannertermination of this Agreement.
(c) All distributions made on the Residual Certificates shall be made by wire transfer of immediately available funds to the account of such Certificateholders. The final distribution on the Residual Certificates will be made in like manner, but only upon presentment and surrender of such Residual Certificates at the location specified in the notice to the Certificateholders of such final distribution.
(d) The Indenture Trustee may (but is under no obligation to) invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested Account in Eligible Investments (which may be obligations of the Indenture Trustee). All such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Payment Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Indenture Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Indenture Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefortherefore, immediately as realized. Except as otherwise expressly provided in this Agreement, if All income and gain realized from any default occurs in such investment shall be compensation to the making of a payment due under any Eligible Investment, or if a default occurs in any other performance required under any Eligible Investment, the Indenture Trustee may and, and shall be subject to Section 6.01 and Section 6.02(iv), upon the request of the NIMS Insurer, shall take such action as may be appropriate its withdrawal on order from time to enforce such payment or performance, including the institution and prosecution of appropriate proceedingstime.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Financial Asset Securities Corp)
The Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”) entitled “Certificate Account, U.S. Bank National Association, as Trustee, in trust for the benefit of the Holders of GreenPoint Mortgage Funding Xxxxxx XS Trust Mortgage Pass-Through Certificates, Series 2007-AR27N” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account and shall be for the benefit of the CertificateholdersCertificateholders and the Certificate Insurer. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement. The Trustee shall give to the Depositor, Master Servicer and any NIMS Insurer prior written notice of the name and address of the depository institution at which the Certificate Account is maintained and the account number of such Certificate Account.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself and others prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to itself and others pursuant to any provision of this Agreement or any Custodial Agreement; provided that such payments are for “unanticipated expenses” within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(ii) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself or its agents for any amounts reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided that such payments are for “unanticipated expenses” within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iii) to withdraw amounts deposited in the Certificate Account in error;
(iv) to make payments to itself and others pursuant to any provision of this Agreement;
(v) to make distributions to Certificateholders and the Certificate Insurer pursuant to Article V; and
(vi) to clear and terminate the Certificate Account pursuant to Section 7.02. Any withdrawals described in the preceding sentence shall be allocated and limited to collections or other recoveries on the related Mortgage Pool and shall be accounted for in such manner.
(c) The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Except as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any Eligible Investment, or if a default occurs in any other performance required under any Eligible Investment, the Trustee may and, subject to Section 6.01 and Section 6.02(iv), upon the request of the NIMS Insurer, shall take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate proceedings.
Appears in 1 contract
The Certificate Account. (a) The Trustee Trust Administrator, for the benefit of the Certificateholders, shall establish and maintain in its name, as trustee, a trust the name of the Owner Trustee on behalf of the Certificateholders an account (the “Certificate Account”) entitled “Certificate Account, U.S. Bank National AssociationWilmington Trust Company, as Owner Trustee, in trust for the benefit of the Holders of GreenPoint New York Mortgage Funding Trust Mortgage Pass2005-Through 2 Trust Certificates, Series 20072005-AR2” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account and shall be for the benefit of the Certificateholders. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement. The Trustee shall give to the Depositor, Master Servicer and any NIMS Insurer prior written notice of the name and address of the depository institution at which the Certificate Account is maintained and the account number of such Certificate Account2.”
(b) The Trustee On each Payment Date, the Trust Administrator shall deposit or cause withdraw from the Note Account all amounts required to be deposited into the Certificate Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself and others prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to itself and others pursuant to any provision of this Agreement or any Custodial Agreement; provided that such payments are for “unanticipated expenses” within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(ii) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself or its agents for any amounts reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided that such payments are for “unanticipated expenses” within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iii) to withdraw amounts deposited in the Certificate Account in error;
(iv) to make payments to itself and others pursuant to Section 5.06 and remit such amount to the Owner Trustee or the Trust Administrator for deposit into the Certificate Account. On each Payment Date, the Owner Trustee or the Trust Administrator shall distribute all amounts on deposit in the Certificate Account in the following order of priority: first, to the Owner Trustee, any provision of this Agreement;
(v) to make distributions to Certificateholders amounts due but not yet paid pursuant to Article V; and
(vi) VII of the Trust Agreement, and second, to the Certificateholders in respect of the Trust Certificate. On the Payment Date on which the Class Principal Amount of the Notes is reduced to zero, the Trust Administrator shall distribute all amounts remaining on deposit in the Certificate Account to the Certificateholders in respect of the Trust Certificate in order to clear and terminate the Certificate Account pursuant to Section 7.02. Any withdrawals described in connection with the preceding sentence shall be allocated and limited to collections or other recoveries on the related Mortgage Pool and shall be accounted for in such mannertermination of this Agreement.
(c) The Trustee may invest, or cause to be invested, funds held in All distributions made on the Trust Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations made by wire transfer of immediately available funds to the Trustee)account of such Certificateholder. All such investments must be payable The final distribution on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments Trust Certificate will be made in like manner, but only upon presentment and surrender of such Trust Certificate at the name of location specified in the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation notice to the Trustee and shall be subject to its withdrawal on order from time to time. The amount Certificateholder of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Except as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any Eligible Investment, or if a default occurs in any other performance required under any Eligible Investment, the Trustee may and, subject to Section 6.01 and Section 6.02(iv), upon the request of the NIMS Insurer, shall take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate proceedingsfinal distribution.
Appears in 1 contract
Samples: Sale and Servicing Agreement (New York Mortgage Trust 2005-2)
The Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”) entitled “Certificate Account, U.S. Bank National Association, as Trustee, in trust for the benefit of the Holders of GreenPoint Mortgage Funding Xxxxxx XS Trust Mortgage Pass-Through Certificates, Series 2007-AR215N” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account and shall be for the benefit of the CertificateholdersCertificateholders and the Certificate Insurer. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement. The Trustee shall give to the Depositor, Master Servicer and any NIMS Insurer prior written notice of the name and address of the depository institution at which the Certificate Account is maintained and the account number of such Certificate Account.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself and others prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to itself and others pursuant to any provision of this Agreement or any Custodial Agreement; provided that such payments are for “unanticipated expenses” within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(ii) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself or its agents for any amounts reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided that such payments are for “unanticipated expenses” within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iii) to withdraw amounts deposited in the Certificate Account in error;
(iv) to make payments to itself and others pursuant to any provision of this Agreement;
(v) to make distributions to Certificateholders and the Certificate Insurer pursuant to Article V; and
(vi) to clear and terminate the Certificate Account pursuant to Section 7.02. Any withdrawals described in the preceding sentence shall be allocated and limited to collections or other recoveries on the related Mortgage Pool and shall be accounted for in such manner.
(c) The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Except as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any Eligible Investment, or if a default occurs in any other performance required under any Eligible Investment, the Trustee may and, subject to Section 6.01 and Section 6.02(iv), upon the request of the NIMS Insurer, shall take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate proceedings.
Appears in 1 contract
The Certificate Account. (a) The Trustee Administrator, for the benefit of the Certificateholder, shall establish and maintain in its name, as trustee, a trust the name of the Owner Trustee on behalf of the Certificateholder an account (the “Certificate Account”) entitled “Certificate Account, U.S. Bank National Association[_____________], as Owner Trustee, in trust for the benefit holder of the Holders of GreenPoint SASCO Mortgage Funding Loan Trust Mortgage Pass-Through Certificates20[__]-[__] Residual Certificate, Series 2007-AR220[__]-[__].” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account and shall be for the benefit of the CertificateholdersAccount. If the an existing Certificate Account ceases to be an Eligible Account, the Trustee Administrator shall establish a new Certificate Account that is an Eligible Account within 20 Business Days 10 days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement. The Trustee shall give to the Depositor, Master Servicer and any NIMS Insurer prior written notice of the name and address of the depository institution at which the Certificate Account is maintained and the account number of such Certificate Account.
(b) The On each Payment Date, the Indenture Trustee shall deposit or cause withdraw from the Note Account all amounts required to be deposited into the Certificate Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself and others prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to itself and others pursuant to any provision of this Agreement or any Custodial Agreement; provided that such payments are for “unanticipated expenses” within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(ii) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself or its agents for any amounts reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided that such payments are for “unanticipated expenses” within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iii) to withdraw amounts deposited in the Certificate Account in error;
(iv) to make payments to itself and others pursuant to any provision Section 5.03 and remit such amount to the Owner Trustee or the Administrator for deposit into the Certificate Account. On each Payment Date, the Owner Trustee or the Administrator shall distribute all amounts on deposit in the Certificate Account to the Certificateholder in respect of this Agreement;
(v) the Residual Certificate. On the Payment Date on which the Class Principal Amount of the Notes is reduced to make distributions zero, the Administrator shall distribute all amounts remaining on deposit in the Certificate Account to Certificateholders pursuant to Article V; and
(vi) the Certificateholder in respect of the Residual Certificate in order to clear and terminate the Certificate Account pursuant to Section 7.02. Any withdrawals described in connection with the preceding sentence shall be allocated and limited to collections or other recoveries on the related Mortgage Pool and shall be accounted for in such mannertermination of this Agreement.
(c) The Trustee may invest, or cause to be invested, funds held in All distributions made on the Residual Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations made by wire transfer of immediately available funds to the Trustee)account of such Certificateholder. All such investments must be payable The final distribution on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments Residual Certificate will be made in like manner, but only upon presentment and surrender of such Residual Certificate at the name of location specified in the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation notice to the Trustee and shall be subject to its withdrawal on order from time to time. The amount Certificateholder of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Except as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any Eligible Investment, or if a default occurs in any other performance required under any Eligible Investment, the Trustee may and, subject to Section 6.01 and Section 6.02(iv), upon the request of the NIMS Insurer, shall take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate proceedingsfinal distribution.
Appears in 1 contract
Samples: Transfer and Servicing Agreement (Structured Asset Securities Corp)
The Certificate Account. (a) The Trustee Administrator, for the benefit of the Certificateholders, shall establish and maintain in its name, as trustee, a trust the name of the Owner Trustee on behalf of the Certificateholders an account (the “Certificate Account”) entitled “Certificate Account, U.S. Bank National AssociationWilmington Trust Company, as Owner Trustee, in trust for the benefit holders of the Holders of GreenPoint Mortgage Funding Xxxxxx ABS Corporation Home Equity Loan Trust Mortgage Pass2005-Through 1, Residual Certificates, Series 2007-AR2” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account and shall be for the benefit of the Certificateholders. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement. The Trustee shall give to the Depositor, Master Servicer and any NIMS Insurer prior written notice of the name and address of the depository institution at which the Certificate Account is maintained and the account number of such Certificate Account.”
(b) The On each Payment Date, the Indenture Trustee shall deposit or cause withdraw from the Distribution Account all amounts required to be deposited into the Certificate Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself and others prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to itself and others pursuant to any provision of this Agreement or any Custodial Agreement; provided that such payments are for “unanticipated expenses” within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(ii) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself or its agents for any amounts reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided that such payments are for “unanticipated expenses” within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iii) to withdraw amounts deposited in the Certificate Account in error;
(iv) to make payments to itself and others pursuant to any provision Section 5.03 and remit such amount to the Owner Trustee or the Administrator for deposit into the Certificate Account. On each Payment Date, the Owner Trustee or the Administrator shall distribute all amounts on deposit in the Certificate Account to the Certificateholders in respect of this the Residual Certificates as provided in the Trust Agreement;
(v) . On the Payment Date on which the Note Principal Amount is reduced to make distributions zero, the Administrator shall distribute all amounts remaining on deposit in the Certificate Account to the Certificateholders pursuant to Article V; and
(vi) in respect of the Residual Certificates in order to clear and terminate the Certificate Account pursuant to Section 7.02. Any withdrawals described in connection with the preceding sentence shall be allocated and limited to collections or other recoveries on the related Mortgage Pool and shall be accounted for in such mannertermination of this Agreement.
(c) All distributions made on the Residual Certificates shall be made by wire transfer of immediately available funds to the account of such Certificateholders. The final distribution on the Residual Certificates will be made in like manner, but only upon presentment and surrender of such Residual Certificates at the location specified in the notice to the Certificateholders of such final distribution.
(d) The Indenture Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested Account in Eligible Investments (which may be obligations of the Indenture Trustee). All such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Payment Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Indenture Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Indenture Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefortherefore, immediately as realized. Except as otherwise expressly provided in this Agreement, if All income and gain realized from any default occurs in such investment shall be compensation to the making of a payment due under any Eligible Investment, or if a default occurs in any other performance required under any Eligible Investment, the Indenture Trustee may and, and shall be subject to Section 6.01 and Section 6.02(iv), upon the request of the NIMS Insurer, shall take such action as may be appropriate its withdrawal on order from time to enforce such payment or performance, including the institution and prosecution of appropriate proceedingstime.
Appears in 1 contract
Samples: Transfer and Servicing Agreement (Lehman ABS Corp. Home Equity Loan Trust 2005-1)
The Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”) entitled “Certificate Account, U.S. Bank National Association, as Trustee, in trust for the benefit of the Holders of GreenPoint Mortgage Funding Xxxxxx XS Trust Mortgage Pass-Through Certificates, Series 2007-AR216N” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account and shall be for the benefit of the CertificateholdersCertificateholders and the Certificate Insurer. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement. The Trustee shall give to the Depositor, Master Servicer and any NIMS Insurer prior written notice of the name and address of the depository institution at which the Certificate Account is maintained and the account number of such Certificate Account.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself and others prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to itself and others pursuant to any provision of this Agreement or any Custodial Agreement; provided that such payments are for “unanticipated expenses” within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(ii) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself or its agents for any amounts reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided that such payments are for “unanticipated expenses” within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iii) to withdraw amounts deposited in the Certificate Account in error;
(iv) to make payments to itself and others pursuant to any provision of this Agreement;
(v) to make distributions to Certificateholders and the Certificate Insurer pursuant to Article V; and
(vi) to clear and terminate the Certificate Account pursuant to Section 7.02. Any withdrawals described in the preceding sentence shall be allocated and limited to collections or other recoveries on the related Mortgage Pool and shall be accounted for in such manner.
(c) The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Except as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any Eligible Investment, or if a default occurs in any other performance required under any Eligible Investment, the Trustee may and, subject to Section 6.01 and Section 6.02(iv), upon the request of the NIMS Insurer, shall take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate proceedings.
Appears in 1 contract
The Certificate Account. (a) The Trustee Indenture Trustee, for the benefit of the Certificateholders, shall establish and maintain in its name, as trustee, a trust the name of the Owner Trustee on behalf of the Certificateholders an account (the “Certificate Account”) entitled “Certificate Account, U.S. Bank National AssociationWilmington Trust Company, as Owner Trustee, in trust for the benefit of the Holders holders of GreenPoint Mortgage Funding Trust Mortgage Pass2005-Through HE4, Residual Certificates, Series 2007-AR2” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account and shall be for the benefit of the Certificateholders. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement. The Trustee shall give to the Depositor, Master Servicer and any NIMS Insurer prior written notice of the name and address of the depository institution at which the Certificate Account is maintained and the account number of such Certificate Account.”
(b) The On each Payment Date, the Indenture Trustee shall deposit or cause withdraw from the Payment Account all amounts required to be deposited into the Certificate Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself and others prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to itself and others pursuant to any provision of this Agreement or any Custodial Agreement; provided that such payments are for “unanticipated expenses” within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(ii) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself or its agents for any amounts reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided that such payments are for “unanticipated expenses” within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iii) to withdraw amounts deposited in the Certificate Account in error;
(iv) to make payments to itself and others pursuant to any provision of this Agreement;
(vSections 5.03(X)(iii) to make distributions to Certificateholders pursuant to Article V; and
and (vi) and remit such amount to the Owner Trustee or the Administrator for deposit into the Certificate Account. On each Payment Date, the Indenture Trustee shall distribute all amounts on deposit in the Certificate Account to the Certificateholders in respect of the Residual Certificates as provided in the Trust Agreement. On the Payment Date on which the Note Balance is reduced to zero, the Indenture Trustee shall distribute all amounts remaining on deposit in the Certificate Account to the Certificateholders in respect of the Residual Certificates in order to clear and terminate the Certificate Account pursuant to Section 7.02. Any withdrawals described in connection with the preceding sentence shall be allocated and limited to collections or other recoveries on the related Mortgage Pool and shall be accounted for in such mannertermination of this Agreement.
(c) All distributions made on the Residual Certificates shall be made by wire transfer of immediately available funds to the account of such Certificateholders. The final distribution on the Residual Certificates will be made in like manner, but only upon presentment and surrender of such Residual Certificates at the location specified in the notice to the Certificateholders of such final distribution.
(d) The Indenture Trustee may (but is under no obligation to) invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested Account in Eligible Investments (which may be obligations of the Indenture Trustee). All such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Payment Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Indenture Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Indenture Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefortherefore, immediately as realized. Except as otherwise expressly provided in this Agreement, if All income and gain realized from any default occurs in such investment shall be compensation to the making of a payment due under any Eligible Investment, or if a default occurs in any other performance required under any Eligible Investment, the Indenture Trustee may and, and shall be subject to Section 6.01 and Section 6.02(iv), upon the request of the NIMS Insurer, shall take such action as may be appropriate its withdrawal on order from time to enforce such payment or performance, including the institution and prosecution of appropriate proceedingstime.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Greenpoint Mortgage Funding Trust 2005-He4)
The Certificate Account. (a) The Trustee Paying Agent shall establish and maintain in its nameon behalf of the Certificateholders, as trustee, a trust account (the “Certificate Account”) Account entitled “Certificate Account, U.S. Bank National Association, as Trustee, in trust for the benefit Holders of the Holders of GreenPoint HomeBanc Mortgage Funding Trust 2007-1, Mortgage Pass-Through Certificates, Series 2007-AR2” until disbursed pursuant to the terms of this Agreement. .”
(b) The Certificate Account shall be an Eligible Account and shall be for the benefit of the CertificateholdersAccount. If the existing Certificate Account ceases to be an Eligible Account, the Trustee Paying Agent shall establish a new Certificate Account that is an Eligible Account within 20 Business Days 10 days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account 217412 HomeBanc 2007-1 Pooling and Servicing Agreement
(c) On each Master Servicer Remittance Date, the Master Servicer shall relate solely remit to the Certificates issued hereunder and funds Paying Agent the entire amount on deposit in the Certificate Collection Account (subject to permitted withdrawals set forth in Section 5.07).
(d) Upon receipt, the Paying Agent shall be held separate and apart deposit the amount received from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement. The Trustee shall give to the Depositor, Master Servicer and any NIMS Insurer prior written notice pursuant to subsection (c) of this Section 6.07 into the name and address of the depository institution at which the Certificate Account is maintained and the account number of such Certificate Account.
(be) The Trustee shall deposit or cause to be deposited into the Certificate Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to pay itself any investment income earned with respect to funds Funds in the Certificate Account may be invested by the Paying Agent in Eligible Investments as set forth in subsection (c) below, selected by and to make payments to itself and others prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to itself and others pursuant to any provision at the written direction of this Agreement or any Custodial Agreement; provided that such payments are for “unanticipated expenses” within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(ii) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself or its agents for any amounts reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided that such payments are for “unanticipated expenses” within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iii) to withdraw amounts deposited in the Certificate Account in error;
(iv) to make payments to itself and others pursuant to any provision of this Agreement;
(v) to make distributions to Certificateholders pursuant to Article V; and
(vi) to clear and terminate the Certificate Account pursuant to Section 7.02. Any withdrawals described in the preceding sentence shall be allocated and limited to collections or other recoveries on the related Mortgage Pool and shall be accounted for in such manner.
(c) The Trustee may invest, or cause to be invested, funds held in the Certificate AccountMaster Servicer, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee). All such investments must be payable on demand or mature no not later than the next related Distribution Date, Date and any such Eligible Investment shall not be sold or disposed of prior to their its maturity. All such Eligible Investments will shall be made in the name of the Trustee (in its capacity as such) or its nomineetrust for the benefit of the Certificateholders. All income and gain net of the Trustee Fee, the Custodian Fee, the Delaware Trustee Fee and any losses realized from any such investment of funds on deposit in the Certificate Account shall be compensation to for the Trustee benefit of the Master Servicer and shall be subject to its withdrawal on order by the Paying Agent for payment to the Master Servicer from time to timetime in accordance with subsection (f) below and shall not be part of the Trust. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit deposited in the Certificate Account by the Master Servicer out of its own funds, without any right of reimbursement therefor, immediately as realized. Except as otherwise expressly provided .
(f) The Paying Agent shall withdraw funds from the Certificate Account for payments to Certificateholders in the manner specified in this Agreement. In addition, if the Paying Agent may prior to making the payment pursuant to Section 6.08 from time to time make withdrawals from the Certificate Account for the following purposes:
(i) to the extent not reimbursed by the Master Servicer, to make payments to the Master Servicer pursuant to any default occurs provision of the Operative Agreements;
(ii) to pay to the Master Servicer income earned on the investment of funds on deposit in the making of a payment due under any Eligible Investment, or if a default occurs in any other performance required under any Eligible InvestmentCertificate Account;
(iii) to pay to the Delaware Trustee, the Trustee may andand the Custodian, subject amounts required to Section 6.01 and Section 6.02(iv), upon be reimbursed to them in accordance with the request provisions of the NIMS Insurer, shall take such action as may be appropriate Operative Agreements;
(iv) to enforce such payment or performance, including withdraw funds deposited in error in the institution Certificate Account; and
(v) to clear and prosecution of appropriate proceedingsterminate the Certificate Account pursuant to Article IX.
Appears in 1 contract
The Certificate Account. (a) The Trustee Administrator, for the benefit of the Certificateholders, shall establish and maintain in its name, as trustee, a trust the name of the Owner Trustee on behalf of the Certificateholders an account (the “"Certificate Account”") entitled “"Certificate Account, U.S. Bank National AssociationWilmington Trust Company, as Owner Trustee, in trust for the benefit of the Holders holders of GreenPoint Mortgage Funding Trust Mortgage Pass2005-Through HE3, Residual Certificates, Series 2007-AR2” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account and shall be for the benefit of the Certificateholders. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement. The Trustee shall give to the Depositor, Master Servicer and any NIMS Insurer prior written notice of the name and address of the depository institution at which the Certificate Account is maintained and the account number of such Certificate Account."
(b) The On each Payment Date, the Indenture Trustee shall deposit or cause withdraw from the Distribution Account all amounts required to be deposited into the Certificate Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself and others prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to itself and others pursuant to any provision of this Agreement or any Custodial Agreement; provided that such payments are for “unanticipated expenses” within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(ii) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself or its agents for any amounts reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided that such payments are for “unanticipated expenses” within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iii) to withdraw amounts deposited in the Certificate Account in error;
(iv) to make payments to itself and others pursuant to any provision Section 5.03 and remit such amount to the Owner Trustee or the Administrator for deposit into the Certificate Account. On each Payment Date, the Owner Trustee or the Administrator shall distribute all amounts on deposit in the Certificate Account to the Certificateholders in respect of this the Residual Certificates as provided in the Trust Agreement;
(v) . On the Payment Date on which the Note Principal Amount is reduced to make distributions zero, the Administrator shall distribute all amounts remaining on deposit in the Certificate Account to the Certificateholders pursuant to Article V; and
(vi) in respect of the Residual Certificates in order to clear and terminate the Certificate Account pursuant to Section 7.02. Any withdrawals described in connection with the preceding sentence shall be allocated and limited to collections or other recoveries on the related Mortgage Pool and shall be accounted for in such mannertermination of this Agreement.
(c) All distributions made on the Residual Certificates shall be made by wire transfer of immediately available funds to the account of such Certificateholders. The final distribution on the Residual Certificates will be made in like manner, but only upon presentment and surrender of such Residual Certificates at the location specified in the notice to the Certificateholders of such final distribution.
(d) The Indenture Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested Account in Eligible Investments (which may be obligations of the Indenture Trustee). All such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Payment Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Indenture Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Indenture Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefortherefore, immediately as realized. Except as otherwise expressly provided in this Agreement, if All income and gain realized from any default occurs in such investment shall be compensation to the making of a payment due under any Eligible Investment, or if a default occurs in any other performance required under any Eligible Investment, the Indenture Trustee may and, and shall be subject to Section 6.01 and Section 6.02(iv), upon the request of the NIMS Insurer, shall take such action as may be appropriate its withdrawal on order from time to enforce such payment or performance, including the institution and prosecution of appropriate proceedingstime.
Appears in 1 contract
Samples: Transfer and Servicing Agreement (Greenpoint Mortgage Funding Trust 2005-He3)
The Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”) entitled “Certificate Account, U.S. Bank National Association, as Trustee, in trust for the benefit of the Holders of GreenPoint Mortgage Funding Trust Mortgage Pass-Through Certificates, Series 2007-AR2AR3” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account and shall be for the benefit of the Certificateholders. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement. The Trustee shall give to the Depositor, Master Servicer and any NIMS Insurer prior written notice of the name and address of the depository institution at which the Certificate Account is maintained and the account number of such Certificate Account.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself and others prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to itself and others pursuant to any provision of this Agreement or any Custodial Agreement; provided that such payments are for “unanticipated expenses” within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(ii) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself or its agents for any amounts reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided that such payments are for “unanticipated expenses” within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iii) to withdraw amounts deposited in the Certificate Account in error;
(iv) to make payments to itself and others pursuant to any provision of this Agreement;
(v) to make distributions to Certificateholders pursuant to Article V; and
(vi) to clear and terminate the Certificate Account pursuant to Section 7.02. Any withdrawals described in the preceding sentence shall be allocated and limited to collections or other recoveries on the related Mortgage Pool and shall be accounted for in such manner.
(c) The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Except as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any Eligible Investment, or if a default occurs in any other performance required under any Eligible Investment, the Trustee may and, subject to Section 6.01 and Section 6.02(iv), upon the request of the NIMS Insurer, shall take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate proceedings.
Appears in 1 contract
Samples: Trust Agreement (GreenPoint Mortgage Funding Trust 2007-Ar3)
The Certificate Account. (a) The Trustee Trust Administrator, for the benefit of the Certificateholders, shall establish and maintain in its name, as trustee, a trust the name of the Owner Trustee on behalf of the Certificateholders an account (the “Certificate Account”) entitled “Certificate Account, U.S. Bank National AssociationWilmington Trust Company, as Owner Trustee, in trust for the benefit of the Holders of GreenPoint New York Mortgage Funding Trust Mortgage Pass2005-Through 1 Trust Certificates, Series 20072005-AR2” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account and shall be for the benefit of the Certificateholders. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement. The Trustee shall give to the Depositor, Master Servicer and any NIMS Insurer prior written notice of the name and address of the depository institution at which the Certificate Account is maintained and the account number of such Certificate Account1.”
(b) The Trustee On each Payment Date, the Trust Administrator shall deposit or cause withdraw from the Note Account all amounts required to be deposited into the Certificate Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself and others prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to itself and others pursuant to any provision of this Agreement or any Custodial Agreement; provided that such payments are for “unanticipated expenses” within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(ii) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself or its agents for any amounts reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided that such payments are for “unanticipated expenses” within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iii) to withdraw amounts deposited in the Certificate Account in error;
(iv) to make payments to itself and others pursuant to Section 5.06 and remit such amount to the Owner Trustee or the Trust Administrator for deposit into the Certificate Account. On each Payment Date, the Owner Trustee or the Trust Administrator shall distribute all amounts on deposit in the Certificate Account in the following order of priority: first, to the Owner Trustee, any provision of this Agreement;
(v) to make distributions to Certificateholders amounts due but not yet paid pursuant to Article V; and
(vi) VII of the Trust Agreement, and second, to the Certificateholders in respect of the Trust Certificate. On the Payment Date on which the Class Principal Amount of the Notes is reduced to zero, the Trust Administrator shall distribute all amounts remaining on deposit in the Certificate Account to the Certificateholders in respect of the Trust Certificate in order to clear and terminate the Certificate Account pursuant to Section 7.02. Any withdrawals described in connection with the preceding sentence shall be allocated and limited to collections or other recoveries on the related Mortgage Pool and shall be accounted for in such mannertermination of this Agreement.
(c) The Trustee may invest, or cause to be invested, funds held in All distributions made on the Trust Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations made by wire transfer of immediately available funds to the Trustee)account of such Certificateholder. All such investments must be payable The final distribution on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments Trust Certificate will be made in like manner, but only upon presentment and surrender of such Trust Certificate at the name of location specified in the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation notice to the Trustee and shall be subject to its withdrawal on order from time to time. The amount Certificateholder of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Except as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any Eligible Investment, or if a default occurs in any other performance required under any Eligible Investment, the Trustee may and, subject to Section 6.01 and Section 6.02(iv), upon the request of the NIMS Insurer, shall take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate proceedingsfinal distribution.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Greenwich Capital Acceptance, Inc New York Mortgage Trust 2005-1)
The Certificate Account. (a) The Trustee Paying Agent shall establish and maintain in its nameon behalf of the Certificateholders, as trustee, a trust account (the “Certificate Account”) Account entitled “Certificate Account, U.S. Bank National Association, as Trustee, in trust for the benefit Holders of the Holders of GreenPoint HomeBanc Mortgage Funding Trust 2007-1, Mortgage Pass-Through Certificates, Series 2007-AR2” until disbursed pursuant to the terms of this Agreement. .”
(b) The Certificate Account shall be an Eligible Account and shall be for the benefit of the CertificateholdersAccount. If the existing Certificate Account ceases to be an Eligible Account, the Trustee Paying Agent shall establish a new Certificate Account that is an Eligible Account within 20 Business Days 10 days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account .
(c) On each Master Servicer Remittance Date, the Master Servicer shall relate solely remit to the Certificates issued hereunder and funds Paying Agent the entire amount on deposit in the Certificate Collection Account (subject to permitted withdrawals set forth in Section 5.07).
(d) Upon receipt, the Paying Agent shall be held separate and apart deposit the amount received from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement. The Trustee shall give to the Depositor, Master Servicer and any NIMS Insurer prior written notice pursuant to subsection (c) of this Section 6.07 into the name and address of the depository institution at which the Certificate Account is maintained and the account number of such Certificate Account.
(be) The Trustee shall deposit or cause to be deposited into the Certificate Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to pay itself any investment income earned with respect to funds Funds in the Certificate Account may be invested by the Paying Agent in Eligible Investments as set forth in subsection (c) below, selected by and to make payments to itself and others prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to itself and others pursuant to any provision at the written direction of this Agreement or any Custodial Agreement; provided that such payments are for “unanticipated expenses” within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(ii) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself or its agents for any amounts reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided that such payments are for “unanticipated expenses” within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iii) to withdraw amounts deposited in the Certificate Account in error;
(iv) to make payments to itself and others pursuant to any provision of this Agreement;
(v) to make distributions to Certificateholders pursuant to Article V; and
(vi) to clear and terminate the Certificate Account pursuant to Section 7.02. Any withdrawals described in the preceding sentence shall be allocated and limited to collections or other recoveries on the related Mortgage Pool and shall be accounted for in such manner.
(c) The Trustee may invest, or cause to be invested, funds held in the Certificate AccountMaster Servicer, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee). All such investments must be payable on demand or mature no not later than the next related Distribution Date, Date and any such Eligible Investment shall not be sold or disposed of prior to their its maturity. All such Eligible Investments will shall be made in the name of the Trustee (in its capacity as such) or its nomineetrust for the benefit of the Certificateholders. All income and gain net of the Trustee Fee, the Custodian Fee, the Delaware Trustee Fee and any losses realized from any such investment of funds on deposit in the Certificate Account shall be compensation to for the Trustee benefit of the Master Servicer and shall be subject to its withdrawal on order by the Paying Agent for payment to the Master Servicer from time to timetime in accordance with subsection (f) below and shall not be part of the Trust. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit deposited in the Certificate Account by the Master Servicer out of its own funds, without any right of reimbursement therefor, immediately as realized. Except as otherwise expressly provided .
(f) The Paying Agent shall withdraw funds from the Certificate Account for payments to Certificateholders in the manner specified in this Agreement. In addition, if the Paying Agent may prior to making the payment pursuant to Section 6.08 from time to time make withdrawals from the Certificate Account for the following purposes:
(i) to the extent not reimbursed by the Master Servicer, to make payments to the Master Servicer pursuant to any default occurs provision of the Operative Agreements;
(ii) to pay to the Master Servicer income earned on the investment of funds on deposit in the making of a payment due under any Eligible Investment, or if a default occurs in any other performance required under any Eligible InvestmentCertificate Account;
(iii) to pay to the Delaware Trustee, the Trustee may andand the Custodian, subject amounts required to Section 6.01 and Section 6.02(iv), upon be reimbursed to them in accordance with the request provisions of the NIMS Insurer, shall take such action as may be appropriate Operative Agreements;
(iv) to enforce such payment or performance, including withdraw funds deposited in error in the institution Certificate Account; and
(v) to clear and prosecution of appropriate proceedingsterminate the Certificate Account pursuant to Article IX.
Appears in 1 contract